All New Blockchain Remittance App by Abra

After going through several months of testings in Philippines, another blockchain startup, Abra finally launched its long awaited decentralized payment processing app. The Abra team was working on this project for the past few years and it raised somewhat around $12 million last fall as initial funding to reinforce the project. Soon after that, Abra initiated the beta testing for the app to fix all the potential bugs and compatibility issues before the final launch. The testing phase took another several months. And finally on June 30, 2016, it became official and Abra payment app arrived on both Android and iOS platforms. However, the Abra app is only available to the US citizens so far. But Abra plans to expand to another 20 countries by the end of 2017.

What Is Abra & How It Works?

In laymen terms, Abra is yet another digital wallet and payment processor that allows you to send and receive funds on the go by simpling using your smartphone. Unlike many other payment apps that are based on the prevalent centralized model, Abra employs a decentralized architecture wherein all payments are processed without any third party intervention. In Abra payment mode, there is no central system governing the transactions, making the payments private and secure. Plus, there is no transaction fee which is usually charged by all the centralized payment processors.

With Abra, you can also make payments to various merchants and retailers in exchange of goods and services. Abra makes the currency conversion fast and easy. It enables you to easily convert your paper cash into digital money. You can also add funds to the Abra wallet directly from your bank account or you can get your paper money converted into digital format by finding an Abra Teller nearby you.

The Technology Behind Abra

To make the payments safe, secure, private and anonymous, Abra utilizes the basic functionality of bitcoin. It makes use of a shared public ledger called blockchain that stores each and every transaction that takes place within the network. In a blockchain based network, all the users are chained together by a finest form of cryptography. Blockchain is made up of a series of blocks wherein each block stores a small patch of transactions happened within the network. In this way, blockchain creates a tamper-proof record of all the transactions made by different users. A blockchain network is truly decentralized which means there is middle man or central party monitoring the transactions. And last but not the least, a blockchain network is highly transparent which means every transaction is made visible to every blockchain user without revealing the user identity. This also means that if there happens to be a malicious attempt within the network, it can be easily detected and actions can be taken to avert the potential hazards.

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