Sentit is built for Cross-Border payments, this is shown in our various types of payment processes aim at simplifying Blockchain for you, on Sentit you can send payment to an Email address(New and Existing Users), Public key and federated address. You can send the same asset or Non-same Asset to any of the available methods. Below is a short explanation of these features and how you can use them to be part of the blockchain community;
One of the ways we simplified payments is through email payments. Sending Money across the globe should be as easier than sending email, Sentit allows Users to be able to send payment just by knowing the recipient email, No public key is required. Just ask for the recipient email and you should be able to send funds/crypto assets to their email directly even if they are not yet registered on Sentit. This takes away the issues of users sending payment to the wrong persons and it is way more user friendly than public key. There might be times you just need to send GHS to a friend in Ghana while you are in Nigeria and Holds the Nigerian Naira, you can still send this to an email address in just two Steps. With This, we take away the complex process of needing to visit an Exchange, a Bank etc for Fx. All can be done right in Your Sentit App and your recipient gets the Fund within 2-5 seconds. Yes, it that Easy!
For Experience Users, Sentit is also for You, On Sentit you can send Federated and Public key payments too. Federated addresses are email-like addresses used on Stellar Blockchain. You can send the same asset payment and Non-same Asset payment to both Federated and Public- key addresses on Sentit. Sentit is not just a wallet for Newbies with little or No Blockchain experience, Sentit is a dynamic wallet that can bend to fit everyone’s purpose regardless of your level of experience about the technology.
Features Available for Payments
- Reserve Sponsorship for User(Sponsored Reserve)
- Trustline Sponsorship up to 2 Free Trustline(Sponsored Reserve)
- Cross-currency Payment (Path Payments)
- Transaction Fee payment in any Crypto/currencies (using FeeBump)
- Low Transaction Fee
- Seamless Support for External Asset Deposit and withdraw(Using Sep 006 and Sep024)
- Support for federation Account( Stellar Sep001)
Online Bill payments have become part of everyone’s lifestyle these days. But there is still a huge gap between bill payments and blockchain and to be realistic, for users to adopt Blockchain into their everyday lifestyle, Bill payments will play an important role. MTN Nigeria 2020 financial report show how bill payment is becoming extremely important not just for Nigeria alone but all over Africa and the World at large, The group made N332.4 billion in data related Revenue alone with a 51.2% growth in 2020. Users should be able to pay their everyday bills using blockchain assets. Sentit Allows Users to pay all sorts of Bill like Airtime, Data, Tv, Internet, Religion, Educational subscriptions and many more using any of their Trusted Crypto Asset. We Provide Users with wallets that support their everyday bill payments with their crypto assets and even build their confidence in holding Crypto and Blockchain assets. Now you or anyone can buy Airtime for Friends and Family using XLM, BTC, ETH, or any of your assets in Two easy steps. It's that easy!.
Features for Bill Payments
- Pay Bill with any Currency (Path Payments)
- Zero Transaction fee on bill payments (FeeBump)
On Sentit, users can swap between currencies, crypto assets or Token at an extremely low fee and fast Settlement time, This allows users to exchange currencies without leaving their wallet, no need to visit Stellar Dex or Bank for Currency Exchange, we decided to bring the Bank to You, in two Steps you can swap between Currencies at lightning speed with an extremely low transaction fee that can be paid in any of you crypto Asset no need to have XLM. If you are Swap USDC to TZS for instance, Your transaction fee is paid in USDC Not XLM
Features Used For Swap
- Currencies Swap (Stellar Path Payment)
- Fee Payment in Users Swapping Currency (FeeBump)
On and Off-Ramp of NGN (upcoming)
We plan to issue a Compliant, Naira backed Stablecoin in Q4, This is in alignment with our mission to simplify Blockchain for Cross-Border Payments. Users will be able to deposit and Withdraw Naira, plus also transact with it. We plan to Commercialize this for Other Businesses on Stellar to directly integrate us or via Sep 24.
