JobCoin Payment

JobCoin is working on the development of a “prepayment system” using blockchain technology in order to reduce poverty and inequality in the world. JobCoin aims to contribute to the increase in the number of applicants for employment and to decrease the turnover rate by introducing the `` pay system in advance of salary '' as the expectation for the creation of new financial business by the social implementation of crypto asset settlement. This time, in order to improve the settlement speed, we will perform token swap from ERC20 to the original XRP-based blockchain. The name after token swap will be "JOP (JobCoin Payment)" and we will continue to enhance the service so that we can respond promptly to all user’s needs.

Social implementation of crypto assets

Recently, unique services such as crypto asset investment at a common point and granting of crypto assets according to the amount of donation as well as tax payments are offered, so each company is making efforts for the social implementation of crypto assets. While efforts are being made to fuse crypto assets with various financial services to expand users, services that are less convenient will be deceived as competition intensifies. This is true not only for the crypto asset industry but also for the financial industry as a whole. FinTech, which creates new value by fusing IT technologies, has attracted a great deal of attention over the past few years. Financial institutions are accelerating the digitization of finance, making strategic investments in FinTech, so services can be streamlined in all business areas such as settlement and remittance. Cryptocurrency assets were once considered a threat to steal customers from existing finance and reduce profitability due to high convenience and low fees. Demonstration experiments are being conducted. In the financial business, it is urgent to introduce the latest technology and respond to digitalization.

By actively utilizing crypto assets as a part of the business strategy, we will not only rebuild existing services but also build new business models. Financial services are about to undergo a major transformation along with the soundness of the crypto asset market, as AML / CFT and investor protection efforts are underway through the development of laws that respond to the technological innovation.

Crypto assets as financial services

With the growing awareness of cashless payments and the diversification of payment methods, the spread of crypto asset payments has attracted a great deal of attention as being able to improve the efficiency of international remittance as well as financial inclusion and research for the social implementation. This development is taking place all over the world. In China, a new law on crypto assets was announced, and the People's Bank of China officially announced the development of the digital yuan. Various companies and financial institutions around the world are working on the issuance of stable coins and digital currencies with the aim of building a settled network based on crypto assets. In 2017, when crypto assets spread explosively, there were many enlightening efforts aimed to use them as financial services due to their novelty. However, there are various studies in various countries around the world because there were problems such as impossibility to make an immediate payment for practical use, like it would take several tens of minutes to make a payment for crypto assets at a consumer electronics retailer. However, development was taking place.

Under such circumstances, XRP was developed for the purpose of reducing the cost of international remittances, and the time to complete remittance is about 3.3 seconds, which is characterized by fast settlement speed. Many crypto asset payment services have been developed based on XRP, and "JOP (JobCoin Payment)".It is an indispensable technology for providing users with a low-cost and highly convenient payment environment.

About XRP

XRP is used as a native currency in the Ripple network in the international remittance system “RTXP (Ripple Transaction Protocol)”, etc., and it takes about 3.3 seconds to complete the remittance, $ 0.0004 per transaction. It has advanced functionality in terms of “settlement speed, cost, and scalability” such as 1500 cases per second. RTXP is built with “ILP (Inter ledger Protocol)”, a system that connects crypto assets and legal currencies, and “XRP Ledger”, a distributed ledger technology. “XRP Ledger” uses consensus algorithms such as “XRP Ledger Consensus Protocol (XRP LCP) '' and `` Ripple Protocol Consensus Algorithm (PRCA) '', but only some trusted approvers like `` Validator '' participate in the approval work. "Validator" is managed by the operating company Ripple, and the list of "Validator" is also called "Unique Node List (UNL)". By using a consensus algorithm instead of proof of work (PoW), high-speed transaction approval such as about 3.3 seconds until remittance is completed is possible, but it can be said that XRP transaction approval is decided by Ripple, so "XRP Ledger" is considered as a centralized network.

Ripple has disclosed a policy that allows each node to choose an approver instead of a “Validator”, and in the future an international financial institution will become the approver, so there is a possibility that “XRP Ledger” will become a decentralized network. Ripple is aiming to realize the “Internet of Value”, and it is said that the transfer of value will be performed at high speed and low cost by the spread of XRP.

Financial inclusion and crypto assets

As financial digitization progresses, the “financial unbundling (disassembly)” initiative that Fintech companies are responsible for the services that financial institutions have provided so far has been activated. Asset management using AI technology is spreading, and it becomes possible for customers to build portfolios based on diagnosis by Robo Advisor. Under these circumstances, there are people in the world who are unable to receive basic financial services such as loans due to low social creditworthiness. Cryptographic asset payments are attracting a great deal of attention toward the realization of “financial inclusion” as they can provide payment methods to people who have been left behind in basic financial services. There are about 2 billion people around the world who have no bank accounts so far, and the “prepayment system” using “JOP (JobCoin Payment)” gives the compensation according to the amount of work “JOP ( JobCoin Payment) ”. People who use high-cost financial services often fall into a poor economic situation, and “JOP (JobCoin Payment)” is used not only to achieve “financial inclusion” but also to solve poverty problems.

Pay in advance

With the development of technology, financial services continue to diversify, and it can be said that it is indispensable to restructure corporate strategies based on digitalization, such as responding to new customer needs as the business environment changes. The salary prepayment system is still less recognized as a financial service, but a wide range of services are being developed, such as management and coordination of employee attendance data and outsourcing user support that is available 24 hours a day. Employees can receive the salary they have worked for at their own convenience, so if they can make advance payments, when sudden expenses overlap, the cost of living can be improved. Some companies are increasing the number of options of prepaid salary as they can enhance the welfare system, contributing to the creation of corporate value by increasing the number of applications for employment and lowering the turnover rate. Until now, there have been few companies that actively make advance payments due to the burden of calculating the salary equivalent and subtracting the next payment.

In addition, there was a view that they were lending to employees with salaries as collateral, and it was pointed out that there were legal problems such as violating the money lending business. However, it is officially stated that it does not violate the law. As a result, the prepaid system is expected to become popular in the future, and the “JOP (JobCoin Payment)” approach using blockchain technology has great social significance.