Bear with me here, this is actually not a real app. PETS is an imaginary app that one day could be real but at the moment it's not. This is just an app I would make today if I had the resources to do so and I will explain why in this post!
Nowadays, all over the world almost every person has a smart phone now to stay connected with family & friends. On the smartphone, we have many different apps that range from social, games, entertainment, educational etc. Below I share a screenshot of the apps from my smart phone. You can see that I have all these different types of apps here. I play games like Splinterlands and Chinese Mobile Legends. I have social apps like Whatsapp, Telegram, Discord and Ecency.
This brings me to the PETS app that I mentioned in the title of this post. You might have thought oh wow Shawn, you want to create an app for our pet dogs and cats. Well I'm sorry to disappoint you but PETS actually has nothing to do with pets or animals.
So what exactly does PETS stand for? Well it's quite simple, the name stands for Pay, Exchange, Transfer, Store. This app will able to make payment, exchange currencies/cryptos, transfer to any person or wallet, and store crypto/currencies as well as NFTs. It will basically replace the need for banking, e-wallets, crypto wallets, exchanges and swaps.
Everything will be recorded through blockchain and verified through nodes. The wallet of all accounts will be unique and nobody would be able to identify who is who unless you straight out told someone and in the case someone figured out your account, you can always make a new one and transfer all your money/crypto there.
All payments, exchanges and transfers would require a face recognition, thumbprint verification, TAC code from your mobile, code from email and a secret word/password that the user creates. Honestly, these would all be up to make sure it's safe however if the user is lazy to do all this there would be an option to not use some of the confirmations methods but they have to at least use two of the confirmation methods mentioned above.
Why Create This App?
If you've paid attention to the news, you may have heard of Silicon Valley Bank going bankrupt or stories of exchanges like FTX going down. Well there were people that lost their money because of that. This is scary so it's crucial to have a safe way to store money. It's been shown clear that money can't be trusted in banks or exchanges. This app would let anybody with a smart phone have a way to safely store their money. Furthermore there are quite a number of people in this world that are unable to get bank accounts; this app would provide a solution to that problem as well.
Honestly, the possibilities for this app would be endless. I would try to make the app as decentralized as possible but of course there would still have to be some things that are centralized. This is how I see the future of making payments, exchanging, transferring and storing money. A seamless way to do everything with money and cryptocurrency.
I hope you enjoyed reading this post. Thank you for reading until the end and I hope you all have a great weekend!
Hehe... You really caught me 🤣
I was among the persons thinking it was all about pets.
It's actually scary what's happening in the world today honestly and cryptocurrencies as a whole.
No one knows the story that would make the headline tomorrow.
Nice idea
You are scared but you are still here :P. To be honest, it does seem scary but I think cryptocurrencies are here to stay. I don't think they will get rid of it cause it's a good way for rich people to make money off retail :') and manipulate etc.
As for the global economy and rising inflation today ya it's scary. When i go out and buy stuff everything just keeps increasing :(. This is why I also think there's a need for crypto here as well. There needs to be some sort of protection from this increase as well as a safe place for us to store our own money. It's clearly not safe in the banks take a look what happen to Silicon Valley that can happen to any bank. so yea money not with us is not our money :D
and your welcome lol that was the whole point of the name behinds PETS but I don't think an app like thsi would be named it. It was just for fun
Hehehe, sure, Scared but always keeping the hope alive
It actually seems scary when you consider what happened to Silicon Valley and FTX
Customers lost their big money so why won't you be scared?
What if Binance folds tomorrow or whatever exchange app you use, that's where the fear comes in... Fear of Uncertainty.
I get the fact also, any money not with us can't be said to be ours completely
Thanks for making this post
:P yea you are right it is scary. Anyways that's why i never put too much money in exchange or bank >.>. good that u keep the hope alive.
Your welcome man. thanks for reading :D
Thanks
Your welcome bro
PETS app will serve a good function, having all the features of finance in one App.
But this app looks doable though, it's just a matter of settling down to drag out the plans/codes and the finance to sponsore it
it's doable but it's not that easy unfortunately because you need a license for every country @_@ if im not wrong but maybe who knows uc an be the first to do it?
License?
Wow!
I never thought of that
Yes haha some exchanges are running without a license for certain countries then there's ewallet license as well. O.O or could do everything illegal/grey area but that could get ugly
Okayyy.
I understand better now.
Thank you
yaaaa if not people would already do it :P by now. You can see there's so many e-wallets is because most focus in their own country or certain countries. I'm not sure what e-wallet Nigeria uses if they do but here in Malaysia we have Grab e-wallet and touch n go and probably a few others but these are the main two I can think of.
I thought you are making an App for Pets and not until I read more about it. I love this idea and how it would be safe for people to easily make transfers and send them to another person.
Yes :) I tried to make it creative. exactly we need this to be honest. better and safer for everyone and a higher degree of control of the funds ~
That would be a big hurdle because of licenses and I'll bet banks would do their best to interfere with it cause them to lose profits.
well the prompt said unlimited resources :P so i figure it counts with govt assistance as well bu tthat's why this is a dream and imaginary lol. it's to good to be trueeeee but maybe one day
yeah! Its a wishful thinking. Like if this could happen, they might as well regulate the banks to have enough liquidity so that they can be a little more safer for people.
lol the thing is banks have to invest into something because they need to give that % return. Anyways that's why I think just having a place. maybe even little % or no % at least the money is safe and not being :) gambled away on investments by banks etc
Yeah on in this case svb invest it to government bonds but when interest rates went up, the value of bonds went down and as the companies that deposited money on svb needs money, svb did not have the liquidity necessary for the withdrawals so they go through selling the bonds that the depositors needed at a loss.
yes saydie that's why this app won't have this. Most of the money will just be free trade. no staking liquidity pool crap :) just hold and save safely. if really need a return can fund a reward pool from transaction fee from using platform
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