GMX - Global Monetary Transfer

GMX

Global Transparent Monetary X-fer

The first ETHICAL cryptocurrency for TRANSPARENT financial flows for NGO's

What Ripple is for the banks, is GMX for the Non-Governmental Organisations

Buy the GMX coin at https://token.store/trade/gmx 

or at https://etherdelta.com/#0xd28807d7ef028af6728d12ccd621b2242da2a64f-ETH

or at https://forkdelta.app/#!/trade/0xd28807d7ef028af6728d12ccd621b2242da2a64f-ETH


The GMX coin is ranked on Coingecko : https://www.coingecko.com/en/coins/global-monetary-transfer

current timeline / planning :

  • project funding : March-September 2018 : finalised
  • Development Trusted Blockchain Directory Inquiry tool: finalised 
  • project pilot with first NGO :  2 pilots ongoing with international NGO's !


What is peer-to-peer P2P money transfer?

A peer-to-peer money transfer uses a website or app to transfer funds from one person or organization to another over the internet or mobile networks. For international payments, peer-to-peer will match buyers and sellers of different currencies to deliver a competitive exchange rate.

Current we use Banks or companies such as Western Union for this kind of transfer. But we can improve this current way of working in 3 major areas :

  • Elapsed time between sending and receiving : in case of an international bank transfer this elapsed time can be a couple of days. If we transfer via Blockchain technology, the elapsed time will be limited to minutes.
  • Transaction cost : banks or other companies providing financial services want to make a profit on your monetary transfer. If you transfer via the blockchain, you only pay the very low blockchain transaction cost.
  • Transfers should not be dependant from centralized organizations such as banks or other financial service providers. Imagine :
  • An Earthquake which causes major damage, impacting normal operations of bank agencies. For the GMX you only need a laptop or a smartphone to transfer funds to the area and to pay local partners / suppliers.
  • A corrupt local regime, that claims a percentage of the funds brought in the country. With the GMX the financial flows goes immediately from the NGO to the party needing the funds to provide help.

Blockchain also allow you to transfer money semi-anonymous. This can have an advantage for some transfers, but with GMX we can disclose the identity of all parties involved. This might look strange at first sight, be will will explain in our functional usecase below why this might be a necessity to convince some users to use Blockchain technology.

Use Case : Money transfer for NGO's

NGO's = Non-Governmental Organisations.

Examples are Oxfam, Plan, Pax Christi, Save The Children, Amnesty International, Care International, Doctors without Borders, Greenpeace, ....

The number of NGO's worldwide is estimated to be around 10 million NGO's.

The large NGO's have a yearly budget that is multi-BILLION dollar.

So an enormous capital is being transferred inside NGO's and between NGO's and their partners.

Where does this capital come from ? An important source are gifts by individuals, companies and governments.

But these parties will only perform gifts to the NGO if they fully trust the NGO to use the money for the correct purpose.

Currently the financial flows inside the NGO and between the NGO and their partners are difficult to follow.

We propose a solution where every stakeholder can follow the main financial flows inside and outside the NGO. And this even for new financial flows to new partners, EG in case of a sudden human catastrophy.

Lets take as an example OXFAM :

  • Oxfam is an internal organization with different locations and different affiliated organizations worldwide.
  • So there are important international financial flows inside the organization.
  • Oxfam is active in multiple countries, and works in those countries together will trusted partners.
  • We want to introduce the possibility to give transparency in the financial flows : starting from the Oxfam head-office to the local subsidiaries and up to the final destination (a school, s building constructor, a hospital, ...)

How can this transparency be given ?

GMX will provide a Trusted Blockchain Directory (TBD) in which an NGO can set up the wallet address of every partner they work with. This TBD will not only contain the wallet address but also all data needed to fully identify the owner of this wallet (company name, registration number, physicall address, website, email, telephone,...)

The NGO's will also publish their part of the TBD in their annual accounts and on there website. As such every stakeholder can check that the information in the TBD is correct.

Every interested stakeholder will be able to follow via the reporting on the TBD the main financial flows between the NGO and their international affiliates/partners. As such, there will no longer be blind spots on the aid allocation map.

We will provide detailed usage reports detailing per NGO how the money has been spent. For the NGO's that participate in our project, we will deliver certificates to confirm that their actual money flows correspond with what they communicate to the public.

This approach of full transparency will improve the confidence of all sponsors in the NGO, and will as such increase the financial means that they will receive.

The international transfers will not be done in foreign currency, but in GMX so that every NGO only needs to maintain only a balance of the local currency and of the GMX coin.

The GMX coin will not only be used by NGO's, but also by cryptocurrency investors. Because of this crypto investment demand, the price of the GMX will rise continuously. So the stock of GMX owned by NGO's will also increase in value, and NGO's will be able to do more with the funds they collected. As such an investor that invests in the GMX cryptocurrency, does not only invests for his own profit, but also supports the functioning of NGO's worldwide. So the GMX cryptocurrency can be described as an ETHIC investment.

The GMX Currency

This needs to be a proven blockchain solution, that is able to limit the time transfer funds from days to minutes, that is widely available on Exchanges, and that can easy be stored in the on-line and hardware wallets that are already available.

There is no need to technically re-invent the wheel to respond to these specifications. A standard ERC20 ETH currency is sufficient the meet the requirements.

As such an GMX token has been created on the ETH Blockchain, with contract address = https://etherscan.io/address/0xd28807d7ef028af6728d12ccd621b2242da2a64f

In total 100,000,000 coins have been minted.

  • 98,000,000 GMX coins will be released to the exchanges.
  • 2,000,000 GMX coins are reserved to finance the development and the operations of the application that will provide financial transparency to the financial flows between NGO's and local partners.

You can obtain the GMX coin via https://token.store/trade/gmx

or at https://forkdelta.app/#!/trade/0xd28807d7ef028af6728d12ccd621b2242da2a64f-ETH