Canada-Based Payment Processing Company NetCents to Launch Its Own Coin
Initial coin offerings (ICOs) are sales of new digital coins for projects based on the blockchain technology of digital currencies, bitcoin and ethereum, and they are a big hit in the crypto ecosystem right now. Despite this fact, a Canadian payment processing company aims to launch its own coin without conducting an ICO. NetCents Technology Inc, or NetCents, a publicly-traded payment processing company based in Canada, is simply launching a new asset-backed cryptocurrency in its ecosystem and will be promoting it as the real cryptocurrency alternative for everyday transactions and long-term store in value.
This initiative is being driven by demands from its customer base and is not meant to be just another speculative coin. NetCents has significant experience in processing cryptocurrency payments for its clients through its proprietary systems. The problem that it has encountered is that both its merchants and consumers have found the Bitcoin and the Ether too volatile to be used in everyday transactions. Everyone loves the idea of using a Blockchain-based cryptocurrency, but they have been pushing the company to find them a more stable alternative which they can feel comfortable owning and using for everyday use. Their customers are transaction driven, not speculators.
Earlier this month, NetCents issued a whitepaper describing the NetCents Coin (“NCCO”) which it will be releasing sometime in November. NetCents Coin will be widely held and circulated, tradable, and backed by a Treasury Reserve Account. In addition, it’ll be operated under a structured coin release to prevent price speculation. Not to mention, it’ll be highly secure and private and a global coin, with initial releases in Canada and Europe. Structured with counterfeiting prevention and fraud risk detection, leveraging next-generation algorithms, it’ll truly be the whole package.
The objective was not to re-invent the wheel. Using existing, proven, blockchain architecture, the real innovation of NCCO lies in its release mechanism and reserve account. Both of these features ensure that the cryptocurrency will be fully scalable (structured to absorb billions if not trillions of dollars) while minimizing pricing volatility. NCCO is not being pegged to another asset class or fiat currency but was structured to appreciate in value in a controlled manner over time as more users adopt the coin and provide downside protection through a significant, ever increasing, cash reserve account.
Read the whitepaper here: https://net-cents.com/download-whitepaper/
NCCO is currently available for presale on the NetCents site: https://net-cents.com/