Panerora: Western Union’s Blockchain Competition

By September 4, 2019 Ethereum
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Blockchain has changed the way we view cross-border transactions and payments, making them cheaper, more accessible, and faster. Panerora.com aims to use the advantages of this emergent technology to offer a strong payment solution to the African market, where most of the people are largely unbanked.

How Panerora works

Panerora is a blockchain-based, peer-to-peer payment network that enables the exchange of funds at faster and cheaper rates on a global level.

The Panerora token (PNR) is taking it onto another level. It aims to create a secure, fast, and cost-efficient money transferring solution for those that lack access to banking options. This unique payment system will cater to the specific needs of the African people.

The African population will be able to benefit from the fast and inexpensive cross-border system provided by Panerora. By opening many local branches and partnering with OTC exchanges, the service will be able to provide PNR to fiat conversion in these subsidiaries, facilitating the transactions on the Ethereum network.

Panerora Wallet

Panerora also developed a proprietary web wallet that is user-friendly and secure. The PNR wallet is protected by a public-private key encryption, which secures data and fund transfers made through a network.

The private keys are mathematically linked to the wallet’s generated address, and they give the user access to his funds. Losing these keys means that your wallet is locked, but each user will receive a recovery seed phrase that will allow them to regain access to their wallet.

Sending Funds

When sending fiat funds, they will be first converted into PNR, after which the PNR will arrive in a matter of seconds in the recipient’s wallet. The receiver can then withdraw the funds in any currency they like, by going to any local branch or over the counter exchange.

Panerora’s Protocol

As Panerora is based on a smart contract that runs on the Ethereum network, a small transaction fee will be charged for all transactions. That’s because the Ethereum network requires a “gas” fee to transfer coins.

The team deposits ETH into the contract for the “gas” money, so that when users execute a PNR transaction, the fee will be deducted from this amount and given back to the user in ETH when he performs the next transaction. The gas fee is converted into PNR and subtracted from the received amount. The fee is quite insignificant especially when compared to the costs that are charged by traditional banking systems.

This protocol also ensures that the token’s circulating supply is continuously decreasing which, as a result, leads to scarcity and an increase in token value.

Panerora’s Expansion and Final Goal

Panerora will establish a total of 20 branches all over Africa, with the first subsidiary to be opened in Tanzania. Some of the other 19 branches are of the following countries:

Namibia;

Mozambique;

Rwanda;

Mauritius;

Botswana;

Panerora’s superiority in the region will ensure that its blockchain payment network will be adopted in mass by the general African population, as this unique system was designed to cater to their needs. After it has established itself on the African continent, Panerora will continue to branch out to other regions on the global map.

Conclusion

Panerora is driven to provide a competent digital payment system, that will support transactions worth of trillions of dollars in seconds and serve as a solution to the unbanked population of Africa.

Invest in their ICO with a fund raising goal of 250 million dollars in ETH.

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

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