With the sudden surge in blockchain utilities spreading their wings over each and every kind of businesses, one thing that prevents the masses from adopting it as a medium of exchange is trust and infrastructure issues. Right now, with more than 1300 cryptocurrencies doing the rounds in the digital world and various ICOs, we cannot but admit the need for a full-fledged and self-sufficient financial system and set up to let the currency function as a medium of exchange, saving and investment with no barriers. Why does Fiat money appeal to us? It is simply because of the ease of operations and handling and the ubiquitous nature of the currency. We have a full proof and trustworthy financial system with banks, businesses, and government all upholding it as a legal tender and the consequential stability that comes with it. Similar is the case with digital currency as well, to let it enter the mainstream financial circle, there is an eager requirement of a system and ecosystem that adopts it unbiased and let it merge seamlessly with traditional modes of payment. One such attempt in this regard is EIB that tries to inculcate varied features and facilities to strengthen the foundations of its base currency, EIB.
EIB is a self-managing financial system with P2P trading based on the open-source platform of Ethereum. It works on the decentralization model of the blockchain.
As such, no central authority can command control over its functioning. Like Dollar, EIB is a currency in the digital world and operates on ethereum blockchain- the ERC223 platform. ERC223 is the standard display for the token code. It allows smooth interaction with smart contracts and applications allowed on the blockchain.
Components of the platform:
EIB exchange -
It combines security hardware, a combination of exchanges and handheld devices in a self-contained P2P trading platform. Complete security is ensured on the platform.
EIB Wallet -
There are two EIB wallets one is the hardware version the other is the web version. The hardware version is safest when it comes to cryptographic wallets but you need to store them safely in your homes. Once lost they can be replaced by restoring the original security information. The web version will be authenticated by google authenticator and SMS. The web version is available in both desktop and mobile mode.
A reserve of cryptocurrencies is always held in the platform to remit and trade money easily.
How does it work?
It works without a central host. The users can store and invest their capital in the non governmental financial stream and earn revenues. They are focusing on developing a blockchain era bank with EIB transfers possible only through devices with an internet connection. The transactions are monitored through the blockchain. EIB can be transferred anywhere at any time in the world within seconds.
The system will be similar to the world monetary system based on inflation and, demand and supply conditions. It will play the role of the company that handles all ICO processes. It will help individuals in saving their money and help businesses to chart their future payments based on cash flow history and other factors.
** Benefits** :
- It will be based on the blockchain, hence, will be transparent and trustless in approach.
- Based on smart contracts it brings in the security and immutability in transactions.
- It tries to bring the crypto world a little close to the fiat world by basing the core dynamics of the platform on traditional monetary systems.
- It allows the business to improve cash flows by extending financial handles.
- The users can save, invest and trade in EIBs through their self-sufficient system of banks and exchanges.
- It works on a P2P model.
EIB token and its ICO details:
The ICO is being held to give the public to view cryptocurrency as a mode of payment in the real world with some countries accepting it as a legal tender. EIB will be an ERC223 compatible token that will be the sole currency on the EIB platform. The ICO begins on July 17 and will end on August 18, 2018.
A total of 18,000,000,000 EIB will be released. The price per token will be $0.025. The mode of payment will be USD, BTC, ETH, LTC, and BCH. The hard cap is fixed at 34000 ETH. The soft cap is fixed at 11000 ETH. The maximum supply will be 30 billion EIBs.!
The EIB project aims to enter the crypto scenes on the lines of ethereum like scale. It wants to function as an independent currency solely meant for financial purposes and not as a domestic utility token of a particular project. The users can earn through saving and investing in EIB. By trading in the token profits can be earned through their perpetual appreciation in future. The investors, by participating in the ICO can get the currency at competitive prices as well.
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Blog By: Lanirm Knayam