Commerce Coin is a blockchain-based token that promises to be the future of commerce. Find out what that means today in our Commerce Coin review.
What Is Commerce Coin?
Commerce Coin, found online at CommerceCoin.io, is a digital currency that wants to connect the cryptocurrency world with traditional markets. The blockchain on which the currency is based will provide a payment platform “to interface between the crypto & traditional markets”, explains the official website.
The goal of Commerce Coin is to solve the lack of liquidity and lack of usability for cryptocurrency in traditional markets. Yes, cryptocurrencies have surged with growth in recent months – but most people still can’t pay for rent or buy groceries with cryptocurrencies.
Commerce Coin plans to solve that problem with its unique blockchain technology, specifically designed to handle higher volumes of transactions per second than existing blockchains.
The platform appears to have been developed by a Switzerland-based team of developers. However, there’s relatively little information about the company available online.
How Does Commerce Coin Work?
Commerce Coin is built on the COM-blockchain, which is a unique blockchain platform designed specifically for commerce applications.
Obviously, today’s major blockchains work well for certain tasks – but not great for others. There’s no need to register every cup of coffee you purchase in the bitcoin blockchain, for example. This limits bitcoin’s usefulness as a payment gateway for day-to-day purchases.
With that in mind, the COM-Blockchain is designed to handle higher volumes of transactions per second than most of the existing blockchains.
To achieve that functionality, COM-Blockchain uses BitMatrix, a blockchain as a service solution designed for better transaction scalability and efficiency.
Commerce Coin Features
Commerce Coin emphasizes all of the following features:
BitMatrix’s distributed node architecture, AES256 bit encryption, and rapid blockchain validation and confirmation algorithm all contribute to it being a stable and secure platform.
Scalability is crucial when building a blockchain for commerce. COM-Blockchain, as mentioned above, is built to handle high volumes of transactions.
Decentralized applications (DApps) developed on the platform will use COM-Blockchain as a primary method of payment. Com-Blockchain aims to facilitate all stages of the supply chain – whether it’s for buying products or services online, or making traditional purchases in-store.
We would love to tell you more technical details and features about the platform, but the Commerce Coin website has surprisingly little information available. We can’t find a whitepaper, for example, and no further details about the platform are available online.
Uses For Commerce Coin
Commerce Coin and the COM-Blockchain can be adapted for all of the following uses:
A Payment Gateway For Online Merchants:
The COM Payment Gateway platform allows online stores to accept Commerce Coin (COM) as a currency for online purchases.
POS System For Offline Merchants:
Commerce Coin has a Point Of Sale (POS) system that provides brick-and-mortar merchants with the ability to accept COM seamlessly.
Basically, the goal of Commerce Coin is simple: provide a simple, efficient, and cheap digital token that’s been specially adapted for online and offline retailers. That’s where Commerce Coin sees an opportunity to succeed.
The Commerce Coin ICO
There will be a total supply of 20,000,000 (20 million) COM tokens. 60% of those tokens are available through the public crowdsale; 20% are kept for the team; and 10% each go to partners/advisors and bounties/rewards.
The ICO is not officially available to residents of the United States or China. Anyone else, however, can buy Commerce Coin throughout September 2017 by visiting CommerceCoin.io.
As of September 7, the company is still in the pre-sale phase of the token sale. They’re selling 1500 COM for 1 ETH, which is an 80% bonus. There are a total of 994,968 tokens remaining.
Commerce Coin Conclusion
Commerce Coin is a digital currency designed specifically for the world of commerce – including offline and online merchants. The company has created a blockchain – called COM-Blockchain – that aims to provide faster transaction speeds per second than other modern blockchain technology.
Overall, for a company currently going through its pre-ICO, there’s surprisingly little information about Commerce Coin available online. The company doesn’t seem to have a whitepaper up on its official website. There’s also no information about who’s developing the project, or any technical details behind the platform. The Facebook page simply lists “Switzerland” as the company’s location.
Typically, when you send money to a company online for an ICO, you expect to see a little more information. Nevertheless, if you’re confident in Commerce Coin’s plan and their ability to get the job done, you can participate in their token sale today at CommerceCoin.io.