Blockchain start-up VIVA has announced the launch of its digital currency economy and ICO crowdsale. The platform is built around the digital currency VIVA COIN with a primary focus on stability achieved by a three-tiered framework. The platform will be running the ICO/crowdsale of its VIVA Crown digital assets over a period of three weeks. For the duration, the platform will make 6500 VIVA Crowns available to investors. Holders of this VIVA Crown will receive a license to operate a VIVA Mint, generating VIVA Coins and contribute in making key decisions in the VIVAconomy for the whole community’s benefit.
The rights conferred by owning a VIVA Crown can also be sold to a mint based on the wishes of the holder. In addition, the platform also sets aside a portion of VIVA Coins generated by transactions within the VIVAconomy for worthy causes. These Award Rights are also decided by the VIVA Crown Holders.
Dawn Parker-Waites, CEO of VIVA explained: “The VIVAconomy harnesses the cumulative power of all the transactions that occur in the system and reinvests them in the long-term future of everyone involved. Instead of inflating corporate balance sheets, we aim to provide financial stability for individual human beings. Thanks to our cutting-edge technology, there’s no longer a need to pay financiers for keeping track of transactions that can easily be handled on the blockchain at a fraction of the cost. It is, however important for people to understand that the project is just getting off the ground. The ICO is predominantly to raise funds so we can hire more developers. At the moment, the best way into or out of the VIVAconomy is through TradeQwik.com, or via bitShares since we have an asset and gateway there now as well. People can also use the two VIVA ATMs that have been operating in Mexico for over a year. We’re in this for the long haul, but there is still lots of work to be done. This opportunity is for people interested in getting in on the ground floor.”
In the VIVAconomy, a VIVA Crown is a software license that allows the Crown holder to participate in the economy’s decision-making process. From a business perspective, owning a VIVA Crown allows an individual to offset infrastructure costs by leveraging the economic energy that would otherwise feed banks and government. Similarly, from a legal standpoint, VIVA Crowns are in fact a software license required to run a mint in the VIVAconomy, making it an indispensable asset whose value is bound to appreciate with time.
Unlike the Proof of Work (PoW) or Proof of Stake (PoS) systems, VIVA makes use of a concept called Proof of Authority (PoA). The Proof of Authority system supports instant transactions and consensus. Proof of Authority disposes of certain egalitarian notions involved in weaker consensus models and replaces them with cryptographic signature proofs and business contracts enforced and backed by the network. The VIVA Coin team’s decision to move away from widely used Proof of Stake to Proof of Authority consensus is influenced by its intention to overcome certain disadvantages of the former algorithm.
The total number of VIVA Crowns is capped at 42,000, mined at the rate of one Crown per week following the conclusion of the ICO. Through the crowdsale, VIVA is in the process of raising funds required to expand its team of developers to ensure rapid development of the entire VIVA ecosystem. VIVA has lined up a series of enterprise-class business applications built on its technology which will be released soon. Supported currencies include Bitcoin (BTC), LiteCoin (LTC), Ethereum (ETH), Steem Backed Dollars (SBD), STEEM (STEEM), USD, GOLOS (GOLOS), Mexican Pesos (MXN) and WANGCHANGE (XWANG). VIVA intends to extend support to other currencies.