Growing popularity of cryptocurrencies opens new opportunities for businesses giving them an alternative payment method based on blockchain. It is safe, it is fast and it is cheap. This technological trend gave birth to a brand new market, innovative and progressive. To enter this high-tech world people need special tools. So contributors, entrepreneurs and consumers begin to create and use special blockchain-powered applications.
The Noah Project is contributing to the technological progress in the course of Japanese-Filipino relations offering them a suite of blockchain powered projects and a digital wallet.
The Philippines is one of the fastest developing countries in the third world, where about 10% of its GDP comes from remittances of Overseas Filipino Workers, or OFWs, who work abroad (for example, in Japan) and support their families back at home. The Noah project will focus on the Philippines which has a growing economy, a fast growing middle class with purchasing power, and a young population that is ready to embrace new technologies.
How can the Noah Project introduce digital technologies in the lives of usual people?
The Noah team is creating a suite of projects comprising of remittance, mobile money, discounts, and trading services. It will provide an opportunity to use major cryptocurrencies (Bitcoin, Ethereum, Litecoin), along with its own token called Noah Coin (NOAH). With NOAH, users will get a chance to participate in exclusive projects in the Philippines like the Noah City and Noah Resort. They can use it within the ecosystem for discounts, rebates, purchases, rentals, amenities and get special offers which will create a demand for NOAH. Some of the internal project’s services may be paid only in NOAH to provide stable market necessity for tokens.
If any token is a digital unit, then how do you store, send and receive it? Nowadays there is a wide choice of digital wallets — special software applications that store coins. Unlike a physical wallet, a digital one stores not money but private and public keys. Private keys are something like a PIN number to a bank . When you send coins you actually transfer the ownership of your coin to the recipient. Blockchain guarantees the security of transactions checking that private keys of the recipient match the public address that you sent the coins to. You get a total control of your assets excluding intermediaries who charge high fees.
According to ICOWatchList’s data, more than 82% of projects issue their tokens on Ethereum. ERC — Ethereum Request for Comments is the official protocol that provides commands to implement a token on the Ethereum platform. In other words, it defines the common rules all Ethereum tokens have to follow if they want to predict how that new token will function.Among other platforms to issue tokens is Waves. It is built with the Scala programming language and utilizes a completely new protocol called Waves-NG. NEO uses a new protocol — dBFT (Delegated Byzantine Fault Tolerance). With Stellar, developers can use programming languages like C++, Java and Python. The platform utilises the Stellar Consensus Protocol (SCP). All these protocols are softwares that govern rules, operations, and communication between network nodes. Being an ERC20 token, NOAH can be stored in any digital wallet which is compatible with this token standard, like MyEtherWallet, Exodus, MetaMask.
Now the Noah Project is able to offer its supporters another alternative. We have launched our own cryptocurrency wallet — Noah Wallet — to give NOAH holders a functional tool for operating their digital assets. Wallet users can store, send and receive the main cryptocurrencies and NOAH and make payments in the Noah ecosystem.
Thanks to the Noah Project alliance with PayRemit, there are new ways for NOAH holders to spend their coins: buy gifts, flowers, toys, food, plane tickets, pay for different services from PayRemit partner merchants. With Noah Wallet people can do it easily and almost instantly.
Among competitive advantages of Noah Wallet are:
- an intuitive design for both crypto newcomers and professionals
- convenient and instant transactions through the use of QR codes
- recording of all the user’s transactions in the history
- a backup function to restore the wallet if necessary
- strong security measures ensuring that the crypto assets are stored and transacted safely