Chapter 448： ATUSD

Accompanied by Li Ying, William Chen came to South Pacific Bank.

Currently, South Pacific Bank's future headquarters, the South Pacific Financial Centre, a 66-storey tower, is under construction.

This building, located at the southern end of District G, is expected to be completed in the second half of next year.

The current South Pacific Bank has temporarily set up its headquarters in a three-story building next to the Atlanta Management Committee Building. It is also because the current South Pacific Bank's business is not complicated, and it only provides services for residents of Atlanta Island. Basic financial services, so not many people needed.

However, this is only a superficial phenomenon. Since its establishment, South Pacific Bank, not only on behalf of Atlanta, has joined the Bank for International Settlements in Basel, Switzerland, and the Basel Committee on Banking Supervision.

This also means that South Pacific Bank has been integrated into the international banking system, whether it is foreign exchange payment or international transfer business, it can be carried out.

At the same time, South Pacific Bank has been recruiting elite talents in the financial industry and security talents. Now it has formed a relatively large team. As for the purpose, it is the blockbuster project they will launch next.

The name of this project, called ATUSD, is in fact a digital virtual dollar project. Users can exchange USD and ATUSD at a ratio of 1:1.

That is to say, when a user transfers 1 USD to South Pacific Bank, South Pacific Bank will issue 1 ATUSD to it; at the same time, users can also exchange ATUSD for USD from South Pacific Bank.

So, in this case, what is the use of ATUSD when there are US dollars? Why do users need to exchange ATUSD?

First of all, South Pacific Bank will establish a redemption center in Atlanta. According to changes in global exchange rates, it will conduct foreign exchange conversion for all users in real time and convert it into ATUSD. That is to say, if you have rubles in your hand, then theoretically, it is the first Convert rubles to US dollars, then transfer the dollars to South Pacific Bank, and end up with ATUSD.

In fact, this process only takes one step, almost directly converting rubles into ATUSD.

You must know that in many countries, foreign exchange is regulated. The US dollar is the legal currency of a country, and it is foreign exchange. It is difficult for citizens to freely exchange their own currencies.

And Atlanta is not a country, but just a regional island, and ATUSD is not legal currency, it can even be said that it is not a currency, but just a virtual property linked to the dollar in value, you can do whatever you want , you can think that it is similar to the existence of Q coins, or it can be regarded as some kind of game currency. Anyway, no matter what you think of it, the fact that it has the ability to redeem is the key.

Therefore, the most important thing is South Pacific Bank's reputation and time-tested redemption ability. Everyone believes that ATUSD can be redeemed for real US dollars at any time, then ATUSD has real value.

The most important thing is that ATUSD has introduced the technology of the blockchain. After the issuance, ATUSD has two ways of holding, directly through the South Pacific bank account holding and downloading the SP wallet for holding.

The difference is that ATUSD held through the South Pacific Bank account can be bound to PayPal for online payment and transfer.

But at the same time, because of the requirements of international financial regulators for kyc, the holders of South Pacific Bank accounts must be authenticated with real names, so whoever holds these ATUSD, the holding amount can be obtained from South Pacific Bank. found, and they will also respond to requests from regulators to provide information for legitimate investigations.

The so-called kyc policy, the full name of Knowyourer (know your customer fully), is an enhanced scrutiny of account holders, the institutional basis for anti-money laundering to prevent corruption, and for regulators to understand the legitimacy of the source of funds.

The difference is that by downloading the sp wallet, the ATUSD held can be anonymous.

In fact, the application of blockchain technology is the sp wallet. The sp wallet does not require real-name authentication. The owner can randomly generate a wallet address composed of uppercase and lowercase letters and numbers, which is equivalent to the account name.

Each wallet address has a corresponding digital private key. This private key needs to be kept secret, because the private key represents your ownership of the wallet. As long as you have the private key, you can download a sp wallet and use the private key to Get its corresponding account.

For example, you have 100,000 ATUSD in your sp wallet address. When others get this private key, they can restore the account through the private key on any device that has downloaded the sp wallet, and then transfer the 100,000 ATUSD away.

The ATUSD account on the sp wallet uses part of the computing power and storage of more than 30 data centers around the world of all companies under William Chen, including Meta Group, Future Group and South Pacific Industrial Investment Company. As a node, every transfer will be carried out in real time. Sync to keep it safe.

Therefore, transfers between sp wallet addresses not only require a certain synchronization time—usually within half a minute, but also require a certain handling fee as the cost of node maintenance.

This is different from the zero fees for transfers between South Pacific Bank accounts, which are credited in real time.

And also due to regulatory requirements, all transfers and payments between other people's bank accounts are only allowed to be made through South Pacific Bank accounts authenticated by real names.

The ATUSD in the sp wallet address only allows two-way transfer between one sp wallet address bound to the South Pacific Bank account and my account.

That is to say, everyone can anonymously apply for countless sp wallet addresses, but the only one who can transfer the ATUSD in the sp wallet address back to his bank account is the sp wallet address he has publicly bound, and ATUSD in other addresses must be Go to the binding address to be able to return to the bank account.

Similarly, only after returning to his bank account can he transfer money or make purchases to other people's accounts.

Some people may ask, since the requirements are so strict, although ATUSD in the sp wallet address can be applied anonymously, it needs to be associated with a real-name account to enter the bank account. Isn’t that the meaning of anonymity?

Then the idea is too simplistic First of all, sp wallet addresses can transfer to each other, then you can directly transfer ATUSD from the address of your own unbound real-name account to someone else's address.

Secondly, if you want to cut off the connection between your anonymous address and your real-name account on the transfer path, you can also do it through a certain platform.

William Chen believes that such platforms are destined to emerge.

The principle of this platform is very simple. The user transfers ATUSD from his own address to the platform and provides a target address, then the ATUSD he transfers will enter the target address provided by him after deducting a certain percentage of the platform commission, and Complete the cut with the original account on the transfer path.

The principle is that there are thousands or even more addresses on the platform, and among these addresses, transfers of various amounts will be continuously performed through algorithms, so the platform is a process that is difficult to be sorted out by third parties. A black box for continuous transfer behavior.

The user's funds enter it, and through this black box, under the calculation of the algorithm, the transfer to the "clean" address is finally obtained. These addresses have no funds at all with his previous address, and his original ATUSD is only transferred. entered another address.

Of course, the commission of this kind of platform will naturally be slightly higher.

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