The NOAH Project plans to use cryptocurrency to help citizens of developing nations working abroad with finance infrastructure and economic growth back home. To test this concept the NOAH Project team has some ambitious plans in the Philippines.
The basis of the NOAH Project is the inward remittance to the Philippines from Filipinos who are working in Japan. Currently, remittances are sent through wire services, which can be expensive. Wire transfer fees take between 6% and 10% of the remittance funds sent between the countries.
Costs would be reduced by converting funds paid in Japanese Yen into the NOAHCOIN (NOAH) token, which can be transmitted at little or no cost. The workers would convert the yen into NOAHCOIN in the Noah Wallet. The Noah Wallet is a mobile app designed to facilitate direct payment between the two countries.
The amount of remittance funds is huge, current estimates indicate that Filipinos Overseas Workers in just one country; Japan, send three trillion yen (around $27 billion) home each year. The World Bank estimated the value of the global remittance market at $596 billion in 2017, that amount is expected to grow to $616 billion in 2018.
How Remittances can fund a New Financial Services Infrastructure
Remittances transmitted with NOAHCOIN and the NOAH Platform can form the basis of a new financial-services infrastructure in the Philippines.
Such an infrastructure is desperately needed because more than 70% of Filipinos lack access to a bank account and just 3% of them use credit and debit cards (as per the NOAHCOIN whitepaper estimates). Lack of banking limits access to capital and prevents economic development and business creation as people can’t borrow.
Without banks, Filipinos cannot get loans or mortgages, start businesses, conduct online transactions, or protect their savings from loss. Many Filipino families keep their life savings under the mattress or in a tin can buried in the yard.
That means all of the family’s money can be lost, stolen, or destroyed in a few seconds. The NOAH Project hopes to rectify this situation by creating a blockchain-based financial services infrastructure that any Filipino will be able to access through a mobile app.
The potential market here is huge as the Philippines had the 12th largest population in the world (104 million people) and a gross domestic product (GDP) of $304.9 billion in 2016. The country is experiencing rapid growth, as Philippines’ GDP increased by more than 10% between 2012 and 2016, rising from $272 billion to $304.9 billion in four years.
The Philippines is an English-speaking nation with a democratic government and a highly-connected population. There are over 40 million Facebook users in the country and seven out of 10 citizens own smartphones, research by the NOAH Project indicates. That means, it would be fairly easy to deploy the NOAH Platform and the Noah Wallet all over the country.
The NOAH Project
The NOAH Project has some ambitious plans that go far beyond NOAHCOIN, and the NOAH Platform.
The most interesting plans are for NOAH City in Horizon Manila, a large-scale reclamation project designed to create a new city complete with casinos, office buildings, hotels, and shopping malls in Manila Bay. The NOAH Project has signed a contract to build the NOAH Resort and City as part of this project.
The NOAH Project will be operated by the nonprofit NOAH Foundation. The Foundation will develop infrastructure and work on solutions to a variety of social problems in the Philippines.
NOAHCOIN (NOAH) is an ERC20 Protocol (Ethereum-based) cryptocurrency that is traded on public exchanges; including Changelly and HitBTC. The NOAHCOIN had a Coin Price of ¢9.7 and a Market Volume of $4.9 million on May 1, 2018, according to Coinmarketcap.
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