EROSCOIN, the platform set to empower & enhance the payment systems on blockchain, is pleased to announce its upcoming ICO.
The ICO is for the development of an innovative blockchain utilizing peer-to-peer and value-of-transfer protocol to solve global payment problems.
By using a blockchain-based ecosystem, payments will be decentralized, thereby solving the problem of intermediaries inherent in traditional online payment gateways and improving transaction speed. Blockchain will also ensure privacy, enforce security, and facilitate global transactions in multiple cryptocurrencies between suppliers, distributors, businesses, and consumers, at a fraction of the cost.
Smart contracts will also be used to negotiate and close payment agreements between parties. Once an agreement has been established, smart contracts will verify the accuracy of payment and expedite it to the correct counterparty. This allows for a high degree of automation, without the need for human intervention.
Smart contracts will also be made available for audit purposes, increasing the transparency of the process and security.
Traditional payments often come with high risks and restrictions attached, especially international transactions. A decentralized payment gateway like EROSCOIN which — accepts more than 500 cryptocurrencies — are much safer and less vulnerable to malicious attacks. Once payment is recorded and confirmed on the blockchain, it cannot be altered. The absence of human elements in all transactions reduces error and fraud.
The EROSCOIN platform uses a native ERO token as the preferred transaction cryptocurrency. The platform will issue 240 Million tokens that will be distributed as follows:
- 50% will be offered to investors
- 20% will be held by the foundation
- 9% goes to the Advisory and Escrow
- 10% will be distributed among charities
- 10% will be held as reserve fund.
- 1% goes to bounty participants
Investors can purchase ERO tokens using Bitcoin payments during the crowdfund. Funds generated during the ICO campaign will be used for core development, marketing, and community building activities.
Early investors can expect up to 45% bonus during the presale-ICO, and up to 25% bonus during the main ICO. All tokens will be generated during the ICO. Any unsold tokens will be burnt to conserve its value.
EROSCOIN will allocate 50% of the proceeds to development, 15% towards marketing, 10% towards reserve fund, 8% for operational work, 7% for general and administrative processes and 5% for legal work and content licenses.
EROSCOIN will launch in Q4 2017, along with the testnet launch of its web wallet, ERO Payment Gateway Sandbox, and the alpha version of EROs mobile wallet. The launch will be followed by final testing of the web wallet later during the same quarter.
The development and testing of core features will continue through the first half of 2018, with all main features being finalized by the end of Q2 2018.