[ANN][Token Sale] eCoinomic.net Episode One. Loans: hedge crypto - get money!

[rahul10948]

eCoinomic Hindi Whitepaper Completed

https://drive.google.com/open?id=1Z3MJwsU9vDl9-jIHkUrlbdku76AeRQXo

ANN and Bounty thread is already done and live at:

ANN: https://bitcointalk.org/index.php?topic=2947376

Bounty: https://bitcointalk.org/index.php?topic=2946601

Thanks

[aidit45@gmail.com]

did you have the innovations to grow up the price when your token has been transfarable or when already list in exchanges. I think all of people ask about that when the ico finished

[tomkat]

From your whitepaper

The valuation of the collateral can vary from 50 to 70% depending on the type of asset, user rating and application of the loyalty program.

eCoinomic smart contracts enforce the fulfillment of loan obligations and thereby protect the investments for the owners of both collateralized crypto assets and fiat funds.

If a user defaults, how are you going to recoup the rest of the amount due?
For instance, from a guy from China that is not going to pay back loan for his brand new miners

How exactly, the smart contract enforces the fulfillment of loan obligations?

What if collateral (I guess it can be locked crypto assets) will drop significantly overnight?

And also, are you going to perform your own KYC/AML or use external service?

[eCoinomic]

Hi tomkat, thanks for your questions.

If a user defaults, how are you going to recoup the rest of the amount due?
For instance, from a guy from China that is not going to pay back loan for his brand new miners

In this event, the crypto collateral of the user will be partially liquidated via the rules of smart contract =>sold on the exchange to repay the loan amount.
The more detailed explanation of this case can be found on page 16 of the WP https://ecoinomic.net/docs/eCoinomic_WP_0213.pdf

How exactly, the smart contract enforces the fulfillment of loan obligations?

The smart contract monitors current quotes on several exchanges, which allows an objective assessment of the current rate of crypto assets.
For more information on the inner workings of smart contract please consult page 15 of the WP

What if collateral (I guess it can be locked crypto assets) will drop significantly overnight?

In case if the current rate of crypto assets decreases by more than 10% of the valuation amount, the system alerts the client who can:
-Deposit additional funds or crypto assets to cover the difference between the value of collateral and the amount of the loan;
-Agree to the partial liquidation of collateral to repay the loan;
-Close credit line

And also, are you going to perform your own KYC/AML or use external service?

We plan KYC and AML procedures for large ICO investors using external service.

Please let us know if you have more questions

[Kena Banned]

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[tomkat]

Hi tomkat, thanks for your questions.

If a user defaults, how are you going to recoup the rest of the amount due?
For instance, from a guy from China that is not going to pay back loan for his brand new miners

In this event, the crypto collateral of the user will be partially liquidated via the rules of smart contract =>sold on the exchange to repay the loan amount.
The more detailed explanation of this case can be found on page 16 of the WP https://ecoinomic.net/docs/eCoinomic_WP_0213.pdf

How exactly, the smart contract enforces the fulfillment of loan obligations?

The smart contract monitors current quotes on several exchanges, which allows an objective assessment of the current rate of crypto assets.
For more information on the inner workings of smart contract please consult page 15 of the WP

What if collateral (I guess it can be locked crypto assets) will drop significantly overnight?

In case if the current rate of crypto assets decreases by more than 10% of the valuation amount, the system alerts the client who can:
-Deposit additional funds or crypto assets to cover the difference between the value of collateral and the amount of the loan;
-Agree to the partial liquidation of collateral to repay the loan;
-Close credit line

And also, are you going to perform your own KYC/AML or use external service?

We plan KYC and AML procedures for large ICO investors using external service.

Please let us know if you have more questions

Thank you for the answers.

