Spotcoin a Digital Currency that Works for Everyone

2018, a year of thousands of cryptocurrency projects booms into the market with Initial Coin Offerings (ICO). All of these projects are conceptualized for various industries or segments which has an issue or new solution to a common problem. But, how many of these projects can succeed or implement the conceptualized solutions in Real World is a question. This can be either practicality or the complexity of technical innovations yet to explore.

Spotcoin, an NEO based virtual digital currency project formed in Georgia to offer a solution for a burning issue of filling the gap between legacy financial systems and emerging digital assets systems. Spotcoin will be able to solve the increasing demand for Digital to FIAT currency trading with over-the-counter (OTC) marketplace solutions. Spotcoin was formed in March 2016 and they have successfully processed over 1Mn trades per month with their proof of concept. Spotcoin has planned the project with 5 Key different areas as Below.

Due to limitations in Fiat exchanges Spotcoin targets to execute Large volume trading with their own OTC marketplace. With the proven concept and good relationship with European banks, Spotcoin OTC would able to execute High volume transactions. Spotcoin will work as an intermediate between trading and escrow service for FIAT and Digital Assets. Spotcoin is working on a model of T+1 settlement for all transactions and the OTC platform is secured with 2-FA authentication to provide high security. For High volume traders such as trading over 1Mn USD for a month will get personal Ambassador for assistance on their trading.

The expected digital exchange is to deliver the global exchange with USD, EUR fiat trading and focused to address the demand for regional market trading with accepting GEL, UAH like regional currencies. This Platform is mainly uses the most popular trading pairs with BTC, ETH, SIB(SIBCoin) and GAS. In the same time Spotcoin Exchange accepts and list all NEP-5 tokens that constructed using City of Zion’s Guideline Which Spot Exchange will list free of charge.

SpotPay is designed to connect both Digital Currency and FIAT with retail payments. This payment solution will adopt user-friendly API to connect as a Payment Gateway for the Retail Segment as a secure point of sale (POS) channel. Also, Spotcoin team has decided to develop payment widgets and plugins for major shopping cart platforms for easy integrations. The Spotcore will handle the Digital currency & Fiat transactions combinedly to provide an instantaneous payout to the merchant. This method will solve a huge problem of converting the FIAT to Crypto and wise versa for the retail payments.

Spotcoin is planning to build their own 10MW mining facility which can be scale up to 25MW later. Currently, Spotcoin utilizing 1.1Mw of capacity from various sites in Georgia. Since Georgia’s 75% of the power is generated from Hydropower, the cost of power is significantly low. With regards to low power cost, Georgia contributes the 15% of worlds BitCoin mining capacity. Spotcoin is planning to complete mining facility by OCT 2018 with 2,250 GPU minerswhich can be used to connect with Spot Exchange and OTC. Moreover, project aims to provide mining equipment and mining power to its customers to experience the mining.

Spotcoin has selected NEO as the platform which gives a huge advantage over other platforms such as Ethereum. Neo has 1,000 TPS and zero rate fee for the transactions. With 99Mn of total supply, early Spotcoin investors will have a good return on investment with higher demand. Spotcoin will work as a dividend token and plan to offer 51% from the exchange fees weekly. Most of the ICO’s are accepting only fewer digital currencies, But Spotcoin has decided to accept most frequent digital currencies and moreover they are accepting FIAT with VISA & MASTERCARD, so that whoever wants to be getting to Digital Currency can easily purchase Spotcoin and start trading. After the ICO Spotcoin team is planning to burn all unsold tokens and this will give more demand to the existing token supply.

Spotcoin has a highly motivated team behind the project which they are focused on the concept. As an investor I’m glad to see the involvement of Co-Founder and CEO in social channels, Especially on Telegram, these two are super active and answer the queries right away. I would say Spotcoin is one of the most tranceparent project since they have shared the financial vision and their financial report for the public. Tim (CEO) daily conducting a video about project update where the community can get the Project update daily via social feeds, such as Facebook, Twitter & LinkedIn.