Banks have terrible reputations in the crypto-community for shutting down accounts that purchase cryptocurrencies or are in any way affiliated with crypto. And it makes sense why they would, crypto is a real threat to them. Even Coinbase is riddled with many issues for mainstream investors looking to get into cryptocurrency, including random account closures without any valid reason, and low deposit limits.
When looking into their whitepaper, it struck me that there is currently a solution that already does this, called LocalBitCoins. However, the problem with LocalBitCoins is that it's rife with fraud, and many good accounts are banned randomly without committing any offenses. Furthermore, the entire platform has a shady, unprofessional vibe to it, with little means of appeal. The most important thing which will differentiate Konios from LocalBitCoins however is that users on Konios don't need to meet up in real life or do transactions off the exchange. Provided users have a certain required number of Konios tokens in their account, they will be able to make transfers directly to one another via the Konios blockchain.
The Konios platform itself will be based on the blockchain, in order to ensure a transparency of transactions and decentralization from central authorities which have always made fiat-to-crypto movement difficult for mainstream investors.
Many ICOs are based in jurisdictions where both governments and banks can easily circumvent their plans. I know from experience that a lot of projects I have been interested in had to abandon or refund their ICOs because they failed to meet some regulatory hurdle. On the Konios platform, the benefits of both a friendly country and decentralization are combined, in addition to bypassing the need for banks altogether. All these things add weight to make Konios a large fiat-to-crypto exchange platform.
The ICO will have a total of 3,750,000,000 KON for sale. The ICO will represent 75% of the entire token supply, which shows the aim of Konios to be a decentralized, community based platform from the beginning.
Now this is where my interest in the project heightens, and my respect for it goes up. You probably noticed the positive tone in this article compared to some other ICOs I review. The reason for it? 54% of funding will go to development. I can't count the number of ICOs that get greedy and put only 20-30% of funding toward development, with the rest of the expenses spent elsewhere, sometimes on greedy teams. This is not the case with Konios. They are committed to launching a working, well developed product for the community quickly, as reflected in their budget, and this has my respect.
Most important is the problem that Konios aims to solve. The cryptocurrency community needs a reliable way for mainstream investors to invest in it in order to retain market value and reach capitalization levels that existed back in late 2017. With the recent crackdown by govenrments and banks on cryptocurrency as a whole, the entire market is in a state of unpredictability. Established centralized fiat-to-crypto transfer services such as Coinbase are now randomly closing accounts, and other peer-to-peer services like LocalBitCoins are too complex for mainstream investors to use and are lacking in professionalism. Konios , if it reaches its vision, will finally allow a way for everyone to easily purchase crypto with fiat, avoiding both governments and banks entirely. If it pulls off its vision, there will be a lot of potential in the utility of the KON token, as users are required to hold it in order to participate on the platform.
