What Is Send?
Send is a cryptocurrency protocol designed specifically to preserve transaction values in the face of sudden market volatility. Using the protocol, which requires the use of specific apps designed to function on the network, users can either store, transfer, or exchange value with one another without needing to worry about value losses. The platform accomplishes this with a highly complex algorithm attached to its own SDT cryptocurrency token.
Send is currently holding an ICO. It has already conducted “friends and family” and “private ICO” sales in the past.
Who Is Behind Send?
The Send Protocol was created by a number of cryptocurrency experts that began their careers in 2013, designing and implementing international Bitcoin ATM services. These individuals saw how the inherent volatility of cryptocurrency would routinely erode valuation, which prompted them to band together and create a system that would reduce or eliminate this volatility loss.
The core Send team consists of a trio of co-founders: CEO Camilo Jimenez, CTO Marcio Abreu, and Chief Visionary Officer Francisco Cordoba. Both Jimenez and Cordoba are based in Singapore, while Abreu is listed as working from Colombia; former endeavors worked on by the trio focus on Central and South America. Send itself is listed as being based in Singapore, with the core app that functions over the Send Protocol network, WeSend, established in the Cayman Islands.
How Send Consensus Network Blockchain Protocol Works
The Send Protocol consists of two parts: the protocol itself, which works with a crypto token algorithm to preserve value, and a currency transfer app of some sort to conduct transactions. As of this writing the platform has one first-party app, WeSend, created by the Send Protocol development team itself, though there are plans to have the Send Protocol technology integrated into third-party apps in the future.
Apps using the protocol create what the company calls a “Send Consensus Network”, which establishes a price for SDT tokens that remains at that valuation for a period of seven days. SDT, which is an Ether-based ERC-20 coin, can also be sent to any ERC-20 wallet as well, but if it’s not sent through an app that’s part of the Send Consensus Network, there is no price guarantee.
This means that in order to use the Send Protocol platform to its fullest, it requires the use of a Send Consensus Network app. As mentioned above, this exists only in the form of WeSend. The app allows token holders to exchange tokens for their local currency; the app is most widely used in Central and South America, most likely due to the Send Protocol founders having strong ties to that geopolitical region.
Send SDT Token ICO Details
As you cannot use the Send Protocol, WeSend, or any other Send Protocol app designed in the future without being able to purchase the SDT token. To that end, Send is currently taking whitelist applications for its public ICO, though the launch date for this event has yet to be announced.
According to the Send Protocol website, there are 1950 individuals on the whitelist as of June 6th, 2018. The price for the token sale, whenever it does go live, is $0.20 per SDT, though there will be a 30% price discount at the beginning of the sale, dropping the price to just $0.14 per SDT.
There is some information missing when it comes to token sale details. There’s no indications of what currencies are accepted for purchasing SDT. Likewise, the information is not clear, as the site claims that a “public pre-sale” is underway right now, accounting for 43.4 million of the 70 million SDT on sale. It’s unclear if adding your name to the whitelist will grant you access to this “public pre-sale” or not.
Send Protocol seems to have some viability when it comes to transferring value in migrant populations, as evidenced by the number of people sending money home to their families in Central and South America. This will likely create a strong niche, especially since it seems to obviate the loss associated with fiat money exchanging. However, as far as widespread appeal, Send Protocol will need to branch out from its geopolitical center to be truly effective.
The price per token is highly attractive for “penny stock” crypto investors, and this makes Send attractive in that sense. It may be a good opportunity for those just getting their feet wet in crypto investment. However, for more large-scale investors, Send Protocol is unlikely to satisfy more expansive investment needs.