AmigoCoin is a digital currency ecosystem that combines various loyalty programs and points into a single cryptocurrency (utility token), enabling users to access more ways of redeeming the points. By leveraging blockchain technology this projects aims to promote transparency, efficiency and security of loyalty programs.
Amigo envisages the development of an innovative tokenized payment method that will close the gap between fiat and virtual currencies. In this regard, amigo will create an ecosystem that uses cutting-edge technological infrastructure and is legally compliant as well. Eventually, this platform will attract all kinds of business looking to adopt a tokenized means of payments.
In this era of globalization, the prevalence of inter-organization trade has risen by a significant margin. Consumers have also not been left behind, as they purchase items from international e-stores, live and work in foreign countries. This emerging trade has resulted in the strengthening of currencies as well as increase in number of transactions.
Nonetheless, a high fraction of these transactions are tedious, inaccurate and expensive. This is because while the market is undergoing continuous growth, the payment infrastructure is rarely upgraded. As a result, these systems are often overwhelmed by the ever-growing volume of tasks.
For consumers, these systems are not only incomprehensible but also time-consuming. Usually, a lot of time is taken while learning how to operate the payment systems. Service providers are also challenged by the process of tweaking obsolete infrastructure to handle modern tasks.
The AmigoCoin Solution
Using cryptocurrencies, Amigo will transform loyalty points into digital tokens which have an intrinsic value. Furthermore, the development of a blockchain-powered payment ecosystem will significantly lower the barriers impeding individuals from getting banking and other financial services.
AmigoCoin is an ERC 223 compliant utility token that is built on the Ethereum blockchain. Thus, it is compatible with popular ETH wallets, negating the need to download a new wallet. While the ERC223 protocol is still new, it bears significant advantages over the more common ERC20 standard. These include:
- Affordable fees – ERC223 demands lesser gas fees as compared to ERC20.
- Token security – currently, ERC20 smart contracts lack a mechanism to establish their correctness. Consequently, large amounts of money are lost due to error, a situation that is impossible with ERC223.
The Amigo token ticks all boxes as a potential replacement for fiat currencies. Therefore, it would allow the unbanked to access financial services that are currently reserved for the banked population. This vital aspect will intensify the demand for the Amigo token, resulting in a sustainable ecosystem.
During the ICO, the Amigo tokens will be distributed as follows:
- 40% will go to the presale and ICO main events.
- 30% will be allocated for loyalty and marketing incentives.
- 18% will be reserved for the founder and ICO management team.
- 12% will be reserved for the project advisory team.
AmigoCoin ICO Information
- Token Symbol: AMG
- Token Sale Starts: February 1, 2018
- Token Sale Ends: December 31, 2018
- Token Price: 0.50 USD
- Total Supply: 50
- Token Standard:ERC 223
- Soft Cap: 0 USD
- Hard Cap: 30Million USD
Distribution Of Funds
Software development will take up a whopping 50% of the proceeds from the crowdsale. This shows that Amigo is committed to improving the technological infrastructure in its possession. Operational costs will consume 20%, with the reaming 30% being equally shared between marketing and the development of an open source platform.