Current Problem - Global Transfers
A number of problems exist within the current global transfers system which result in many pain points for consumers who send and receive money across international borders
The global transfers industry is fragmented
There isn't one network for global transfers, and the existing underlying infrastructure is outdated and highly fragmented which results in poor outcomes for consumers
Transfers are too
Third party institutions including banks, remittance networks and specialty transfer services such as Western Union charge high fees, often 10% or higher
Transfers take too long to settle
Due to the highly fragmented nature of the current industry and lack of a global network, international transfers currently take an average of 3-5 days to settle
Our Solution - IEC Cryptocurrency
Investment Evolution Coin (IEC) was created to solve the numerous problems faced by consumers when making international transfers and sending or receiving money across borders. To achieve this, we have created the IEC cryptocurrency with a high supply of coins, extremely fast transaction speeds, a highly scalable network and low transaction costs at only a fraction of a cent per transaction.
Investment Evolution will initially focus on using IEC for global transfers to the Philippines market, which is the third biggest remittance-receiving country in 2017 after India and China, with $31.29 billion USD received in 2017 per Bankgo Sentral ng Pilipinas (BSP) data. This accounted for 10% of GDP and 8.3% of GNI for the Philippines in 2017.
IEC Advantages vs Other Digital Assets
IEC has several key advantages vs other major digital assets such as Bitcoin and Ethereum, which make it a much better solution for global transfers
|IEC||2-5 seconds||$0.01 will pay for 300,000 transactions||3000 TPS|
|ETH||2+ minutes||$1.13 per transaction||15 TPS|
|BTC||1+ hours||$18.75 per transaction||3-6 TPS|