H. Caleb Simmons, Contributor, 07/07/2017 11:44 am ET
Cryptocurrencies like Bitcoin and Ethereum, while potentially transformative on the macro level, are hard for most people to adopt on the micro-level. Indeed, the opportunities created by Bitcoin and its underlying technology—blockchain—are only being used by 8-10 million people (≤1% of the world’s population), and a significant share of that number comprises government entities, stock exchanges, banks, financial services firms, and startups.
For the large majority of people, the technology is hard to grasp, and the cryptocurrency is difficult to mine given the hard-earned cryptographical skill set needed to mine it. Bitcoin and Ethereum are relatively popular cryptocurrencies, but with new digital wallets with no instruction manuals and no single platform to centralize trading for the everyday consumer, progress towards full integration of the currency in world economies remains slow. Yet, as with many affairs in the world of financial services, there may be hope—and it comes from Switzerland.
Corion, a unified, unregulated, decentralized, mobile cryptocurrency platform operating on the Ethereum Classic blockchain, is underway in its Initial Coin Offering (ICO). The offering, which will close on July 30, will pay out between 3-25% bonus to participants, with early birds earning 0.2% daily during the offering and service providers generating between 5-10x more return on existing 0-2.5% coin supply growth in the medium term.
The ICO gives both service providers and consumers the opportunity to invest in a new cryptocurrency that allows them to help build the Corion ecosystem, a multifunctional platform allowing businesses and individuals to transact between each other on the Corion platform, which provides and hosts secure, convenient, and real-time financial transactions between members using Corion coin.
The main pain point within the overall blockchain environment Corion seeks to alleviate is that the current collection of cryptocurrencies operate in centralized and debt-based contexts. The value of these cryptocurrencies, especially Bitcoin with its various and controversial hard forks over the last few years, are volatile, with Ethereum being held up as Bitcoin’s potential yet uncertain successor. Driving such volatility is the scarcity-based value of cryptocurrency—with only so many cryptographers and developers able to mine and distribute it, demand simply isn’t part of the equation here. And, with only 1% of the world’s population actively using any such currency right now, there’s just not the level of adoption present to transition it from short-term, speculative income for a majority of people.
Corion’s main goal is to create a blockchain-based, decentralized cryptocurrency ecosystem driving demand based on coin rewards and benchmarking against current fiat currencies. The ecosystem, accessible through the Corion platform, would focus cryptocurrency into mainstream usage, taking it from short-term speculative income to continuous passive income through community management. More, Corion consists of separate smart contracts, implemented in Solidity language for maximum transparency and trust.
Corion has created an ecosystem and suite of services that rival emerging blockchain services offered by bulge-bracket banks like Citi and BNY Mellon, integrating payment, finance, and trading functionalities on its singular mobile platform, accessible by any user. At the same time, Corion’s developers are working B2B to increase the total user base of all cryptocurrencies, something no company has done until now. This innovative business model encourages cross-currency exchange, and inter-wallet and inter-platform cooperation and synergy.
To facilitate the transition of cryptocurrencies to mainstream use that Corion looks to achieve, the Corion platform features seven unique features to humanize the cryptocurrency experience for the average user. These features include a marketplace that promotes commerce, a stable cryptocurrency to promote mainstream use, a reward system for users based on Schelling points which allows users to grow their coins, a multifunctional wallet that operates as the main interface of the platform, and more.
Currently, the battle for cryptocurrency supremacy is ongoing. Corion enters with high aspirations, and we’ll have to keep watch to see if this innovative platform can change the crypto world.