According to the latest statistics, about 4 billion people worldwide cannot access the banking system, and over 5.6 billion people are excluded from the Swift system. These populations are mainly located in developing countries and regions, facing economic difficulties due to financial exclusion, unable to conduct basic financial transactions, savings, investments, and obtain loans and other financial services from traditional financial institutions.
Financial exclusion not only limits the development of individuals and families but also has a negative impact on the overall social and economic development. The lack of financial services means that these people cannot effectively participate in economic activities, thereby restricting their income growth and opportunities for a better life. Traditional financial systems are unable to cover these excluded populations due to high costs, inadequate infrastructure, regulatory restrictions, etc., making it a global focus to find a new solution to break financial exclusion.
The emergence of Depin application devices based on Biton Abstract Network
In response to the current global financial exclusion, Biton plans to develop a mobile application based on the Biton Abstract Network, which will be used as a wallet product. Users will be able to directly use the Biton wallet function in the DePin application on their mobile phones to achieve permissionless asset exchange and trading.
Biton’s DePin application on mobile phones utilizes decentralized technology to achieve permissionless asset exchange and trading. This means that users do not need to rely on any centralized institutions and can freely conduct financial transactions. This approach will break the monopoly of traditional financial systems, enabling everyone to equally participate in financial activities. Specifically, users can use the DePin application on their mobile phones to exchange assets between different blockchain networks without the need for centralized exchanges, reducing transaction costs and time. Users can freely buy and sell digital assets, including cryptocurrencies, tokens, etc., enabling borderless financial transactions.
Providing new financial security measures for users unable to use traditional banking systems
Biton’s DePin application on mobile phones provides new financial security measures for users unable to use traditional banking systems. Through decentralized technology, the DePin application on mobile phones ensures that financial services can cover any corner of the world, regardless of remote rural areas or underdeveloped urban areas. As long as there is a network connection, users can use the DePin application on their mobile phones for financial transactions and asset management.
The high cost of traditional financial systems is one of the main reasons for financial exclusion, and the DePin application on mobile phones, through decentralized technology, significantly reduces the cost of financial transactions and services, making it affordable for low-income populations. The decentralized trading method eliminates the involvement of intermediaries, improving transaction efficiency and speed. Users can complete asset exchanges and transactions within seconds, no longer subject to the cumbersome processes and long waits of traditional financial systems.
Through blockchain technology, the DePin application on mobile phones ensures the transparency and immutability of every transaction, protecting the security of users’ assets. At the same time, the network structure makes the system more resistant to attacks and failures. With these innovative advantages, Biton’s DePin application on mobile phones will provide new financial security measures for users unable to use traditional banking systems, helping them break financial exclusion and achieve economic independence and development.
Biton Wallet Function: Participating in AI-implemented liquidity supply to obtain secure financial income
Biton also helps users achieve automated liquidity supply and financial income through its unique wallet function. While using the DePin application on mobile phones, users can participate in AI-implemented liquidity supply through the Biton wallet function.
Developed based on the abstract network, the Biton wallet allows users to choose whether to apply Biton’s AI products for automated liquidity supply to their assets in the wallet. Through smart contracts, AI products will automatically manage funds and distribute profits, enabling users to easily obtain stable financial income.
Within the entire ecosystem, ONON tokens play a crucial role. Users will stake ONON tokens in the DePin application on mobile phones to become a validation node in the network. The staked ONON tokens will be used to support the operation and maintenance of the Biton Abstract Network. By providing computing power, users participate in network validation and consensus processes.
In return, users will receive corresponding income based on the quantity of staked ONON tokens and the provided computing power. These earnings can be ONON tokens or other forms of rewards. This staking and income mechanism will increase users’ enthusiasm for holding ONON tokens and ensure the stable operation of the Biton Abstract Network.
Driving the financial ecosystem revolution: Future prospects of the DePin application
As the Biton market continues to grow and Depin technology expands, the DePin application on mobile phones will gradually cover more countries and regions, providing financial services to more users globally, achieving true financial inclusion. Through continuous optimization and technological upgrades, Biton will enhance the security, efficiency, and user experience of the DePin application, further reducing the cost and barriers of financial transactions.
At the same time, Biton will continue to expand its ecosystem, collaborating with more partners and projects to enrich the functions and services of the DePin application, meeting the diverse financial needs of users and driving the future of inclusive finance.
