Amen$ System White Paper
End of Fiat Currency as we know it
“Amen to That“
Protect yourself against the ongoing trade war between USA and China
- Amen$ Goals.
- What is Amen$ System?
- Amen$ Ecosystem.
- Amen Mobile Wallet.
- Amen Mobile Point of Sale.
- Backed By Your Local Fiat Currency
- Global Currency Backing .
- Trusted By Everyone in the World
- Blockchain Investments Protection
- Amen Country Currency.
- Real Liquidity .
- Global Adoption .
- Fast Buying and Selling
- The Lowest Transaction Costs
- Eco-Friendly .
- Maximizing Our Target Market
- Legality and Compliance .
- Why Amen$ System is Better Than Bitcoin .
- Creating a Global Blockchain Ecosystem .
- Amen$ System Real-World Adoption Examples .
- Amen$ System Roadmap .
- Amen$ ICO .
Bitcoin give us the blockchain. Ethereum give us smart contracts. Altcoins give us wide variety of unique features for niche markets.
However, there are currently no accepted cryptocurrencies that provide a unified global ecosystem that allow people from around the world to buy and sell everyday products and services, in everyday living.
Until now. Amen$ System is the revolutionary blockchain asset that is accepted everywhere and backed by fiat currency, while offering 153 unique country currencies for people around the world.
The result? A decentralized, stabilized accepted financial ecosystem that protects citizens of the world against recession, hyperinflation, government seizure and much more.
As we saw in the wake of 2008’s global recession, financial mismanagement by both government and major corporations can have terrible consequences for the average person. From a collapsing economy that costs them their investments and life savings to inflation that devalues the currency they hold, government and corporate bankers have the ability to cause a downward spiral that ends in financial ruin for a majority of the population.
Combining this with the fact that people living in developing countries are constantly living in debt due to unlivable wages, Amen$ System aims to develop a worldwide ecosystem that brings financial power back to the people.
Amen$ System is the world’s cryptocurrency that is accepted everywhere and backed by a 1:1 ratio of fiat currency of each country in the world and offers 153 unique country-based cryptocurrencies, allowing for fast global adoption of Amen$ System.
Amen system (Eco-system) is the only practical solution in existence for the people in every country in the World to buy and sell every day product and services using cryptocurrency, while providing protection against inflation, recession and centralization.
That is what Amen$ System offers.
Amen$ Goals. (Back)
The main priority of Amen$ System is to create the world’s first true global cryptocurrency. A financial ecosystem that allows people from all corners of the planet to buy and sell their products and services, as simply as they do with traditional fiat currencies without inflation or rescission.
By introducing 153 distinct country-based currencies under Amen$ System, we open the door for global acceptance and adoption into everyday living, which will produce a switch from fiat currencies to Amen$ System.
This global usage of Amen$ System not only offers citizens around the world a dynamic new form of monetary payments, but it also gives the financial power back to the people. With traditional fiat currencies controlled by global banks and untrustworthy governments, Amen$ System is a decentralized ecosystem that prevents inflation, recession and centralized-control of currency.
Not Replacing fiat currency but coexist with it.
We understand that fiat currency will never become obsolete, as it is ingrained in the lives of people around the world. Amen$ System does not aim to replace fiat currency, but rather develop an alternative asset that can coexist to offer stability. In fact, your country Amen is backed by a 1:1 ratio of your local fiat currency.
Protection Against Recession and Hyperinflation.
Economists around the world are predicting that there will be another major recession, nicknamed ‘The Big One’, which will hit the global financial system within the next ten years. With a wide range of negative side effects including civil disobedience, panic, financial despair, famine and re-shape the world as we know it.
Amen$ System aims to reduce the negative impact of such a recession.
By putting the power of currency in the hands of the people, the government can not use tactics such as printing excessive money or seizing control of assets.
As evidenced by the current economic situation in Venezuela, government’s control of the country’s finances can result in citizens having no money or hyperinflation so great, they cannot use the little funds they have to purchase essentials they need.
Our decentralized Amen$ System is based on a distributed global ledger, meaning no country, government or central bank has control over its price.
Amen International Cryptocurrency (Amen$)
The Amen$ cryptocurrency has been created Click Here
This Amen international cryptocurrency (Amen$) is the basis of our ecosystem and serves as the ‘standard’ for the entire Amen$ System. Much like the USD currently serves as the standard for financial exchange and global trading, Amen$ will be the basic value in our system with an ICO introduction value of only 0.0009 USD each.
