Good day everyone,i would be writing about the ENTRY MONEY PLATFORM like i introduced the last time,click on this link in order to have an overview it https://steemit.com/entrybounty/@adelekejustin01/introduction-to-entry-platform-a-banking-platform-for-the-blockchain-world .Today i would be writing further on the following;
ENTRY TOKEN
ENTRY Token is an electronic and virtual currency Token that will flow in the ENTRY ecosystem. It is the crypto-currency Token of ENTRY platform used for peer-to-peer transactions and micro payments. It will be the medium of exchange for transacting on the platform and availing ENTRY’s banking and financial services.
Benefits and Value of ENTRY Token
● The company will offer saving account to increase ENTRY Tokens, prevent speculating. This will allow ENTRY holders earn interest on their holdings.
● ENTRY Token will motivate market participants to use ENTRY for transactions and savings as compared to speculation. This will allow the currency to grow into its role as a store of value as compared to the current speculation hype in major Tokens.
● ENTRY Token will allow streamlining the functioning of the entire ENTRY platform and will help maintaining liquidity in ENTRY platform.
● As the usage of ENTRY Token increases for business and transactions, the Token will be available in more and more places. This will have a parallel effect on the market of the ENTRY Token. The ENTRY will also see a long-term usage due to the business growth and network effect taken place.
● You can use ENTRY Tokens to pay for any fees on their platform, including but not limited to: exchange fees, withdraw fees, listing fees, premium services or any other fee/service when you use ENTRY to pay for fees/services, you will receive a significant discount.
● In the future, ENTRY will build a fully functional ecosystem where ENTRY would be used as one of the key base assets and main currency in whole business.
● ENTRY in the future will launch ENTRY2 stable coin. This coin will ensure of ENTRY ecosystem and users growth in all possible ways as less speculative coin. More users and business join ENTRY ecosystem, more holders for ENTRY token to receive a significant discounts for usage.
TOKEN SALE
Before the launch of ENTRY platform, it will undergo a Token sale exercise. The funds raised in the ICO will be utilized by the team to develop the ENTRY platform.
GROWTH AND DEVELOPMENT PLAN
FINANCIAL FORECASTING ENTRY
This will earn from its services of Entry.Exchange (an exchange platform), Entry.Money (a payment gateway), Entry.Bank (a blockchain bank) and Entry.Cash (ATM). They understand that initially it’s crucial to capture a large customer base than to charge high fees. Thus, they plan to make many services free for their users, charge low fees for decentralized services and charge relatively higher but competitive fees for centralized services.
ENTRY model is based on “one-window” approach for its users where they can find all the services starting from simple payment gateway to peer-to-peer banking and insurance services. Finding all the solutions at one place will enable ENTRY platform to gain a huge customer base. They have planned to provide premium services and charge monthly fees for it. The revenue potential has been represented in the following figures.
The financial services economy and digital payments economy are trillion dollar markets; even a miniscule share of 0.01% will translate into millions of dollars of business for the company.
GEOGRAPHIC REPRESENTATION
They also plan to expand geographically by increasing their worldwide representatives. It will help them to gain access to new markets, talent pools and provide robust pipeline to fuel the company growth. They plan to have more than 100 representatives from all over the world before the ICO. The global reach of the company will help to resolve specific issues related to law, requirement and location functions, and regulations instantaneously and effectively. Initially, they will leverage our representatives for marketing purposes, representing the company in events and promoting through word of mouth.
GEOGRAPHIC COMPLIANCE
The company will also look to be present in multiple jurisdictions to ensure that it is able to conduct cross border payments across the globe. Also, offices in different countries will allow us to establish connections with local central bank to ensure the smooth flow of crypto/ fiat services and expand more services like cash machine at a global level. This is an important risk mitigation step, as it will allow the company to secure payments and deposits on a global scale. Today’s geo-political instability requires crypto companies to be nimble and this structure will facilitate the company in case of any political crisis in any of the company it operates.
ENTRY speculation
ENTRY in the future will launch ENTRY 2 stable coin. Which will be something of a hybrid coin. It will be a crypto-fiat stablecoin. Its value is pegged - to the value of fiat currencies. Similar coin now is UDST – Tether. This coin will ensure of ENTRY ecosystem and users growth in all possible ways as less speculative coin will be used to ensure stability for business, payments, hold and market manipulations.
USE CASES
ENTRY is on the verge of completing the development of the Minimum Viable Product (MVP) for Entry.Money and Entry.Exchange. The MVP will be launched before the ICO closure. The MVP will help the team collect validated learning points about the user experience and functionality. MVP for Entry.Money and Entry.Exchange has:
1. Access Wep App
2. Multi-currency Wallet
3. Deposits in Fiat and Crypto Currency
4. Withdrawals in Fiat and Crypto Currency
5. Payments in EU
6. Peer to Peer Instant Transfers in ENTRY system
7. Currency Conversions
SMART CONTRACTS
Smart contracts help in creating trust between participants and help in automating the process. ENTRY transactions embedded with smart contracts simplify the complicated processes of procurement, negotiation and certification.
These contracts are permanently stored on the public blockchain that can neither be erased nor altered. This ensures transparency on the platform and accessibility of the contracts to all the participants in the ecosystem. Smart Contracts Will Automate Entry Services Smart contracts will legally bind the parties entering into the contract. It will create a link between the services and used as a proof for all the processes.
Initially, ENTRY Token will be issued using Ethereum blockchain smart contracts (ERC20) to give mass acceptability to the Token. But Entry.Network will develop its own blockchain in 3rd and 4th quarter of 2019 and issue ENTRY Token using its own system/blockchain. Developing own blockchain will help add features which enhance usability and bring cost-effectiveness for all users and clients. Also, this will allow ENTRY to not be restricted to a particular framework. ENTRY would be able to structure its Token in a way most useful for the ENTRY community.
MAKE SURE YOU PARTICIPATE IN THIS GREAT PLATFORM.
THANKS FOR READING.
To know more about this platform;
visit the website: https://entry.money/
join the telegram group: https://t.me/Entry_Official
whitepaper link: https://entry.money/ENTRY_Whitepaper_v1.pdf
my bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=1070043
facebook link: https://www.facebook.com/entrymoney/
ANN/BOUNTY THREAD LINK: https://bitcointalk.org/index.php?topic=3279397.0
