Allowance Network: Meet the next generation allowance networkWe are happy to announce the launch of the new Allowance Network which helps people to get, use and manage their allowances in better way. When we say allowances, we mean salary allowances (for tax saving), perks, gifts from employers and gift coupons from other people (on holidays, specials days like birthday, anniversaries etc..). Currently, problem is your allowances or coupons is non-transferable. You can use one type allowance at another place. Like - you cannot use meal vouchers to shop at e-commerce site.
We are trying to solve that problem by introducing Colored Allowance Token (CAT) - new crypto tokens. Each allowance type will have different color. Example: Food related vouchers will have red color and health allowance will be represented as white color. You can spend specific type of allowance at specific merchant. But you can change color using Allowance Network, so you can now have interchangeable allowances.
CAT tokens cannot be traded on public exchanges. It will be considered as Internal tokens to drive Allowance Token. It's value will be decided by Allowance Network Governance System.
Allowance Token (ALW)Allowance Network will be governed by people who invested in it. To make this transparent and decentralized we have introduced tradable crypto ERC20 tokens on Ethereum - called Allowance Tokens (ALW). Allowance Tokens will be color-less and can be traded on public exchange. People holding ALW tokens will have rights to vote and propose on Allowance Network and will receive share of profit
. You can check our medium blog post to know more:
https://medium.com/@AllowanceHQThis is how it works:
https://allowance.network/images/how-it-works.pngBusiness ModelWhen you change color or transfer your Colored Allowance Tokens, Allowance Token will take small fees decided by ALW holders. Profit collected from Allowance Network will be divided by ALW holders based on their stakes.
Acquiring customers and productsWe have decided few strategies to acquire customers and merchants. Main problem is to get merchants on the board. It's chicken-egg problem. Merchants need more customers to start accepting tokens as payment and customers need more merchants to start accepting allowance in Colored Allowance Tokens.
So we have decided to take unique approach to this problem
by launching payment card (Visa or Mastercard) with prepaid allowances. People will be able to check their balances, change colors (allowance types) and spend it from
Allowance Network mobile app. As it will work as normal credit card, merchants will have no issue on accepting it.
Will be payment card virtual or physical? We are working on the idea and solution. It will be first virtual. We might launch physical card if we get good response on this approach.
CrowdsaleTotal: 500M ALW tokens will be created while crowd sale period and no tokens will be created after that.
Rate will be: 1 ETH = 10000 ALW tokens. (We are thinking to reducing to 1000 ALW only - in that case total tokens would be 50M)
Distribution: 10% of total ALW tokens will be reserved to Allowance Network for future use and stability of the network and remaining 90% will be available during crowd sale.
We have planned our
ICO on 5th July - block starting 3980794.
Site:
https://allowance.networkSlack:
https://allowance-network.herokuapp.comCrowdsale:
https://allowance.network/crowdsale.htmlBlog:
https://medium.com/@AllowanceHQLet me know what you guys think.
Thanks,
Joe
