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OecoSystema provides a marketplace for the exchange of goods and services for low-income people. A fairly distributed ECOS utility token for payment overcomes the lack of money in the economies of the poor. Users cooperate on a local level to save money, share value and create a stronger community with improved quality of life.
OecoSystema enables both smartphone transactions through the app's wallet, as well as SMS transactions with cellphones. The technology is simplified, so users do not need to understand the underlying cryptography. With approximately 50% of people in developing countries having a cellphone, the potential user base of OecoSystema is greatly expanded by enabling SMS transactions. Smartphone users post offers, communicate and conduct transactions through an Android application.
The cheapest smartphones are currently priced at around $20. In India for example, a railway porter who earns $8 a day can buy a low-end smartphone and use WiFi for free at work or a restricted data plan at home. Cell phone users can join the network through a network of local agents and conduct their transactions with SMS messages. The local agents process cellphone user identification and registration. A local agent can earn money selling the TX transaction token required for the SMS transactions as well as the 2.5 ECOS per user, while educating and supporting users. Local agents purchase the TX token for $0.025 from OecoSystema with BTC/ETH and sell TX to users for $0.05 in cash (local currency). The local agent application has localbitcoins.com and localethereum.com built in, so the network supports the BTC/ETH ecosystems also.
Physical village markets can be organized for the exchange of goods and services where the local agent acts as an organizer. Offers can be posted on to a chalk board or in a community center. This is similar to Alfred Sirleaf publishing his local Daily Talk news on the streets in Liberia, where people cannot afford to buy a newspaper. See video: https://www.youtube.com/watch?v=Nxwv_MBp1pI
Marketplace application has a cost of 1 ECOS per month (each user receives 50 ECOS upon registration)
The sending and receiving of transactions remains free of charge at all times and does not require a subscription to the marketplace application
SMS transactions have a cost of $0.05 per transaction for the end user
Token balances are displayed with 2 decimals, similar to the fiat money in use: 50.00 ECOS
There are three token in OecoSystema:
OECO Finance Token
ECOS Utility Token
TX Transaction Token
OecoSystema runs on a private Ethereum network (Quorum) with RAFT consensus protocol.
Identification and wallet backup through 3D facial identification. Wallets can be restored with facial identification only. Additional security for transactions through password or PIN protection.
SMS transactions are written directly on to the ledger in the Quorum nodes.
A scaling solution is provided through Loom's Plasma Cash sidechain, processing 10,000 transactions per second and upwards.
OecoSystema runs on a private Ethereum network (Quorum) with RAFT consensus protocol.
Q1 2019
