New cryptocurrency Credo, financially backed by Mr. Draper, makes it possible to fight spam, which has gotten out of control.
A new token called Credo aimed at solving the problems of email spam, which cost the global economy around $20 billion per year, has acquired the financial support from Tim Draper, a high-profile investor and an early bitcoin adherent, who has bought 10% of all Credo tokens in the initial coin offering (ICO). Among Mr. Draper’s earlier investments can be listed Skype, Baidu, Hotmail, and Tesla Motors. Credo’s official ICO for the public is taking place on July 26th.
Last month Mr. Draper shook up the investors’ community by investing in companies-creators of two leading new tokens – Tezos and Bancor, which ICO’s have each raised over $100 million dollars. Three years ago he was also the winner of the U.S. Marshall’s Bitcoin auction, which made him one of the most influential owners of Bitcoin.
FYI our interview with Mr. Draper about his life attitudes and investment plans can be found here.
“Token offerings allow entrepreneurs a new way to transform society. They are doing everything from banking the unbanked to streamlining how people transact business to helping secure people’s identities. Credos solve the SPAM problem, allowing legitimate advertisers to pay to connect, while allowing people to put value on their time and attention.” – stated Mr. Draper.
Credo is built on the Ethereum platform and complies with a standard for tokens called ERC20. It is already in production and can be used immediately upon purchase. There are over 3.7 billion email users worldwide, and the Credo team aims to win the hearts with its innovative spam solution of many of them.
Credos’ aim is to transform email into a market system. The Credo token will be operating via the BitBounce email solution – a cryptocurrency spam solution and Credo’s parent company. The spam problem is being solved by the The BitBounce the following way: it charges a fee for emails from email addresses that are not on a whitelist, which can be paid in Credo or Bitcoin. As the result, user’s inbox contains emails only from acquainted people and emails a user has been paid for to receive thus preventing possible cases of ad frauds.
For context, BitBounce has around 7,832 active users and its Week-over-Week and Month-over-Month growth rates make 41% and 293% correspondingly. The solution is currently able to process over 42,000 emails per day on behalf of users, which added almost 655,000 new whitelist members. Definitely, these are positive numbers for a new solution.
The Credo team is seeking to raise a maximum of $20 million in their token sale. The use of proceeds is described, along with other details about the spam solution, in the Credo whitepaper.