Service Exchange Token, or Setcoin, is a digital token for a services marketplace that aims to offer zero commission payments. Find out how it works today in our review.
What Is The Service Exchange Token?
The Service Exchange Token, abbreviated as Setcoin, is a digital currency designed specifically for use in a service marketplace.
The ICO for Setcoins begins on February 1, 2018.
The tokens can be used on the Inserviss Platform, which is a global, mobile marketplace connecting service providers and customers. It allows service providers to join, publish their services, offer promotions and loyalty campaigns, and get feedback from consumers.
Meanwhile, consumers can access a convenient way to order and book customer services using a streamlined and secure mobile application.
Some of the possible service providers that could use the platform include hair care specialists, massage therapists, nurses, dentists, lawyers, tutors, teachers, personal trainers, and anyone else who offers personal services.
Setcoins will be released over the coming months. the Inserviss Platform, however, isn’t scheduled to be released until the end of 2018.
How Does Setcoin Work?
Setcoin aims to be the preferred digital currency for the Inserviss Platform and its services marketplace. It’s a verified, blockchain-powered cryptocurrency used as a payment method for payments between service providers and customers.
Some of the key features of Setcoin include:
- Zero Commissions: Setcoin eliminates third party intermediaries and reduces overhead costs for exchanging assets. It uses the blockchain to greatly reduce transaction fees.
- Security: Setcoin is built on a secure, decentralized blockchain with no central point of failure.
- Global: Setcoin will reduce global transaction times “to minutes”. Transactions are processed 24/7 around the world.
- Transparency and Immutability: Changes are publicly viewable by all parties. Anyone can check the blockchain to verify a transaction.
The core of the Setcoin blockchain is the Red Belly Blockchain Consensus (RBBC) mechanism. That consensus protocol is 11.5x faster than VISA and 94,000x faster than bitcoin. It can process 660,000 transactions per second.
Setcoin will be used on the Inserviss Platform, which hasn’t yet been launched. The platform is scheduled to begin development in Q2 2018, with a test launched occurring by Q4 2018. Setcoin will be the preferred transaction method on the platform.
How Does The Inserviss Platform Work?
Inserviss is a decentralized platform where users can buy and sell services. Service providers can interact directly with customers. Some of the key features of the platform include:
- The Setcoin ICO will fund development and expansion of the platform
- Smart contracts will be used to run the order payment and booking processes
- An incentive model will encourage users to contribute to the ecosystem
- The ecosystem will have “regulatory aspects” in place
- The marketplace will be a decentralized, fair, and secure model for order payments and execution
- Service providers and customers will access the ecosystem through mobile apps
- Development on the platform is scheduled to begin in mid-2018. After the platform is released, the company will start marketing the platform to a range of service providers.
- The platform will charge 0% commissions to customers and service providers.
Who’s Behind Setcoins SEG?
Setcoin is led by Igor Perepelychnyy, founder and CEO, and Elena Perepelychnaya, founder and Chief Creative Officer. Igor is a serial entrepreneur with 7+ years of IT industry experience and 5 years of finance industry experience. He also has experience in a successful e-commerce startup that experienced 12,500% YTD growth. Elena, meanwhile, has 7 years of marketing and product design experience.
Setcoin lists its “future headquarters” as Los Angeles, California.
The Setcoins SEG ICO
The Setcoin ICO begins on February 1, 2018. There’s a total of 300 million SET available during the ICO, with 50 million additional SET available during a pre-sale. SET has a total supply of 1 billion.
The remaining SET tokens are distributed to the team (20%), partners (10%), and a 3 year growth fund (35%). 30% is allocated to the ICO and 5% for the pre-ICO.
The WAVES DEX (decentralized exchange) currently lists Setcoin.
Setcoins SEG ICO Conclusion
Setcoin is a digital currency designed for use in the Inserviss Platform, a marketplace where service providers can connect with customers with zero commissions. The currency is launching with an ICO from February onward, while the marketplace is launching at the end of 2018.
To learn more about Setcoin and its ongoing ICO, visit online today at Setcoins.io.