Features Used For Deposit and Withdrawals;
- Cross-Currency Payment (Path Payment)
- Support for sep001
- Support sep010
- Support for Sep 006 and sep024
Transaction Fee on Sentit(For All Transactions) are extremely low thanks to Stellar Low Transaction Fee, plus on Sentit when sending a transaction you can pay for your transaction fee using the Sending currency, Say You are sending GHS to a Friend, Your transaction fee is paid in GHS and not XLM, You can use Sentit without having XLM
CampaignUser Acquisition - Objective: Sentit plans to Acquire new 100k customers by Q4 2022 with a 32% increase in total transaction process on the Platform MoM (Month Over Month)
95k - Marketing & Growth Campign
80k - Wages & Salaries
10k - Operations
10k - IT
Blockchain for payments is, no doubt, efficient and effective, As blockchain solutions become more prevalent in the cross-border payments space, the adoption of Blockchain for Cross-Border Payments has been slow despite the effort made by various international consortiums. The complexity of Blockchain makes it difficult for users to adopt the Blockchain in their everyday lives. Today, Users with little or no knowledge about some Blockchain concept like Public-Private Key Cryptography, Encryption, Validators, Nonce, etc might find it difficult using the Existing Blockchain Cross-Border Payment Solutions. These concepts need to be simplified without compromising Blockchain Security, Users' control (of their fund), Settlement time, low fees, and many more for true adoption of Blockchain for Cross-border payments.
Transaction Fee for cross border payment is around 6.51% and this is much high when using traditional corridors like banks etc, this is caused by the high numbers of intermediaries involved in the remittance process before it reaches the final user.
Settlement Time for cross-border payment is another worrisome issue, according to the world bank, Settlement Time for remittance is around 2-3days on average for Remittance sent to clear, for migrants who need to send fast payment to families and relatives who depend on this, 24hrs delay might a very serious issue.
HOW CAN SENTIT HELP?
Sentit was born out of the need for a simple, easy to use, wallet that can relate to the user in the way they already know, providing them with Low transaction Fees and fast settlement Time. Adopting Blockchain requires simplicity and this is what Sentit is bringing on board, Users on Sentit enjoy a simple wallet couple with blockchain benefit without Compromising Blockchain Security. Sentit Provides users with a single entry point to the blockchain world without the complex processes that are usually involved when using Blockchain Applications. Sentit provides users with the basic need-to-know things to start using Blockchain and the flexibility to know and explore more if they want to.
We Understand that sending money across borders should be easier than sending email, no stress, no complex technology, no huge fees, no long waiting hours, this is why Sentit was created. Checkout Some of our Features below;
FEATURES ON SENTIT
Transaction Fee: We charge Users a Transaction fee for transactions like Swap, Email Payments, Federated Address payments and the likes.
Commission from Bill Payment: Commission from Valued added services and Bill payment offered on the platform, at the moment Sentit get between 3-5% commission on Value Added sold on the wallet, We plan to add more Value Added Services and More countries as we progress base on Users Demand and Feedback.
NGN Deposit and Withdrawal Fee: We plan to issue Naira Backed Stable on Stellar Blockchain in Q4, we also plan to commercialize this, making it possible for other businesses on stellar and other Blockchain to integrate us directly or via sep-24, Fees will be charged for Deposit and Withdrawals of our Stable Coin.
Special Thanks to all supporters who voted Sendit(Now Sentit) in the round 4 of Stellar Community Fund and thanks to Stellar Foundations for this platform.
We participate in the round 4 with an MVP(a very minimal one), after the funding we transitioned the app to it new form now and we are super excited about it. This Fund was used to cover development and infrastructure costs during the development phase of our project, this costs include hiring contract Developers, Legal fee, hosting and many more.
* The amounts shown are budget requests and not (yet) granted to the projects. During the Community Vote phase, voters can indicate whether the project deserves the amount it's asking for (budget request). The total pool of XLM available for SCF#11 is 8M XLM. SDF will allocate the XLM equivalent of the specified USD budget of the submissions with the most votes in descending order of rank until the earlier of (i) the XLM Pool is fully distributed (ii) there is not sufficient XLM remaining in the XLM pool to fully fund the next ranked submission or (iii) there are no remaining eligible submissions. The USD valuation of the budget request in XLM will be calculated using the CF Stellar Lumens-Dollar Settlement Price on December 5, 2022 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR). Learn more in the SCF Handbook.
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on July 5th as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
**The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on December 16, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
*The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on September 27, 2021 as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)
* The USD valuation of the award in XLM is calculated using the CF Stellar Lumens-Dollar Settlement Price on the date of transfer as administered, maintained, and reported by the cryptocurrency index provider CF Benchmarks Ltd. (using the ticker “XLMUSD_RR”) (available at https://www.cfbenchmarks.com/indices/XLMUSD_RR)