http://bravenewcoin.com/news/providence-building-a-new-economy/“Providence will allow people to create their own self-sustaining enterprises limited by their own creativity and salesmanship. This means anyone can raise funds, anyone can invest capital, and the system enables regulatory streamlined open investment.” – Jared Mimms, CEO and lead coder at Providence
The Bitcoin Industry has seen a raft of economic tools released recently. Ethereum created quite the stir earlier this year, with its smart contract platform. Mimms is a great supporter of the Ethereum project, but believes there is an alternative approach that can better service small businesses and their future success.
“Providence has a plan to create intrinsic value within the market place by giving access to real stock exchanges and real insurance. This concerted effort at establishing not only the code infrastructure, but actual economic infrastructure creates an environment more conducive to the success of a small business than Ethereum. Decentralized Autonomous Organizations and businesses getting into crypto will have better access to complimentary markets.”
– Mimms
Private investment in FinTech, states a recent press release by Providence, has risen from $3 billion in 2008 and is on track to $8 billion in 2018. Providence is hoping to acquire 50% of the crypto-exchange market, and allow a low barrier of entry and the tools for smaller businesses to enter.
“The team hopes the Providence client will level the playing field for the smaller enterprises looking to make a bigger impact, and enable large enterprises to be more efficient. The CEO and lead coder, Jared Mimms, has his sights set on changing the global financial industry for the better.” States the recent Providence Press Release.
Mimms has been in the industry for some time, testing the market with Peercover, “In the short history of Peercover we have offered many innovative proofs of concept, and along the way have achieved some success.” explains Mimms, “We integrated a stock exchange, launched peer-to-peer insurance, spearheaded a new credit protocol at source, and invented turing complete contracts and autonomous corporations.”
Peercover was closed in June this year, with an announcement by Mimms stating, “The company is not currently positioned for success and we are unable to pay the server bills from the little revenue that we are generating.” Mimms claims a lack of funding, and specifically that funds were “frozen by our enemies in Google Wallet." Mimms continued in the announcement, “We plan to fragment the technologies we have built and spin off separate applications.”
In line with this plan Providence has added four additional projects to facilitate the enterprising ecosystem. These additional projects will consist of; Pier, an asset and currency exchange; Pecunia, a stock exchange built on the Ripple protocol; Paladin, a social rating system utilizing the Ripple Protocol and Pilgrim which is the mobile application and API providing contract credit that will work with Providence.
“With the Peercover trials we pioneered voting schemas [and] we have transitioned to decentralized formats beginning with Paladin, giving partners (Providence users) power. We have the technical means to ensure all Providence aficionados are revenue sharing partners in life.”
Mimms is confident in their decision to build on the Ripple platform, “We already have pushed applications on the protocol to great success.” There are specific reasons as to why Providence have chosen Ripple.
“Right now we, as a species, require a consensus ledger P2P financial framework for technical reasons regardless of the politics. Ripple can handle 1000 transactions per second on current hardware. The decentralized exchange and tokenization of three dimensionally backed assets as well as many lesser known features of the protocol requisite our serious financial suite.”- Mimms
Providence will be offering a direct public offering (DPO) in the next six to eight months. Until then, the project will be privately funded, with 20% of the company available. Providence will accept non-accredited foreign investors, so long as they comply with local laws. On the 9th December, Providence announced they had enacted Regulation S enabling unaccredited US investment over Ripple. "Providence is offering 1/5th of total shares, 4,000,000, over the ripple protocol" Mimms explains, "We have created a one click method if you hold SnapSwap or Bitstamp USD. Please see the redemption site for more information."
“Currently our society forces centralized education and employments that trap intelligences, producing inefficiency in the application of talent and ability to worldwide endeavors. Providence produces absolute freedom in ability to stretch individual salesmanship and creativity to the limits of value production. Providence is the first truly reap what you sow economy.”
– Mimms
