VideoByte: Istvan Lorincz, Co-founder of KoronaCoin

We talk with Istvan Lorincz of KoronaCoin about blockchain and their solution for the banking sector

Ramy Caspi
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The traditional banking sector has lost a lot of its former reputation - and also its efficiency.

Interest rates are low, while banks are collecting record fees for providing services and for performing transactions for clients. Analysts agree that there is a need for cost reduction and changes in the traditional banking sector.

As the recent Capgemini research presented, banks and fintechs are exploring blockchain technology for cross-border payments to provide faster, inexpensive, and efficient services.

Cryptoeconomy and blockchain-based payments have been developing fast. A Cambridge study estimates around 35 million (2013 - 8,2 million) active cryptowallets worldwide. Approximately one third of these wallets are really active by appr. 6 million people. The whole cryptoindustry employs about 2000 people, which is basically negligible in statistics if it is compared to the number of employees in the global banking sector.

We talk with Istvan Lorincz co-founder of KoronaCoin about this evolving sector and their solution.

The Korona Project is building up a complete, integrated Ecosystem, that is supported by its own Digital Payment Platform, a Cryptobank, and by its own token, the Korona Coin.

As designed, in the Ecosystem:

  • Implementing a brand new digital payment technology: with using a technology solution similar to Lightning, transaction with Korona tokens will be faster and cheaper than transactions with Bitcoin or standard Ethereum.
  • Korona payments in e-commerce: a complete payment system, including APIs, an online integrated market place, and also freely usable webstore frames will be created for merchants that allow online payments with Korona Coins.
  • Wise product and market selection: a new, integrated Price Comparison System will be created. Korona users will be able to select the same or similar products for the lowest possible price based on national or international comparison.
  • Korona payments in shops: a complete payment system will be created that will allow Korona holders to buy goods and services with their cellphone in real shops instantly.
  • Exchange: shops will be able to request payments from the Korona Cryptobank in local traditional Fiat currency. In that case the Korona Cryptobank will make the necessary exchange.
  • Integrated service packages will be provided for both private and business customers.
  • Business wallets will be available for business clients. Businesses will be able to register their wallets and receive various services to support their compliance (support for VAT reporting, invoicing, accounting, etc)
  • Integrated marketing support: the participating Merchants will receive various services to support their marketing and market expansion activities.
  • Short term volatility tempering: to support businesses and users in accepting and using Korona tokens, the Korona Cryptobank will use a special Flexibility mechanism to temper short term volatility.
  • Price reductions for users: with cost and requested price reductions, and also with special token rewards after either spending or accepting tokens, the Korona users find cheaper prices when purchasing goods and services.

The Korona Coin ICO start is scheduled to March 26, 2018.