Based on an entrepreneurial point of view, the blockchain is not just a beneficial technology for development, but it also helps to cut down costs significantly. However, when it comes to applying the project, many issues arise. This has slowed down the adoption of the blockchain technology by the masses. Some of the issues limiting adoption of the blockchain are:
- Long transaction times and the high mining fees
- Higher standards
- Lack of scalability and compatibility
- Difficulty in imposing KYC requirements
The TokenBacon Solutions
Token Bacon has created a cloud service, which is called the Bacon Chain. They have rebuilt the system in the blockchain for entrepreneurs. The Bacon Chain is established on the side chain of the public chain with the support of an API. Its scalability and compatibility let entrepreneurs build the blockchain environment at a low cost with ease.
The final purpose of this project is to utilize the blockchain to create an ecosystem. It will let entrepreneurs endlessly build and become a stronger networking system. This will change the current situation in the asset market exchange. To do this, they will create a new asset in the market exchange across the world.
This will allow entrepreneurs to build the network at a low cost. However, it can change the business practices of conventional asset transactions since current global assets are valued at USD 300 trillion.
The Current Market
The largest asset market is real estate. It is a major asset class with a global value of 217 trillion USD. Real estate also has the highest return on investment in the market. However, the high costs of the transaction have limited its growth.
In the US, you need to pay a six percent commission to the agent at each transaction. There are other costs such as purchase records, authorization, and insurance. The insurance is usually about 5% of the total cost. There is also a huge tax on real estate of about 20%. Another issue is time. It takes about 65 days to complete one transaction.
Bacon Chain will divide the real estate into tiny parts as tokens. This is similar to the concept of the stock owner. Bacon Chain will reduce the transaction costs and accelerate the circulation of real estate.
In the e-commerce sector, over 100,000 merchants have begun to accept Bitcoin. This includes Overstock, Expedia, and PayPal. However, paying in Bitcoin is not smooth due to sharp changes in price. The speeds are slow, and transaction costs are high. While BTC takes about 40 minutes to conduct a transaction, ETH takes about 2 minutes.
Bacon Chain will entirely bypass Bitcoin problems. There will be 0.1 percent transaction fee on bacon chain and trading time is in milliseconds. E-commerce service providers may issue tokens via the Bacon Chain. This will replace bitcoin, PayPal, and credit cards.
TokenBacon BAK Token ICO Details
Parameters Of The ICO
- Ticker: BAK
- Hard Cap: 880,000,000 BAK
- Soft Cap: 45,000,000 BAK
- Total Supply: 2,200,000,000 BAK
- Price: 1 ETH = 5,000BAK
- Standard: ERC 20
- Accepted: BTC, ETH