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Crypt-ON — Synergy of different businesses on one single platform + MVP review

Crypt-ON — Synergy of different businesses on one single platform + MVP review
Sunday 24 February 2019

 The economy of the modern world is changing at an incredible pace. More recently appeared cryptocurrency and Blockchain technology today are the most discussed issues. Many banking systems claim that this technology, as well as virtual currencies, is a threat to the existence of the banking system. And this can be quite easily explained.
Blockchain technology implies full decentralization, in which interaction is carried out on the principle of Peer-to-Peer. That is, this technology completely excludes participation in agreements of other parties, such as banks, notaries and a number of other institutions, which significantly reduces the cost of transactions.
It is also important to note that Peer-to-Peer interaction is gaining popularity not only in Blockchain technology, but in General. A striking confirmation of this are freelancers who want to honestly receive their reward for the work done. Hiring freelancers is beneficial for most companies, as in this case there is no need for the maintenance of staff with a permanent salary and full social package. That is why currently 36 percent of workers in the United States are freelancers. Moreover, based on the growth trend in this sector, in 2020, about 50 percent of workers in the US will be freelancers.
However, despite such a high popularity of p2p transactions, the following factors hinder the development of this market:
  • lack of trust, as the participants of transactions are not personally acquainted and are not confident in the reliability of each other;
  • the lack of a platform that allows you to perform the most important operations in p2p format;
  • the inability to pay for goods and services using cryptocurrency.
To solve all these problems will allow the platform Crypt-ON.

Project objective

The main goal of the creators of the Crypto-ON platform is to unite people from all over the world involved in the crypto-currency industry for comfortable and efficient interaction with each other in various fields according to the p2p model.

Principle of operation

The Crypt-ON platform will be used for:
  • fair and secure transactions;
  • as an exchange for freelancers;
  • obtaining or providing loans on favorable terms in the p2p format;
  • exchange of cryptocurrency for Fiat money and Vice versa.
When performing each of the actions, a smart contract will be concluded, which guarantees the conditions for the execution of transactions. It is important to note that funds deposited under one smart contract cannot be used for other purposes. They can be transferred to the account of the contractor or the recipient or can be returned to the sender.
Interaction between the participants of Crypt-ON will be carried out using a special interface, which will be available on the official website of the platform, as well as on iOS and Android devices. Each operation will use a backend service that performs the following functions:
  • wallet generation;
  • balance check;
  • transfer and control of reserves;
  • providing data on exchange rates;
  • notifies you of important events.
The arbitration system will be used to resolve various disputes. Initially, its participants will be the platform developers themselves. Then they will be replaced by independent experts who are knowledgeable in a particular field, who will be chosen by the participants of the platform.
In addition, within the framework of Crypt-ON, a reputation system will be implemented, which will allow to weed out unscrupulous participants of the site.
The developers will also introduce a system of transaction insurance, which will be available for services such as p2p-lending and escrow. However, the insurance will be made assuming the use of the internal coins of the i-Point (IPT). The amount of the insurance premium will depend on such parameters as the volume of the transaction and the rating of the participant.
The main currency of the platform will be I-Point tokens (IPT), which will provide its owners with a number of advantages in the form of the possibility of insurance of transactions, 50 percent discount in the calculations, voting on the development of the site and fixing the transaction amount in us dollars.

MVP

At the moment, the project has already released its own MVP, which is available in English and Russian. Unfortunately, at the moment only the Escrow function is possible for testing, where each user can:
  • to create a deal;
  • review the status of agreements in progress;
  • submit a claim for arbitration;
  • choose an arbitrator.
Special attention should be paid to the choice of arbitrators. Each participant of the platform can choose an arbitrator of the Crypt-ON – external platform or one who has passed the accreditation process. In the arbitrators filter, you can also specify the language in which the arbitrator or participants in the transaction will communicate, and the belonging of the transaction to a particular area.

Dates and details of the TGE

TGE (the release and sale of tokens for the purpose of raising funds for the development and promotion of the platform) will be held from October 1 this year to January 21, 2019. As part of the TGE, 154 million coins worth $ 0.1 will be sold.
Softcap project - $ 4 million, hardcap - $ 16 million.
The stages of TGE:

Conclusion

Taking into account the growing popularity of p2p-operations, the creation of a platform that solves the problems of this sphere is a very important project. Based on forecasts that say that about 50 percent of the population in 2020 will be freelancers, it is safe to say that this platform is guaranteed to gather a very large audience interested in fair financial relations.
In this regard, investment in Crypt-ON can bring a huge profit in the near future.

Official resources of the Crypt-ON project:

AUTHORSHIP:
GPScrypto

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