Explore and Share the Blockchain Innovation Financial Ecological Mechanism
HONG KONG, May 28, 2018 /PRNewswire/ -- "2018 Financial BlockChain Summit (Hong Kong)" was held at the JW Marriott Hotel in Hong Kong on 26 May 2018. The summit was organized by the Zipper Foundation in collaboration with Hong Kong Applied Science and Technology Research Institute (ASTRI), Hong Kong Blockchain Association, and Hong Kong Fintech Chain Limited (FTC). More than 500 guests, including global blockchain research experts and nearly 100 financial institution experts, had attended the summit. The event was also the first official offline appearance of the Zipper community ecological partners.
In the summit, Zipper's community ecological construction mechanism and the value use of Zipper Token were announced. In addition, Token Cashification switching business was first published globally. ZipperNet, in digital asset field, is a cross-chain and cross-gateway message and transaction switching network (similar to VISA), which provides all credit-worthy Token issuers the transaction message transfer services and realise transaction processing in offline and online consumption scenarios.
1. What is Zipper?
Cross-chain message and transaction switching network. Essentially we are making connectors for the real world and digital encryption world.
2. What is switching institution?
In transfer from bank A to bank B, it needs an intermediary organization to confirm whether Bank A has the sufficient balance and, at the same time, whether it meets the KYC of Bank B so that the fund can be released. The largest intermediary organization in the world is VISA, which handles more than 80,000 transactions per second.
3. What is clearing and settlement?
Simple understanding: clearing = accounting, settlement = transfer paid.
Cashification business is the blockchain application concept first proposed by the Zipper community. In transaction message switching, Zipper executes globally compliant transaction path planning and networking, to realising fast payment of user's digital currency in real consumption scenarios and fiat currency settlement of offline and online merchants. It greatly widen the usage scenarios of tokens and regulate the compliance of tokens.
In technical aspects, Zipper realises switching network of peer to peer message communication and distributed bookkeeping, amongst various financial licensees and across multiple blockchain networks and gateways. Zipper's cross-chain and cross-gateway protocol is its core, which creates financial-grade data and transaction switching service capabilities for credit authentication access public chains, private chains and consortium chains. Based on financial laws and regulations of different regions worldwide, security requirements, financial ISO international standards and message standards, Zipper establishes the effective connections between financial institution ledger books and blockchain distributed books, to realising the interbank cross-chain switching of transactions and data.
The summit has also elaborated the Zipper Token value model. The ZIP quantity is fixed at 100 billion, 40% of which are dedicated to access institutions to conduct large settlement credit guarantees and do not enter into circulation directly. With the increase of access institutions, amount of transaction settlement processed by Zipper switching network will increase accordingly, and hence, the ZIP usage amount required by each access Token Issuer will be increased. As a result, the ZIP Token price will be naturally self-balances and adjusted based on the market supply and demand, in order to satisfying the rationing.
Token Issuers open an account at the designated partnering bank of Zipper, and deposit liquid fiat currency or bank-approved anchor assets. Based on the exchange rate of the time, Zipper will reserve the same value of ZIP in the Zipper switching network smart contract account as the credit guarantee asset for rapid transaction settlement of the switching network.
1. If ZIP price increases and is higher than the value of anchor assets or fiat currency assets at the beginning, the actual value of the ZIP will be used as the guarantee for settlement credits. If the price of ZIP has tripled from the beginning of the period, its daily transaction credit settlement capacity has also increased by 3 times.
2. If ZIP price decreases and is lower than the value of anchor assets or fiat currency assets at the beginning, the fiat currency asset or anchor asset will be used as the reserve amount of guarantee for settlement credits.
3. If Token Issuer has withdrawn part of or all fiat currency in the bank account, the liquidity guarantee assets in smart contract will be reduced accordingly or become zero respectively, so that the transaction settlement processing amount of the institution will be reduced.
The Zipper community sponsor, FTC (Fintech Chain Limited), has been focusing on bank acquisition transaction switching system services in the past 8 years, and currently providing transaction switching system support to over 300 banks worldwide, acquiring institutions, foreign exchange licensed institutions. FTC cooperative banks have been serving over millions of merchants, and processing more than 10 million switching transactions daily.
Zipper will, based on blockchain technology, create a decentralized global transaction switching system, having processing capacity up to 500,000 transactions per second, and achieve the best global system for exchange, interconnectivity and interoperability.
Zipper is currently carrying out Ecological Network Construction in Asia-Pacific region, including banks, MSO, SVF, payment service institutions, etc. in Hong Kong, Japan, Singapore, Taiwan and other places. In the future, Zipper will establish financial transaction switching network computing nodes in 6 regions around the world, forming the Zipper blockchain consensus ecosystem.
In this summit, Zipper has demonstrated the project results of its commercial payment acceptance environment construction. By combining artificial intelligence and blockchain consensus bookkeeping technology, Zipper launched the Fast Payment product, which has realised the perfect presentation of integrated acquisition acceptance of both digital tokens and fiat currencies and also distributed bookkeeping in merchant side. Currently, it has been used by a number of cooperative banks for its merchants' distributed bookkeeping business services, which greatly increases service efficiency and reduces reconciliation labor costs.
The summit has also introduced the cross-border business tax refund blockchain application project WeTaxBack brought by Blue Union, an ecological partner of Zipper in digitalising asset on blockchain. In this business, Blue Union will focus at the refundable tax amount of RMB 1.5 trillion consumption in cross-border commercial activities globally made by China outbound population. It will conduct full electronic online operations and realise asset digitalisation on blockchain in registration and publicity through Zipper blockchain technology, in order to establish a trust mechanism and achieve the tokenization of assets for tax refund invoices. It will also realise fast transaction circulation of asset tokenisation, by introducing rapid asset discounting services of financial institutions.
The summit ended with roundtable discussion sessions. Professor James Lei from Hong Kong Applied Science and Technology Research Institution has presided the theme discussion of "Blockchain Technology Development and Ecosystem Evolvement", while Dr Colin Lee has presided the english discussion forum of "Token Cashification Application Diagram". The roundtable discussions were enthusiastic. Industry experts have presented ideological collisions from different angles. Everyone seeks common ground while reserving differences, and voice for the future development of blockchain.
Zipper builds the Z0 ecosystem and strives to be the world's largest cross-chain and cross-gateway switching network. The first cross-chain wallet, Zipper One, was also officially unveiled at the summit, bringing an excellent wallet experience with only one address and multiple digital asset management.
ZIP can currently be traded on OKEx, and would be listed on strategic ecological partner FCoin exchange on 26 May. At the same time, Zipper welcomes various exchanges and Token Issuers to join the switching network and work together for a win-win situation.
The most profound impression on this blockchain summit hosted by Zipper was: On-site real product, project experience and demonstrations, which breaks the style of the ideal storytelling of other previous blockchain summits. This is the only blockchain summit so far that has shown genuine implemented products and implemented projects. Zipper let us see that the future has come and has become popular.