Blockchain. For years both experts and enthusiasts have hollered the coming of a new age, an evolution of commerce prompted by a continuously updated, distributed digital ledger and the ease of transaction it entails. Yet a recent survey among global CIOs shows that only about 23% of their companies have investments in blockchain and a meager 1% already have the technology implemented in their operation.
Despite the fact that cryptocurrency market is growing by the day, and more and more blockchain-based start-ups prove the benefits of decentralization, there is still a distinct separation between traditional business and blockchain. It is, for the large part, caused by the possibility of wasting investment, lack of specialists and overall fear of changing things that have worked for years.
This situation will not go on forever, all it takes is one company to become accessible and profitable enough, to serve as an example. The key feature of cryptocurrency is its ability to perform transactions with top-tier security and no consideration of borders or distances. Blockchain banks have the potential to greatly speed up international transfers, withdrawals and the process of integration of new services and partners.
Mistrust for the centralized banking system and their dubious methods of dealing with the consequences of the financial crisis has been reaching its final points. Now the world economy is rife with opportunity for a project that removes unnecessary middle-men, that waste time, money and halt innovation.
ENTRY is a blockchain-based platform that aims to encompass all the functionality that traditional banks offer, enhancing it every step of the way. United Kingdom and Lithuanian based, ENTRY group envision their project as an entry point for old-fashioned financial systems worldwide, into the new technology. The development team consists of more than forty bright minds with years of experience in finance, blockchain, marketing and business development. Only through expert guidance of Entry's CEO, Tomas Ambrazas, has it become possible to bring so many disparate specialties together and create a comprehensive product.
ENTRY will offer payments and lending services, deposits, international transfers, ATM withdrawals, as well as a cryptocurrency to cryptocurrency and cryptocurrency to fiat exchange.
There are six main elements that contribute to ENTRY business model:
Entry.Money is a fiat and cryptocurrency e-commerce platform. ENTRY will invite internet merchants to settle all their payments using Entry.Money, which will result of the freedom of choice for their customers. Whether they choose cryptocurrency, or fiat, the conversion will be simple and quick. No consideration for national borders needs to be made, and all the user information will be securely stored on the blockchain.
Entry.Bank was created to ease international transactions and provide all the same functionality as a traditional bank. A personal debit card, loans and investments services, factoring services, insurance, are among the many benefits accessible through this hybrid bank.
Entry.Exchange is a top speed cryptocurrency exchange. In addition to allowing investors and traders trade in and out of several currencies, it will give space to High frequency and Algo traders, that are struggling now, due to a longer time of their transactions.
Entry.Network includes the technical back-end of the platform, including smart contracts, crypto wallet, etc. An API will be provided to 3rd party companies to integrate into their own projects. The features that partners will be able to access will include the wallet, API for trading, platform as a service, etc.
Entry.Cash was specifically designed to increase accessibility through ATM withdrawals and payments. ENTRY intends to provide free debit cards, free fiat-to-fiat transfers, and free exchange soon after launch. Cryptocurrency is not numerous enough to fully replace fiat for everyone, so easing the users into the system through a cash system is the best route to take.
Entry.Token is a utility token, the main fuel of the whole ecosystem. An ERC-20 standard token, based on the Ethereum blockhain at release, will later be switched to a blockchain of Entry's own development. This will bring an additional cost-effectiveness for all parties, and untie Entry's hands in even more ways. The Entry token can be used to pay any fee in the ecosystem, as well as serve as an asset.
This unified system, powered by artificial intelligence, and containing the complete set of tools, will finally allow people to use fiat in tandem with cryptocurrency, which will inevitably increase the flow of cryptocurrency into the real economy.
Entry takes pride in their multi-currency wallet, that will be able to store and transfer the popular coins and the hundreds of emerging new coins. A unique feature of the wallet, that strongly increases its utility is a fiat-to-fiat exchange.
After the tokensale, 40% of the funds raised will go to business development, 5% will be reserved for research and market expansion, 22% for legal compliance and 20% for marketing. The remaining 13% will be utilized as operational and bug bounty funds.
As mentioned above, currently Entry group exists in two countries – UK and Lithuania. In order to expand their influence, as well as have the ability to perform cross border payments, no matter which countries are involved, Entry will employ additional representatives all around the globe.
It is clear right out of the gate that Entry means business. No matter what aspect of the project you turn your attention to, it is done with utmost precision and far-sighted approach. When people talk about blockchain innovation and game-changing technology, projects like Entry is what they have in mind. If the development team sticks to the points outlined in their official roadmap, in no time, the cryptocurrency industry and commerce as a whole will change beyond recognition.
For more information about the Entry ICO inner workings, their tokensale and technical details of the ecosystem, please check out the links below. For all you bounty hunters out there, ten million ENTRY tokens were designated as bounty and Airdrop pool. There are both social media and content creation campaign that you can find interesting.
What do you think is missing from the current banking system that could be created using blockchain? Would you completely switch to a decentralized bank if given the option? Please tell me in the comments below.
Author's bitcointalk: OceanWind33