What is Ivy?
IVY is a blockchain-based technology intended for financial institutions and big banks to replace Swift and other traditional methods of money transfer. The reason for this is that the current methods carry some debilitating limitations such as; Slow transaction times, inefficient technology and several middlemen within the chain that slow down the process and increase the cost of doing business.
Enter IVY..
The proprietary IVYtoken can carry up to 74 KYC and 120 KYT data points. This token allows banks to transact, exchange and deposit payments efficiently with a much higher level of security compared to regular transactions with the outdated methods.
By pulling from blockchain technology these transactions are much cheaper and faster with the additional benefit of the irrefutable nature of blockchain technology.
Security and Features
IVY is able to collect more than 74 different KYC data points, meanwhile, Bitcoin is only able to handle 1, Swift 10, FedWire 17, Fedwire 8 and ACH 10. That means that IVY outperforms its competitors in the market and on other systems.
Additionally, The IVYNetwork will have more than 120 different KYT data points, which include core transaction information (74), additional party information (13), sanctions nexus (7), export control nexus (7), shipment information (21), commercial invoice (12), commercial contract (17), credit note (10) and debit note (10).
The ability to embed the above data into the robust nature of the blockchain makes IVY a disruptive technology in the quadrillion dollar yearly money transfer market.
Ripple Rivalry
IVY sees itself as superior to its competitors and able to overcome one of its main rivals, Ripple, in market capitalization. This dominant assertion is surprising because Ripple has been working with financial institutions for several years now and has plans to keep expanding.
The IVY platform has projected architectural improvements that are projected to outperform Ripple. The reason for this is Ripple does not have KYC/KYT/AML included in its core design. In other words, the KYC and KYT data are not associated with the cryptocurrency. Similarly, Ripple has a centralized system of transaction validation and the public economics are not transparent – Instead, there are large privately held reserves controlled by the founders.
On the other hand, IVY has been designed to bridge the current gap with the KYC/KYT/AML barriers between cryptocurrency and the existing financial system. IVY is a public coin driven by utility transaction volume on a public ledger.
Team
IVY has a strong team of expert support, including Gary Fan, IVY’s president and former Senior VP of a large $100 billion global bank. Michael Beck, IVY’s CTO who has more than 20 years of experience with technology and working with Fortune 500 companies. Bob Murray, IVY’s Product Delivery Manager and former Lehman Brothers investment banker, and James Caskey, IVY’s VP of Marketing and Communications who has more than a decade of experience running global projects for Red Bull. In addition, IVY has an impressive number of professional developers. Also, IVY recently partnered with the world-renowned blockchain specialist, The Talenta Group; which is known for their early pivotal involvement in projects such as theKey and Zilliqa.
Token
There will be a total token supply of 1,610,924,200, with approximately 54% in circulating supply.
The tokenomics can be explored further in the white paper by going to their website
IVY just premiered on a Global Top Exchange – you can buy yours on HitBTC.com by clicking the link.
Conclusion
IVY is a platform that will be alleviating the pain and main problems that financial institutions face on a daily basis when trying to perform transactions with amounts greater than $10,000. By using blockchain technology, clients will have the ability to perform fast, secure and transparent transfers with all the necessary KYC and KYT information automatically included.
To learn more about the IVY Project explore the various social media channels below.
