DutyFoundation is a fast-growing crypto start-up that is building ecosystem of interconnected solutions for already existing net of duty free zones at airports, ports and train stations. The main objective is to kickstart digital revolution in the segment through blockchain technology implementation. Driving force of the process will be supplied by DutyCoin token-as-a-service designed cryptocurrency and flagship of the DutyEcosystem.
DutyCoin represents innovative cryptocurrency that will bring blockchain and duty free world closers together and thus maximize the potential of both. Duty free sales are expected to reach US$73.6 billion by 2019, growing at a CAGR of 8.6% (The Global Duty Free Retailing, 2014–2019 market research report). At the same time, the scope of traded goods is still almost exclusively (94%) limited to cosmetics, spirits and tobacco products. The unquestionable potential of duty free zones is hindered by their business models that are still grounded in the previous century. DutyFoundation is here to change it.
DutyCoin represents a unified currency base for a more simple, faster and anonymous shopping within duty free zones. DutyCoin will facilitate driving force of the market transformation process by connecting up to now atomized cells of individual duty free zones. Unified cryptocurrency will also provide previously absent pressure on price harmonization in the tax free environment. Furthermore, DutyCoin based and server-independent peer-to-peer DutyMarket will be opened for all the DutyCoin users after the ICO to compensate for the physical limits of duty free zones. DutyMarket will be built on the idea of connecting two parties in a virtual duty free framework with emphasis being put on anonymity of both.Project roadmap:
- DutyCoin Whitepaper and official web presentation (November 2017)
- DutyExchange and DutyCoin exclusive ICO pre-sale (November 2017)
- DutyCoin ICO (January 2018)
- DutyCoin NFC compatible wallet (April 2018)
- Global DutyMarket launch (July 2018)
As indicated in the project roadmap, DutyCoin tokens will be disbursed through pre-sale on November, 2017 and official ICO on January, 2018. Both crowdsales will be facilitated by the DutyExchange platform. Furthermore, the ICO will run on a third-party exchange and will disburse major part of the fixed volume of DutyCoin tokens. DutyExchange will, in different stages, allow for both crypto-crypto and crypto-fiat money exchange supporting three major crypto currencies: Bitcoin, Ethereum and Ripple.
DutyFoundation services to DutyCoin, DutyMarket and DutyExchange users will also include loyalty programme, advanced settings and business services. All users will enrol automatically in DutyLoyalty programme that will award DutyCoin facilitated transaction activity of individual users on regular bases. Each user will be empowered to choose his/her level of detail visibility through DutyAPI utility. This service will allow for users’ strict control over what other users and businesses can see. DutyStats service will be also provided to DutyCoin based businesses to get further insight into market functioning that would allow for informed business decisions.
DutyFoundation team is composed of four co-founders and four employees. The four co-founders with diverse entrepreneurial background all have history in crypto projects. Rest of the team provides support for software development, data analysis, communications and internal services.
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