Citizens reserve announced on Monday the 14th, that it recruited one of the most important members of Deloitte’s blockchain team – Eric Piscini – so as to provide a tokenized blockchain protocol to one of the most inefficient markets globally.
Eric Piscini is the most important figure hired, but other two former members of the company’s division will be joining the start-up. Citizens Reserve is now working in order to release its permissioned blockchain protocol known as “zerv,” that has been designed to function as the operating system for the supply chain.
“We’re building a supply chain middleware that sits on top of the blockchain and gives you all the fundamental pieces of the supply chain,”
explained Mr. Piscini.
The Zerv network will be operating on top of existing and successful blockchains including Ethereum, and JP Morgan’s Quorum. One of the key points of the platform is that it will be featuring a digital currency that is redeemable for actual assets.
“The real version is that is that this is decentralized platform, which is very true to the blockchain. We don’t want to become a centralized system,”
The main idea of the team is that the company will be accumulating real-world assets to support the token. In this way, the token would not fall under $0.01. Members would be able to redeem the tokens for these assets in case they want to do so.
The Ethereum-based Zerv tokens will be used to access and use the blockchain network and will allow users to process frictionless transactions between all the key participants within the supply chain. At the moment, there will be issued 50 billion Zerv tokens with a total market capitalization of $500 million dollars.
The first fundraising round was exclusively for friends and family, raising $2.3 million dollars.
As reported by Forbes, the participants were given ‘convertible notes’ that would be exchanged in the future for tokens.