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Last Update
Apr 27, 2018
There are hundreds of cryptocurrencies traded worldwide with multi-billion USD market capitalization. Still, most of this enormous value is currently “non-bankable” unless it is converted to fiat, which potentially creates a loss for the entire economy. The crypto economy is not connected to the real, daily financial and economic world.
For regular and sustainable “bankable” usage of the large crypto-capitalization integrated platforms are required, that support the easy, transparent and lawful usage of cryptotokens. Mosaics of a crypto economy are already in place, but these are yet to be patched and glued together in a coherent system.
Filling this gap, the Korona’s Ecosystem provides complete integrated bankable service packages that shall be provided jointly for both private and business customers. Users shall be provided with easy-to-use, transparent and licensed platforms that fulfill their complex needs: including among others wallet management, fast and low-cost payment technology, as well as fiat exchange. Additionally, Korona will provide its users supporting services such as taxation information support, client protection, commercial guarantees, as well as marketing and market access support. The platform shall also provide marketable goods and services for purchases either online, or in actual stores. Finally, Korona shall provide valuable financial benefits in form of cost and price reductions, but also in the form of reward tokens.
These features shall make Korona tokens widely accepted and valuable. A new and far reaching token economy will be established, once local and regional trade and sales activities can be supported.
Implementing a new payment technology - Korona Instant
The Korona payment framework will use lightning network based technology solution for transfers. Compared to currently existing payment processes this will enable significantly faster transaction times at significantly lower costs.
Korona API for existing e-commerce stores
To accept Korona token payments easily, the Korona system will provide a digital payment platform, that can be easily integrated into any third party online store platform available.
Free webstore frames for businesses
Equipped with Korona API, modern, freely accessible and usable complete webstore platform frames will be provided for businesses.
Korona Market
A new integrated own Korona e-commerce market platform will be built, where users will find a wide range of products and services from third party webstores, that would otherwise not accept cryptocurrency payments. The Korona Market will function with an incorporated and automated drop shipping system. Users will be able to pay with Korona, however merchants will receive fiat money, if they desire. Naturally products from Korona API using businesses will be also integrated and offered.
International price comparison system
A special price comparison feature will be added to the Korona Market to enable users to compare and purchase the same, or similar products and services cheaper, if needed, from other countries, using Korona’s drop shipping program.
Smartphone payments in real shops
Lightning network technology solutions make real time payments realistic. Korona users will be able to use their smartphones to effect instant contactless payments in shops.
Korona Cryptobank
An integrated cryptobank will support the services of the Korona Ecosystem. Apart from providing fiat money to business users, Korona’s cryptobank will also provide commercial banking offerings, such as conditional and unconditional guarantees and L/C’s.
Korona business wallets
Business users will have the option to register their wallets officially. Additionally, business users will have special features to support their accounting and tax reporting tasks and requirements.
Korona commerce platform
External service providers will be able to safely and easily connect to the Korona platform, enabling such synergies as the creation of token-integrated invoicing programs, inventory-registration programs, consumption tracking as well as inventory re-ordering systems.
Korona merchant marketing support
A special web-based marketing feature will assist business users in promoting their products and services on Korona’s platforms.
Business taxation information support
Information support on taxation rules will be provided to business users by internationally recognized and licensed tax experts. FAQs and best practices will be also shared.
“Volatility tempering” mechanism
Alltogether 10% of the Korona tokens create a special flexibility reserve mechanism. Among other Korona cryptobank related tasks, this reserve shall be partially available for reducing short-term volatility, intending to lower the negative effects of short term hectic movements, that may cause potential risks and significant uncertainty in the daily usage of tokens for our users.
The Korona Token is a currency token associated with utility token features in the future, that enables frictionless transactions of a wide range, while it functions also as a medium of exchange and a store of value. Korona tokens can be used to purchase goods and services.
In order for faster transactions at lower costs, also to enable the real-time contactless smartphone payments in shops, the Korona token transfers will be supported by Lightning Network based technology solution.
The Korona token is based on the decentralized Ethereum market standard smart contract ERC20 token. The standardization of this interface provides streamlined acceptance into exchange houses for other tokens of this type, and we expect no less. The ERC20 interface will be extended to allow for the additional functionalities needed during and after the ICO so that Korona tokens can be bought, sold, or traded.
Korona token holders will be able to keep track of their assets in multiple ways – another neat feature of ERC20. These assets can be used across multiple platforms, this means that almost all of the wallets which support the ether currency and ERC20 tokens also support Korona tokens by design: you are free to choose wallet like Mist, Jaxx or MyEtherWallet or even our own Korona wallet implementation.
Certain elements of the Korona Ecosystem have been already realized, while remaining features will be developed in continuously till Q3 2019. For further details please visit our website.
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