The advent of blockchain technology has brought many new benefits to our everyday lives, including the improvement of our payment systems. Panerora.com is a new project that aims to deliver a blockchain-enhanced payment solution to help solve the financial issues of the unbanked African population.
What Is Panerora?
Panerora is a payment network that makes use of blockchain in order to allow global peer-to-peer exchanges of funds at a lesser cost and faster processing times.
The project has also developed its own native token, the Panerora token (PNR), which will significantly improve how remittance is done. The token will facilitate secure, fast, low-cost financial transactions, and will give access to those that are not able to use banking systems. The population of Africa, a wide majority of which are unbanked, will be able to take advantage of a payment solution that was developed specifically for their needs.
Panerora’s remittance network will provide new money transferring opportunities that will enable the people of Africa to send and receive money domestically and internationally in a cost-effective and fast manner.
The Panerora web wallet was designed with simplicity and efficiency in mind. In terms of security, the data and fund transfers that go in and out of the PNR wallet are secured via a public-private key encryption, a standard which is used by all top crypto wallets.
The private keys enable the users to gain access to their wallet funds. Only the private key owner can open the wallet, so in case the key is lost, the users have a recovery seed password that will allow them to unlock their wallet. This seed phrase must be written down and kept somewhere safe because if you lose it, the wallet will remain locked.
The Remittance System
Panerora will set up numerous local branches and collaborations with OTC exchanges through which they will be able to execute PNR to fiat transactions enabled by the Ethereum network.
As a sender makes a fiat transfer, the currency will be immediately converted into PNR, after the amount in PNR will be credited into the recipient’s wallet. The wallet’s owner can then go to any local branch or over the counter exchange of Panerora and withdraw his funds in the currency of his choice.
The Gasless Protocol
Panerora runs on an Ethereum-based smart contract. The Ethereum network requires a small transaction fee for every transaction that is made on its blockchain, which is called a “gas” fee.
ETH is deposited in the “gas” contract, so that the fee can be deducted when a PNR transaction is made, with the user is getting back a part of its fee in Ethereum when he will make his next transaction. The gas fee is then exchanged into PNR, and it is detracted from the received amount. To put things into perspective, the fee is really small when compared to regular banking fees.
As this protocol decreases the token amount each time a transaction is made, the scarcity effect will naturally drive the price up for PNR.
Where Will Panerora Be Available?
Panerora will set up a total of 20 branches across Africa. The first branch will be opened in Tanzania and the other 19 will be set in some of the southern countries of Africa: Tanzania, Namibia, Congo, Botswana, and Mauritius.
Panerora created this payment solution with the needs of the African population in mind, and their expanding presence on this continent will ensure that its blockchain-enabled system gains mass adoption. But Panerora will not stop itself at Africa; it will go on to expand its services in the rest of the world.
Verdict: Promising ICO Investment
Panerora’s token-based payment system will support high-volume transactions and execute them in a few seconds, with these advantages to be provided to the unbanked population of Africa.
To fund the ambitious project, Panerora is holding an ICO with a cap of 250 million dollars in Ethereum.
Early investors are estimated to be getting a handsome return on their investment.