What problem are DUA and its applications addressing?
- 1.In 2022, 281 million migrants directly sent $630 billion in remittances to their families and relatives in low- and middle-income countries. Remittances are hard to understand; As a result, banks and money transfer institutions often overcharge consumers, sometimes with over 10% in transfer fees.
- 2.Low- and middle-income countries are home to 1.4 billion financially unbanked people, meaning these people are cut off from all services that help support their families and local businesses.
- 3.Over 1 billion people worldwide cannot prove or verify their identity, leaving one in seven people vulnerable and unable to vote, own property, or open a bank account. This lack of identification is one of the biggest reasons for being unbanked.
- 4.4.7 billion social media users but only a tiny percentage of monetized creators is an unfair participatory economy where the simple user is not incentivized enough to be part of an online community.