Cryptocurrency

A Progress Report on the Lala World ICO and Decentralised Financial Ecosystem

We are in the era of blockchain, and this has been a disrupting factor in various sectors of the world, most especially in the global financial market. Even after its introduction, there has been many more innovations operating on the blockchain technology. Now Lala World is here with a cryptocurrency that will decentralise the financial ecosystem.

What is the Lala World ICO?

Although there has been noticeable progress towards the expansion of financial inclusion, majority of people around the world still don’t have access to a bank account, these people are commonly referred to as “unbanked”.

The Lala platform hopes to reduce the amount of unbanked population around the World, and stand as an advocate for financial accessibility and freedom. The platform prides itself in bringing a remarkable change to the over 2 billion people that are most times overlooked by huge financiers, as they deem them unworthy of the risk.

You might be wondering how they plan to do this. They plan to achieve this feat by interacting with both governmental and non-governmental organisations, and also by incorporating biometrics and blockchain which is a distributed ledger technology. With the platform there are:

  • No branches
  • No regulations
  • Low fees and costs
  • Digital payments and;
  • Instant settlement
  • Discounts

Features of the Lala Platform

To effectively provide services for its users, the Lala platform has some amazing flagship features that include the following:

  • Lala Wallet: Just like other digital currencies, the platform has a digital wallet which is a core feature. Here users can pay bills, carryout other traditional banking activities, sell and buy fiat currencies with a cryptocurrency, as well as transfer money, all with their lala token.
  • Lala ID: Many people around the world who are still unbanked, don’t have a form of identification. But Lala has solved this issue by creating a unique user’s digital identity.
  • Lala Lends: The Lala platform has a lending service that offers peer-2-peer lending, as well as microcredit.
  • Lala Card: A physical Lala card can be ordered by users, which they can use in carrying out transactions.
  • Lala Kit: The platform is developing a holistic kit comprising of a sim card, a phone, and all that is needed to effectively install and use the wallet.
  • Insurance: With the platform, users’ fund are insured for safety.

The Lala World ICO Token Journey

The Lala token is Ethereum-based and is the driving factor of the entire Lala network that is in itself is supported by the Lala wallet platform.

The LALA ICO was launched on 5th January’18 : 9PM Singapore time and the 150 Million LALA Tokens were successfully sold by early morning, 13th Jan’18

Conclusion

The aim of the entire Lala network is to bring banking services to those who don’t really have easy access to it. With the Lala token and the other unique features of the platform, users can transfer money, buy and sell fiat currency, and even lend money. This is bringing the decentralised nature of blockchain technology to the global financial ecosystem.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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