Studies conducted by various tax-research organizations have revealed that around $24 billion in “sales tax refunds” go unclaimed per annum. This is majorly due to the fact that the rebate processes employed by most countries are archaic, and make use of ”paper based methods” that are extremely arduous. Not only that, but current tax-models also charge merchants a staggering fee of upto 30% on all tax refunds, thereby limiting the use of this scheme.
About EBCoin EBC
The EBCoin ecosystem is an all new crypto based service that aims to redefine the way business is done within today’s “duty free refund market”. According to statistical data, the tourism tax market currently stands at over $24 bn, and thus EBCoin aims to restructure this entire domain via the use of a decentralised platform.
Some of the key aspects of this product include:
(i) Native currency:
(ii) Immediate Tax Refunds:
Through the use of this service, customers will be able to receive their tax refunds instantly. The proceeds will be delivered in the form on ER coins, and will be made available quickly within the users digital eWallet.
Through the use of EBCoin, all tax refunds will be processed in a completely transparent manner. As a direct result of this, the entire taxation process can be streamlined (allowing for greater employee efficiency).
(iii) Increased Tourist Spending:
By offering travelers lucrative returns, EBcoin allows for a substantial increase in tourist spending across “duty free” stores all across the world. All of the payments can be executed seamlessly, via the use of the company's digital wallet.
(iv) Unique Structural Model:
To help implement the use of EBCoin across the planet, the company aims to make use of systems such as:
- Consumer interface portals such as smart apps.
- A native currency called EBCoin
- ATM kiosks which will be established in airports throughout the globe
- Merchant interfaces that will be designed to accept digital payments (as well as allow for loyalty program participations).
How Will the Platform Work?
To make use of this system, travellers will have to make payments via the use of EBCoin tokens at stores that accept the currency as a form of remuneration. At present, there are over 6000 merchants spread around Asia (Korea, Japan, China) that accept this currency as a form of payment. Additionally, there are also ATM kiosks across various airports that have been installed to help in the seamless conversion of EBcoin to other crypto and fiat currencies.
What's to Come?
As mentioned earlier, the company currently operates primarily for the Asian traveller market, but according to their website, they plan to expand their operations within countries such as Australia and New Zealand soon. In addition to this, other prospective sites include countries within Europe and middle eastern nations such as the UAE.
EBCoin EBC ICO Token Details
In all, there will be a total of 750,000,000 EBC tokens that will be made available to participants via a series of token sale events. However, this number only represents 50% of the entire currency pool.
- Pre Sale: during this phase, 20% of all available tokens will be sold (this number works out 150,000,000 EBC).
- Main Sale: the remaining 80% of the tokens will be sold/ made available during this period (works out to 600,000,000 EBC numerically).
Utilization of Funds
According to the official company whitepaper, the collected funds will be used in the following manner:
- 80% of all raised revenue will be used for the development of the EBCoin platform.
- 10% will be used for marketing and advertising this service.
- 5% of the money will be used towards overall maintenance.
- The remaining 5% will be used for the creation of a reserve fund.
In addition to all this, the whitepaper also states that the company will be making use of a “third party” auditing service to increase overall operational transparency.
- 50% of all tokens will be made available to the public
- 10% have been set aside for the creation of a reserve fund.
- 18% will be used by the core dev team and advisors.
- The remaining 22% of the tokens will be for the further development of the company.
Who is Behind This Project?
EBCoin is the brainchild of Jason Kim, who serves as the company’s CEO. He has been in the domain of ‘Ecommerce and Payments’ for over 20 years, and has also been associated with various crypto projects in the past 4-5 years. Lastly, according to his LinkedIn profile, he has also headed other esteemed events such as Eximbay Singapore and KRPartners.
Similarly, Julian Han is the company's COO and has worked as a consultant for firms such as Daewoo and PWC in the past. He is an alumni of Penn State University, where he completed his MA (majoring in Economics). Lastly, Dustin Kim serves as the company’s CTO.
According to his professional bio, he has been in “various fields related to the digital domain”. He has headed over 20 projects in the past, which have included diverse themes such as:
- Credit card communication interfaces
- Liquidation systems
- Cryptocurrency solutions.
For any further details regarding this project, users can get in touch with company representatives via email (or by phone).