We have developed 153 distinct Amen country currencies based on all the different fiat currencies found in the world today. Backed 1:1 by each local currency of users in all 207 countries, each country cryptocurrency is backed by a 1:1 ratio of its local fiat currency. The value of each country currency is based on the exact exchange rate of that currency in USD at the time of buying or selling.
Amen Mobile Wallet
Our developers are in the process of developing a mobile wallet that works online and offline. People around the world can use the wallet to top-up, buy, sell, spend, and trade their Amen$ and/or their Amen country currency as they wish.
Amen Mobile Point of Sale
Our Point of Sale system can be incorporated into any existing retail or eCommerce business, working both online and offline. With the ability to process unlimited transactions per second using Mobile-to-Mobile (M2M) technology, it opens limitless possibilities for mass adoption of Amen$ System into everyday living.
Peer-to-Peer Amen Transfers
To create a truly global ecosystem, we are developing Wallet-to-Wallet (W2W) Peer-to-Peer (P2P) transfers of Amen$ or local Amen country currencies FREE of charge without having to use an intermediary. Our bank-less, XRP-less system maintains privacy and decentralization of our ecosystem.
Global Network of Amen Partners
We have began the process of building a worldwide network of Amen$ System partners that include supermarkets, retailers, mobile charging justifys, currency exchange operators, and more, to help exchange local fiat currency to Amen$ or local Amen country currency to Amen users, accelerating the ability for mass adoption.
Amen Foreign Exchange
We are redefining global foreign exchange by moving the standard away from the USD and placing it into the blockchain! Amen$ will serve as the base-currency, while our 153 Amen country currencies can be directly sent between users or traded for others.
Whether traveling or looking to send money to your family in another country, Amen system saves you time and money with instant foreign exchange.
Amen Peer-to-Peer Escrow Legal Services
We are partnering with Escrow Law Offices around the world to facilitate Peer-to-Peer lending between Amen users and facilitate micro lending. This offers an alternative to bank loans, making it possible for people to receive funds they need from other people for daily living, car loans and mortgages, without having to involve banks.
Amen Micro Lending Services
In order to help people in developing countries improve their living condition and eradicate poverty worldwide, our micro lending services offices together with charitable organizations will provide micro lending to anyone with a small project whether they have credit or not.
Either simple donations or through Micro Lending, Amen$ ecosystem is all about helping those in need receive the finances they deserve to make their lives better.
In the event of any country economic collapse
Our Peer-to-Peer escrow Legal offices will use Amen$ to purchase existing credit card and mortgage debts from banks and corporations at bargain prices to help reduce people total credit card and mortgage debt, giving people an opportunity to avoid collections and quickly pay off their outstanding debts.
What is Amen$ System? (Back)
Amen$ System cryptocurrency is a global monetary ecosystem that is redefining the way currencies are used all over the World .
By building a decentralized financial ecosystem based on Amen$ and 153 unique country currencies, Amen system brings financial freedom to users by taking control of currency away from governments, central banks and corporations.
Amen system consists of multiple elements that work cohesively to deliver a revolutionary blockchain-based asset:
Amen International Accepted Stable Cryptocurrency (Amen$)
An open-source, secured and liquid blockchain asset that is built on the Waves platform, Amen$ is backed by every global currency including the USD, Euro, Chinese Renminbi, Japanese Yen, Saudi Arabia Riyal, Russian Ruble and accepted everywhere.
Amen$ is the alternative to the USD, which currently serves as the standard for all monetary basis around the world, Amen$ is the foundation of the entire Amen$ System and the new standard of the world.
Amen Country Currencies
Amen International Stable Cryptocurrency (Amen$) has its total value in USD divided into 153 unique country currencies, each named and valued after the local fiat currency in all 207 nationals worldwide which make it accepted everywhere.
Each Amen country currency is open-source, secured and liquid blockchain asset that is built on the Waves platform, just as Amen$ is. Backed at a 1:1 ratio of the local fiat currency and valued at the same exchange rate of that currency to the USD at the time of buying and selling, the country currencies create familiarity of its name and value worldwide that open the door for immediate mass adoption of Amen$ System by people across the world and instant acceptance by everyone.
How Amen$ System Works.
Amen$ cryptocurrency system consists of Amen Dollar International (Amen$) and Amen 153 country local currencies.
At the time of buying and selling, the total value of Amen International (Amen$) well always equal to the total value of all 153 Amen country currencies in USD
Your local currency value = your local Amen cryptocurrency value ( created at 153 Amen country currencies ) (Example in the USA one USD = one US$ Amen ).
