Introducing Kings: Global Cashless Payment Infrastructure on the Blockchain
2018 has been a brutal year for crypto. Not only have the biggest proponents and holders of digital currencies seen their holdings bleeding all year, but many who were new to the space bought in at all time high prices only to see their fiat investment bleed out to almost nothing.
New investments in the space are coming steadily, however. And with the failure of the last bull run painfully fresh in their minds, the focus is clear. Assets must connect to the real world. Must be obviously useful. Must retain value.
And so, let us introduce KINGS, a digital currency aimed at revolutionizing the real world.
We ask Keiko Koguma, who oversees the KINGS GROUP Resort Development division, about the business and future strategy around the project.
With experience working with Resort Trust Inc., a resort membership sales company listed on the Tokyo Stock Exchange, and other leading real estate and resort companies, she has deep knowledge on global resorts and the upper-class market.
Please tell us about KINGS GROUP’s core resort development business and strategies on tokens.
The introduction of token settlement in the sales of global resort memberships and real estate holds great potential. Using tokens to make overseas resort membership and real estate payments will make settlement transactions very easy.
However, a token is just one potential method of payment, so what is more important is the quality of the resort itself, its rarity, and added value. With the current cryptocurrency trend, people forget that it is a tool and make investments without fully understanding the service and what it actually is. I think the system is going to collapse when all the hype dies down.
Especially with the upcoming major events in Asia, starting with the Tokyo Olympics in 2020, Dubai Exposition, and developments of large marinas in many countries, we can expect to see an increasing flow of people and money. KINGS is making detailed observations on that flow of money and the upper class.
Right now, we have reacted to these observations by beginning new resort development projects in Okinawa, Hainan Island, Malacca, Busan, and Dubai. In Japan, we’ve already acquired a 6,000 square meter hotel site and development permit in Northern Okinawa near a planned large amusement park that was announced in July. We are also in the process of negotiating the acquisition of three more sites.
The hotel site we’ve already acquired is planned to be developed as an exclusive private hotel for VIP guests. It has a prime location, a 5-minute driving distance from the main marina, designated last year as the main marina for large international cruise ships.
We cannot disclose details yet, but we have clear strategies for this project.
The core business of KINGS GROUP is resort development and membership sales, but the core within that business is our cruise division. It is a charter cruise business for VIPs, and we are planning to build hotels based on the logistics and hospitality for the upper class when they land on shore.
Together with our business partners, we have already started on large projects in Dubai and Malaysia.
We will begin releasing self-produced resort facilities in each country between 2019 and 2020, and to promote to the upper class in those countries and set up memberships, we will push to establish joint companies like KINGS ASIA in each country.
I see that sounds great! Very exciting. So the tokens have a clear role as a means of settlement. However, with regard to token blockchains, I heard that there are many cautionary points in introducing them as a “settlement infrastructure”. What are some of these points?
In order to use cryptocurrency as a form of payment in the real world, you need to resolve some of the problems that current cryptocurrencies have. In a large sense, these problems could be categorized as “technological” or “environmental”, but we are already designing every process to achieve our goals. First, let me explain the solutions we have planned for the “technological” problems.
―Improved transaction speeds
With Bitcoin on average, only 7 transactions can be processed per second, and the block time is ten minutes. When you pay with a credit card, it would never take that long, would it? This is actually one of the reasons why cryptocurrencies cannot be used for payment in the real world. But our tokens will have a faster transaction speed using Ethereum and off-chain technology, building a blockchain fast enough to be comparable to the VISA network used with credit cards. As a result, we can maintain stable transaction speed and avoid crossed wires.
With Bitcoin, only 7 transactions can be processed per second, but with KING it has been proven that 5,000 transactions could be made in 1 second or less, comparable to that of the VISA network.
―First in the world! Issuing non-contact IC cards and development of hard wallets
When there is no internet connection, such as on airplanes and boats, we describe this state as being “offline”, but what’s the point if you cannot make payments in that environment? As we are aiming to go completely cashless, we are designing a system that could work in offline environments by matching Plasma’s off-chain technology and IC technology to build a structure in which settlements could be made on and offline.
An IC card that could hold all of the cryptocurrencies and tokens in the world – and hold them in the world’s most secure hard wallet, that is what we are creating here.
This KINGS IC Card will make API connectivity possible with hard wallets, IC cards, and POS/existing registers.
So I sort of understand this API connectivity with hard wallets, IC cards, and POS/existing registers, but could you tell us a little bit more in detail?
Of course. First, let’s talk about hard wallets—they are officially called hardware wallets, and they are the “wallets” used to safely store cryptocurrencies offline. With the recent outflow incident with Coincheck, everyone rushed to buy one, with the “Ledger Nano S” being especially popular.
