Expercoin, Inc. plans on introducing a utility token called “Expercoin,” envisaged as a cryptocurrency that will account for all economic transactions within each Republic and the larger Ecosystem, and it will serve as the basis for interoperability with other digital services built on top of the ecosystem.
We intend for Expercoin to be implemented on the public Ethereum blockchain using the ERC-20 token. Wallets are essential to store currencies and transact. Experfy’s existing platform already provides its users a wallet that integrates with Stripe for fiat currencies. It is characterized by ease of use to ensure all interactions are seamless. We aim to bring the same user-experience to the Expercoin “Wallet.”
Utility of the Expercoin Token
The Expercoin token is more than a payment mechanism. It provides a wide range of functions necessary to create decentralized economy that is not governed by any central authority. Our intent for Expercoin is to allow for voting, governance, fraud adjudication, spam prevention, account verification, and rewards, among others.
Voting to Fight Fraud
As in any online marketplace, a large number of individuals may be deployed to discourage bad actors from engaging in fraud. Companies like Amazon and eBay deploy hundreds of customer service representatives ensure that the items sold by a seller are true representation of what is purported in the item listing.
Even if these companies are unable to take preventative measures in identifying fraud, buyers still can dispute the fraudulent transactions with their credit card provider. In the case of payments using a cryptocurrency such as Expercoin, the removal of third-party means that no such recourse is available and a system must be designed to address this issue using economic disincentives.
Expercoin App Store
The Expercoin App Store is anticipated to provide a discovery mechanism to find contributions of community members to extend the functionality and user experience of the Republics in the Ecosystem. The following types of content are planned to be made available in the App Store:
• Apps to extend Republic functionality;
• Course content to seed new or enhance existing learning offerings;
• Interactive games to enhance learning experiences;
• Algorithms and bots to enhance LMS and marketplace functionality;
• User Interfaces to launch new front-ends and mobile experiences.
We intend for the developers contributing to the App Store to be able to set their own prices based on usage. Smart Contracts will track the usage and automatically withdraw money based on terms set by an app’s developer.
Expercoin Token Crowd Sale
We intend for the Expercoin token to be fully ERC-20 compliant and it will be represented by the symbol EXPR.
Hard cap: US $26.5 million
Distribution of Issued Tokens
Total number of Expercoin tokens generated: 2.75 billion
• 45% allocation to purchasers (presale and crowdsale).
• 20% allocation for company with 12-month lock-up and 24-month vesting.
• 10% allocation for reserves with 12-month lockup and 36-month vesting.
• 20% allocation for incentive pool.
• 5% allocation for advisors.