The idea of EnterCoin was created as a possible alternative solution to cross-border and P2P payment. Our company, Bitstine have observed many issues in our own communities, in particular, the unbanked population and the limited payment options they have when it comes to digital payment. For this reason, many have used Bitcoins as a solution to send money to pay for goods and services, P2P and B2B payments. Bitstine provided an exchange platform for those who have Bitcoins to buy Fiat currencies and hence able to send funds via a Visa Prepaid Card issued by MyChoice, Wave Crest Bank.
For the business to be innovative, we are not only looking at resolving financial exclusion using new technologies such as Blockchain, but also take on the sustainability and community components. We are working towards becoming a Triple Bottom Line company, therefore, the idea of creating a coin that will be powered by green energy, and applications that will focus on financial inclusion and communities were inevitable.
Sustainability – Green Mining
To achieve the sustainability factor in our business model, we look at using solar energy as an investment and a solution to the energy used to mine cryptocurrencies.
Quoting a media source:
“According to Digiconomist, Bitcoin and Ethereum mining taken together consume more power than countries like Jordan, Iceland, and Syria, with the two-combined ranking 71st among all countries. This is based on Ethereum mining consuming 4.69 terawatt-hours (TWh) of power and Bitcoin mining consuming 14.54 TWh”
Our EnterCoin is built on Ethereum which is the second most mined coin after Bitcoin as evidenced. However, there are many coins been built and not all are being conscious at the cost of power and damages it potentially costing the environment.
We believe that if the future consists of many more cryptocurrencies on the market, especially with the popularity of the ICO model, there will be more green mining infrastructures. We would like to be one of the first to start making this impact.
How EnterCoin benefits from Green Mining
|The EnterCoin that was used to pay the Green Mining Centre for each Ethereum or cryptocurrency mined will be taken out of the main system and stored in the wallet.
Green Mining Centre Wallet
The Green Mining Wallet will receive EnterCoin as action of when an Ethereum or other cryptocurrencies is mined using the centre. The coins will be stored in the wallet as a digital asset. There will be a formula/algorithm that will be in the wallet to determine the balance of coins getting destroyed. Therefore, the value of EnterCoin will increase as more cryptocurrencies are mined using the Green Mining centre.
The remaining EnterCoin that are left in the wallet will be a digital asset and belongs to the Green Mining centre. It will be used to invest in building other centres or sustainability projects. The projects that will be implemented as a result will be paid for with the EnterCoin or be converted into Fiat currency for payment of services, hence it will get sent back into the main system.
EnterCoin will be used to implement the following applications:
- EnterCoin wallet – Every person who owns EnterCoin will have a wallet where they can use to send EnterCoin to another wallet holder. Using a centralised, secure and regulated cryptocurrency exchange platform, users will be able to trade EnterCoin. Hence buy or sell other cryptocurrencies, or Fiat currencies which will be bank transferred to their nominated bank account.
- Cryptocurrency Exchange Platform – This application will be securely built and regulated.
- Electronic Money Institution – Bitstine will manage and operate this E-MONEY wallet as a solution to Financial exclusion. This wallet will be accompanied with a Prepaid Card Programme. Therefore, users can use the exchange and buy Fiat currency and send it to their E-money wallet and hence Prepaid Card.
- Business Process using Smart Contract – EnterCoin will be used a token in Smart Contract that can be applied on business processes and transactions within a small or large organisation. Potentially branching out to implement this model on supply chain process.
- Crowdfunding – Bitstine will create a crowdfunding platform where EnterCoin will be used to invest in local businesses. This will allow EnterCoin users to support and grow businesses and entrepreneurs in their local communities.
- Education Micro Loan – EnterCoin will be used to provide micro loan to support the financial excluded community to pay for education.