What Is Procurean?
The Procurean Network (or just Procurean for short) is a new project dedicated to leveraging blockchain technologies to provide higher levels of trust in the online commerce industry. An online marketplace platform that provides the ability to rate buyers and sellers on their reliability, Procurean stores this data in its blockchain ledger for all to see.
The Procurean platform, once it goes live, will be powered by the PAN utility token. The token will be used to bid on products or services, provide escrow services, request guarantees, and other functions.
The Procurean Network Team & Company
Procurean is headquartered in Ljubljana, the capital of Slovenia. According to the company website, the majority of Procurean’s board of directors are located there as well, including CEO Sergej Murgelj, who took on the mantle in March of 2018. Prior to that, Murgelj was general manager and partner of financial firm ALPHA Finance, also located in Ljubljana, starting in 2012; he still serves in that capacity currently.
Other team members include CTO Tomaž Domajnko, who has large-scale experience with high scale performance web platforms, COO Žiga Vajdič, who has a concentration and experience in economics and enterprise-level operational systems, and CSO Miha Slemenšek, with a background in IT security.
How Procurean Decentralized Trading Blockchain Network Works
Procurean is being billed as a B2B procurement platform, designed to put providers in contact with companies in need of products and services. Plans are to accommodate businesses of all sizes, from small and medium-sized companies all the way up to major enterprise.
The platform makes use of blockchain tech to create an immutable ledger to store vendor and company information. Records of each transaction, as well as detailed feedback for each individual company involved in the sale, are then used to formulate an overall reputation score that represents the relative trustworthiness of each organization.
Procurean aims to use this system to build an international, global procurement network that relies on verifiable data, thus making it easier for vendors and companies to do business. The cryptocurrency token that works in this environment, the PAN token, will power the platform; users can use PAN to place bids or make inquiries in blind reverse auctions, multistep auctions, or group purchases.
The token will also be used to fuel any dispute resolution processes that emerge, act as surety and guarantees prior to transactions, and to place funds in escrow as a hedge against fraud.
Procurean PAN Token ICO Details
PAN tokens are built on Ethereum’s ERC-20 standard, or more specifically they will be; these tokens are yet to be pre-mined but will instead be created after the conclusion of Procurean’s token sale. Interested investors will only be able to purchase PAN tokens through Ether, at a relative value of approximately $0.22 USD worth of Ether per 1 PAN. The exact price will be established 24 hours prior to the ICO.
The hard cap for this token sale will be 150 million PAN, which is set as the total supply. 70% of these tokens will be available for sale, with the remainder held onto by the company to help market Procurean and provide value to the founders and the team.
There is no date set for the Procurean ICO just yet, though the company’s roadmap specifies the 3rd quarter of 2018. However, it has been revealed that the main ICO will be preceded by a pre-sale where large investors can receive a 20% price discount, provided they make investments of at least 1 ETH. The public sale following this will have a much lower requirement — just 0.2 ETH — but will eschew the 20% discount.
Parameters Of The ICO
- Token Symbol: PAN
- Token Sale Starts: 2018 (Q3)
- Token Price: 0.22 USD
- Total Supply: 150,000,000
- Soft Cap: 105,000,000
Sadly, there’s no way of knowing when the PAN token sale is going to begin, as there’s no clear information available. However, it may be preferable to wait until the public sale if you are looking to invest, as having to drop a minimum of 1 ETH on the pre-sale may be too high a risk for an unproven company.
Other than that caveat, Procurean is certainly not going to be a speculative investor’s dream. The PAN token is designed to drive utility, not value, and investing heavily in PAN is unlikely to provide much ROI. However, if you’re looking for a possible corporate option for procurement or commerce on larger scales, Procurean may be worth keeping an eye on for now.