Each person can use their local fiat currency or their local Amen cryptocurrency to buy everyday products and services. (Example in the USA you can use USD or US$ Amen).
Each person can use his local fiat currency, USD or Amen International (Amen$) to add his local Amen cryptocurrency ( Amen 153 country currencies ) to his digital wallet.
When people around the world purchase any of the 153 Amen country currencies, using USD or local currency their purchase will be automatically subtracted from the total amount of Amen$ in circulation. Which will automatically increase the value of Amen$.
At the time of buying and selling
If you live in China, your local fiat currency Chinese Renminbi = $0.15 USD = Chinese Renminbi Amen (¥ Amen) and Amen$ = 0.0009 USD,
Then one Chinese Renminbi Amen (¥ Amen) = 0.15 / 0.0009 = 166.66 Amen$ and 100 Chinese Renminbi Amen (¥ Amen) = 166.66 X 100 = 16666 Amen$.
If you purchase 100 Chinese Renminbi Amen (¥ Amen) , it will cost you a total of
100 Chinese Renminbi (you local fiat currency) or 0.15 X 100 = 15 USD
Once you complete the transaction, the 100 ¥ Amen will be added to your digital Wallet, while its equivalent value (16666 Amen$) will be subtracted from the total amount of Amen$ in circulation. Which will automatically increase the value of Amen$.
Amen$ Ecosystem (Back)
What truly sets Amen apart from a vast majority of blockchain projects is that we are not simply creating a cryptocurrency or a token, but rather a worldwide practical ecosystem that can be integrated into everyday living.
Amen$ System is the basis of the decentralized financial World that we are building, in which the people have the power to buy, sell, trade, transfer, lend, receive without government or bank control without inflation or rescission.
Amen$ Ecosystem is meant to reach all the countries in the World and function with 153 Amen country currencies, so that mass adoption of cryptocurrency becomes not only easy, but the standard.
There are several key instruments we have developed in order to build our ecosystem:
Amen Mobile Wallet (Back)
Will be Developed to be multilingual, fully secure and offer the highest level of protection.
Our online/offline mobile wallet can be downloaded and used for free worldwide for both Android and Apple devices from Google Play or Apple Store.
Features of Amen Mobile Wallet:
- As Amen does not require mining, using Amen Mobile Wallet will provide a variety of rewards and cashback options for users. This contributes to our Eco-friendly commitment, while incentivizing Amen$ holders to actively use their country currency.
- Multilingual for use in all countries around the world.
- Both offline and/or online mobile wallet.
- Offline payment or transfer capabilities using Bluetooth technology. Just one tap transfers your Amen$ and/or your Amen country currency, then the amount is automatically deducted once the wallet and/or point of sale goes online.
- The mobile wallet is completely secure and encrypted.
- Private keys are encrypted are stored locally, so there is no external exposure.
- Supports Fingerprint-secure technology on Android and Apple.
- Send, receive and store Amen$ and/or your Amen country currency via NFC and QR-codes.
- Top-up your Amen$ and/or your Amen country currency balance at local supermarket, mobile service provider, money exchange locations or any Amen users Wallet to Wallet (W2W) instant transfer.
- Decentralized, peer-to-peer sharing that requires no registration.
- Balance display of Amen$ and/or your Amen country currency total.
- Send and request Amen$ and/or your Amen country currency, instantly by name, mobile number, or email between Amen users all over the World or any of your contacts
- Pass-code protection, as well as remote disabling if your phone is lost or stolen.
- International currency conversion to Amen$ and/or your Amen country currency.
- Notifications for Amen$ and/or your Amen country currency transactions.
- Sweeping of paper wallets for Amen$ and/or your Amen country currency users with cold-storage wallets.
- App widget for Amen$ and/or your Amen country currency balance.
Amen Mobile Point of Sale. (Back)
In order to bring Amen$ System in the retail and Commerce world as seamlessly as possible, we will develop Amen mobile point of sale (POS) that allows retailers, street vendors, suppliers and anybody that offers products and services for sale or have a mobile to easily sell every day products and services.
Our advanced POS system includes all of the typical elements including payments through major credit and debit cards, invoice tracking, inventory customization, gift vouchers and discounts and much more.
However, by accepting both Amen$ and Amen country currencies, our POS system offers vendors to be part of the future! With transfer speeds of 1,000,000+ per second, our system is capable of handling the requests of any business, worldwide.
Features of Amen Mobile Point of Sale:
- Multilingual for use in countries around the world.
- Both offline and/or online mobile POS system.