My main concern is extreme volatility of crypto. It's possible the market of collateral asset starts dropping by let's say 40-50% in minutes, and then rebounds immediately (due to market manipulation, automated trading, fake news for the asset, etc...). I guess the smart contract will have no choice and will start selling too, won't it? This can potentially liquidate a healthy position just because of the sudden market noise. Or else, if the market isn't liquid enough your smart contract can actually intensify the sell off.

[eCoinomic]

My main concern is extreme volatility of crypto. It's possible the market of collateral asset starts dropping by let's say 40-50% in minutes, and then rebounds immediately (due to market manipulation, automated trading, fake news for the asset, etc...). I guess the smart contract will have no choice and will start selling too, won't it? This can potentially liquidate a healthy position just because of the sudden market noise. Or else, if the market isn't liquid enough your smart contract can actually intensify the sell off.

Great question, a valid concern. We plan to implement reporting system to alert users of sudden price changes.
Also in order to try and combat volatility, there's a 13m insurance fund provisioned (will be taken out of ICO hard cap, for more on funds distribution see page 6 of the WP https://ecoinomic.net/docs/eCoinomic_WP_0213.pdf)

[NokasKili]

ECOINOMIC PORTUGUESE ANN & BOUNTY THREAD IS NOW AVAILABLE HERE:
https://bitcointalk.org/index.php?topic=2961909.msg30413143#msg30413143

[eCoinomic]

ECOINOMIC PORTUGUESE ANN & BOUNTY THREAD IS NOW AVAILABLE HERE:
https://bitcointalk.org/index.php?topic=2961909.msg30413143#msg30413143

Great job NokasKili, thanks for supporting the project.

[eCoinomic]

Hello eCoinomic team,

I’ll be happy to see you on Skatt listing platform!
You will be able to register for free and show your project to the world.
Information about our platform on BitcoinTalk.

Good luck with your ICO guys!

Thanks for the invitation skattio, will be registering asap.

[eCoinomic]

Hi everyone, we're currently in the process of updating the White Paper. Stay tuned  

[Electrified]

Hi everyone, we're currently in the process of updating the White Paper. Stay tuned  

Excited to read the whitepaper which i know a lot important information about the company and the project will be discussed..  I am very much amaze with its very attractive bounty campaigns that plenty are going to involve.  For ecoinic provide users with functionalities lending, exchange, transfer, finanacial management and consolidate with online payment service and system.  With its all in one feature and is incomparable it lessen your cost and time.

[eCoinomic]

Hi everyone, we're currently in the process of updating the White Paper. Stay tuned  

Excited to read the whitepaper which i know a lot important information about the company and the project will be discussed..  I am very much amaze with its very attractive bounty campaigns that plenty are going to involve.  For ecoinic provide users with functionalities lending, exchange, transfer, finanacial management and consolidate with online payment service and system.  With its all in one feature and is incomparable it lessen your cost and time.

Hi Electrified thank you for your opinion! You can now find the updated WP here

[eCoinomic]

Hi everyone!
Do not hesitate to join the conversation at eCoinomic Community Telegram.
Our founders will gladly answer all your questions on the technical features of the upcoming platform and discuss ICO details.

Thanks!

[eCoinomic]

There is one more language available for WhitePaper translation.
We are looking for Japanese translation.
Please PM us for more details or fill in the form here

[candyconstantino11]

sounds nice and ill look forward for the bounty.will it be  mining here?

[eCoinomic]

sounds nice and ill look forward for the bounty.will it be  mining here?

Hello candyconstantino11, no mining planned for now.

[kkoh360]

initial ann translation for chinese
https://bitcointalk.org/index.php?topic=3008921.msg30938135#msg30938135

whitepaper still in good progress 

[overlord_44]

Here is the link of WP in Turkish Language

https://drive.google.com/open?id=1RaeU_5oE1YnyQ69PZNm_Pno5SbkdDmGE

[eCoinomic]

Hi everyone!
Hope you're doing great! 



We'll post eCoinomic project video to the website soon, but you can already watch it here