Current Problems
Crypocean has noticed that anyone wanting to try out the cryptocurrency world and decentralized services, whether he is interested in new technology and its features or simply looks for unconventional ways to earn money, for example through crypto trading or buying and holding various tokens, he will face few significant challenges.
They want to help cryptoenthusiasts overcome problems related with cryptocurrency purchases and risks connected with it, like for example trust in exchanges and the services or the sole legitimacy of the received money.
General Idea
Crypocean wants to offer a universal service for buying, selling, exchanging and integrating cryptocurrency into real life. You can purchase cryptocurrencies with your regular bank account, get your fiat inside the service to use for cryptocurrency payments, but also legally transfer it to a card or a bank account. Moreover, you can even order a plastic card to use for paying in shops, as well as withdrawing the money from regular ATM machines.
All in one platform
The project wants to allow the user to manage all of his cryptocurrency payments, transfers and everything within one single platform. Using a variety of applications may be troublesome and risky for some people, as it may be hard to keep track with everything.
Moreover, such applications may be written by professionals, but also beginners in the crypto industry. Despite the often open source code, such applications may be quite vulnerable and easily hacked. They provide few notable examples such as:
Mt. Gox – Hacked several times from June 2011 to 2014, until it was finally closed. The total amount of losses exceeded 1,350,000 BTC and only 200,000 BTC were to be returned.
Poloniex – The attack occurred on March 4, 2014. The exact amount is still unknown, but the accounts of all Exchange users were cut by 12.3%.
Cryptocurrency cards
One of the interesting features, is that there will be a possibility to get a regular plastic card, similar to the ones issued by banks. However, in that case the user will be able to pay for the goods and services with his cryptocurrency account, which will be instantly exchanged to fiat during the payment. When converting the fiat into cryptocurrencies and the cryptocurrency to the fiat, partner banks are involved. It is from their accounts that the fiat funds are received and credited. Both sides act in compliance with KYC & AML procedures occurs in accordance with the requirements of the legislation of those jurisdictions in which they operate.
When it comes to the sole payments, the merchant who will also use Cryptocean platform can receive the payment only in crypto or automatically decide to exchange it to fiat. With cryptocurrency market still growing and value of the tokens increasing each day, there is a possibility that holding this money will make him greater profits in the long term.
Roadmap
It’s worth noting that the project has already done a lot. They started getting agreements and licenses for handling the fiat money and provide financial services, as well as to exchange cryptocurrency for fiat legally. There was also a private pre-ICO phase which raised $797,320 for the initial development.
Currently, they are focusing on the marketing strategy and to run a successful ICO phase. On the June, 2018 there are scheduled first launches of alpha versions of the platform and the services like crypto exchanges, payments, transfers and accounts. The release of the fully-operated Cryptocean ecosystem is targeted at the end of 2018.
ICO Phase
CRON token will be used for all of the payments within the platform. It simply acts as a utility token.
A public pre-ico is currently running, with the target of $5,000,000. It ends on the 15th of June, 2018. Main ICO phase is scheduled to run from September 1st to 25th. They plan to release 6 424,925,346 CRON tokens. The soft cap is set at $25,000,000, while the hard cap equals $70,000,000. There will be few discount phases, depending on the amount of tokens sold. Which means, the earlier you buy, the more tokens you can get for the same price. The initial price of CRON is set at $0.01.
The Team
The team behind the project is very wide, consists of experience individual members, as well as a whole team of 50 programmers to take care of the technical side. There are blockchain experts with vast knowledge about various programming languages like Java, C ++ and Go or PHP. The marketing team is also very impressive, as the managers and directors have worked previously with companies like Red Bull, Pepsi CO or Media Markt. There is also a member who participated in the promotion of four ICO projects, which raised more than $70,000,000.
Final Thoughts
Taking into the consideration the variety of offered services like automatic scheduled payments, escrow system and p2p deals, with the addition to the obvious ones like transfers and exchanges, Cryptocean really seems to be aiming at being the ultimate financial platform. If they manage to deliver the promises when it comes to the pure technical side, so that everything works properly, we can expect the platform to do well on the market. On the other hand, there will be a lot of competition, as such ideas are very popular among ICO projects.
