Escroco provides escrow and insurance for online investments. Find out how it works today in our review.
What is Escroco?
Escroco, found online at Escroco.co, provides escrow and insurance services for investors.
The goal of Escroco is to provide investors with additional security in a turbulent industry. Obviously, cryptocurrency investing is volatile. Escroco seeks to help investors avoid that volatility by providing a crowdsourced insurance fund.
An ICO for Escroco tokens took place in late 2017. As of February 2018, ESC tokens are worth about $1.15 USD, after rising as high as $5 in early January.
Basically, Escroco provides a lending platform similar to the lending systems offered by today’s cryptocurrency exchanges. You can deposit money crypto funds into the platform as an investment. Then, borrowers can borrow that money in exchange for interest payments.
How Does Escroco Work?
Escroco is an escrow and insurance service that aims to connect investors with borrowers in a way that lowers risks and maximizes profits for everyone involved.
How does Escroco plan to accomplish that goal? Escroco will provide escrow services between borrowers and investors. They’ll act as the middlemen for a peer-to-peer lending system.
Today, Escroco offers two websites, including one website for investors and another for borrowers. Investors can access Escroco.net for secure investment opportunities, while borrowers can access Escroco.info to borrow money.
The borrower version will be used to create investment packages and verify each investment before offering it to investors. The investor’s platform, meanwhile, will show all the verified investment packages and the terms of those packages.
A borrower, for example, might upload an offer to Escroco.info, saying they’re willing to pay 20% annual interest in exchange for a $10,000 loan today. Escroco approves that offer, then uploads it to the investor website. Investors who are willing to take the repayment risk can accept that investment, depositing $10,000 into the Escroco escrow account and then earning 20% returns per year.
Investors and borrowers can create accounts on Escroco to access services.
In order for a lender to lend money through Escroco, the lender will need to deposit a predetermined amount of Escroco tokens (ESC). Meanwhile, the borrower will need to verify their identity to Escroco before they’re allowed to post investment packages on the website.
The identity of the borrower will never be revealed to investors.
If a borrower decides he or she needs to borrow more bitcoin than the agreed limit, then he or she will be forced to undergo a second level verification that is lengthier and more extensive.
Escroco accepts a variety of cryptocurrencies, including bitcoin, Dash, Lisk, Dogecoin, Litecoin, Waves, Monero, Ethereum, and Ethereum Classic. Investors can deposit all of these cryptocurrencies into the platform to earn interest on their savings.
What happens if a borrower does not repay a loan? In this case, Escroco has a repayment mechanism that will distribute a minimum of 55% of the borrowed amount to the investors who provided the loan. Escroco will also reveal the identity of the borrower to the investor, at which point the investor “may decide to prosecute or take any appropriate action.”
The Escroco ESC ICO
Escroco’s initial token offering, or ITO, took place in late 2017. The tokens officially launched for trading in January 2018 according to CoinMarketCap. Escroco issued a total of 3.1 million tokens at the start of the token sale. They will never issue any more tokens.
During the ITO, ESC tokens were sold at a fixed price of $1 USD = 1 ESC, rising to $3 per token by the end of the ICO. ESC are Waves-based tokens.
Who’s Behind Escroco?
Escroco does not reveal any information about its team, its location, or its history online. The whitepaper and website feature no information about who’s behind Escroco. In fact, we can’t even find a way to contact the company. However, they do have profiles on social media like Twitter and Facebook.
Typically, before investing in a project, you’d want to know information about the team and its experience. However, many cryptocurrency-based lending systems operate anonymously – including legitimate exchanges as well as fraudulent Ponzi-style lending schemes like Bitconnect.
Conclusion For Escroco ESC ICO
Escroco is a cryptocurrency-based lending platform available to investors and borrowers. There are two separates websites (Escroco.net and Escroco.info) setup for investors and borrowers. Investors can deposit money into Escroco, then begin earning a return on their investment. Borrowers, meanwhile, can verify their identity in order to borrow money from investors.
In other words, Escroco is similar to the lending programs offered by existing cryptocurrency exchanges and services.
There are some unusual things about Escroco. The whitepaper and website are a bit of a mess. They’re filled with grammatical problems and awkward layouts. It’s also unusual that Escroco does not post any team information, contact information, or other data online.
To learn more about Escroco and how it works, visit online today at Escroco.net.