About Procurean

Procurean was designed to put trust back into business transactions and to drive new value and transform digital procurement in a way that was unprecedented before access to low-cost computing power, big data collection and digitalization combined with data strengthened by blockchain technology. By acquiring easy access to market information, knowledge and leverage against known or unknown business partners, businesses can unlock new levels of cost efficiency; benefit from significantly lower procurement transaction and friction costs; mitigate or completely remove business risks associated with international and cross-border trade; and transform procurement from a cost to a profit center.

The Procurean network is built on top of a decentralized network of nodes providing all the functionalities of the network and storing data. Each of the nodes uses blockchain to provide support for the decentralized process execution—with smart contracts—and to provide data immutability for individual transactions and documents created on the network. The Procurean network uses the swarm protocol to enable data distribution5 and ensure a functioning real-world environment, where communication is not always stable or secure, effectively dealing
with situations where some nodes are not available or are experiencing performance issues. Both the network of nodes—providing near real-time transactional speed—and the blockchain—providing security—are tightly integrated to enable implementation of smart instruments and tools.

Basic Information

Token Name	Procurean Token
Token Symbol	PAN
Social Media
Currency Accept	ETH
Token Type	ERC20
Token Supply	150,000,000 PAN
Soft Cap	6,000,000 USD
Hard Cap	21,000,000 USD
Whitepaper	Click Here For View Whitepaper
Website	Click Here For Visit ICO Homepage

How Does The Company Works?

Trust Rank

The trust rank is the biggest deciding factor for businesses on the Procurean network. It is, consequently, the most important leverage that businesses have to ensure trustful and fair behavior from their potential buyers or sellers. The trust rank of a participant is calculated from two separate components: one financial and the other reputational. The business’s resulting trust rank is a composite number calculated from a weighted sum—the weight being the trust rank of the evaluator, of quantitative evaluations ranging from 1 to 10 and their financial indicators.

Financial Component

The data for the financial component is retrieved from publicly available financial data, smart data sources, and data gathered by credit rating agencies. Most of this data is bought on the market from smart data providers. To judge a business’s financial health, we rely on four key factors and their respective indicators.

Liquidity

A measure of how fast a business can use its easily convertible assets and cash to manage its short-term debt obligations. We look at the quick ratio, more commonly referred to as the acid-test ratio, to realistically judge the short-term liquidity of a business.

Solvency

A measure of how likely a business is going to be able to cover its debt obligations long term on an ongoing basis. We look at the debt-to-equity ratio, to see how much debt a business has against stockholders’ equity. Since debt-to-equity varies from industry to industry, we try to see if there is a clear upwards or downwards trend visible over time.

Profitability

The bottom line when assessing a business’s financial health is its ability to generate and attain profits in the long term. We look at the net margin, to see how much each unit of revenue collected by the company translates to profit.

Reputational Component

The reputational component is dependent on datasets collected from multilateral evaluations of participants done on the network. This data is generated through various buyer-seller interactions on the network using smart instruments and it is governed by smart contracts. An evaluation is required at the end of every concluded phase in each transaction (such as bidding, delivery, payment) and this is visible to all transaction participants so that they can work towards any possible resolutions when needed. The reputational component dissolves over time to ensure relevancy.

Self Assesment

Each business on the Procurean network is periodically required to perform a self-assessment in which it can provide current trust data on its own behalf to enhance its trust rank. The selection algorithm is sporadic, but known upfront, and it asserts activeness of the partner in the Procurean network. The self-assessment is composed of a predetermined set of questions and requires proof to be provided for all attained certifications and excellence milestones reached.

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Token Distribution

70%	Crowd Sale
14%	Founders & Team
6%	Advisors
5%	Private Sale
5%	User Growth

Vision

Ensure businesses trade with trust

Vetting and investigating potential business partners come with significant costs and expose all parties to numerous risks.

Procurean will enable businesses to judge potential partners based on past-experience from each previous transaction on the network while ensuring data is distributed along the network with blockchain hardened storage.

Provide powerful insights and technology

Businesses face significant trade barriers and are often locked into poor relationships due to the lack of information, experience, and technology.

Procurean will help empower business by dramatically reducing transaction costs and risk associated with international trade and provide technology infrastructure to drive new value to their processes.

Global Market

Businesses lack an accessible single global market, where buyers and sellers converge and can always find each other to exchange goods and services.

Procurean connects businesses around the world in a way that ensures buyers can always find new sellers, and sellers can discover new buyers no matter their capabilities or location.

Smart Instruments

To enable daily commerce and business transactions to take place where trust data can be collected, the Procurean network provides a set of smart instruments, each meant for a specific procurement role and each paid for with PAN tokens. These smart instruments are governed by a separate set of smart contracts that take care of token storage, disputes, and behavior while the transaction is ongoing, and redistribution when the transaction is at its end.

Blind Reserve Auction

Blind reverse auction is used by buyers who have successfully identified their item and estimated the price of the inquiry. The result is a business promise to the most competitive bidder and both parties are required to honor the agreement reached through the auction. Sellers have to pay a fee relative to the estimated value of the inquiry for each bid they place. The estimated value of the inquiry equals the maximum price the buyer is willing
to pay for the inquiry. The fee is paid with PAN tokens and sellers can put any number of bids towards the inquiry (the current winning bid can get beaten by another seller’s more competitive bid)

Multistep Auction

The multistep auction is used for strategic purchases with strong supplier relationships. To support the supplier (seller) selection process, the multistep auction is done in two parts. The first part is a ranking auction in which the buyer defines the ranking process, guided by the criteria function. The buyer can choose to make as many tiers of the ranking auction as needed.

Market Enquiry

The market inquiry is meant for buyers that can’t fully define the item of purchase and want help identifying needs; that want to get an insight into the current market pricing; that just want to find out which sellers can supply the item. The buyer has to provide a minimal reward pool of PAN tokens for n bids from different sellers. It is on the buyer to decide the appropriate reward per bid and the size of the reward pool. The higher the reward, the bigger the chance that sellers will place informative bids.

Market tools

Acknowledging SMEs as our principal market, we recognize that many lack the funds, infrastructure or knowledge to digitize their purchasing processes fully. Procurean will ensure knowledge and experience transfer from enterprise-sized businesses to SMEs by providing wholesome tools supported by backend statistics that will complement and provide better utilization and performance of smart instruments on the network.

Discovery

To establish a frictionless and informed market with appropriate information flow, procurean has to make sure that buyers have a way of finding sellers offering the items they are looking for and that sellers can find buyers for their items. This will be done in continuity along the network, comparing data collected from past transactions, vendor management tools and the network item catalog, to correctly identify the availability and projected capacity of items on the network by businesses with a sufficient trust ranking. As buyers and sellers use the instruments on the network, machine learning algorithms will learn to accurately identify potential business opportunities and considerably simplify or completely automate human work.

Procurean ecosystem

Procurean network

provides an implementation for all smart instruments and tools. Built using Procurean nodes which act as a self-organizing system to provide the functionalities, the decentralized network uses the public blockchain to ensure data immutability.

Procurean API

provides the entry point to the services offered by the Procurean network. It defines the rules and protocols for the external system to enable it to integrate with the network. In order to speed up the integration, the default implementation will be provided in the shape of a Procurean adapter.

Procurean dApps

a set of multi-channel applications providing functionalities of the Procurean network to users who do not integrate their systems via the Procurean API or in situations where existing systems lack certain functionally used/needed by the purchasing processes.

Team