Let us introduce the world’s first semi-stable token with predictable price movement, disrupting the international remittances space with an already working product aimed at “normal people”.
1. A solid, real-world use case
Send Protocol is not a solution in search of a problem. Through our first Dapp built on top of Send, we are directly addressing a multi-billion dollar market: migrant workers sending money back to their home countries. It is an industry plagued by high fees, unreasonable FX spreads and incumbents who have grown a little too comfortable in recent decades.
Inefficiency is only a part of the problem. The existing structures fail to perform when economic and political conditions are unstable, like in Venezuela today. While banks and remittance companies still work, inflation and unchecked foreign exchange controls makes using them highly impractical. This has been the case in every country facing capital controls and banking restrictions, from Cyprus to Iceland.
Send Protocol is disrupting this market with WeSend, offering a blockchain-based remittance solution working independently from the banking system, but with strong connections to the local community.
International remittances are only one of the Send use cases. The Send Foundation will hold 10 percent of the SDT tokens, rewarding Dapps built on the Send platform.
2. We have a working product
Send is already a working product. The first service built on top of the Send Protocol is WeSend, a remittance provider targeting the Venezuelan market. It launched on June 1 with more than 80,000 registered users, and a partner network offering tens of thousands of points of payment throughout the country.
Unlike the majority of ICOs, we are not raising funds to build a proof-of-concept or test a vague idea. We seek funding to provide additional liquidity to the Send Token (SDT) and expand an already operational platform to more countries in Latin America and Africa, and eventually worldwide.
3. We tackle volatility and speculation
“Going mainstream” has been the Holy Grail of crypto. So why we are not there yet? We started developing our whitepaper with research asking stakeholders in the industry, and the results were clear if a bit unsurprising: volatility is the primary challenge. People can’t realistically use cryptocurrencies for payments if they can’t be sure their tokens keep their value during the whole process.
We designed SDT to be a semi-stable token with a recognized USD reference price, which is fixed throughout a calendar week (Monday 12 a.m — Sunday 11:50 p.m. EST). The new weekly consensus price for 1 SDT is not pegged but determined by a logarithmic function measuring the network’s liquidity. The price of the token slowly rises as real-world adoption increases, driving real value through real demand. By taking both volatility and speculation out of the equation, SDT can indeed serve as a medium of exchange.
SDT is the very first semi-stable token on the market, and we believe it will be embraced not only by the actual users but also by the broader community as a hedge in turbulent times.
4. Using SDT is as natural as using cash
The target audience for Send Protocol and WeSend is not necessarily crypto-literate. Nor do they need to be; billions of people use fiat currency every day without fully understanding how the banking system works. Our goal is, indeed, to make SDT as easy to use as cash or online banking.
We’ve partnered with PuntoRed, one of the largest points of payment networks in Latin America with more than 70,000 physical locations serving as fiat <> SDT gateways. Through this partnership, remittance services built on Send are already available in Latin America from big cities to small mountain villages. End users might not be aware of the underlying technology, but they will certainly appreciate the speed, the low cost, and inflation-resistance of SDT.
We’ve also partnered with ePayco, a leading online payment gateway, and Cryptobuyer, a cryptocurrency buying and selling platform. Both will support SDT transactions in the very near future.
5. We’ve built a superstar team
Two of our co-founders, CEO Camilo Jimenez, and CTO Marcio Abreu, have been working in the cryptocurrency industry for several years. They founded InstaKiosks back in 2016, a company developing and operating Bitcoin ATMs in the US and Europe with a turnover of millions of USD per week. Our third co-founder, COO and Chief Visionary Francisco Córdoba comes from the startup tech industry, holds an MA at University College London, has been recognized by the Indian Government, fellow of the Do School and Westerwelle Foundation and has been a mentor of the Founder Institute.
We are proud of our advisory board featuring fantastically knowledgeable people like Nasrat Khalid, who led the World Bank’s IT task force rebuilding government and public services infrastructure in Afghanistan after the war, and David García, the founder of the first private crypto fund in Latin America and an accomplished blockchain entrepreneur himself. John Vasikaran, Jose Eduardo Bazoberry and Patricio Molina all bring relevant experience in the fintech and telecom industries to help expand WeSend and add new Consensus Network Partners on key remittance markets.
Join the whitelist
Our whitelist is open with only 2,000 available slots (click here to join!). The public presale price of 1 SDT is $0.14, representing a 30% discount over the $0.20 starting distribution price. Presale starts on July 1, 2018.
You can find further information about the Send Protocol in our one-pager, our whitepaper, and our token economics document.