eCoinomic is a new platform providing financial services to crypto holders by way of: investment and asset management, exchange, transfers and mutual settlements between users and partner projects. The Block chain technology possesses a lot of benefits and demerits making it widely controversial.
Firstly, the block change technology empowers the users to be in complete control of their transactions. This makes them the customers responsible and engenders trust for all users. This also helps to eliminate counterparty risks associated with the use of a third party oversight. Also, the block chain ensures transparency for customers and auditors alike. This is because it can be seen by all parties involved and transactions cannot be altered. Also because the transaction history is locked into each block, auditors have a simpler and easier time in understanding the movement of the resources. This improves the general outlook of the block chain as being efficient and productive.
eCoinomic is the perfect solution
For crypto owners:
Who purchased cryptocurrency as average and long-term investment expecting a high growth rate; Who received crypto assets as payment for goods and services (e.g. miners); Startups and funds who are in need of short-term fiat credits.
Private sector investors who allocate monetary resources for the purpose of generating income; Institutional investors who are interested in high profitability and low risk instruments.
eCoinomic smart contracts enforce the fulfillment of loan obligations and thereby protect the investments for the owners of both collateralized crypto assets and fiat funds.
Engineering features of the platform
The platform is based on the Ethereum ecosystem. Smart Contracts are built with Solidity. The main programming language is Python. All registered users who make a loan application can independently establish credit conditions: the loan amount and interest rate. The platform allows to automatically search/recommend a counterpart to sign a loan contract. Applications with similar conditions are formed into clusters that operate on the basis of FIFO (first in, first out). Any user of the platform can be both a borrower and a lender. In order to guarantee the declared volume of investments and ensure the speed of funds transactions the lender is required by the platform to open a deposit for the amount of at least 10% of the sum in the loan application. In order to guarantee the assets pledged as security the deposit is transferred to the personal account of the platform user. In case if the crypto asset is not blocked by the current loan agreement, the owner can withdraw it from the platform at any time. Every user can sign any number of loan contracts for a term not exceeding 30 calendar days. The contract can be further prolonged under condition of paying interest and service fees.
Lending backed by crypto assets
This is the most popular and apprehensible service to date on the cryptocurrency market. Loans backed by crypto assets present a unique opportunity for their owners:
To use fiat money for business expansion e.g. renew miner hardware
To hedge the exchange rate risk and thereby reduce the exposure to market volatility
To take prompt advantage of crypto assets potentia
The valuation of the collateral can vary from 50 to 70% depending on the type of asset, user rating and application of the loyalty program. The minimal loan amount is 200 USD, the maximum loan amount is 10 000 USD. The loan term is 1 month. In the 4th quarter of 2018 upon the launch of the platform the service fee for issuing a loan will be.
eCoinomic Token (CNC)
eCoinomic Token (CNC) is an ERC20 utility token, based on Ethereum blockchain. The purpose of CNC token is to pay service fees on the eCoinomic digital platform. In order to assess the platform’s capabilities, the user has to undergo a simpleregistration process. Next, in the newly created personal account, the user must to add CNC tokens to his balance to get access to selected services. The balance of the personal account can be replenished in two ways: by transferring CNC tokens that were previously purchased in an ICO and on a crypto exchange or by buying CNC tokens at a fixed price on the eCoinomic platform. After project launch, the value of eCoinomic token on the platform will be market-determined meaning it will be based on CNC exchange price + 20%. For example, for a loan amount of 10 000 USD the service fee would be 60 USD, reflectedin CNC tokens. If the price of 1 CNC token equals 1 USD, the fee would be 60 CNC tokens. If the price of 1 CNC token equals 10 USD, the fee would be 6 CNC tokens. A wide range of services and the growing popularity of the project will ensure a constant demand for tokens and their turnover on the platform.
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
My BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1326035
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.