Transcrypt is a new payment application. It is similar to PayPal, but for Cryptocurrency. Transcrypt will send and receive money in both its conventional currencies (Dollars, Pounds, Rupees, Euros and such), and in cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, and such). Aside from its intuitive payment system, Transcrypt has a built-in chat system, accounting software and a secure, and decentralized Blockchain known as The Tizer.
What Is Transcrypt?
Transcrypt is marketed as an application that will tie in the two worlds of money that we, in the 21st century, live in. These are the conventional monies that are set by governments, and cryptocurrencies that are established by anyone with a computer and a dream. The growing popularity of cryptocurrencies has also widened the gap between these two types of currencies.
Transcrpyt aims to bridge this gap by giving its users the ability to trade in and exchange between fiat monies and cryptocurrencies. Transcrypt has a built-in chat system. It also comes with a simple accounting software that show your incomes and expenses between any given time periods. It also has a more sophisticated accounting feature that will cover the accounting needs of the more technical users.
The TSR (Tizer Standard Token) Token
The TSR token is the token that will be used in all transactions that will take place inside Transcrypt. It is based on the Ethereum smart contract. After the transition of the Transcrypt platform to its own Tizer Blockchain, the Ethereum token will be exchanged for a Tizer Standard Token (TSR token) at a 1:1 ratio. The owners of the TSR token will be able to issue new coins, buy and sell them at the exchange, propose and vote for plans for the development of the Tizer Blockchain and enjoy many other benefits.
TransCrypt Token ICO
The sale of the TSR token has already started since March 1st of 2018. The exchange rate for the ICO will be at a ratio of 1 TSR: 0.001 ETH. Bitcoin, Ethereum, and the US dollar are accepted as payment methods. Although a Softcap has not been set for this token sale, its Hardcap is set at 10 million TSR tokens. This ICO sale will end on April 15, 2018.
The TSR token will be mainly distributed as follows:
- 51.13% will be allocated for the research and development of the Tizer Blockchain;
- 16.43% will go to PR and marketing campaigns;
- Another 16.43% will be directed towards legal expenses;
- 7.32% will go towards Transcrypt’s IT infrastructure;
- 5.18% to its financial center;
- 0.97% in general operating expenses; and
- 5% will be reserved to tackle unforeseen circumstances.
Transcrypt has gone through its closed Alpha and Beta stages, introducing Bitcoin wallets and transfers. It plans to have BitcoinCash, Ethereum, Litecoin and many other cryptocurrencies, as well as fiat currencies by the end of 2018. It also has plans to achieve the PCI DSS certification and the EMI license before the year is over. In 2019, Transcrypt plans to launch the Tizer Blockchain, integrate buying and selling of cryptocurrencies in the system, issue Transcrypt debit cards, audit the Tyzer Blockchain and launch a more stable version of it to the general public.
Transcrypt looks to be a promising solution to bridge the gap between traditional fiat currencies and newer, cryptocurrencies. If it can manage to hold its own; if the developers can deliver on their promise. This might revolutionize the way we pay.