Press releases

Crypt-ON: Unified Infrastructure For Crypto Business

Bitcoinist | Oct 23, 2018 | 13:00

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Cooperation, communication and interaction tools for entrepreneurs are becoming the key element in business development. While fiat businesses can enjoy a plethora of infrastructural solutions, cryptocurrency businesses, on the other hand, are suffering from lack of work tools.

Over the last 2 years we have seen a wide range of projects that offered new fintech solutions in the field of cryptocurrency. However, we still don’t have simple and reliable services that international businesses could resort to for achieving their goals.

Why have cryptocurrency-based business solutions become so important? Why drop the traditional interaction mechanisms and leave the world of fiat for cryptocurrency, and are there solutions on the market that help entrepreneurs go crypto?

Cryptocurrency-based Business

Despite the difficulties arising from the use of cryptocurrency as the go-to method of payment, including the risk of fraud and high volatility, we can no longer ignore the fact that digital assets represent a convenient solution for the existing issues. This includes high fees and intermediaries such as banks, government and other entities that bend the terms of transactions to suit themselves and hinder the cooperation between the transaction parties. Cryptocurrencies, on the other hand, are able to simplify the process of mutual integration of multiple businesses and their economics into a single transactional chain.

The latter has inspired the Crypt-ON CEO Pavel Andreev to begin developing a unified infrastructural solution for cryptocurrency-based businesses. For a long time he has been looking into the opportunities to create an escrow service for entrepreneurs so that international market players could transact securely and on a single platform. The advent of cryptocurrencies made the idea that much more achievable. After analyzing the market the decision to create an escrow-oriented platform unifying a range of useful services was made. At this point in time the developers foresee three more features on top of the escrow service: a geo-exchanger, crypto freelance exchange and a P2P lending service. Unifying them within a single ecosystem will allow entrepreneurs to not only transact in a secure and reliable fashion using cryptocurrency, but exchange it to fiat money as well as hire staff and take out loans for business development, all utilizing the platform’s own token – i-Point.

The market has not yet seen a project of this scale before, and the Crypt-ON team has set a goal for themselves to take the leading position in the field of creating reliable and secure business processes utilizing cryptocurrency. Another thing that can be achieved by attracting large numbers of active members is creating a DAO that will be responsible for further management of the platform.

Security and Protection Against Volatility

One of the main reasons for lack of cryptocurrency adoption on the global scale is the high volatility issue. Crypt-ON offers a solution in the form of a stable coin pegged to the US dollar to protect the interests of the platform users.

To solve the second key issue of cryptocurrencies – high vulnerability to fraud and illegal actions, Crypt-ON offers a whole range of measures to combat them, including independent arbiters for transactions, logging and storing every bit of transaction data on the blockchain as well as maintaining a reserve fund for covering financial obligations. The platform also features personal rating for every user on the platform and plans to create its own blockchain after the launch.

Crypt-ON will allow entrepreneurs from various countries to form a single workspace without the traditional barriers such as country borders and jurisdictions. Full abolishment of bureaucracy, convenience, security and common interests will allow to create a self-sustaining ecosystem that every Crypt-ON community member will contribute to.

Review the MVP and participate in the Pre-TGE on the project’s website.

For more information see the official Whitepaper.