The world has geared up for the immense attributes of the blockchain technology, and for the government and people of Timor Leste, the technology means more than a decentralized network. It is interesting to note that the hitherto kickbacks that were prevalent in the earlier days of the blockchain are now transforming into a level-playing ground for the involved parties.
Timor Leste looks good to profit from the undeniable potentials of the blockchain and Invech is the platform that is leading the country to the paradise of decentralization.
Current Challenges
The input of the blockchain technology in any sphere always brings about massive transformations in the end. Thus, the challenges in Timor Leste were the major factors that facilitated the launch of this blockchain network called Invech .
The first issue at hand is the absence of a national legal tender in Timor Leste. It is saddening that the country depends on the United States’ Dollar (USD) for transactions. More worrisome is the fact that the country’s finance is on a downward spiral, especially with the limited petroleum reserve, few foreign aids, and limited chances at clinching viable financial grants that could have changed the economy of the country.
On the other hand is the insufficient manpower and educational resources, which still border on the limited financial resources to facilitate these.
The Invech Solution
The solutions devised by this project are not only feasible but have greater potentials of meeting the needs of the government and people of Timor Leste, who would in a few months, become one of the most thriving blockchain markets in the world.
The Blockchain Smart City
The overall aim of this project, Invech, is to facilitate the launch of a blockchain smart city in the Democratic Republic of Timor-Leste, otherwise called East Timor. The range of solutions devised under the proposed Blockchain Smart City includes the application of blockchain in many sectors of the country’s economy, including banking, education, supply chain management, and healthcare.
The Cryptocurrency Exchange
The Invech Cryptocurrency exchange is devised as a means of trading digital assets. It is worthy of note that the Invech Token (IV) would take on the role of the interim legal tender of Timor Leste, pending the unveiling of the country’s official currency. This move implies that the country may have less dependence on other legal tenders, such as USD and IDR. Instead, the Invech Token (IV) would be used to facilitate internal and cross-border transactions.
Blockchain Implementation in Timor Leste
Since the debut of the blockchain technology as a store of value with the underlying pioneer digital asset, Bitcoin, it has been a success all the way. The network has now gained massive adoptions in many countries and creates solutions in different industries.
Now, the proposed Blockchain Smart City by Invech is targeted for the overall improvement of the operations of the government of Timor Leste. It would serve in three (3) different capacities, including the community where it would be applied in different sectors of the economy, such as education, and tourism.
Another use case is business such as e-commerce, as well as in government agencies, including immigration.
Token Information
Token Name: Invech Coin
Ticker: IV
Platform: Ethereum
Role of Token: Utility
Exchange Rate: 1 IV = $0.4 USD
Soft Cap: $24 million USD
Hard Cap: $60 million USD
Country of Registration: Timor Leste
Not Participating: North Korea, China, Cuba, Iran, Syria, and the US
Final Words
The waves made by the blockchain technology has over the years, surpassed the antagonistic narratives that came its way at the time of launch. The proposed Blockchain Smart City in Timor Leste is a rollercoaster that would take the country to greater heights.
Check out the useful links below for more information and updates on this mind-blowing project
🔗 official website
🏅 IEO link
♻️ Invech Exchange
📖 Read Whitepaper
⚛️Telegram Indonesia
🌐 Telegram Official
🕎 Bitcointalk ANN
Writer's info
Bitcointalk username: deodivine1
Profile URL : https://bitcointalk.org/index.php?action=profile;u=1390292
My Invech ref link : http://ieo.invech.io/register?u=350
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