The disruption of blockchain technology has led to the widespread of cryptocurrency awareness. In the recent years, the cryptocurrency ecosystem has seen major growth with new participants joining the crypto market year on year. The year 2017 was earmarked as a major year in the cryptocurrency market as several conventional laws of market behaviours were defied coupled with the influx of new investors.
The market capitalization of the cryptocurrency market increased by 3,363% and the number of digital assets and cryptocurrencies increased by 116.37%. According to statistics, more than 80million digital currency wallets were registered all around the round as at December 2017 and the number of blockchain wallets has been on a constant rise, reaching as far as 24million wallets users in March 2018.
Despite these feats, the cryptocurrency market still seems to be in its infant stage and gaining immense acceptance, and several blockchain companies have since launched different cryptocurrency platforms to cater for the needs of investors who wish to invest and trade in cryptocurrencies and digital assets.
However, the major challenges which still remain yet unresolved are the issue of liquidity, digital asset management, and over-the-counter trading. The current crypto space is still in dire need of platforms that will easily aid trading of digital currencies to fiat.
Spotcoin, a recently founded company in November 2016, aims to bridge the current gaps in the digital currency ecosystem. Spot coin aims to revitalize the digital assets marketplace by providing a reliable and easy liquidity for the general populace in the smart economy.
Having successfully coordinated over $10million in OTC trade volume in 2017, Spotcoin aims to provide users with a digital asset management toolkit and a user-friendly interface that will give access to digital asset markets, over-the-counter trading, mining and payments.
SPOTCOIN INFRASTRUCTURE AND ITS OFFERINGS
The Spotcoin platform which is built on the NEO blockchain will utilize the Spotcore engine to fuel the Spotcoin business model which consists of an OTC marketplace, digital exchange, Spotpay and mining operations.
OTC Marketplace
Several challenges which currently exist in the digital asset ecosystem are; the absence of proven brokers, fiat exchange constraints, bad customer service and finite means to connect huge digital asset traders. Spotcoin aims to address these issues by developing an over-the-counter marketplace. This OTC marketplace will enable large volume trade matching, provide trusted intermediary services, an effective and efficient marketplace with timely transaction settlement, and personalized customer services.
The OTC marketplace will easily allow clients to trade digital currency to fiat. Also, users with high volume transactions are able to receive effectual trading with quality assurance. This is due to the long-standing relationship Spotcoin has with several banks in Europe who assists with huge value bank transfers.
Having successfully coordinated several OTC trades and grown to become a market leader in the Black Sea region, Spotcoin will serve as a trading intermediary and escrow service for digital assets and fiat. In addition, all OTC trades on the spotcoin platform will have a T+1 settlement standard, meaning transactions consummated will be processed and settlement will occur within the next business day at maximum. Users will receive excellent customer service and clients with trades above $1million per month will be offered personalized services by an allotted Spotcoin ambassador.
DIGITAL EXCHANGE
It has also been discovered that most of the current exchanges are either too complicated, not user-friendly, lacks transparency and doesn't support fiat liquidity and several trading pairs.
To address this, Spotcoin is proposing a user-friendly digital exchange that will support several trading pairs and regional fiat currencies such as Georgian Lari(GEL), Ukrainian Hryvnia (UAH), Romanian Lei (RON), Russian Rubles (RUB), USD, Euros, Turkish Lira(TRY) etc. Also, the Spotcoin's exchange will provide users with four different core trading pairs which are BTC, ETH, GAS, and SIB. This means any digital asset listed on the exchange will be paired against the above four. In order to provide a more transparent system, quarterly audits will be carried out by four accounting firm giants and the assessment report publicized on the Spotcoin website.
SPOT PAY
In the bid to allow simple liquidity, Spotpay will allow the use of in-store digital currency, API and payment widgets and bring about the transparency of transaction fees.
Upon usage of the platform, users will enjoy seamless shopping experience because the Spotpay will help to provide a secure Point-of-sale system solution for conventional retail stores coupled with a simplified drop-in payment widget and plugins for foremost shopping cart platforms and stable API with supporting open source libraries. Also, merchant fees are paid out instantly in the preferred currency of the merchant and transactions will take place at the present-day market price.
MINING
Blockchain miners will stand to benefit a lot from using the Spotcoin platform. From research, it has been discovered that miners experience difficulties with mining operations due to access to low-cost electricity, government regulations and technical support paucity.
Spotcoin through its model aims to address this issue as it currently has a partnership with Zhinvali Dam to help generate hydropower, and also utilizes about 1.1MW of the Zhinvali Dam capacity. Also, Spotcoin has well-equipped, experienced engineers with the requisite skills needed to support blockchain or digital asset mining operations.
BLOCKCHAIN INSTITUTE
In the bid to creating a more enabling blockchain environment, Spotcoin aims to act as a regional centre to further promote the application and execution of blockchain technologies via education, research and innovation.
Spotcoin currently runs a Blockchain Institute called Black Sea Blockchain Institute. The institute was established to further educate the ever-growing blockchain ecosystem and also help address the expertise deficit which currently exists in the blockchain technology. The institute which will be accredited by the Georgian Ministry of Education and Science in addition to Council of Higher Education Accreditation currently offers two courses which are Cryptocurrency 101 and Mergelyan Club series on blockchain digital assets.
On the long run, the institute will further expand its curriculum by incorporating blockchain based certificate programs and courses to cater for students, developers, and executive and government personnel. Also, an innovation lab currently exists in the institute to aid research opportunities, and research results will be publicly presented at conferences such as the 'Annual Black Sea Blockchain Summit'. In addition to the Spotcoin will provide innovation fund to further aid research. The innovation fund will be channelled towards seed funding, foundational support and project implementation.
TOKEN
The Spotcoin token (SPOT) will be issued in the form of a NEO Nep-5 token. It will function as a dividend token used to fuel the Spotcoin platform.
Total Supply: 99,000,000 SPOT
Token symbol: SPOT
Soft cap: 5,000,000 USD
Hard cap: 30,000,000 USD
Current Price: 1 SPOT = 0.5 USD
Accepted means of payment:GAS, ETH, NEO, BTC, SIB, USD, EUR, VISA, MASTERCARD
Price
Minimum Investment: 50 SPOT
TEAM
Kindly visit https://spotcoin.com/ for more information.
Whitepaper: https://spotcoin.com/whitepaper.pdf
Twitter: https://twitter.com/therealspotcoin
Facebook: https://www.facebook.com/spotcoin/
Medium: https://medium.com/spotcoin
ANN: https://bitcointalk.org/index.php?topic=3173859
Telegram: https://t.me/spotcointeam
Author: Sucre123456
Author's Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1820055;sa=summary
Why is this based on NEO? Most tokens i know are based on the Ethereum blockchain.
It's Neo because Spotcoin believes the Neo blockchain is best suited to provide the platform that will better support Spotcoin's future for the future. This is because, Neo is an open-source, non-profit, community-backed blockchain token platform with the sole aim of creating a distributed network.
Well written. Good luck to the team
Have they started crowdsale?