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VVCoin is a decentralized cryptocurrency, based on Ethereum. VVCoin’s main sphere of application is tourism industry. This coin is meant to be used for such tourism services as ticket reservations, hotel bookings, transportation and more.
VVCoin developers are currently working on the mobile application that will help tourists find service providers and merchants, as well as the other tourists.
VVCoin functions as a peer-to-peer payment method. Unlike major financial systems like Visa and PayPal or other cryptocurrencies, VVCoin has minimal fees, so this is an uncostly service that allows users transfer money directly to each other without a necessity to pay high additional charges.
To make payments with VVCoin, users need to install an application on a smartphone, tablet or any other device. The service works for both Android and iOS. Money moves from a sender to a receiver without any third parties.
VVCoin uses Ethereum’s blockchain, therefore all payments are protected from hacker attacks and double-spending. The coin has a hashing algorithm, used by a lot of other altcoins known as proof-of-stake. The main advantage of proof-of-stake technology is that it is energy efficient and requires rather a large amount of memory than strong computing powers. These are good news for miners since proof-of-stake makes it easy for everyone to mine coins right from their home computer. Such coins are accessible for general users and require GPU or CPU for mining.
VVCoin was launched in 2017 by an investor, entrepreneur and a cryptocurrency enthusiast David Too, manager Ben Ching and a sales manager Weier Tze. The company is based in China, Hong Kong. These people have created a payment system to solve a specific problem of connecting service providers and buyers. They are convinced that peer-to-peer operations made with a minimal fee are a beneficial and have a lofty agenda about their project. VVCoin is backed up by an organization with vast financial and tourism expertise called VV. This company has shown itself in such businesses as property, franchise, tourism, forex trading, business schools and more.
Unlike other currencies, both fiat and crypto, VVCoin aims to encourage a new vision of financial system as it is. In the modern world of globalization, there are a lot of borders for people who want to make transactions with each other, especially when it comes to currency conversions and different services. For example, sending USD from a PayPal account to a Visa account will cost you high fees for sure. The fees will be even higher when you want to pay with cryptocurrency to a service that accepts fiat, so you have to convert your coins and therefore lose a significant sum of your money. With peer-to-peer transactions allowed by VVCoin network, you may avoid high charges and pay for tourism services instantly.
Also, VVCoin doesn’t have any centralization and therefore is not vulnerable to central failures or hacker attacks.
Comparing to the other payment systems and platforms, VVCoin has strong advantages such as encryption, simple transactions, the central blockchain, high level of security and minimal fees. On the contrary, this coin is not the best option for miners, since it cannot boast of the high capitalization level.