Venture Concept
The Currency Traders
Opportunity
This
opportunity arose with the new anti-money laundering act for cryptocurrency.
This called for a necessity for personal information to be associated with each
trade between currencies. It was noted that this technology does not yet exist.
This problem is going to directly affect the bitcoin firms and other cryptocurrency
traders. This act calls for the legal requirements of the firms and trader to
reveal personal information between the trading platforms. Based on my research, this market is all over the world. Cryptocurrency firms are found throughout the
world and I noticed a cluster of them in South Florida. This is where we intend
to begin operations. They are currently satisfying their needs by the traditional
trading methods. This can now cause legal repercussions, but anonymity has been
huge in these trades. This is a big opportunity to provide a service directly
to the government and local business in Florida. This window of opportunity will
only be around until someone designs an information system capable of transmitting
the information. I believe that even if someone else creates it, we can still
develop one that will function more efficiently and safely.
Innovation
We have begun
creating an information system that will use unique uuids from the servers to
attach the personal information encryptions. We are planning to use fingerprints
to generate the uuids and keep this methodology as a safety mechanism. This
will allow users to trade by scanning their fingerprint and their personal
information will be sent encrypted with the trade information. This information
system will communicate with your existing servers to send and receive the
data. We are hoping this will be our secret sauce because the complexity of
this system and the exclusive knowledge of its functions with my software
developer and me. We want to keep safety a priority and we plan to create or
recommend our own security software or one that will work with the information
system. We plan to charge a percentage of the transactions in the form of a
transaction fee. Starting at a 5% fee of the transaction volume, we plan to use
this money to fuel our innovation and development for further improvements and
fixes that may arise.
Venture Concept
This
information system is designed to transmit your information safely when
trading. It was the norm to keep anonymity when trading currencies, but legal
repercussions may follow if changes aren’t implemented. I think it will cause
users to consider our product because of the legal repercussions that maybe
facing if they have not already found a solution. The biggest concern I have is
establishing credibility among investors and prospective customers. Our competitors
could be the existing cryptocurrency firms. If they are trying to develop the
information system themselves then we are directly competing with them. Their
weakness comes from the fact that this technology did not already exist in
their current operations. We have also decided to put a strong emphasis on the
customer support will we provide. Problems may arise and we want to be there to
troubleshoot and listen to the feedback so we can make better decisions with
further development. I plan to start operations in South Florida. Targeting the
existing firms there will give us useful information and feedback we will use
to tailor our next steps. I plan to keep the business small to start. The
software developer and I will launch the idea ourselves. My role will be in negotiations
and arranging contacts. I also intend to provide support to the customers along
with the software developer. We won’t need an office right away and already
have begun development from home. From here, we hope to expand throughout Florida
and continue development for the country potentially with the assistance from
the government. In the next five years, I would see myself constantly traveling
and visiting different countries to share this information system. This venture
will provide a foundation for me to build off of and continue to expand my and
the company’s horizons.
No comments:
Post a Comment