The institution of the National Payment Platform, Apollo’s own CBDC platform, aims to give central banks the option of introducing digital cashless currencies. Digital currencies are unique in that political authorities do not interfere with government policies.
Apollo is the first system to provide a CBDC that can power the whole economy. The platform aims to solve the challenges clouding the existing central banks by overcoming the usability, accessibility, and reliability challenges.
NPP’s hub is the Apollo blockchain, the most reliable blockchain of our time. The blockchain has unique functionalities, new in the crypto world, and unlimited advantages to the central banks.
Stability of the Currency
Apollo fintech is famous for its institution of several digital currencies, including Apollo currency and GSX, all getting reverence owing to their sustainability and stability. For instance, GSX is the most unwavering coin in the Crypto space due to gold’s backing.
NPP allows the central banks to institute digital currencies akin to GSX and Apollo currency to solve all problems clouding the fiat world.
Having a stable sovereign currency gives the central and commercial banks investment security. Moreover, the currencies are anti-inflation and non-volatile; the sovereign currency won’t lose value.
Fiat bank transactions globally take forever to complete; completing large amounts involves long processes that may take weeks to finalize. However, instituting a digital currency helps save time by completing transactions in a mere 2 seconds anywhere globally.
To bolster transaction speed, NPP’s hub Apollo blockchain merges functions that ensure perfect resource allocation for specific transactions. For example, many blockchains continually forge blocks, even when there are no ongoing transactions. Adaptive forging terminates non-stop block creation in blockchain, thus ensuring the proper distribution of resources.
Fraud has, for a long, been menacing the economic world, especially in developing countries. Research shows that in 2019 consumers lost $1.9 billion in frauds. Central banks in developing countries have been entirely unable to stop the problem.
The current banks use systems that provide space for corruption since transaction details are adjustable, erasable, and secretive. However, with the introduction of NPP, governments and companies will cut fraud null.
Apollo blockchain, NPP’s hub, is an open and transparent network meaning everyone can view every transaction. Apollo gives 3rd party auditors entry to the system, and no doubt, NPP will enjoy similar capabilities. Moreover, the Apollo blockchain is immutable; thus, after completing transactions, the details remain permanently for thus, anytime, anyone can access them.
Database problems trouble many organizations and governments globally. Although some databases expand, integrating the functionalities of different database ends is difficult. Thus as the databases grow, they become increasingly apart. However, Apollo uses a database expansion technique that ensures the system remains integrated and operable database level sharding.
The database-level sharding technique allows the system to inflate the processing resources, including computers—the same aims to bolster the blockchain’s scalability, thus offering faster transactions.
Additionally, the Apollo NPP database embeds the updater technology that sends updates to all the database ends, leaving the system updated. Updated systems are convenient; thus, the NPP system is the most reliable blockchain.
24 hour Economy
Current banking systems operate from 8 am to 4 pm daily, which is inconveniencing to others. The National Payment Platform can power the economy from trading, loan, exchanges, etc. Since it’s an online platform, exchanges and purchases go through 24/7.
Moreover, the platform implants the peer to peer option. P2P transactions are not time, amount, or regulation bound. Anytime, anywhere, persons using the platform will enjoy reliable financial services.
Accessibility of Central Bank Services
Inaccessibility of services is a severe problem causing the big unbanked population chunk of 1.7 billion. Close to half of the unbanked adults have cellphones and will access network services. Some banking systems haven’t yet integrated SMS, QR code, or other options. NPP, however, eases access to banking services by giving different banking options;
- SMS banking- Using the Knox world pay option, individuals will bank on SMS, sending cryptocurrencies and fiat via SMS in just 2 seconds
- Central bank agents- Thoroughly vetted banking agents planted in all towns. The aim is to widen the reach by assisting people in registering for banking services. Once adopted by central banks globally, persons in rural areas gain access to an agent.
- NPP App- To ease the withdrawing and depositing hassle, NPP merges an app option. Using the option, people will bank from any part of the globe. Moreover, NPP has QR code, online platforms to ease user hassle.
Apollo’s CBDC brings a wide array of advantages and solves the accessibility and usability issues in banking. The platform allows central banks to create a digital currency, usable as a sovereign currency. Among the benefits of digital currency are stability and reliability. Moreover, unlike paper money, digital money cannot be over-printed; thus, it will remain highly valuable.
Also, the National Payment Platform CBDC system is the answer to fraud in developing countries since it permanently stores transaction details. Moreover, the completion of transactions in digital currencies is way faster than in fiat. The national payment platform also brings an ever-expanding database with no operational downtime and bloats. The NPP adoption in central banks will help drive economic growth and protect clients from fraud.