WM’s “Smart TUV” – the world’s first fully functional Programmable Digital Currency – enables intermediaries to be replaced by zero cost direct PP2P transactions between counterparties – for Payrolls, Letters of Credit, Bond Issues, Derivatives Trades, and hundreds of other transaction types
Global Telephony Provider Webtel.mobi (“WM”) is introducing the world’s first programmable currency – the “Smart TUV”.
Smart TUVs are TEL.mobi Group TUV Digital Currencies programmable by the Owner-Member – or jointly programmable by the Owner-Member and other Counterparties to a transaction.
Smart TUVs can be remotely programmed, monitored, and regulated via WM Accounts from any locations where the respective counterparties may be – including from Smart Phones or Pre-Smart Mobile Phones. They can all insert and regulate the Terms and Conditions for their transactions, including:
- Redemption / Payment
- Overall Terms and Conditions (attachment of an agreement)
- Performance / Delivery / Shipment Requirements
- Timings or Dates or Durations for Redemption or Payment – with or without intervals
- Parties – single or multiple – who can Redeem / to whom Payment will be made
- Revocable or Irrevocable Terms
- Curated or Automatic Redemption
- Penalty Clauses for Reductions in Value
- Performance Clauses for Additions to Value
- Redemption Currencies – single or multiple
- Curated or Automatic Redemption
- Establishers of the TUV – the WM Member who sets up and establishes the Smart TUV
- Counterparties to the TUV – the WM members who have access to structure or finalize the Transaction Terms
- Curators of the TUV the WM member who confirms Performance and authorizes Redemption / Payment
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The creation and management of Smart TUVs are – although not possible for other entities – easily and rapidly managed by WM Members, due to the power of the Artificial Intelligence Complex Adaptive System powering the WM Global Clearing System. A brief overview of some of its characteristics is as follows:
- The Establishing Member creates the Smart TUV, attaches the relevant Terms and Conditions to it (usually the relevant Agreement for the Transaction) and then programs in the Redemption / Payment Terms and process (selectable by editable dropdown menus).
- The Establishing Member nominates the Counterparties to the Transaction, by inserting their WM ITAN Numbers and Registered Mobile Phone Numbers into the Transaction setup, and selects the Status of the Counterparties in the Transaction (i.e., Recipient, Joint Recipient, Curator/s, etc.) from editable dropdown menus. This regulates whether Counterparties have join sign-off / other powers in the Transaction or not.
- The WM System sends each Counterparty an email and TAN Text with a Transaction Code, which the Counterparties then use in their WM Accounts to access the draft Smart TUV to review all the Terms and Conditions and the Redemption / Payment Terms and process. They can then either Edit or Accept.
- Once all Parties have reviewed, edited, agreed to and accepted the Terms and Conditions and the Redemption / Payment Terms and process, they all click on the “Agree and Activate” selection of the same Smart TUV in their respective WM Accounts.
- The Smart TUV is then made live, and the Transaction can commence.
- The Terms and Conditions of the Agreement attached to the Smart TUV must then be carried out, and the Redemption / Payment Terms and process follows the agreed format. Progress of the Transaction and Redemptions are able to be followed in real-time from all Counterparties’ WM Accounts.
- Smart TUVs can be Irrevocable or Revocable (by agreement between the Counterparties) and the Curator/s among the Counterparties (if the Transaction requires one) can amend the Smart TUV – as programmed in during the creation – if Performance / Delivery Redemption / Shipment / other issues arise.
- The Smart TUV can be set to pay out in various currencies, in tranches, over time and to multiple parties.
- The Smart TUVs function worldwide, 24/7/365, and have all the same characteristics and advantages that already exist within all other WM TUV Digital Currencies.
- They are also zero-cost instruments to acquire.
Smart TUVs can use as their baseline instrument either a Standard TUV or a Secured TUV.
The Standard TUV is WM’s TUV Digital Currency that is 100% covered on a 1:1 basis by the currency and amount for which it is valid (held in a regulated bank account), has the same utility as both cash and digital currency, is instantly convertible among all World Reserve Currencies, and is a permanent hedge against currency depreciation and inflation.
The Secured TUV is WM’s Digital Currency with all the characteristics of the Standard TUV, which is additionally secured by physical gold to the total value of the TUV – providing a hedge against Fiat Currency deprecation or instability.
Smart TUVs can be structured to cater for all forms of Transaction Agreements and Redemption / Payout requirements in all – and in multiple – countries and currencies.
They provide a safe, reliable, instant, clear, and specific process that all Counterparties to a transaction can jointly agree on and constantly review, monitor, control and regulate in real-time.
Moreover, there is always certainty that the Stored Credit (“funds”) required for payment exists – because TUVs cannot be created until, and unless, the full amount for the value of the TUV is already in a regulated bank account.
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The Smart TUV is already operational within the WM Platform. It will be released in Q2 2022 – along with the Secured TUV, to enable utilization of either Standard TUVs or Secured TUVs as its baseline instrument.
The Smart TUV completes the range of WM’s TUV Digital Currencies, in that it can use a Standard TUV or a Secured TUV as its baseline instrument, and then be programmed between all Counterparties to a transaction – automating and regulating Redemption / Payment by and to all Parties, globally, instantly, securely, 24/7/365, at zero cost.
Moreover, Smart TUVs can be utilized as substitutes for the widest possible range of transactions – from Payrolls, Letters of Credit, Hire-Purchase and Leasing, Escrow Accounts and the like – to Global Bond Issues, Global Settlements, Global Currency Swaps, and other Derivatives instruments, etc.
The combination of these three TUV Digital Currency types and the versatility of the Smart TUVs – combined with the other facilities within WM’s Global Clearing System – render redundant the majority of intermediary entities currently required for the majority of Transaction types worldwide.
[To share your insights with us, please write to sghosh@martechseries.com ]
