eCoinomic is a brand-new platform that provides financial services to cryptocurrency holders in the following ways: investment and asset management, exchange, transfer, and mutual settlement between users and partner projects.
Platform maintenance and development will be achieved through service fees paid only by CNC tokens. The service charge amount is preset for each service type and is fixed, reasonable and transparent. Multicurrency The eCoinomic platform will accept as collateral: BTC, ETH, LCH, BCH + TOP10 cryptocurrencies. Loans will be issued in: USD, EUR, GBP, JPY, CHF, CNY. Fiat money transaction speed with the help of the built-in payment agent, the crediting time for fiat funds will only take several minutes. Price monitoring system checks collateral value every minute based on the data from several crypto exchanges. Security and transparency Smart contracts regulate the procedures of blocking, returning or liquidating collateral assets. Insurance reserve fund is designed to enhance the attractiveness of the project for large and small investors.
Fully functional alpha version available!
We presented the platform MVP one month before the scheduled date.
Our CTO & Architect Maksim Akulshin successfully demonstrated the proper functioning of the lending platform during the public MVP test at Blockchain Tomorrow BTC21 conference in Seoul, South Korea on April 11. Three loans, 150 000 KRW ($141) in total, collateralized by ETH, were lent to the guests of the conference. The funds were transferred to the guests’ payment cards powered by Mastercard. All loans were repaid in full, thus demonstrating the entire process of crypto backed loans being issued and paid back.
In contrast with many blockchain projects, eCoinomic.net is not a startup in the full meaning of the word — they have four parent companies:
· a bank (Sauber Bank JSC is a Russian bank that was established in 1992 and reorganized from one of the oldest USSR banks),
· a microfinance organization (The microfinance company “Dengi Budut!” operates in Russian Federation since April 2011),
· a pawn shop network (The company started its operations in August 2015. 20+ pawn shops have been launched in 5 regions of European part of Russian Federation within the first year of operations) and
· an IT company (Information and Communication Systems develops software products and telecommunication systems since 2009).
They have been working with banking products, loans, microfinance and IT development for years and now they are bringing all the necessary competence to the cryptosphere.
The eCoinomic token
eCoinomic Token (CNC) is an ERC20 utility token based on the Ethereum blockchain. The purpose of CNC tokens is to pay for services on the eCoinomic digital platform.
In order to enable the use of the platform, users must perform simple registration. Next, in the newly created personal account, the user must add the CNC token to his balance in order to access the specific service.
The personal account balance can be valued in two ways: by transferring previously purchased CNC tokens on ICOs and encrypted exchanges; or by purchasing CNC tokens at a fixed price on the eCoinomic platform.
After the project is launched, the value of the eCoinomic tokens on the platform will be determined in the market — this means that it will be added to the original trading price of the CNC + 20%.
Getting a cash loan requires time to consider applications, collect additional documents, evaluate mortgages, or provide guarantors. In the end, the bank may reject the lender’s request because of poor or insufficient credit.
Currently, creditors do not accept digital assets as collateral, which makes it impossible for people to obtain real money through cryptocurrencies through traditional financial institutions. At the same time, private creditors do not guarantee the security and transparency of the transaction.
The first guarantee is provided by the fact that eCoinomic.net is an intermediate between lenders and borrowers from the cryptosphere, thus institutional investors will not directly interact with cryptocurrencies.
The second guarantee — the monetary one will cover all of the lending funds attracted from institutional investors with an equitable amount of funds raised during the final stage of the Pre-Sale. These funds, or the Reserve, will be held on escrow bank accounts and will not be spent in any case other than to compensate the institutional investors for any loss should there be problems with loan repayment.
The advantages of eCoinomic
BTC, ETH, LCH, BCH + TOP10 were accepted.
The dollar, the euro; closely followed by the GBP, JPY, CHF and CNY,
-Fiat currency trading speed
Due to the built-in payment agent, this only takes a few minutes.
-Security and transparency
Smart contracts specify the procedures for blocking, returning or liquidating collateral.
-The price monitoring system
Checks the collateral value every minute based on data from multiple exchanges.
-Insurance reserve funds
Increase the attractiveness of large and small investors to the project.
The engineering characteristics of the platform
The platform is based on the Ethereum ecosystem. Smart contracts are built by Solidity. The main programming language is Python.
All registered users who apply for a loan can independently set loan terms, including loan amount and interest rate. The platform allows automatic search or recommendation of others to help sign loan contracts. Such applications with similar conditions form a set that runs on the basis of FIFO (First In First Out). That is, any user of the platform can be either a borrower or a lender.
In order to ensure the declared amount of investment and ensure the speed of capital transactions, the platform requires the lender to open at least 10% of the deposits in the loan application.
In order to guarantee the asset as a guarantee, the deposit will be transferred to the platform user’s personal account. If the encrypted asset is not blocked by the current loan agreement, the owner can remove it from the platform at any time.
Each user can sign any number of loan contracts for no more than 30 days on the calendar. In the case of payment of interest and service fees, the contract can be further extended.
Founders of eCoinomic.net have been working together since 2001. The core team of the project consists of professionals and experts with more than 10 years of experience in Fintech industry and software development, which are devoted to working hard in order to achieve target result, which is proved by the implemented projects.
“The service is working, we will start providing loans in Russia in test mode by the end of May. Within the first month, we will accept only ETH as collateral. Then we shall extend the outreach and the list of collateral types.”
eCoinomic reached US $6 million and closed Development stage of Crowdsale on May 16th. Reserve stage start in June 1st and CNC tokens will be sold for $0.06 each. This price will subsequently rise up to $0.12 per item. The Token Sale ends on 1 August 2018 and they plan to be listed on major exchanges in August and September 2018.