Whitepaper

Updated on 2025-03-11

Overview

Remitt is a startup project aimed to improve money transfer and remittance business by facilitating Artificial Intelligence Technologies.

Anticipated marketing objectives:

  • Lowering transaction costs;
  • Expanding transaction geography;
  • Increasing transaction speed;

The main tool we will use to achieve those marketing objectives is a virtual currency token pegged to fiat currency coupled with a chatting bot powered by Artificial Intelligence that performs matching of remittance counterparties automatically and in the most efficient manner.

The project is planned to launch in several milestones, having deliverables as following:

  • MVP - a basic version of the bot and fully operational version of the token;
  • Staking - advanced version of the bot and fully operational staking smart contract;
  • Further milestones - will be decided based on the result of MVP and Staking milestones.

Definitions

  • Remittance - a process of money transfer from one country to another. Remittance is usually associated with workers abroad sending money home or freelance workers, but our definition of remittance includes all use-cases of sending money from one country to another by private persons. Use-cases when one or all of the remittance counterparties is a business entity is generally not considered a remittance, at this stage we are not focusing on use-cases involving business entities, but this project may at some point find this use-case feasible.
  • Remittance Service Provider or RSP - a broad term describing any entity, either private or business, that can assist in providing services of remittance either directly or indirectly.
  • Fiat-pegged Token or Token - is a virtual currency created and stored in a smart contract on one or more blockchains that has a fixed conversion rate to specific pegged fiat currency (ie USD, EUR, GBP, etc).
  • Token Name - is a distinguishable name that is used to identify tokens on token listing websites. Token name will use prefix “Remitt” followed by ISO code of the fiat currency, for example: Remitt USD, Remitt EUR, Remitt GBP.
  • Token Symbol - is a four-letter combination of letters used to identify the Token in wallet systems or exchanges. Token symbols will use the suffix “R”, based on pegged currency ISO symbols, for example: USD->USDR, EUR->EURR, GBP->GBPR, CNY->CNYR, etc.
  • Token Smart Contract - is a specific software, literally in a form of binary machine code or bytecode, running within a blockchain “virtual machine” (ie Ethereum’s EVM, Tron’s TVM, Algorand’s AVM, etc) and performing required business and technical functions.

These functions can be used by actors inside or outside of a blockchain virtual machine by calling specific and standardized (ie ERC20, TRC20, etc) methods. These methods can be public, private and administrative.

  1. Public methods are accessible by anyone and the result of their execution is not related to caller of these methods (ie Token name, Token total supply, etc);
  2. Private methods are also accessible by everyone, but the result of their execution is related to specific caller, usually limited to Token Holder, of these methods (ie Approve, Transfer, etc);
  3. Administrative methods can only be called by a specified list of callers (for example Token Provider) and such methods are completely inaccessible to other callers.
  • Token Provider or Remitt Foundation - is the only legal entity that governs and operates specific blockchain software that controls a Token. The exact legal form and legal entity details will be published on Token Providers website: https://remitt.ai
  • Token Holder - is a holder of a private key that is related to a specific public address (public address is analogous to an account record in a ledger) that stores a greater than zero amount of the Token.
  • Token Market - a market divided into Primary Token Market and Secondary Token Market.
  1. Primary Token Market is a market between RSPs and Token Provider that allows primary supply of a Token.
  2. Secondary Token Market is a market between RSPs and Token Holders.
  • Token Supply - is a total amount of minted (created Tokens) at a specific moment.
  • Token Minting and Token Burning - is a process of Token supply regulation performed by Token Provider as a result of Primary Token Market operations.
  • Token Staking (implementation is delayed until project Phase 2) - is a process of freezing a specific amount of a Token on a dedicated smart contract called Token Staking Contract. The idea of Token Staking is to provide additional liquidity benefiting Remittance Service Providers and hence is awarded by RSPs by paying interest rate. Token Staking interest rate is automatically established by Token Staking Contract based on market conditions (for example current interest rate versus total amount staked).

Goals

Primary Tactical Goals

  1. Onboard the Token to the most popular cold/hybrid crypto wallet: TrustWallet;
  2. Reach 10,000 active users;
  3. Identify most successful markets and expand there;

Secondary Tactical Goals

  1. Onboard the Token to TronLink;
  2. Reach 20,000 active users;
  3. Onboard to cryptocurrency exchange (3rd-tier);
  4. Provide integration packages of the Token into crypto ATM vendors: Genesis Coin, GB;

Strategic Goals

  1. Increase Remitt market share to 3-5% total globally in next 1-2 years.
  2. Onboard the Token to 5 most popular (1st-tier) crypto currency exchanges: Binance, HTX, OKX, OkCoin, ByBit;

Milestones

I. MVP

Create the Token based on TRC20 smart-contract, running on the Tron network. Tokens pegged to other fiat-currencies and running on other networks such as Ethereum and Algorand are planned to be introduced at later stages. Create a MVP chat bot on Telegram, that allows to perform basic operations such as escrow with consequent automatic minting/burning.

Chat bot may also be implemented in the form of a menu- based bot (the form that is encouraged by Telegram team). Such implementation would be more comfortable for users, especially for those who are just starting working with the bot.

II. Staking

Create the Token Staking Contract (smart contract) that allows anyone to stake the Token and automatically manage distribution of interest paid by RSPs.