8th Continent is an upcoming digital platform that aims to create a new social marketplace. Find out how it works today in our review.
What Is 8th Continent?
8th Continent describes itself as “the next-generation social marketplace.” There are only 7 continents in the world today, but 8th Continent aims to be the eighth one.
The goal is to create a free marketplace controlled by the users. 8th Continent uses the word “social marketplace” frequently in its website and whitepaper. However, 8th Continent is more of a social network and online gaming platform than a marketplace. You can purchase digital goods from the 8th Continent marketplace, but you can also interact with other users and participate in skill-based games.
Key features of 8th Continent include a provably fair and transparent gaming environment where players are rewarded for their skill.
The project is in development by a China-based team. The marketplace is scheduled to launch on August 8, 2018.
How Does 8th Continent Social Marketplace Work?
8th Continent is a blockchain-based social marketplace built specifically for China. The platform aims to create the first completely digital economy.
Using the social marketplace, online companies can produce various digital goods, then trade goods for digital currencies. The marketplace will have transparent rules. All transactions will be governed with smart contracts.
Of course, we already have plenty of other decentralized marketplaces competing for your attention. What makes 8th Continent different? The platform aims to overcome the idea of a “zero sum game”. The zero sum game is the idea that total losses and total gains always equal zero. In order for one person to win, another person has to lose. In order for one person to make a profit, another person has to lose their money. These types of environments can discourage people from participating.
That’s where 8th Continent wants to change things. 8th Continent will use advertising to eliminate the idea of a zero sum game. Every digital product on the platform will have a brand sponsor. The name of that sponsor will automatically appear on the product every time. In exchange, the brand sponsors will pay a small advertising fee each time a digital product with their name is sold. That fees gets divided between the operator and users, which means circulating funds on the social marketplace are higher than the total amount invested by users. It’s not a zero sum game because advertisers input money into the ecosystem.
Users can purchase branded or unbranded products from the 8th Continent marketplace. They can also market products and earn affiliate commissions: you can sell digital products to make extra money.
Other advantages of 8th Continent include its ability to reduce digital advertising fraud. 8th Continent allows advertisers to view the transparent results of their advertising campaign.
8th Continent will initially only offer digital goods. However, the exchange seeks to integrate real world products and services by 2019.
After 2019, 8th Continent also plans to implement its own smart contract-based stock exchange. Digital companies on this stock exchange that reach the eighth level can access additional liquidity from investors on the platform.
Ultimately, it’s hard to understand a lot of the information explained by 8th Continent online – like it’s “no zero sum game” advertising system. The platform is catered to a Chinese audience, so much of the information about the platform is written in Chinese.
How Do ECB Tokens Work?
The 8th Continent ecosystem revolves around the use of the EB token.
If you want to buy, sell, or trade products on the 8th Continent social marketplace, then you’ll need to hold ECB tokens.
The company’s website and whitepaper repeatedly mention that they expect the value of the coin to rise significantly. As the number of 8th Continent users increases, the value of the token will grow.
8th Continent ECB Token ICO Details
The 8th Continent ICO for ECB tokens is scheduled to take place from April 18 to 28, 2018. There will be a total supply of 88 million ECB available during the ICO priced at 800 ECB per 1 ETH.
Meanwhile, the 8th Continent marketplace will open on August 8, at which point anyone will be able to purchase ECB tokens from the platform at market rates. There will be a total supply of 800 million ECB tokens available when the platform launches on August 8, bringing the total supply (launch plus token sale) to 888 million ECB tokens.
Who’s Behind 8th Continent?
Listed members of the 8th Continent team include Gregory Harmati, PhD (Founder), Laszio Kaszonyi (Programmer Lead), Ferenc Erb (Programmer), and Kristof Koczka (Designer).
In addition to founding 8th Continent, Harmati is the fouder of Seventh Continent, Ltd., which is the name of the development team behind 8th Continent.
Harmati founded 8th Continent in June 2016 in Hong Kong. The official website, however, lists the company’s location as Preston, UK.
Prior to launching 8th Continent, Seventh Continent Ltd. had created the Seventh Continent Digital Commodities Exchange, an online marketplace where users could transact in bitcoin. The engine behind that exchange provides the foundation for 8th Continent.
8th Continent Conclusion
8th Continent is a next-generation social marketplace where users can buy, sell, and trade digital goods in exchange for ECB tokens. The platform is catered specifically to the Chinese marketplace.
Some of the key goals of 8th Continent include launching a platform for self-managed digital assets based on transparency, fair play, free market, equal opportunities, and smart contracts.
To learn more about 8th Continent and its upcoming April 2018 token sale, visit online today at 8ICO.com.