When considering the impact of blockchain technology and cryptocurrencies, there are many ways in which new projects can change the global economy. Unfortunately, the process of creating a new economic order could also lead to the possibility of an even larger worldwide wealth gap.
That reality shouldn’t be the aim of cryptocurrency projects. That’s why the Noah Project was founded in 2016 to create better economic growth opportunities for more people. The project aims to bridge the gap between Japanese and Filipino citizens, travelers and businesses by creating new, tangible development projects.
Challenges of the Current Investment Climate
While the Philippines has the world’s 10th fastest growing economy, the nation also faces several major financial challenges. The problem is not that Filipinos aren’t tech-savvy.
With 40 million Facebook users and 7 out of 10 people owning smartphones, the Philippines is already on its way to becoming a technology-driven nation. The biggest problem is that financial innovation has yet to flourish. The nation only has around 3% credit card penetration and less than 30% of citizens even use banks.
Another major issue is that high fees are limiting the potential impact of cross-border, inbound investments. This is because money sent from foreign banks to domestic banks in the Philippines comes with fees ranging from 6 to 10%, some of the highest in the world. All of these obstacles not only negatively impact the current national economy but also the potential for higher economic growth in the future.
The Noah Project Solution
The Noah Project aims to collaborate with Philippine ventures, to create strategic partnerships for meaningful and lucrative projects that will benefit both Japan and the Philippines alike.
Noah Coin (NOAH) is the project’s native token. It offers remittance, mobile money, discounts, and trading services that give its users a unique and viable alternative to traditional payment methods.
A major part of making financial systems more accessible is to offer an easy to use, mobile solution. The Noah Wallet is the Noah Project’s solution for this. The Noah Wallet will be a cryptocurrency application that can be downloaded for free on iOS, Android, and Web. The wallet will serve as a way to allow users to send and receive cryptocurrencies like Bitcoin, Ether, and Ripple, and NOAH. It will also allow users to make payments in the Noah ecosystem.
The Ark Remittance will allow users to send money to the Philippines from Japan using a web-based application. Users will be able to use major cryptocurrencies and the token (NOAH) to remit to the Philippines faster, cheaper, and easier. Fees will range from 2–3% fees with the Ark Remittance, much lower than the standard fees (6–10%) placed by traditional banking institutions.
Real-World Use Cases
Cryptocurrency users will be able to use the tokens for discounts in Noah City, which is planned within Horizon Manila, soon-to-be the largest Central Business District in the Philippines.
Noah Coin will also be used in a mixed-use resort in Mindanao that will include, among other things, an high-end, resort type senior community. Noah Coin will be adopted for use as part of other projects in the Philippines within Metro Manila and the foundation of an organic agriculture program for farmers in Mindanao.