However, due to its structure, the Ledger Nano S has a limited capacity of data it can hold; it can only store a maximum of about 20 types of cryptocurrencies. But with KINGS, we have made a design able to store an unlimited amount of cryptocurrencies and tokens, so you can store all the cryptocurrencies in the world.
Next, with the IC card, KINGS will be the first to design a system where cryptocurrency and tokens could be charged to an IC card. This is made possible thanks to Mr. Tamaki, a KINGS project member and former employee of Felica Pocket Marketing, who holds the intellectual property. You will also be able to charge cryptocurrency and tokens to your PASMO or Suica through our KINGS system without creating a KINGS IC Card.
As you know, these IC cards have the highest level of security, making it possible to create a cashless world even in offline environments like airplanes and boats, as well as serve as a trusted hard wallet to manage your cryptocurrency and tokens.
With regard to the API interlock with POS and existing registers, I am hoping to explain more about it with the world expansion of POS registers, but to say a few words here, the cards will have no meaning if they cannot be used anywhere, so we are planning to develop a settlement terminal and expand it globally.
The global expansion of POS registers will make payments in actual stores possible
The KINGS Project aims to not only create the KINGS IC card but also be the first to globally introduce a settlement terminal that accepts it, through a strategic partnership with TiENPAY (Hong Kong), a company already in the development and expansion of terminal wallets in multiple countries.
We are also in discussions to partner with China’s largest settlement terminal company, and through these partnerships, we aim to secure the means to make use of the KINGS IC from multiple angles. It kills me to not be able to tell you specific details, but we will be using all of KINGS Project members’ resources and plan on making more announcements to surprise the world, so we hope you look forward to what’s coming.
(*The technology to link cryptocurrency and IC cards is highly valued by TiENPAY and we have agreed to expand globally together, but it is possible that we build a wallet of our own.)
Further, we plan to add to the settlement terminal an IC card settlement function and build an ecosystem that allows payment in any environment in the world, including offline settings.
One of the factors that prevent the use of cryptocurrency as a means of payment in the real world is volatility. To reduce volatility risk, KINGS will provide a platform where open sourced peg coins could be produced. With this, companies could make cryptocurrency and tokens that are volatility-risk-free free of charge. We call this project “KINGS-PEG” and will work to build a system towards a cashless world, with merits for both companies and users.
Merits for companies in regard to KINGS-PEG
・Can reduce sales opportunity loss in case the user does not have any cash.
・By accumulating user behavior history, the data could possibly be used for new product development or marketing.
・Can cut billions of development costs for infrastructure development in creating digital money and monitoring servers.
・In building digital money, it is necessary to pay a deposit under the law of “pre-payment settlement”, but as this falls under cryptocurrency and is unaffected by this law, there is no need to go through the “pre-payment settlement” process. (Law of Japan, as of March 22, 2018)
Merits for users in regard to KINGS-PEG
・With cryptocurrency and tokens, even if you do not have money, you can make stress-free purchases because there is no opportunity loss.
・With existing digital money there was a need to use all of what’s been traded, but now you can change whatever is remaining into cash.
・For companies, there is a possibility of receiving corporate benefits by holding cryptocurrency or tokens.
Hearing about the solutions on “technological problems”, it sounds like it will be even more convenient with further progress on existing IC cards and credit cards, but I would guess that legal issues in each country would have some effect on this.
Definitely, and this is exactly what we consider as “environment problems”. Cryptocurrency can become a settlement infrastructure in the real world for the first time if and when the “environmental” and “technological” problems are both resolved. Here, I will explain the solutions for the “environmental problems” that cryptocurrency faces today.
Governing laws in each country
The regulations on cryptocurrencies in each country from the standpoint of money laundering prevention and investor protection are growing stricter every day. At KINGS we aim to build a problem-free settlement structure by establishing branches or business partners in each country where we plan to expand in, in order to acquire necessary approvals.
Planned countries of expansion / Hong Kong / Japan / Singapore / UK / Australia / Cambodia / Korea / Dubai / Malaysia
Service to be used / Development Settlement Service / Settlement Service
Expansion Method / Self-managed or partnership / Set up a partnership / Establish subsidiary or set up a partnership
*The above is a plan as of August 2018 and is subject to change depending on the state of financing and regulations in each country.
“KING” token finally listed!
Thank you for giving us this opportunity today to hear about the KINGS project before anyone else. This sounds like a very exciting dream project. Finally, could you tell us about KINGS’ future expansion schedule and outlook?
This month the long-awaited exchange listing for KING finally took place – it can now be traded on BitNoah – based in New Zealand, it is a very popular exchange for Chinese investors.
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