‘Seamlessly connect digital and fiat currencies’
The token pre-sale, which will last for seven days, ending on May 1, is in support of Spotcoin’s innovative payment system which aims to ‘seamlessly connect digital and fiat currencies’.
The funding goal for the pre-sale is $1 million and, according to the FAQ section of Spotcoin’s website, the public pre-sale will follow shortly afterwards. Join the Spotcoin Telegram group to be the first to know the official ICO date.
For the main round of the ICO, the soft cap is $5 million (USD) and the hard cap is $30 million.
The symbol for the Spotcoin token is SPOT and it will be issued on the NEO smart economy platform, adhering to NEO’s NEP-5 standard.
It will not be possible to mine SPOT, as with Bitcoin and Ethereum. The most SPOT coins there can ever be is 99 million and any Spotcoins that are left unsold after the ICO will be burned.
Donations can be made to the Spotcoin cause in a variety of ways. The site accepts virtual currencies GAS, NEO, ETH, BTC, SIB, along with fiat currencies USD, and EURO, and credit/debit cards Visa and MasterCard.
What is Spotcoin?
The company started out as an over the counter clearinghouse to provide easy movement between fiat and cryptocurrencies. Today, the team is engaged in mining operations, education in the Black Sea Region, and building a global digital exchange based in Georgia.
Andrew Thornhill, Spotcoin Co-Founder, said of the blockchain project: “The chasm between legacy financial markets and new digital asset ecosystems has grown as the market exploded. Spotcoin was born to bridge the gap.”
Spotcoin is an economic platform designed to bridge the gap between legacy financial markets and emerging digital asset ecosystems.
It adds trust to the fragmented landscape of new digital assets by quickly and transparently handling complex transactions while matching orders and removing market inefficiencies.
The aim is to build digital asset management tools and develop an accompanying interface that allows customers to derive the full benefit of the smart economy.
- NEO is an open source, non-profit, community-backed blockchain token platform that aims to create a distributed network ‘smart economy’
- NEO is best suited to provide the platform that best supports Spotcoin’s vision for the future
- NEO was specifically designed to address legal and regulatory requirements for both fungible and non-fungible digital assets
- NEO also incorporates digital identities which makes its network and any tokens built upon its platform an ideal solution for satisfying know your customer (KYC) and anti-money laundering (AML) requirements
- NEO’s founders intend to work within existing legal and regulatory frameworks to bring real world assets to the blockchain
Spotcoin is excited about NEO’s vision and is allocating resources to directly support NEO’s goal of 100,000 transactions per second by 2020.
Any wallet that supports the NEO NEP-5 token standard will be able to store SPOT. Spotcoin recommends the NEON wallet.
Please refer to Spotcoin’s whitepaper for more information on Spotcoin’s platform and the SPOT cryptocurrency.