Apr 6, 2018
Rate3 aims to empower a flat global economy for global cross-border commerce to thrive and include all participants. Several conditions are thus required:
We will do this by creating an ecosystem with three key features:
Single Token Payment Solution:
Cross-border payments within the ecosystem can be completed with only one step and a one-time fee, making them up to five times cheaper and a thousand times faster, compared to current payment processes. For consumers, they can convert fiat currency to Rate3 tokens easily and use the tokens to pay for cross-border purchases in a transparent fashion. For merchants, a simple integration with the Rate3 payment gateway allows them to accept Rate3 tokens and convert them to local fiat currencies of their choice easily.
Transaction and Credit Scoring System:
The blockchain will record information captured in all transactions including but not limited to: time required to make the transaction, wallet addresses, warranty conditions, delivery time, reviews, etc. Apart from helping both consumers and merchants solve claims or fraud, the smart contract will automatically change the trust level for each of the parties involved.
Additionally, by tapping on the consumers’ transaction history and other identity data, Rate can issue a credible credit score to these consumers and offer them affordable credit through partnerships with other lending institutions.
Incentive System for All Participants:
The value of any ecosystem lies in the two-sided network effects. With more consumers in the ecosystem, merchants are more attracted to join the Rate3 network. Likewise, with more merchants, there are better incentives for consumers to join. With Rate3 tokens, cash-back incentives can be easily programmed through smart contracts to retain consumers. For merchants, they can create incentives for consumers easily too. Moreover, this can all be applied and facilitated instantaneously through the Rate3 network.
The concept of Rate3 is clear and simple: we require an equally clear, simple and yet sophisticated platform to manage our tokens. The key considerations in choosing a blockchain platform are reputation, security, speed, transactional costs and whether it aligns with the planned business solution.
Rate3 will be leveraging the Stellar platform for the issuance of $RTE tokens. Stellar is a highly sophisticated and secure platform for payments. It is trusted by major banks and reputable companies such as IBM, Deloitte & Stripe.
Development and management of proprietary blockchain solutions carry certain security risks that the Stellar platform inherently protects against.
The Rate3 concept development, ecosystem and solution is mature. Developing on Stellar will enable us to better focus resources on building consumer-facing applications, marketing, business development, and expanding acceptance across our target FX corridors.
Q1 2018 Conceptualization
Q2 2018 Development of Rate3 Network
Q3 2018 Development of Network Apps and Interfaces
Q4 2018 Empowering shoppers
Q1 2019 Empowering Merchants
Q2 2019 and beyond
Attention. There is a risk that unverified members are not actually members of the team
$31 300 000
Tough competition with similar blockchain projects Lack of significant competitive edge Lack of detailed competition analysis. Developments cannot be traced via Github Demo version demonstrates poor range of functions. Payments is the one of the most relevant industries for blockchain projects so in case of Rate3 blockchain and ICO are relevant and have rational grounds. Stellar is applied for higher transaction speed. Token is used in payments but the price in fiat is also indicated. Smart contracts are used for fair cashback. Transaction history is stored on blockchain for further credit scoring. Hardcap is 25K ETH and softcap is 20K ETH. For current stage of development these needs are overestimated. Having 40% of tokens for tokensale it results in 60K ETH of token pool capitalization. Current stage is presale with the cap of 5K ETH. First-come-first-serve principle is applied and the bonus is 20%. It must be noted that there are no investors with less than 20% bonus, so it means that the bonus must be ignored here. Maximum bonus has been given to strategic partners that has already purchased 60% of tokens. Half of the bonus is vested for 6 months. The team is based in Singapore and includes 18 members. The company has been operating for 2 years and RateX (including mobile version – RateS) is its core product. CEO does not have significant experience and was in management team in PlayDate (raised 500K USD on Indiegogo). CTO has 3 years’ development experience and 1 year as a mobile app developer. Other developers have less experience before entering RateX. Marketing director has 3 years of relevant experience.
13-May. Sergey: They transfered money from their wallet, around 1000 ETH, which is suspicious. It increases risk. Project looks like Medium Interest. When there is such situation in Medium project I think it is better not to participate. Link30-May. Sergey: I partcipate in it because of funds. It is Medium Interest with red flags.
Advantages.1. The project that makes stellar's overseas payment easier in reality2. By adding a blockchain to the payment system that was already commercialized and operated by a company called RateX, it enables worldwide payment. Almost all development has been completed.3. Hard cap is not big and much investment is made in private stage. A strong team based in Singapore National University.A complementary point1. Ico The fundraising period has been slowed down. There were complaints from people in this regard.2. They are still only supporting Singapore dollars. More substantive verification is needed.3. They have partnered with a somewhat unidentified company called Brahma OS. Brahma OS is a group that spreads false facts that they are partnering with JP morgan, HSBC and Citi GROUP.
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