- Accept Amen$ and/or your Amen country currency, Visa, MasterCard, Discover, American Express, PayPal and other major payment operators.
- Accept payments in-store, on-the-go and online.
- Payment method selection options by the consumer.
- Allows customers pay, tips.
- Record cash, gift cards, and other forms of tender.
- Send and track invoices.
- Customize your inventory with photos, names, and prices.
- Instantly send receipts via email or text message.
- Apply discounts based on percentage or value.
- Gift Voucher management to increase sales.
- Access real-time sales data and complete sales history.
- Track inventory in real-time.
- Can be integrated with Square Reader, the debit and credit card reader.
- Connect a receipt printer, kitchen ticket printer, barcode scanner, and cash drawer.
- Remote backup of all your sales data in the Cloud.
- Statistics, accounting, bookkeeping, price checking, product searches and more.
- Include or exclude taxes on any transaction.
- Goods management by barcode and stock number management.
- Expense management and expense list creation capabilities.
- Profit, expense and revenue review.
- Password protected for optimal security.
- Manage products and categories with CVS stock importing.
Amen$ System Advantage (Back)
The most important advantage of Amen$ system is that it is the only practical solution in existence for the people in every country in the World to buy and sell every day product and services using cryptocurrency, while providing protection against inflation, recession and centralization.
Keep your funds protected and anonymous, no matter the global financial landscape.
With a major global recession predicted by economists, people around the world must be prepared for the civil disobedience, hyperinflation and collapsing banking systems that come with it.
As seen in the global 2008 financial meltdown and currently in Venezuela, a major economic collapse leads to inaccessibility to funds, dramatic inflation of local currencies and government control over money.
By using Amen System, you protect your financial assets in a system that offers stability, access and protection against the loss of purchasing power
A Revolution in Financial Ecosystem Stability
Amen System provides a wide range of advantages that no other blockchain assets offer.
1- Backed By Your Local Fiat Currency (Back)
When you purchase Amen$ or any of its related 153 Amen country currencies, you ensure that each coin you hold is backed by your local fiat. By securing every single Amen$ in existence with a global currency ranging from the USD to the Euro to the Saudi riyal, we ensure that the Amen Dollar ecosystem can be trusted by investors worldwide
All the Amen$ and the individual 153 country currencies are backed at a ratio of 1:1 with a local currency or its equivalent value in USD. The result? A fully-secured cryptocurrency that protects against local inflation, recessions or economic collapse!
2- Global Currency Backing (Back)
The entire Amen System is backed by real fiat currencies. From the USD and Chinese Renminbi to the Mexican peso and Turkish lira, it truly creates a worldwide network that ensures stability at all times.
Every single Amen$ is backed by all Amen country currency and every Amen country currency is backed at a 1:1 ratio of its local fiat currency.
Backed by every single one of the world’s 153 currencies including USD, Euro, Chinese Renminbi, Saudi riyal, Japanese Yen and more, Amen truly is a global Eco-system.
The reason that having a secured, fully-backed cryptocurrency poses such an advantage is that it not only makes Amen$ System accessible all over the World, but it creates stability.
The backing of global currencies builds trust, while also ensuring that Amen$ System is protected against global recession. Unlike individual fiat currencies which may not be tied to anything more than the economy of the nation, Amen$ System is a worldwide community.
Once an economy collapses, its fiat currency closely follows. However, Amen$ can be used, transferred and traded between Amen$ System users of all nations, meaning that hyperinflation or the collapse of one currency will not lead to a drastic devaluation.
The real financial backing and fiat currency security of Amen$ System delivers the stability that other cryptocurrencies and blockchain assets can only dream of. As they are based solely on the supply and demand for them, IE. what investors are willing to pay, they can see massive swings in valuation.
3- Trusted By Everyone in the World (Back)
Amen System maximizes adoption possibilities for cryptocurrency by connecting users with their familiar local fiat currency name. The instant name recognition of their local Amen country currency makes Amen System a trusted, familiar blockchain alternative to traditional currencies (Example: Amen Turkish lira)
4- Blockchain Investments Protection (Back)
Amen$ limits the volatility of the cryptocurrency market by offering a stable, secure investment that is backed by all the real fiat currencies in the world.
There is no denying that blockchain is the future. However, many people are afraid to become part of the revolutionary landscape because of the current volatility of cryptocurrencies.
With many major blockchain assets losing up to 90% of their value within months, the Amen System offers you the opportunity to become a part of global change without the liability.
By creating a cryptocurrency that is backed by 153 Amen country currencies, the Amen System is the world’s stable cryptocurrency that is protected from market volatility.
