Overview

  • Country Philippines, India, Ireland, Singapore
  • CategoryFinance/ Financial Service

TraXion provides fair financial access to all, enabling all financial services on a distributed ledger.

Project stage

Only a whitepaper

Detailed description

TraXion provides fair financial access to all, enabling all financial services on a distributed ledger. To transition people, businesses, and governments to a crypto-ready society, TraXion creates an open-source, inter-blockchain ledger.

TraXion aims to be a better bank in a blockchain-driven environment, enabling its community to load, send, save, spend, lend, borrow, and more using a secure, simplified yet compliant application. It is an environment where for-profit meets non-profit sectors and develops a synergy towards corruption-free social impact activities.

TraXion is building a crypto-economy to last, therefore, the focus will be on the scale, elimination of middlemen, and decentralizing legacy systems. To achieve these goals, TraXion will offer white-label platforms across the globe and connect them in a distributed, permissioned and secured blockchain. It will be used by banks, operators and agencies in key jurisdictions to process in different fiat currencies and facilitate cross border transactions without the need for counterparties while also enabling all players donate to causes this blockchain trusts.

Problem

Financial Inclusion
According to the World Bank, in 2013, 10.7 percent of the global population lived on less than $1.90 a day. While these figures have been in decline over the last few years, that percentage still equates to around 750 million people. Financial inclusion is considered a key factor to poverty reduction. It refers to the access of people to a formal financial system. In the status quo, it’s the access to financial services such as banking that accounts for financial inclusion. Unfortunately, over 2 billion adults remain unbanked. In many of these developing regions, mobile money has taken the place of most financial services. 

Blockchain’s disruption of the financial services sector supposedly changes this. Blockchain overcomes many of banking’s current limitations. Unlike banks, no physical branch presence is needed for blockchain to work. Since blockchain operates on a distributed network, there’s no need for a complex and expensive private infrastructure to run. This saves on the costs that banks and telecom companies pass on to users through fees and other charges when using bank accounts or performing mobile transactions.

Speed 
According to proprietary McKinsey research and analysis (2015) on cross-border payments, the average time to complete a cross-border transaction is three to five business days, which includes the final mile transfer via a domestic payment network, such as Automated Clearing House.

Cost 
The fees accumulate along the process of transferring the money to the end receiver. Charges increase as the transfer go through the bank where the senders request to, then another additional charge going through the central bank, and another accumulation when going across the border to the recipient’s country’s central and local bank respectively, counting the foreign exchange fees in the process. The average usually plays below 10% on cross-border transactions if volumes are high and charges are not always transparent nor fixed.

Bureaucracy 
The existence of so many intermediaries, agents and brokers allow for the existence of bureaucracy in various workplaces. Current systems involve multiple agents to verify the data which makes the process complex. With the slow procedures and tedious work involved, many systems encourage this problem resulting to more problems like shortcuts and bribery which later on affects data integrity and accuracy of transactions.

Transparency 
The common woe when transactions are currently in transit is the process is not traceable. Senders and receivers are always left hopeful that the money will be delivered on time at very low costs. When the process of transfer from sender to receiver is not transparent, it leaves the people dumbfounded about the potential hazards that may happen along the way, which include server failures, longer rollouts and whatnot.

Solution

Solution is a blockchain platform ready for business which means it's scalable, immutable, permissioned, and has all the necessities to execute smart contracts, business provenance and data visibility.

Blockchain aims to put data integrity among systems that don’t trust each other. This is the main reason why many start-ups are moving to decentralization, transparency and financial inclusion. There is a great potential of institutionalizing these technological developments in finance given the right approach and the proper creation of economies of scale within and among these systems.

Hyperledger Fabric, an open-source blockchain is endorsed by a consortium of large tech enterprises such as IBM, Cisco, SAP, Intel and Oracle. Hyperledger Fabric project is delivering a blockchain platform designed to allow the exchange of an asset or the state of an asset to be consented upon, maintained, and viewed by all parties in a permissioned group. A key characteristic of Hyperledger Fabric is that the asset is defined digitally, with all participants simply agreeing on its representation/characterization. 

The technology is based on a standard blockchain concept - a shared, replicated ledger. However, Hyperledger Fabric is based on a permissioned network, meaning all participants are required to be authenticated in order to participate and transact on the blockchain. Moreover, these identities can be used to govern certain levels of access control (e.g. this user can read the ledger but cannot exchange or transfer assets). 

This dependence on identity is a great advantage in that varying consensus algorithms (e.g. byzantine or crash fault tolerant) can be implemented in place of the more compute-intensive Proof-of-Work and Proof-of-Stake varieties. As a result, permissioned networks tend to provide higher transaction throughput rates and performance.

Features

Current contracts and partners
Unbanked people in the Philippines will now be able to use a prepaid TraXion MasterCard linked to a digital wallet to enable crypto transactions, peer-to-peer payments and lending. Onboarding up to a million SEACOOP members on the TraXion Wallet.

Network of users and organizations
Individuals, merchants, conglomerates, and non-profit organizations—all in a single infrastructure that enables a crypto economy free of obstruction, fraud and bureaucracy.

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Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : TCN
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 50,000,000 USD
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :30,000,000 TCN
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :250,000,000 TCN
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Whitelist Open
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :ETH,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :No
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :Yes
    Get details
  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    All unsold tokens will be returned back to reserve for future sale.

