Executive Summary
Last updated
Last updated
The current financial system, heavily reliant on past centuries technologies, struggles to keep pace with the demands of today's globalized and digital world. Existing solutions, like credit cards and SWIFT, while once revolutionary, face limitations in terms of speed, cost, and transparency.
This project introduces sendme, a decentralized and compliant solution that bridges the gap between traditional finance and modern technologies. sendme offers a secure, transparent, and efficient ecosystem for individuals, businesses, and institutions to conduct real-time transactions, eliminating intermediaries and geographical barriers.
The documentation provides an overview of sendme, including its product features and protocol architecture. We believe sendme has the potential to revolutionize the financial landscape by empowering users, fostering trust, and creating a fair and inclusive financial market for all.
Current financial institutions utilize the technologies of the 20th century. Credit cards became an innovation in the 1960s and made it easier for regular people to pay for goods and services. When SWIFT arrived a few years later, it was a revolution in terms of how it simplified cross-border transactions. But these mechanisms made a long way from real delighters to must-haves and limitations at the same time.
Financial structures like VISA or Mastercard became enormous in terms of size and complexity, as well as continuously growing costs to keep a sufficient security level. Governments have no other option but to help such players stay afloat, as their collapse will impact the world’s financial markets with truly devastating consequences.
Billions of dollars are spent securing environments and infrastructure that prevent the stealing of cardholder data. This price is paid to keep using the system, but such an approach does not solve the source of the problem.
Consumers of the SWIFT system suffer from the fact that the success of their transactions depends on slow manual operations and possible human-factor errors.
Modern technologies like cryptocurrencies and Bitcoin, in particular, are capable of solving certain problems that classic systems are subject to. On the one hand, they provide secure and reliable infrastructure that matches demanded financial activities and the rhythm of the world, leveraging an immutable decentralized ledger. Blockchain technologies allow people and companies to be truly accountable for what happens to their assets and overcome the challenges of cross-border transactions. On the other hand, cryptocurrencies are still highly unregulated in many jurisdictions and possess extreme volatility and low liquidity.
Regulated (CB)DC (Central Bank Digital Currency) is the next step to address the challenges highlighted above. Many countries perceive CBDC as a promising approach, and initiatives that investigate the feasibility of it take place. Yet the proposed concepts inherit the disadvantages of a centralized paradigm and thus are not capable of solving these problems to the full extent.
sendme introduces a decentralized solution that creates a space for classic and modern technologies to work alongside in a compliant way.
Our mission is to step away from the current financial system paradigm limited by global borders and intermediaries and make a shift towards the new decentralized ecosystem which empowers users to manage their own funds, gaining all the benefits of cryptocurrency solutions yet overcoming the risks and disadvantages they may possess.
sendme revolutionizes payment processing by offering a direct, B2B, and B2C connection through regulated, on-chain transactions. This innovative infrastructure ensures payments are securely settled in an environment transparent to all parties. Currently, the majority of payment systems are centralized and tend to conceal transaction details. This aspect creates an attack vector for fraud activities or risks related to manipulations with depositors’ funds.
The gap between the traditional financial system and cryptocurrencies becomes a real challenge that distorts the integrity of the market. From this perspective, the sendme system works as a bridge between the classic financial environment and modern technology.
We believe that sendme ecosystem will help billions of people step into the new epoch of a fair financial market.