5- Amen Country Currency (Back)
Each of the global fiat currencies in the world today have their own unique name, title and value. This means that the people in each country have access to owning each currency, understand its value, how much they can purchase with it and where they can spend it.
Currently, every cryptocurrency around the globe asks the people of the world to trade their fiat currency for an unfamiliar blockchain asset name and value. Amen System builds a connection with new users by offering a form of cryptocurrency based on their already-familiar country’s fiat currency name and value.
The problem with traditional cryptocurrencies are that they attempt to replace the individual fiat currencies of the world with a unified asset. However, the discrepancies between worldwide currencies are so vast that it becomes very hard to understand their value.
For example, if somebody wants to use Bitcoin as a payment option for their everyday needs, it simply will not work. To discover the value it would cost to pay for a bag of groceries that costs the equivalent of $10 USD in Japan, Nigeria, Argentina, Denmark and anywhere else takes an incredible amount of time and effort.
Amen$ System solves this problem by allowing people to receive their cryptocurrency assets in a local currency with the same name and value of their fiat currency. Now, people around the world instantly know how much value their wallet holds, what they can afford to buy and how much everyday goods and services are costing them.
By dividing Amen$ value into 153 unique country currencies, we help build Amen community worldwide, while also protecting our own ecosystem from economic collapse.
The failure of one nation’s fiat currency will have a minimal impact on Amen users.
6- Real Liquidity (Back)
Many people are unaware that fiat currency banks around the world only keep 10% of their entire holdings in liquid cash.
What does that mean to the average customer? That if you would like to make a major withdrawal of your funds, you must make an appointment in advance so that the bank can collect your cash beforehand in order to pay you.
Simply put, banks do not actually have your money. They have lent it out to others at a higher interest rate than what they pay you to hold it, earning them money. The reason this is troublesome is that in the case of an economic collapse of a nation, the banks will be the first entity to shut down and close their doors.
As the people they have loaned your money out to are unable to repay their debts, the banks face a shortage of liquid cash. This means that you can end up spending hours in line at an ATM, only to discover that you can withdraw a limited amount of cash.
Even worse, the bank may collapse entirely and the life savings that you have held with them will be gone, forever.
Amen$ and its 153 Amen local cryptocurrencies are designed to be stable and liquid, as each person must use their local fiat to purchase their Amen$ and his Amen local cryptocurrency to buy everyday products and services. This is the local backing powers of Amen System
However, Amen$ is liquid by nature because it is entirely backed by fiat currency and distributed into Amen country currencies. That means that our Amen$ System holds 100% of the cryptocurrency in liquid, available fiat currency.
No matter what happens to your local economy, you can always have instant access and usage of all your Amen funds. With our Amen Mobile Wallet and POS integrations worldwide, you can buy the everyday goods you need, whenever you need. Amen$ and Amen country currencies are accepted everywhere.
7- Global Adoption (Back)
As mentioned earlier, a cryptocurrency that does not connect with users around the world will never be globally adopted in everyday living. Yes, the likes of Bitcoin and Ethereum may be tools for investors or developers to hold as a gain of monetary value or to build smart contracts on, but they will never be essential to daily living.
In fact, current estimates show that less than 1% of the entire world’s population hold a cryptocurrency. With Bitcoin nearly a decade old, those numbers are astoundingly low, almost exclusively because of the lack of understanding of people worldwide.
The only way that a cryptocurrency can work its way into the lives of people around the world is through connection, familiarity and understanding. That is why Amen$ System has developed 153 distinct country currencies, so people recognize their own traditional fiat currency when using Amen.
The name, the value and the purchasing power are all exactly the same as their traditional fiat currency, while they can use a 1:1 ratio of their native currency in order to become part of Amen$ System. Unlike paying 0.0000012 Bitcoin for their dinner, buyers and retailers can use the same values and names of currency they are used to in every transaction.
The result? People worldwide accepting Amen$ System into their lives and becoming part of our transformative movement!
Amen$ and Amen country currencies are accepted everywhere.
8- Fast Buying and Selling (Back)
The Amen System is built on the Waves NG platform, making it lightning-fast to integrate Amen into daily buying, selling, retail and trading operations. By building the Amen System on the Waves platform, we have created it to be the fastest blockchain on the planet.
The extremely rapid transfer speeds that Amen$ System offers are vital to everyday use.
