Crypt-ON is to provide safe and secure transactions in cryptocurrency on a peer to peer platform. It is facilitated by blockchain technology. This project aims to create Decentralized Autonomous Organization which the members can independently manage. The decisions on that platform are made by the voting and ranking the options available.
The functions of the Decentralized Autonomous Organization (DAO) can be identified as,
- P2P local exchange
- Crypto freelance job
- Escrow service
In developing DAO it has been followed four steps. They are,
Creating an ecosystem – This ecosystem will be a global workspace for all participants. It provides various services to its participants. Eg. Offering simple tools to investors to perform different tasks.
Building a community – The users of this platform are not considered as customers. But, they are the members who expect the prosperity and development.
Building a business – In order to participants make feel successful this platform creates a business that provides security and convenience. Further it is expected to build up a partnership with other platform while promoting DAO on various other platforms.
Migration to own blockchain – It provides high capacity and consensus algorithm and equal opportunities for all community members.
Crypt-ON is good enough to deliver the benefits like,
Secure trades in cryptocurrency
People in different countries can exchange cryptocurrrencies on this platform
Favorable terms for borrowings and lending of cryptocurrencies
Attract new employees
Trust token, smart contracts, independent arbitrage, trades insurance, stablecoin and fraud protection are the main technologies and instruments used in this project.
Features and advantages of the project Crypt-ON:
Mankind has tried to regulate financial relations through contracts and contracts. Sometimes it was a successful event, and sometimes it was not. Since sooner or later we all are faced with fraudsters and their inventive mind, able to bypass the regulated rules. In this case, regulated and centralized institutions, such as banks or public financial institutions, have always enjoyed great confidence. But today we are ready to change traditions. Digital currencies have shown us in recent years that money can be decentralized. To guarantee financial solvency, you still have to use top-level banks (for example, to provide insurance against risks of gold and foreign currency deposits), but at the consumer level this need has already disappeared.
Blockchain and smart contracts gave us the necessary set of tools, when it is extremely difficult for fraudsters to approach the user's fraud, and even if this happens, they can be tracked, stopped, and possible risks can be covered.
Crypt-ON will use these technologies. By basing the financial platform on the already known and safe tools, Crypt-ON will lay the foundation for a new concept of the consumer financial market. Each transaction conducted on the platform will not only be recorded, but also provided with a special trust token, which is released by Crypt-ON. In addition, the level of confidence in the participants in the transaction will be formed. And this level will be transformed into a visual rating, which then will become the basis of your safe transaction in any direction.
Conducting absolutely safe transactions in cryptocurrency with the help of an independent judge (Escrow service). In this case, transaction insurance will be used.
Service for the selection of microloans. Any participant in the system can participate in p2p crediting, and in any role. This is where an independent and transparent rating system comes in handy, which will make it possible to minimize the risk of falling on an unreliable borrower.
Service to find jobs and employees. This will be a kind of freelance exchange that will work through smart contracts. This completely eliminates the possibility of non-payment of remuneration or failure to complete the task.
Service for the local exchange of cryptocurrency. Find the best exchange offers based on your location. You no longer need to use remote services that insure their risks, including inflated interest rates. It is possible that the exchange in your area will be much more profitable.
All implementation of smart contracts will affect the reputation of participants in the system. If a participant has any problems, he can always turn to independent arbitration, according to the results of which a decision will be made - to whom to increase the rating and to lower it.
Token IPT and TGE project
Token Generation Event or TGE (this is an analogue of ICO, only legally allowed in the US and regulated by the SEC) will be held from October 1 this year to January 21, 2019.
A total of 200 million IPT tokens will be issued. Crypt-on pay attention that their token will not be a cryptocurrency in the broad sense of the word. This is the so-called "utility" token that will be used within the platform to pay for various functions. At the same time, it can be purchased on exchanges for traditional cryptocurrencies or money.
The SoftCap of the project is set at 4 million USD, HardCap - 16 million USD. If as part of the sale of the tokens will reach the SoftCap, HardCap but not assembled, all unsold tokens will be burned.
Now let's look at how all the issued tokens will be distributed:
- 77% planned to implement within the framework of the TGE;
- 10% will remain in the transaction insurance Fund;
- 10% will remain with the project team;
- 3% is allocated on the bounty.
As for the funds raised, the distribution is as follows:
- 50% will go to the development of the platform;
- 20% will be spent on marketing and advertising;
- 10% will remain in the reserve Fund;
- 5% will be spent on legal expenses; on remuneration of project consultants, and on implementation of decentralization on the platform.
As for my opinion, this time I will try to be restrained in my assessments. The platform definitely has an interesting vision, but not the most innovative product. Yes, I have MVP, which speaks of seriousness. Very well written Whitepaper project, focusing on key points. But then the fun begins when it is finished TGE, but successfully or not successfully it will end - depends, including On you.
For more Information :
Official Website: https://crypt-on.io
ANN Thread: https://bitcointalk.org/index.php?topic=3530713