August 28th, 2017 at 5:55 am UTC · 3 min read
EROSCOIN, the Blockchain powered platform for enhanced payments system has announced the launch of its ICO. The crowdsale is starting on October 11, 2017, and will go on until November 20, 2017.
The EROSCOIN project has been under development since Q2 2016, and the newly announced ICO campaign will help the team further accelerate the process. By leveraging blockchain technology, EROSCOIN looks forward to becoming a leading payments processor to enable free transfer of value over the internet.
With the e-commerce sector growing larger, a payment processing solution capable of keeping up with the times is needed. EROSCOIN looks to be that payment solution by being convenient, fast, secure and accepting over 500 kinds of cryptocurrency.
EROSCOIN makes it easier for merchants to integrate its blockchain-powered payment gateway on the websites. It offers an interface similar to the ones provided by conventional payment solution providers to ensure a familiar feel. Once integrated, the EROSCOIN payments solution allows senders and receivers to confirm transactions in 15-20 seconds, through the use of self-executing smart contracts.
The smart contracts implemented in EROSCOIN platform can facilitate, verify, negotiate and close contracts between the buyer and seller. It also contributes to a significant amount of automation with its self-enforcing feature. EROSCOIN ensures transparency throughout the payment and settlement channel by making the smart contracts openly available on GitHub for audits.
In addition to the payment gateway, EROSCOIN also provides additional solutions such as P2P chat, invoice management, product and order management; everything needed for a business owner to effectively run an online business.
The EROSCOIN project uses a native ERO token as a preferred cryptocurrency. The platform has set a maximum cap of 2.4 billion tokens, out of which 50% will be allocated for the ICO participants, 20% for the foundation, 9% for the Advisory and Escrow, 10% for the charity fund, and 10% to be held as a reserve fund. The EROSCOIN project also has a bounty program in place, with 1% of the ERO tokens set aside for that.
Participants in the ICO process can purchase ERO tokens against Bitcoin payments. The funds raised during the ICO will be mostly used for core development and the rest towards marketing and community building activities. 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.
Early investors can expect up to 45% bonus during the presale-ICO, and up to 25% bonus during the second phase of the ICO. All tokens will be generated during the ICO, and any unsold tokens will be burnt to conserve its value.
EROSCOIN will be launched 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 the main features being finalized by the end of Q2 2018.
Disclaimer: EROSCOIN is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.