Our 1,000,000+ transfer per second capabilities the most powerful in the world. Bitcoin currently offers 4 to 5 transactions per second, while Ethereum has a speed limit of approximately 20 transactions per second. Even Visa, a global leader that processes millions of payments per day, can only accept 56,000 transactions per second.
Our offline and online mobile capabilities mean that there will be absolutely not delay in the buying, selling, paying, receiving, transferring, trading and any other form of Amen$ transaction, no matter where you are in the world.
The moment that Amen Mobile Wallet and Amen Mobile Point of Sale system are online, they automatically confirm their transaction and update the balance on the Waves blockchain platform.
9- The Lowest Transaction Costs (Back)
We decided to build the Amen System on Waves because every transaction cost is a fraction of those offered by most traditional cryptocurrencies. That means that you can transfer your funds, make payments and much more, all for much less.
10- Eco-Friendly (Back)
Mining-based cryptocurrencies such as Bitcoin are leading to incredibly high energy usage, which is having a devastating effect on the environment. Mining operations worldwide are having to shut-down as the energy costs are out of control, while green initiatives around the world are fighting for a sustainable future of our planet.
Amen$ System replaces mining with rewards for buyers, sellers and partners around the world. Rather than wasting countless amounts of energy on mining, we are focused on an Eco-friendly, green blockchain asset that everyone around the world can support.
Not only does this allow people around the world to participate in the rewards and bonuses available to Amen$ System users, but it also helps in the marketing and promotion of our Amen$ System.
11- Maximizing Our Target Market (Back)
While traditional cryptocurrencies may focus on a niche market, Amen System can be used by people in every single country on the planet to buy and sell every product and service. With 7.7 Billion people having access to join our ecosystem as buyers, sellers, retailers, investors, lenders, traders and more, we are bringing blockchain to all corners of the world.
12- Legality and Compliance (Back)
Many cryptocurrencies have found themselves in regulatory trouble with the SEC and various other international trade regulators due to the ‘legal gray-area’ of blockchain.
We have developed Amen$ System to be fully compliant with US Securities Law.
The legal ‘Howey Test’ for determining if an asset is a security, which makes them heavily regulated and can prevent it from growing in the early stages.
Amen$ System has completed development of all its token (Amen$ and Amen country currency) and can distribute the tokens at the time of our ICO, meaning we are NOT a security under the United States laws.
We are able to crowdfund and accept money from anybody in the world, without being subject to the regulations of the SEC.
As we have already created Amen$ and its 153 Amen country currencies, we are able to disperse the tokens to anybody in exchange for fiat currency, anywhere in the world.
We have taken all the legal steps to ensure that we will not be considered a security and are free to operate globally, building our ecosystem across the world!
Why Amen$ System is Better Than Bitcoin (Back)
While Bitcoin-mania has seen rapid rises in both the value and attraction to the world’s first and most recognized cryptocurrency, there are six major reasons that Amen$ System offers advantages over Bitcoin.
1- Limited Transaction Capacity
At only 7 transactions-per-second, the Bitcoin network has serious shortcomings in its ability to handle high amounts of sales, transfers and more. In comparison, the Visa network regularly manages 2,000 transactions-per-second, with a peak capacity of 56,000 per second.
This inability to quickly and reliably transfer funds makes it extremely hard for Bitcoin to be accepted in everyday transactions, including retail and sales.
Amen$ System offers virtually unlimited transaction capacity through our Amen Mobile Wallet and Amen Mobile Point of Sale OFFLINE M2M (mobile-to-mobile) technology. With the capability to handle 1,000,000+ transfers per second, the wallets work offline using Mobile-to-Mobile (M2M) technology, which instantly confirms the transaction and updates the balance on the Waves Blockchain Platform as soon as they go online.
2- Circulating Supply
A recent study from UBS has concluded that due to the low circulating supply of Bitcoin, which continuously decreases as Bitcoins are lost, the Bitcoin cryptocurrency would have to reach a value of $213,000 in order to replace the USD. While such a value is possible within the next 10 years, it would make it nearly impossible to use Bitcoin in everyday buying and selling as the cost of a loaf of bread would be below 0.000000001 Bitcoin.
Amen$ has a circulating supply of 149,310,178,860,000,000 and a starting value of just $0.0009 USD. This allows Amen$ to replace the USD as the new world standard and encourages mass adoption and integration into daily living.
3- High Transaction Costs
Bitcoin’s high cost-per-transaction means that it will never be able to be used for daily living. If you buy a cup of coffee worth $3.50 USD with Bitcoin, you can end up paying up to $0.50 in transaction fees. This limits the possibility for global adoption, as the costs simply outweigh any benefit of paying for smaller items.
