America's Road to Fame

Chapter 449 ATUSD
Accompanied by Li Ying, William Chen came to the South Pacific Bank.

Currently, the future headquarters of Bank of South Pacific - South Pacific Financial Centre, a 66-storey building, is under construction.

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

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

However, this is only a superficial phenomenon. Since its establishment, the Bank of the South Pacific has not only represented Atlanta, but also joined the Bank for International Settlements in Basel, Switzerland, and the Basel Banking Supervisory Committee system.

This also means that the Bank of the South Pacific 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, Bank of South Pacific has also been recruiting elite talents in the financial industry and security talents, and has now formed a relatively large team. As for the purpose, it is the blockbuster project they will launch next.

The name of this project is called ATUSD. In fact, it is 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 Bank of South Pacific, Bank of South Pacific will issue 1 ATUSD to him; at the same time, users can also use ATUSD to exchange US dollars from Bank of South Pacific.

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

First of all, Bank of South Pacific will establish a payment center in Atlanta. According to global exchange rate changes, it will exchange foreign exchange for all users in real time and convert it into ATUSD. Convert rubles to US dollars, then transfer the US dollars to South Pacific Bank, and finally get ATUSD.

In fact, this process only needs one step, almost directly turning rubles into ATUSD.

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

And Atlanta is not a country, but just a regional island, and ATUSD is not a legal currency, or even a currency, but just a virtual property whose value is linked to the US dollar. You can think about it , you can think of it as an existence similar to Q coins, or as some kind of game currency. Anyway, no matter what you think of it as, the fact that it has the ability to pay is the key.

Therefore, the most important thing is the reputation of the South Pacific Bank and its ability to redeem over time. Everyone believes that ATUSD can be redeemed into real US dollars at any time, so ATUSD has real value.

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

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

But at the same time, because of the requirements of international financial regulators for kyc, all account holders of South Pacific Bank must be authenticated with their real names. Therefore, who is holding these ATUSD and the amount of holdings can be obtained from South Pacific Bank. Detected, and they will also respond to regulatory agency requests and provide information for legitimate investigations.

The so-called kyc policy, the full name of Know your customer (full understanding of your customers), is an enhanced review of account holders, an institutional basis for anti-money laundering to prevent corruption, and is used by 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 an account name.

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

For example, if you have 10 ATUSD in your sp wallet address, when someone else gets the private key, they can restore the account through the private key on any device that has downloaded the sp wallet, and then transfer the 10 ATUSD away.

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

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

This is different from the zero-fee transfer between South Pacific Bank accounts, which arrives in real time.

And also due to regulatory requirements, all transfers and payments between bank accounts of other people are only allowed to be carried out with South Pacific Bank accounts that have passed real-name authentication.

The ATUSD in the sp wallet address only allows two-way transfers between an 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 one who can transfer the ATUSD in the sp wallet address back to his bank account is only the sp wallet address he publicly binds, and the ATUSD in other addresses must Go to the binding address to be able to return to the bank account.

Similarly, only by 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, the ATUSD in the sp wallet address can be applied anonymously, but it needs to be associated with a real-name account to enter the bank account. Isn't that meaningless?
Then the idea is too simple. First of all, sp wallet addresses can be transferred to each other, so 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 some kind of platform.

Chen William believes that this kind of platform is destined to appear.

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 platform commission, and Complete the separation from the original account on the transfer path.

The principle is that there are tens of thousands or even more addresses on the platform, and among these addresses, various amounts of transfers will be continuously carried out through algorithms, so the platform is a difficult to be sorted out by a third party. A black box for ongoing money 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 just transferred. entered another address.

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

(End of this chapter)