What is Zephyr (ZEPH)?
Zephyr is a reward token for a cryptocurrency remittance network. This network has 500,000 global cash-out locations. 60.2 million tokens have been sold so far. Their goal is to remove banks from the remittance industry. To do this, Zephyr introduced 180 cryptocurrencies that are linked to fiat currencies. These currencies are based on the Bitshares Blockchain.
The Bitshares Blockchain can process 100,000 transactions per second. The fees are fractions of a cent. The confirmation time for transactions is less than 3 seconds. The consensus mechanism is DPOS. It has a decentralized exchange and smart contracts.
Some of the actions rewarded with Zephyr tokens include topping up balances, referrals, sending and receiving remittances, and liquidating MTO balances.
Initial Coin Offering
During the ICO, Zephyr tokens were bought with BTC, ETH, and BTS. The maximum limit during the ICO was 600 million Zephyr tokens. A total of 2 billion Zephyr tokens were created. The ICO was held in October and November of 2017.
The tokens were distributed as follows:
30% – Token Sale
30% – Customer Rewards
5% – Bitspark Team
35% – Marketing and Sales Team
100% of the funds raised from the token sale will be used to cover expenses related to the Bitspark/UNDP remittance project in Tajikistan. This includes the following expenses:
software development, digital marketing, traditional marketing, local sales team hires, hiring new customer support reps.
ZEPH Token Trading Information
ZEPH tokens are traded on one cryptocurrency exchange – OpenLedger DEX. ZEPH tokens are paired with BTS and BITUSD. ZEPH has a market capitalization of $2.5 million. Daily trading volume exceeds $2,900. The circulating supply is 125,990,535 ZEPH. The total supply is 2,000,000,000 ZEPH.
Zephyr App and Buy Back Program
The Sendy Mobile App was launched in 2017. It is an Android app. It only takes 15 seconds to complete a transaction on a mobile device. Users can send and receive cash from Bitcoin remittances. Users can also become top-up agents and earn a profit.
There’s a buy-back program; 25% of transaction fees are used to purchase Zephyr tokens.
The international remittance market is valued at $582 billion. It is growing at a rate of 4% annually. Most of this industry revolves around Money Transfer Operators, which are physical cash-in and cash-out locations. The money-transfer process is a time-consuming process. It can take five minutes to two hours to make a payment or collect a payment. In Indonesia, it could take two days for remittance.
Zephyr converts Bitspark’s Money Transfer Operators into decentralized cash-in, cash-out networks. Zephyr tokens are awarded to individuals that promote the Bitspark’s remittance network.
The Bitspark platform processes withdrawal requests in fiat currencies and Bitcoin. Balances can be held in over 20 currencies.
The Bitspark network contains 350,000 cash out locations in several countries including Hong Kong, Indonesia, Philippines, Ghana, Malaysia, Vietnam, Nigeria, and Pakistan. Project Zephyr has partnered with the United Nations Development Program. The next country to join the effort is Tajikistan. Their goal is to eliminate the need for banks and money transfer operators. The Bitspark Blockchain remittance software is supported by governments, financial institutions, and crypto-communities.