Blocnation, the blockchain-based digital payments solution, has partnered with major cashless payment community PouchNation to launch the world’s first Decentralized Initial Coin Offering (dICO). The startup aims to change the current digital payments sector, providing an easy-to-use mobile wallet platform for cryptocurrency transfers.
Built on the Komodo platform and backed by PouchNation, Blocnation will operate as its own decentralized blockchain, powered by a native coin called BNTN. These tokens will be used as a way to manage cryptocurrency payments across PouchNATION community of events and venues. Unlike other new tokens, most of which have zero use case, BNTNs already have PouchNation’s user base and offer immediate value for its users in South East Asia.
PouchNATION is now the leading cashless payment systems provider in South East Asia, providing its end-to-end guest management platform for hotels and event organizers. Operating since 2012, it delivers its services in nine countries within the region.
The platform serves audiences that range between 3,000 and 150,000 people and helps its clients to control guest experience, including ticketing, registration, brand activations, cashless payments, and social media engagement. Besides, it provides guests with an access to its cashless payment system with wristbands during events.
As the world’s first dICO, Blocnation will guarantee total privacy for investors, who will benefit the platform’s revolutionary ICO model. In addition to providing complete anonymity, the platform enables instantaneous transactions due to the use of the atomic swaps technology. The app’s other features include secure altcoin storage, exchange trading, international transactions, hostel booking, event ticket purchases, and others.
With its Blocnation app, the company is looking to provide an alternative payment solution for the underserved emerging markets of Southeast Asia within the PouchNATION’s lifestyle ecosystem. Although focusing on Southeast Asia market, the startup aims to establish an app that will be available for the underbanked anywhere in the world.
As Blocnation noted in its whitepaper, most of the population in Southeast Asia still doesn’t have an access to financial services. “Today, 73% of the 640 million people in Southeast Asia do not have bank accounts and only 10% are eligible to hold credit cards. Conversely, according to research firm GfK, mobile phone connection (124) is actually higher than the global average of 103 percent. This presents incredible opportunities to provide financial solutions on mobile platforms for people that are underserved by traditional systems,” the company says.
The project will be implemented in three stages:
Phase 1 – Holding & Exchange
Initially, the platform will serve both traders and cryptocurrency owners, allowing them to store multiple currencies in a single mobile wallet. Users will have the ability to trade or swap digital currencies directly without any transaction fees that traditional exchanges apply.
Phase 2 – Events
Users will also be able to use BNTN tokens as a payment option in the lifestyle industry, acquiring tickets for different types of events across Southeast Asia, including music concerts and sport events. Besides, there will be no registration requirement or sign-up process, what is a great bonus for ticket buyers.
Phase 3 – Merchants
In addition to features rolled out in previous phases, users will be able to leverage an extended network of merchant locations that accept payments in BNTNs.
Blocnation’s crowdsale is already live and will continue until June 3, 2018. By taking part in the event, you will support the company’s mission to provide financial access worldwide.