About Yencoin (YNC Token)
The Yencoin network is a Non-governmental organization that provides a platform on which Japanese students who can’t access loans from traditional banks can get financial aid to in order to enable them to pursue their education. Other services that the students can get from the platform include Net Banking, Credit/Debit Cards, and Fund Transfer
The e-commerce platform also facilitates investment in the cryptocurrency market in order to create a wide range of blockchain-based products and services that are currently functioning and solve some of the major banking challenges such as high transaction fees and high loan interest rates. The products will be created in such a way that they suit the different needs of the users. Yencoin will also combine traditional bank functionalities such as debit cards, salary accounts, cash in and out with blockchain technology, and tradable cryptocurrency.
How Does Yencoin (YNC Token) Work?
Based on what the platform will provide to its users, Yencoin can be described as a decentralized cryptocurrency based on the proof-of-work and proof-of-stake algorithm that ensure exchanges and transactions occur in a secure way.
The Yencoin platform has a business model, which aims at creating demand and supply between institutional traders and crypto holders. The crypto holder will loan their coins to the institutional traders such as hedge fund who will then pay interest in form of coins to the token holders. This dual-sided system will grow and nourish the cryptocurrency economy.
Ownership into the platform is through the purchase of Yencoin token during the crowdsale. Owners of Yencoin coins will have access to the platform and have an opportunity to invest in any of the platform’s projects.
Part of the funds that the platform will generate during the token sale will be used to provide loans to needy students at low interests. The remainder of the funds will be invested in order to generate profits for the token holders. This will not only benefit the students but also the company and investors.
Advantages of Yencoin Platform
Secure Trading and Transactions
The PoW/PoS technology, which uses SHA-256 algorithm, is integrated into the system in order to ensure that transactions or exchanges using the cryptocurrency are safe and secure. This can be attributed to password-based key derivation function of the algorithm. The blockchain basis will enable users maintain anonymity on the platform thus preventing third parties from accessing information about them.
Simplification of Transactions
Yencoin will provide a great alternative to banking payments by allowing limitless and on-spot payments, which will then simplify the trading services and processes. The simplified process will reduce costs in the end.
The blockchain basis of the platform decentralizes it and make it’s an open ledger so that users can be able to monitor all the transactions happening within the platform. The open ledger will also make it easier to audit the financial transactions happening within the company. This will revolutionize the banking sector, as it will make it more transparent.
Automation of Services
The blockchain technology also automates the process of matching supply and demand. This will enable the business model for peer-to-peer financing, dividend collection, and profit sharing to be more efficient, transparent, and secure.
Yencoin (YNC Token) ICO Details
- Symbol: YNC
- Total Supply: 75,000,000 YNC
- ICO Supply: 25,000,000 YNC
- Coin Type: PoW / PoS
- Algorithm: SHA-256
- ICO Dates:
- Start: March 16, 2018
- End: May 15, 2018