WITTY is a fully indigenous African Blockchain FinTech Provider built on the Binance Smart Chain focused on developing Products & Services with the aim of creating a Value Chain in the Decentralized Finance Ecosystem [ DeFi ].
The Vision of WITTY is to play the major role in breaking the third world fence by leveraging Permissionless and Trustless Technologies.
The Mission is to Onboard Africa into the Crypto space one step at a time.
WITTY has identified a big problem in Africa which it intends to solve; it’s a low hanging fruit because no other platform is competing in that space.
WITTY seeks to build a platform that will allow African Merchants/Traders and Businesses to buy Crypto with local currency from their Non-Custodial Peer to Peer Crypto Exchange, convert this Crypto to Fiat Dollar on their Remittance platform and be able to wire Fiat to bank accounts in about 100 countries.
So instead of African Traders to source for Fiat Dollar which they get at very high exchange rates from the black market in order to send to their Western and Asian trade partners; they’d rather buy Crypto on WITTY’s Non-Custodial Peer-to-Peer Crypto Exchange at a far much better exchange rate, convert this Crypto to Dollar on their Crypto Remittance Platform and wire to bank accounts of their trade partners in nearly 100 Countries.
WITTY has secured partnership with a Western Financial Institution to make this happen.
The Market size which WITTY intends to serve is large; according to China’s Ministry of Commerce, trade between China and Africa increased by 40.5% year-on-year in the first seven months of 2021, and was valued at a record high of USD 139.1 Billion.
According to the United Nations Conference on Trade and Development, total trade from Africa to the rest of the world averaged USD 760 Billion in current prices in the period 2015 – 2017.
WITTY launched its IEO on November 19, 2021 and will end on December 18, 2021 or when the total of 304,000 WITTY Tokens have been sold, whichever happens first. The IEO is currently live on the P2PB2B Exchange and the native token would be available at a discounted price and given the project’s focus on taking on the African continent, the chances of token appreciation are high. There are no whales. This means no single individual can manipulate the market. The IEO buyers will be the early token holders as WITTY has not raised any funds until now, which means you stand to benefit the most from the token appreciation.
The WITTY token has a low supply with a very large Market-size. This means the upside for token appreciation is very high. The total token supply is 20 Million tokens but the circulating supply is 1 Million tokens and will remain so till April of 2023. Thereafter, there will be 5% emission from the remaining supply.
As you may already know, Africa has a young population who are very active in Crypto Space. Nigeria currently has the largest trade volume second only to the USA, so the WITTY IEO provides an amazing opportunity for Crypto Investors to get in early on this gem.
There are two platforms that needs to be developed for WITTY to go to Market; the Non-Custodial Peer to Peer Crypto Exchange (where the Merchants will buy Crypto with their local currency) and the Remittance Platform (where the WITTY platform integrates with that of their banking partner to provide users a wire transfer functionality).
The Non-Custodial Peer to Peer Crypto Exchange has already been built. The funds raised from the IEO will enable the completion of the Remittance Platform. The Soft cap for the IEO is $200,000 (Two Hundred Thousand Dollars) while the hard cap is $2,000,000 (Two Million Dollars).
Aside from the Non-Custodial Peer to Peer Exchange and the Remittance platform, WITTY plans to offer other ranges of products and services in its ecosystem;
- Staking Platform
- Crypto Debit Cards
- Crypto Payment Gateway
- Lending Platform
- Utility Platform
- WITTY Fund (A percentage of WITTY Revenue will be kept in this fund with the aim of acquiring complementary platforms in a bid to make the WITTY Ecosystem more valuable and the WITTY Token more profitable for holders)
It is instructive to say that while the primary focus of WITTY is the African Market, users from around the globe can use the platform and of course investors from around the globe can leverage on their unique selling point to invest in this gem now before it becomes very popular.
What Features Make WITTY a Go-To Platform For Africans?
WITTY has forged partnerships with financial institutions to serve a large market; Witty Protocol plans to provide a more flexible and low-cost fee for accessing Blockchain products and services within its ecosystem, demonstrating their commitment to promoting Blockchain and Cryptocurrency adoption across Africa.
With the help of the highly innovative and decentralised system, WITTY Project is positioned to tap into the untapped resources in the African remittance market. Here are some of the key features in the WITTY ecosystem that could attract users to the platform.
- Non-Custodial/Decentralized: WITTY never holds traders’ digital assets; instead, they give users complete control over their digital portfolio, allowing for true decentralisation. The decentralized nature also eliminates the possibility of a single point of failure.
- Permissionless and Trustless: WITTY is a protocol-driven platform that is primarily powered by Smart Contracts. This means there’s very little room for human error, if any at all.
- Enhanced Security: The decentralised nature of the WITTY platform means that users’ Digital Assets are secured better. Each user’s Digital Assets are stored in a third-party Non-Custodial wallet, which also gives users access to their Private Keys.
- Agile & Empathetic Management: WITTY believes that Africans are in a better position to solve Africa’s problems because they understand the terrain and can relate to the challenges. As a result, they are more determined to change the status quo for reasons other than economics.
- User Centered Products: Their products are designed to meet the needs of non-tech savvy individuals and to provide solutions to long-standing challenges of financial inclusion for people from all walks of life; their user interface is simple to use and navigate.
- Active Tribe: WITTY users will be part of an active Tribe of people who are genuinely curious about you and your progress.
The [WTY] token is the primary means of payment in the WITTY ecosystem, and all transactions take place on the Binance Smart Chain network. Fortunately, this is in line with their goal of developing a completely new solution that is free of the limitations of traditional financial infrastructures. WITTY ensures consistency in maintaining the integrity of data, which forms the nucleus of the entire WITTY ecosystem, to further boost users’ confidence in their products/services.
The project is also aware of some regulatory concerns about the industry’s proliferation of Cryptocurrencies by some bad actors. So they built a robust system with enhanced end-to-end encryption security while maintaining a user-friendly interface to keep them ahead of the curve.
WITTY Brings a Truly Decentralized Ecosystem For Africa
In 2019, the global remittances market generated over US$700 billion in revenue, and it is expected to grow at a rate of 7-8 percent annually over the next ten years. Remittances are particularly expensive for migrants from Sub-Saharan Africa, with payments of 7.45 percent, which is significantly higher than a large proportion of global transactions and nearly double payments in other parts of the world.
The application of Blockchain technology in the finance industry, particularly in remittances and trade settlement, is the antidote to the world’s long-standing bottlenecks in the financial services sector. And, thanks to their validation blocks algorithm, most Blockchains, such as Ripple and Stellar Lumens, can process over 4000 transactions in real-time within milliseconds. The WITTY ecosystem provides a range of products and services that promote financial inclusion while also contributing to a level of transparency and a reasonable fee structure in the payments industry.
WITTY offers a wide range of products and services that promotes financial success inclusion, and to contribute even more to encouraging a certain level of Fees that are reasonable and transparent