How to Reward Trust in Finance with a Trustless System?

UTC by Kseniia Klichova · 4 min read
How to Reward Trust in Finance with a Trustless System?
Photo: Retreeb / Facebook

Discover retreeb, a new decentralized way to pay, simple, practical, economical, which allows you to act in accordance with the universal values of ethics, sharing and solidarity.

A survey by IBM found 91% of banks had invested in blockchain solutions by 2018 while 66% of institutions expected to use blockchains for a high volume of transactions. The survey clearly portrays that blockchain technology is going to have a transformative impact on the financial industry.

Blockchain offers a level of transparency during the execution of transactions that is unparalleled by any other technology. Improved end-user experience, better process efficiency, faster transaction speed, and reduced risk in business operations are just the by-product of the distributed and decentralized nature of blockchain. But is a trustless system enough to assure trust in finance?

Moving Beyond Transparency to Trust and Ethics

Trust lies at the heart of every relationship, whether it’s personal, commercial, diplomatic, banking, or social. And for a business, the trust of its customers is the paramount asset. Transparency is the contributing vector to the matrix of trust, but it is not the only factor that will make customers trust businesses with their assets.

So the question arises, can decentralized governance and transactional transparency offered by blockchain guarantee total trust in any form of transaction for the customers?

This is where Retreeb steps in and fills the gap by driving the payment industry towards becoming more inclusive and ethical. Retreeb uses Fantom Opera technology that is powered by Fantom’s aBFT consensus algorithm and Proof-of-Stake. This unique payment protocol embodies the idea of a technological alternative to the principle of trust with the added advantage of unprecedented transparency for customers.

Retreeb’s Ethical Payment Protocol – Beyond Trusted Middlemen

The Retreeb financial model is one of its kind as it places corporate social and environmental responsibility (CSR) at the heart of the business. Following their ethical CSR values, Retreeb has become the first truly ethical payment solution that uses one-third of its network fees to fund social and solidarity projects of the users’ choice.

Retreeb reinvents finance with its bi-foundational model, i.e., tokenization of transactions and SEPA credit transfers. The ethical payment ecosystem is powered by Fantom Opera technology and based on a two-asset system, i.e., (S)TREEB (Retreeb’s Stablecoin) and (U)TREEB (Retreeb’s Utility Token).

Retreeb’s payment protocol employs Cell — a technology with centralized governance and distributed computing on a DAGchain. This allows for the transactions to be validated by user terminals or nodes (smartphones) distributed over the network.

The primary responsibility of Cell Hub is to organize the circulation of assets (Tokens & FIAT) and communicate with Fantom to schedule the various nodes of the network. It provides (s)Treeb on demand when creating new transactions, and burns them when converting into fiat money. This unique technological solution offers greater scalability and velocity when compared to traditional blockchains.

Retreeb’s Ethical Approach to Finance

In a particularly opaque sector, Retreeb gives its customers the freedom to take control over their financial transactions. With its blockchain-powered financial architecture, Retreeb acts as a ​​disintermediated payment method that is free of interbank commissions.

This model has helped them create an infrastructure where merchants are charged a nominal fee of 0.9% to 1.5%, contrary to 2.5-4% charged by the current centralized market players. Of this transaction fee, Retreeb voluntarily donates one-third to the social projects voted by the users issuing the transactions, what is referred to as solidarity cashback.

Reimagining Finance with an Ethical Payment Solution

Retreeb’s aim to reinvent finance and become more inclusive, responsible, and supportive comes from the very change in customer consumption habits and growing concerts regarding our social and environmental issues.

With its use of decentralized and distributed technology to develop a business model that is not based on profitability but ethics and sustainability, Retreeb has laid a benchmark in the financial industry. By putting their customers and their concerts at the center of their protocol, Retreeb seems to have built a financial institution that correlates within its business model, social contribution (CSR), and business performance.

Kseniia Klichova

Kseniia is the Chief Content Officer of Coinspeaker, holding this position since 2018. Now she is very passionate about cryptocurrencies and everything connected with it, so she tries to ensure that all the content presented on Coinspeaker reaches the reader in an understandable and attractive way. Kseniia is always open to suggestions and comments, so feel free to contact her for any questions regarding her duties.

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