Mobile payment apps have become second nature to the millennial lifestyle. Gone are the days of writing a check or having to run to the ATM to pay back a friend. Now you simply open your favorite app, enter your buddy’s user address and hit send. Unfortunately these apps are not all they’re cracked up to be. They are unsafe and can be hacked, leading to a loss of funds. We at LootUp are changing this. By using the blockchain as our engine, we are making mobile payments safe and secure to use. We realize that cryptocurrency is confusing for most people. Cryptocurrency is the way of the future but no one has simplified it for the average user. LootUp makes crypto simple—in fact you don’t even really need to think about it as crypto. Think of LootUp as a normal payment app, but better.
LootUp app is a peer-to-peer (p2p) payment app like Venmo, but on the blockchain. Unlike normal p2p payment apps, LootUp app is decentralized. It's not bound by any borders. You can use LootUp app to send, receive and manage your funds from and to anywhere in the world. You also hold custody of your own funds. Not only is our app safer and more secure but paired with our LOOT token, LootUp app makes it quick, easy and cheap to transact with anyone in the world without the need for a third party.
LOOT is a cryptocurrency, much like regular currencies (or tokens) but it's cheaper, faster and more secure to transact with. Most cryptocurrencies are unbacked and created out of thin air. This allows for scammers to run rampant in the space, however every LOOT token will be fully backed and paid for with real money via the "Decentralized Global Reserve".
The Decentralized Global Reserve
The US dollar (USD) was originally backed by the gold standard. This meant that the value of USD was determined by how much gold was stored by the United States. You could take your dollar to the bank and have it exchanged for gold. It gave value and stability to an otherwise worthless piece of paper. In 1971, all remnants of the gold standard was abandoned by the US, which lead to inflation and devaluation of USD that still goes til today. USD is printed daily but the total value stays the same. This means that the USD you have in your savings is worth roughly 2.1% less than it was a year ago.
The Decentralized Global Reserve or (DGR) coupled with LOOT token, seeks to put a stop to this downward spiral. The DGR will be a digital reserve that exists on the blockchain. We will store an initial amount of Bitcoin that we raise from distributing LOOT on exchanges and the rest will go directly into the DGR. Once deposited into the DGR, these tokens cannot be taken out by us or anyone else. They can only be exchanged for by trading one token for another of equal value. For users who prefer fiat (traditional paper money like USD) but want the advantages of blockchain technology, they can exchange LOOT or Bitcoin for any major fiat stable coin (a digital fiat clone) of their choice and it'll instantly mint their stable coin.
No payment application is safe—yet. Ours is the first fast, safe, and global payment application. We intend to set a high standard for the crypto world by bringing it to the real world for real people!
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