      • Token Distribution

        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Public sale — Soon
      Start Soon
      0.00035 ETH No - Uncapped 200,000,000 TCN
      Pre-sale — Ended
      01 May 00:00 UTC
      31 Aug 00:00 UTC
      0.00035 ETH 10% - 40% - Uncapped 40,000,000 TCN
      Private sale — Ended
      Start Soon
      0.00035 ETH 50% - Uncapped 10,000,000 TCN
      Pre-sale

      Pre-sale Tier 1 (10M tokens): 40%

      Pre-sale Tier 2 (10M tokens): 30%

      Pre-sale Tier 3 (10M tokens): 20%

      Pre-sale Tier 4 (10M tokens): 10%

      Read more about vesting and bonus
      • Team

        • Ann Cuisia photo
          Ann Cuisia
          CEO
        • Tamer Maher photo
          Tamer Maher
          COO
        • Fernando Contreras Jr. photo
          Fernando Contreras Jr.
          CTO
        • Bermil Espina photo
          Bermil Espina
          CIO
        • Roberto Calida photo
          Roberto Calida
          CFO
        • Jason Dela Rosa photo
          Jason Dela Rosa
          Head of DevOps
        • Jojy Azurin photo
          Jojy Azurin
          Head of Business Strategies
        • Raymonde Sawal photo
          Raymonde Sawal
          Marketing Head In Charge of UK
        • Iurii Znak photo
          Iurii Znak
          Marketing & Investment Consultant
        • Jourdan Sebastian photo
          Jourdan Sebastian
          Market Influencer
        • Karl Del Val photo
          Karl Del Val
          Head of Marketing and UX
        • Christopher Asinas photo
          Christopher Asinas
          Community Manager
        • Michael Samonte photo
          Michael Samonte
          Lead Developer
      • Advisors

        • Phillip Nunn
          International Blockchain Advisor
        • Yobie Benjamin
          International Blockchain Partnership Advisor
        • Preston Junger
          International Blockchain Advisor
        • Burton Crapps
          Fintech Advisor
        • Krishan Grover
          Business & Partnership Advisor
        • Anthony Pangilinan
          Business & Partnership Advisor
        • Tony Herbosa
          Finance and Investments Advisor
        • Randell Tiongson
          Finance and Investments Advisor
        • Rafael Padilla
          Legal & Compliance Advisor

      Roadmap

      • Early 2017
        Formation of Blockchain Dev Hub

        Alongside creating a distributed banking solution, TraXion established TraXionHub.com – Manila’s hub for developing blockchain solutions on Hyperledger Fabric for financial institutions. This will serve as a source of revenue for the company and simultaneously will fuel the growth of blockchain applications in the Philippines, targeting different areas for financial technology innovation. It will help more people in the Philippines live more financially-inclusive lives, and soon the world.

      • Mid 2017
        Launch of Payment Platform

        To enable a digitally-enabled payment system, TraXionPay.com was built, which purpose is to support payment unification for merchants and businesses. All payment gateways – both offline and online – are consolidated seamlessly in one platform through TraXion’s proprietary wallet solution. This accounts for flexible integration of the channels, advanced fraud protection for utmost security, recurring billing for convenient payment, and mobile optimization. These capabilities are reinforced through our payment partners’ unique and valuable platforms for building a digital transacting network. These partners include Coins.ph, Paynamics, PayMaya, and dragonpay.

      • Mid 2017
        Launch of Fundraising Platform

        Gavagives.com is the Philippines’ leading crowdfunding platform for social good. It is an end-to-end fundraising platform that provides a convenient and swift way for donors to help and support charitable and social causes, and creates a complete tool for non-profit organizations, NGOs, and foundations to raise funds and better manage their donors and donations coherently. There are over 20 payment options available for donors of all kinds and walks of life to deliver aid, and an automated management dashboard and analytics accessible for fundraisers’ use.

      • May 2018
        Initial Coin Offering

        TraXion’s Initial Coin Offering will launch 250,000,000 TraXion Tokens (TXN) available for sale. The token sale is divided into three parts: Private or Seed, Pre-Sale, and Crowd Sale, all of which have various discount tiers prices, and target amount to raise in US Dollars. The funds that will be raised in the entire token sale will be allocated to different key areas for the development of the platform, and to grow the business to grant the value TraXion promises for its users and clients.

      • Q2 2018
        TraXion Wallet Capability

        At this stage, TraXion Wallet expands its utility beyond payments to support fund transfers using disbursement gateway and peer-to-peer transfers to prepare for full remittance solution. This will enable the users to remit to anyone in the world at zero cost and donate to any non-profit organization through Gavagives.com with full transparency of aid from sender to beneficiary or end recipient of donations.

      • Q3 2018
        SMARTER Fundraising

        The existing platform in TraXion system will be enhanced to apply smart contracts that will measure the performance of non-profit organizations automatically through giving score and blockchain analytics. By means of these scores, users on the blockchain will be informed of the best-performing organizations, which will build trust among the donors. On the other hand, the organizations will be able to build their credibility for bigger fundraising and more successful charitable campaigns moving forward.

      • End of 2018
        Crypto Trading Wallet

        Aside from payment, remittance, and donation capabilities, TraXion wallet will launch a crypto trading facility supporting major cryptocurrencies which include ERC20, Ripple, NEM, and many more. At this stage, TraXion has completed all the licenses to make this feature possible in the system.

      • Early 2019
        Whitelabel Remittance Portal

        Hyperledger establishes TraXion as a system where all financial products, transactions, and services are available in the platform’s wallet. With the wallet’s absolute capacity, a white label, enterprise-grade, remittance solution will be offered to existing agencies and brokers to equip both consumers and businesses in the given space. Transactions will be faster, cheaper, and more secured.

      • Late 2019
        Peer-to-Peer Lending

        Wallet users will be able to lend to other users using TraXion KYC, Credit Score, and Microfinance Solution. When such a feature is allowed, even the unbanked will have the facility to gain resources to build enterprises, avail insurances, gain assets, and so much more.

      Activity