In this Pacific Review, we will look into the key problems this project aims to solve and the primary advantages it will bring to the modern world. Pacific is one of the world's first Virtual Financial Asset Offering (VFAO). As the Malta Financial Services Authority is finalizing the legal procedures regarding Pacific's projects applications.
What Makes Pacific Stand Out?
Pacific is the world’s first comprehensive payment system opening the way to global adoption of cryptocurrencies. A system built of 9 microsystems placed in a simple mobile application is dedicated mainly to developing countries, which, according to the International Monetary Fund data,
were inhabited in 2017 by over 6.26 billion people i.e. 84% of the world’s population. In these countries, a POS terminal is rather an uncommon sight, and banking infrastructure is largely underdeveloped. Pacific aims at creating there a network of smartphone cryptocurrency payment terminals, providing developing countries with the freedom of digital settlements.
What Pacific is?
Pacific is a set of nine microsystems that jointly create an intuitive tool enabling the comprehensive use of cryptocurrencies as a payment method in everyday life. The access to the system is granted through a mobile or a web app. By using one of the apps, you are able to perform any transaction available on the cryptocurrency market. The app allows for making payments in brick and mortar as well as online stores, exchanging digital currencies via the exchange systems, using automatic conversion to avoid foreign exchange rate risk and buying or selling cryptocurrencies for cash in Pacific Partners’ POS. The Pacific system makes the use of cryptocurrencies practical, convenient and competitive compared to traditional payment methods.
Microsystems in the Pacific Platform:
Micropayments – macroscale:
Make settlements easy using any of the cryptocurrencies in any part of the world. Instantly and without commission. Make transfers to the telephone number or email address using the pTransfer service, pay contactless via pTap or online via pMicroPay micropayment system. Off-chain transactions, by applying the technology of changing the ownership rights, make it possible to perform a transaction in less than 1 second and fully eliminate its costs, regardless of the type of cryptocurrency transferred. From now on, the blockchain scalability, high transaction fees and long transaction processing time are no longer barriers to usability.