In 2018, migrant workers sent $875 billion in remittances, mostly to developing countries, paying an average fee of 7%. GoCryp.to will launch will launch a remittance service that aims to deliver solutions that are 93% cheaper than the industry average using JaimaiCoin.
The World Bank estimates that in 2018 migrant workers sent $875 billion in remittances, $629 billion of which went to developing countries. On average, these workers paid 7% in remittance fees. Those over $44 billion in fees went straight into the pockets of remittance service providers such as Western Union and MoneyGram. In some parts of the world, like South Africa, remittance fees can be as high as 15.76%. JamaiCoin is looking to lower the cost of high remittance fees.
The team behind JamaiCoin solely consists of enthusiastic volunteers all with the same thought: ‘give back to the community’. While we do not aim or claim to be the on the frontier of blockchain development, our team does harbour quite some technical and financial experience to make this project a smashing success. We currently have (former) employees of Apple, Optiver, Latham & Watkins Law and Tencent on our team!
Every month 10000 times the closing price of YAH (which is set to be the price on the last day of the calendar month, at 11:59PM, volume-averaged over all exchanges) will be donated in fiat to a non-profit charity in Jamaica. The community in the form of YAH holders determine which charity receives the donation. Voting rights are given to YAH holders, with a weight proportional to their holdings.
The token itself will be native to an Android and iOS remittance app to be launched in 2020. The app will come with a built-in wallet and a starting fund for Jamaican citizens. The roll-out will be done during a special (locally) telivized event. Subsequent campaigns will be held across the Carribean.
Technically JamaiCoin is an ERC20 token on the Ethereum blockchain and it is
already supported in almost all Ethereum wallets software, such as Metamask,
Trust Wallet, MEW, Mist etc. YAH is managed by smart contract that can be seen here:
Note that this contract can NOT be edited. Contracts deployed on the Ethereum blockchain are immutable. This way the address and the code of that Smart Contract can not be modified since it’s permanently written on the blockchain.
The selected charities can be seen here. But of course new organizations can be added on request. The monthly donations will initially be offered in YAH, since this will be the cheapest and fastest way to send the money. But if desired we will facilitate a wire transfer in USD as well (if liquidity can be found in the YAH market to exchange 10.000 YAH for USD).
-Listing on first exchanges
-Listing on more exchanges
-Get featured on the biggest tracking websites
-Blockfolio, Delta App
-Reveal of first celebrity ambassador (Grammy Nominated recording artist)
-Free swapping of ERC20 to native token (bridge)
-Release of payment app geared towards homewards remittance (google play store and iOS appstore)
-Reveal of second celebrity ambassador (Grammy Nominated recording artist)
-Reveal of third celebrity ambassador (Olympic Athlete)
Our team solely consists of volunteers. Among them are:
Wendy Schiff, Community Specialist & Communication Manager
Joshua Jacobs, Advisor
Michael, Charity Manager
Pavel Shabalin, Developer
Cornelius Kohl, Developer
Norbert Nathan, Treasurer
Jay, Blockchain Evangelist and Investor