cryptocurrency, ICO October 23, 2017 Gianluca Fant No comments

Proof Suite, Easily Create Your Own Blockchain-Based Tokens

Proof Suite is a platform that wants to build a decentralized and trustless financial system exploiting blockchain technology.

“We are focused on developing a censorship-resistant ecosystem of products that bring the power of the banks to the crowd” said Mike De’Shazer, CEO and co-founder of Proof Suite.

Their aim is not to be a financial institution or intermediary, but to provide the technology to enhance individual financial sovereignty in a system without borders, removing the interference of governments and large institutions.

Token Sale

Proof Suite core team is based in South Korea, while the company is registered in Estonia. They issued 2.362.062 ERC-20 tokens to fund their initiatives and only a half of them is offered for sale. The tokens not for sale will be used to fund ongoing Ethereum scalability activities, Proof Suite’s ecosystem of tools, marketing initiatives, bug finding bounty programs and advisory compensation. Proof Suite already raised 1,7 millions $ during the pre-sale between August and September, selling only 12,5% of total tokens. One important investor in the pre-sale has been TaaS (Token as a Service) which contributed for 260.000$. Remaining tokens will be sold during the ICO, that will start on the first of November.

Proof token holders will gain commissions on the platform’s future activities.

More than 10.000 users are already creating and trading blockchain-backed assets on the beta Dashboard available on their website. But the real innovation is AMP (Assurance Market Protocol), which is a unique invention by Proof Suite, based on Ethereum blockchain, developed to further decentralize their existing application.

Assurance Market Protocol (AMP)

AMP web, desktop and mobile user-friendly applications will be released in February 2018. The codebase is completely open-source and clients connect to each others via P2P without the need of a central server.

AMP introduces some new features:

– a censorship resistant peer-to-peer decentralized exchange;

– a system of insurance custodianship based on smart contracts, in order to protect investors against frauds or natural disasters. The issuer sets some conditions which determine if the project succeeds or not; the Event Validation & Settlement (EVS) Smart Contract checks if those conditions are satisfied and if not it sends 47,5% of the insurance funds to the token holders, 47,5% to the analysts who bets against the token and 5% to Proof Suite Token holders;

– a prediction market smart contract which incentivizes analysts and experts to express their opinions on the riskiness of assets, just like current rating agencies, providing economic rewards to the ones who made the right predictions.

cryptocurrencies pegged to fiat (EUR and USD) characterized by an advanced system of escrow managed via smart contract. The escrow will be in Ether and the initial seeding will be done with a part of ICO’s funds. Proof Suite Token holders receive in exchange a 0,5% commission on all pegged cryptocurrencies conversions. Ether price fluctuation could make the value of the escrow insufficient; in order to protect against this issue, Proof Suite will put in place a prediction market on Ether price and furthermore commissions on bets will increment the escrow.

In February 2018 Proof Suite will also release its own payment card, powered by Fuze, which allows to pay using Bitcoin, Ether, points and tokens.

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