Sentinel SENC ICO: Livestock As Collateral B2B Marketplace?
What is Sentinel SENC?
The Sentinel SENC is a B2B marketplace that is specifically designed to offer affordable and secure financial services to the unbanked. It is the world’s first global B2B marketplace for financial inclusion services which accepts the use of livestock as collateral.
More than 570 million farms exist worldwide, most of which are small-scale and rear livestock as part of their agricultural practices. However, the farmers can’t access loans from financial institutions as they’re seen to carry dead capital – their livestock cannot be monetized as living assets.
The problem of verification of ownership of the livestock and lack of a well-defined system of converting living animals into concrete value still plagues farmers. The sentinel chain offers a solution to this problem by enabling farmers to list their livestock as collateral to access credit from financial institutions.
The Sentinel Chain Ecosystem comprises of five main components:
1. Livestock Identification Tag
It’s RFID-enabled and is tamper and theft proof on both its material design and the data level.
2. CrossPay Mobile Application
It’s an Android mobile application for use with the CrossPay Blockchain. It’s also a mobile wallet that gives the unbanked access to their balances and enables transactions with other users. It offers identity and asset tracking for the unbanked.
3. CrossPay Blockchain
It’s a B2C financial ecosystem purposely designed for the unbanked. It’s managed and operated within local geography, and it’s accessible through the CrossPay Mobile app.
4. Sentinel Chain
It’s a consortium blockchain that operates within decentralized governance and is connected to multiple CrossPay Blockchains.
5. Sentinel Chain-Token (SENC)
It is a utility token that will be the means of payment for all transactions in the Sentinel Chain marketplace.
The sentinel Chain-Token consists of 6 major features:
To enable insurance companies to publish livestock insurance on the CrossPay Blockchain.
To allow local financing companies to issue loan agreements on the CrossPay Blockchain based on livestock collateral.
To enable local financing companies to use as collateral to borrow from overseas financing companies.
4. Community Projects
To allow overseas donors using Sentinel Chain services to support funding of local community projects such as disaster relief.
To enable token holders on the CrossPay Blockchain to make electronic payments with local merchants.
Sentinel SENC ICO Token Sale Details
- Symbol – SENC
- Total Supply – 500 million
- Pre-sale/Public Sale – 200 million
- Pre-sale Bonus – 25%
- Public Sale Date – March 2018
- Registration Start Date – 5th February 2018
- Registration End Date – 26th February 2018
- Hard Cap – US$14.4 million
- Token Allocation
- 30% of the tokens will be allocated to Treasury and Reserve Fund.
- 20% of the tokens will go to the early supporters.
- 40% of the tokens will go towards the token sale.
- 10% of the tokens will go towards the founding team.
The Use of Funds
- 32% of the funds will go towards the liquidity pool.
- 29% of the funds will be used for research and development.
- 12% of the funds will be used for operations.
- 10% of the funds will be channeled towards Contingency.
- 7% of the funds will go towards Marketing and Business Development.
- 6% of the funds will go towards Sentinel Chain Development.
- 4% of the funds will be used for Legal and Finance purposes.
Sentinel Chain has two investors namely:
1. Fenbushi Capital – founded in 2015 and is the first China-based venture capital firm that exclusively invests in Blockchain-enabled companies.
2. iGlobe Partners – A Singapore company with decades of collective industry and entrepreneurial experience.
Sentinel Alliance Chain Partners
It has the following three partners: Maybank, InfoCorp, and Vechain.
Sentinel SENC ICO Conclusion
Sentinel Chain is bound to be a game changer by transforming the lives of millions of small-scale farmers through providing them with access to credit. Financial institutions will also radically change the way they do business by listing livestock as collateral all thanks to Sentinel Chain.