Proof Suite is a platform that wants to construct a decentralized and anonymous monetary system using blockchain technology.
“We're focused on creating a censorship-resistant ecosystem of products that bring the ability of the banks to the crowd” stated Mike De’Shazer, CEO and co-founder of Proof Suite.
Their aim is not to become a financial institution or intermediary, but to supply the technology to enhance individual financial sovereignty in an approach without boundaries, taking away the interference of governments and large institutions.
What Is Proof Suite?
The Proof Suite core team is located in South Korea, although the company is enrolled in Estonia. They issued 2.362.062 ERC-20 tokens to fund their initiatives and only a half of them will be available for sale. The tokens not available will be used to fund continuing Ethereum scalability actions, Proof Suite's ecosystem of tools, marketing initiatives, bug discovering bounty programs and advisory reparation.
Proof Suite already raised 1.7 million dollars throughout the pre-sale between August and September, selling only 12.5 percent of complete tokens. 1 significant investor at the pre-sale has been TaaS (referred to as a Service) that led to $260.000. Remaining tokens will be sold throughout the ICO, which will start on the first of November.
How Token Holders Could Benefit From Proof Suite
Over 10.000 users are already creating and trading blockchain-backed assets on the beta Dashboard which can be found on their website. But the real innovation is AMP (Assurance Market Protocol), which is a unique invention by Proof Suite, dependent on Ethereum blockchain, designed to further decentralize their current application.
Assurance Market Protocol (AMP)
AMP internet mobile and desktop user friendly applications will be published in February 2018. The codebase is completely open and customers connect to every other through Socket.io P2P without the necessity of a central server.
AMP Presents Some New Features
A system of insurance custodianship based on contracts that are smart, in order to protect investors from frauds or natural disasters. The issuer places some conditions which determine If the job succeeds or not; the Event Validation & Settlement (EVS) Smart Contract checks if these conditions are satisfied and if not it sends 47.5 percent of their insurance funds to the token holders, 47.5% to the analysts who bets against the token and 5 percent to Proof Suite Token holders.
A prediction marketplace smart contract that incentivizes analysts and experts to share their opinions on the riskiness of assets, just like current evaluation agencies, supplying economic rewards to those individuals who made the right predictions.
Cryptocurrencies pegged to fiat (EUR and USD) characterized by an innovative system of escrow managed via clever contract. The escrow will be in Ether along with the first seeding will be done with a component of ICO's funds.
Proof Suite Token holders get in exchange a 0.5% commission on all pegged cryptocurrency conversions. Ether price fluctuation could make the value of this escrow insufficient; to be able to protect against this issue, Proof Suite will put in place a prediction market on Ether cost and furthermore commissions on stakes will increment the escrow.
In February 2018 Proof Suite will also release its own payment card, powered by Fuze, allowing to cover with Bitcoin, Ether, points and tokens.