Amen$ System offers a transaction fee between 1% and 2% of the total purchase price for buyers and sellers, meaning that you would pay less than $0.05 on a $3.50 cup of coffee. This improves the chances of adoption, especially since Interac chargers an average fee of $0.25 for sellers, while credit card providers charge 5% to 10%.
4- Long Transaction Times
It takes Bitcoin anywhere between 45 and 60 minutes to fully confirm transactions, with larger transactions taking up to 10 hours to be confirmed on the blockchain. This makes it impossible for the average store to accept payments, as buyers won’t want to wait around for an hour to ensure their payment was accepted.
Our 1,000,000+ transfer per second capabilities the most powerful in the world. This means that buyers, sellers and those transferring Amen$ benefit from nearly-instant transfer speeds, supporting global adoption everywhere from coffee shops to major retailers.
5- Massive Energy Costs
Estimates from Eric Holthaus, expert meteorologist and climate change specialist, shows that by July 2019 Bitcoin will require more energy than all of the United States combined. Then, by November 2020, it will use more electricity to mine Bitcoin that the entire world combined.
Amen$ System is an Eco-friendly, environmentally conscious cryptocurrency that is based on a green, renewable model. Rather than having users mine for Amen$, which contributes to extreme energy usage, we offer buyer and seller rewards for being part of Amen$ ecosystem. A more efficient and rewarding model than current credit card or travel reward programs, our rewards system encourages people around the world to use Amen$ system on a daily basis.
6- Volatile Valuation
One of the largest factors that holds Bitcoin back from becoming a regularly-used currency is the fluctuation in pricing. In several cycles throughout its history, Bitcoin has been reduced to just 10% of its value or less, leading those who invested at the height of its popularity to see their funds reduced to practically nothing. The result? A negative perception of Bitcoin as a store of value, with most people equating it to gambling.
Plus, retailers are unlikely to use Bitcoin as they can sell thousands of products and accumulate coins that are worth far less than their wholesale price just a month later.
Amen$ System offers the stability of being backed at a 1:1 ratio of 153 fiat currency currencies worldwide. This means that there will never be drastic fluctuations in price like Bitcoin, making it a stable and safe store of value that can be integrated into daily living.
Creating a Global Blockchain Ecosystem (Back)
With thousands of active cryptocurrencies and blockchain assets available around the world today, none have been able to replace Fiat Currency or become a functional, practical global cryptocurrency for buying and selling..
No blockchain asset has ever been more suited to become a fully-integrated global blockchain ecosystem in the way that Amen$ System is.
The Current Global Landscape
To understand why Amen$ System is global blockchain asset, we consider the current global landscape:
- There are 180 circulating currency in the world today.
- There are 195 countries on the planet.
- The world population is 7.7 Billion (7,700,000,000 million) people as of November 2018
- There are roughly 6500 spoken languages in the world today.
- The global literacy rate for all people aged 15 And above is 86.3%
A majority of cryptocurrencies ignore these statistics and only focus on the world’s most powerful economic countries and are limited to most digital properties in English, Chinese, Japanese, Spanish and several other prominent languages.
Unique Aspects of Each Nation
Each of the 195 nations of the world have their own distinct history, culture and additional factors that contribute to their financial system:
Political system (democracy, socialism, dictatorship, etc.)
- Human Rights
- The total GDP
- Per capita income
- Birth rate
- Rate of inflation
- Central bank currency printing and digitizing of fiat currency
- Money laundering and black market activities
- Money illegally removed from the country
All of these factors make each country completely different from other countries.
The result? It becoming impossible for people in various nations to be tied to just one cryptocurrency.
Amen Global Ecosystem
Amen$ system solves this problem by having one International Amen Currency (Amen$), which has its total value divided into 153 Amen Country Currencies. Each currency is backed at a 1:1 valuation of its the local fiat currency, so people are instantly familiar with Amen cryptocurrency they are using.
This promotes worldwide adoption, as buyers and sellers understand the value of ever Amen USD, every Amen Chinese Renminbi, every Amen Euro, every Amen Yen, etc.
No having to spend time discovering the value of your wallet in your native denomination. No more paying 0.0000025 of a cryptocurrency for your groceries. Just an efficient means to blockchain globalization through Amen$ System.
