It has been while since the last time I wrote an article about a crypto project. I am planning to be more active the next weeks (and months hopefully). There are some nice stories ready in my head, which I am looking forward to share with you guys in the future. Anyway, today I will kick off with a project called KEYRPTO.
The KEYRPTO project is all about creating an e-commerce platform similar to eBay or Amazon, but with its foundation based on blockchain and smart contract technology to enable businesses to enhance their productivity and their online security.
The idea of KEYRPTO is to create a platform where sellers (like small businesses and individuals) and buyers are able to exchange products or services using cryptocurrency with minimum risk of being scammed. KEYPRTO is planning to achieve this by providing full payment protection and by acting as a 3rd part mediator when delivering the product or service. The idea behind this is that sellers are able to sell their product or service in cryptocurrency conveniently and without having to worry about any safety issues. The buyers on the other hand will take advantage of consumer protection meaning that they will always receive what they or bought or they get their money back.
Which problem is solved?
At the moment, there are many different crypto projects that aim at creating a cryptocurrency that can be used as a viable payment alternative for the current fiat currencies. The reason that these cryptocurrencies are interesting as a payment option is because these transactions have lower fees, and can provide user anonymity. However, the possibility to buy products or services with cryptocurrencies is still very limited, because sellers are often not familiar with the technology, and due to the lack of regulations and security around transactions.
Therefore, a platform is necessary where buyers can use their favorite cryptocurrency safely, while the sellers can easily receive crypto funds without having to worry about regulations or security. Thus, a platform that streamlines the process of crypto payments while minimizing the risks for buyers and sellers. The goal of KEYRPTO is to deliver such a platform for the e-commerce sector where both the buyer and seller are protected in case something went wrong. This protection will be possible because KEYPRTO will act as a mediator using smart contract technology. The exact details on how this will be implemented are not yet available in their whitepaper.
The KYT token
The KEYRPTO project comes with its own ERC20 token that can be used on the platform. The KYT token has multiple use cases. The first one is that the seller needs to pay a certain fee in KYT to setup a store on the platform. Further, the KYT token holders receive fee transaction discounts. Also, it is possible to use the token as payment on the platform like any other major cryptocurrency.
Finally, there is burn mechanism in place. Each time when a fee is paid on the KEYRPTO platform, a portion of this fee is used to purchase and burn KYT tokens. This will increase the value of all the remaining tokens.
So what is the current status?
The pre-ICO has been finished for the KYT token and in 26 days the token sale will be reopened again. During this period, the KEYRPTO team will continue develop on the alpha version of the platform and will release this version before the start of the token sale.
More information about this project can be found at the KEYRPTO website and whitepaper