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Walmart Inc. is about to realize the world’s most reliable retail money transfer system with the ability to finalize transactions in less than 2 seconds. Walmart Inc. has just announced the development of a new blockchain service called WalmartLeafy.com, a decentralized financial asset management network.
This system allows suppliers to transition ecommerce payments from cash to digital on the Ethereum network in the form of ERC20 Tokens. By combining WalmartLabs payments, and business expertise with advanced blockchain technology on the WalmartProjects platform, the new retail payment network is offered from fiscal year 2019.
Blockchain has been attracting attention in the past few years due to its potential to strengthen protection against falsification of transactions. It will also drastically lower costs. Many financial institutions around the world have partnered with IT firms to test various proof of concept designs. In this environment, Walmart Inc. has engaged in numerous collaborative research projects with VISA, focusing on VISA’s high-speed network and distributed computing technology.
Presale of the Walmart Leafy Tokens (WAL) will begin October 2018 will last until 75% (750,000,000 WAL) are distributed and 25% (250,000,000) is retained for sale to Walmart retailers. In total 1,000,000,000 WAL tokens are assigned. Purchasers from the presale will receive an email to claim their tokens within a few days.
Walmart Leafy has partnered with several top-tier cryptocurrency exchanges. Once the distribution is complete, tokens will be available for trade using those platforms.
The new payment network will be a diverse payment service equipped with an interface that can be used as a communications network to track produce. It will also include functions for the transfer and management of value through blockchain. This will allow for a significant reduction of transaction costs for all kinds of payment services, and could support a large expansion in transaction numbers.
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