Amen$ System Real-World Adoption Examples (Back)
Example # 1
Miss 王芳 Wang Fang lives in Loyang City in the Fujian province of China. She speaks simplified Chinese: 汉语 , she is illiterate and has a mobile phone. She does not have a bank account or credit cards, as her father, grandfather and great-grandfather have all used Chinese Renminbi to buy their everyday goods and services for generations. They prefer to only use cash as they like to see and count their fiat currency in their hands, only believing in money that they can see. They have trusted their currency for hundreds of years and have no plans on changing. They go to buy food from 张伟 Zhang Wei’s Food Store: a general store that offers over 3000 different products, all priced in Renminbi (yuan; ¥).
How we will make Wang Fang use Amen Chinese Renminbi (¥ Amen)) to buy her food?
How we will convince store owner Zhang Wei to list all his 3000 product prices in Amen Chinese Renminbi (¥ Amen)and accept the cryptocurrency?
Amen$ System Solution
We will not ask Wang Fang to stop using her fiat currency. We will simply introduce the same currency name with the same value that she already knows and trusts (阿门中国人民币) (¥ Amen) to complement her existing fiat currency. One Chinese Renminbi = one Amen Chinese Renminbi (¥ Amen), making it incredibly easy for her to understand.
We will not also ask store owner Zhang Wei to change his price to unknown new cryptocurrency values. If we ask him to do so, he will surely refuse to do it, not only because it will take him weeks to change the prices of his 3000 products, but also if he does so, all his customers will stop buying from him, as they do not want to switch over to a digital currency with a new price value.
Zhang Wei simply needs to install Amen Point of Sale application on his smartphone, at absolutely no cost to him. It’s easy user-interface and free Amen country currency bonuses while attract him to trying it, while he can start using Amen Chinese Renminbi (yuan; ¥) and still accept his local fiat currency as usual!
Both will benefit from the wide range of Amen Rewards and Cashback bonuses.
Mike lives in California. He has already stopped using cash a long time ago, preferring to pay for groceries at his local supermarket with his Visa credit card. All he has to do to pay his bill is tap his card against the Point of Sale scanner, then receive his printed receipt as long as his purchase is less than $100. If it is more, he has to place his Visa into the card reader and enter his 4-digit PIN.
Mike buys his food from a national supermarket chain that offers more than 18,000 unique products, all of them priced in USD.
Mike, as a millennial that is quite aware of emerging technology, is interested in using cryptocurrencies to pay for products. How can we convince Mike to use Amen$ System instead of other cryptocurrencies?
The national supermarket chain is also exploring integrating cryptocurrency payments to attract younger buyers. How we can convince the supermarket chain to choose Amen$ System over thousands of other cryptocurrencies for payment?
Amen$ System Solution
Mike has done his research into adding a cryptocurrency payment wallet to pay for groceries. However, the looks at the valuation of Bitcoin and sees that it is over $5,000 USD. He thinks, ‘How can I pay for $30 of groceries with something so valuable. It will take me five minutes just to figure out how much my groceries will cost!’
The supermarket chain owners know about Bitcoin, but don’t see how they can realistically change all of their prices from USD to Bitcoins. ‘A bag of milk for 0.00000021 Bitcoin and a steak for 0.00000028? Nobody will understand that!’ and because it is hard and it is counterproductive to count the zeroes (0000000000) says the CEO.
The only solution for both Mike and the supermarket owner is USD Amen. Mike will simply top his Amen mobile wallet up with USD Amen, with one USD Amen = one USD, while the supermarket adds a Amen Mobile Point of Sale system to each of their cashier stations for free.
Now Mike knows exactly how much money he has in his native currency. All he needs to do is turn his Amen Mobile Wallet on, find his QR Wallet Barcode and tap his wallet into Amen Mobile Point of Sale terminal using NFC. Then, he gets his printed receipt from the cashier or receive it automatically into his Amen Mobile wallet.
As soon as the supermarket Amen Point of Sale system or Mikes Amen Mobile Wallet go online, it will automatically connect to Waves network to report, update and complete the blockchain transaction.
Both Mike and the supermarket receive incredible bonuses for being part of Amen$ System, encouraging them to use the system as frequently as possible. The supermarket also benefits from lower transaction costs of Amen$ System in comparison of that standard Interac and Visa payment systems charge!
Amen$ System Roadmap (Back)
Our roadmap will flourish into full-scale global Amen$ System that includes Amen Mobile Wallet, Amen Mobile Point of Sale, fiat currency Exchange Network, Escrow Service, Foreign Exchange, Micro Lending and more within the next two years as follow:-
Initial Coin Offering (ICO) for Amen Dollar (Amen$) just started .
Buy Amen$ Using Bank transfer, Debit or Credit card for just $0.0009 USD before the price goes up.