It’s time to take a closer look at one of the recently looked coins. This time, I want to introduce all of our readers to ShopCoin, which will bring us more options to purchase items with Crypto. Let’s take a look at what they have to offer!
ShopCoin was launched on May 21st, making it roughly three weeks old as of this writing. I have to admit this Crypto has gone under the radar for some reason, but we’ll try to rectify that. There definitely are some interesting things happening with this coin, and not just the fact it’s a pure Proof-of-Stake Crypto.
The main focus about ShopCoin is the fact they offer a market system with a built-in Escrow service. You can compare it to Ebay in some regard, as users can list items for sale through an auction, where the highest bidder wins.
Sellers also have the option to put a Buy It Now price on their offering and opt to choose for the built-in Escrow system., If you aren’t planning to sell, but rather to buy, you can put up an Items Wanted list. A sophisticated feedback system is also in place
But that’s not the only part about ShopCoin that is interesting. A stability funds is also in place, and works in an intricate way. There are 50 shares, each worth 2% of all profits generated by the BitcoinTalkNShop website.
Five of these shares will be auctioned off, and the remaining 45 will be used in the following manner : 20 shares will be paid to Staff members, and the rest is split in half. The first half of these shares will be auctioned off to the highest bidder during Ebay Styles Auctions. You will only be able to pay in ShopCoin during these auctions.
The other half of the remaining shares will be used to purchase ShopCoin from exchanges, in order to keep buy pressure on the price. Kind of like most multipools do, but without the tedious task of actually mining.
If you are wondering when you will earn a dividend from buying these shares, they are paid out monthly in Bitcoin. Shareholders will be granted access to a special forum, where you will get monthly reports on earnings and have the ability to vote on important matters.
While all of the above sounds great, I’m sure a lot of you readers are wondering how you can actually get your hands on ShopCoin? Posting on the BitcoinTalkNShop website, and participating in contest are two of the possible ways.
There will be 500,000 ShopCoins in total, of which 250,000 are pre-mined to be distributed. 15% Of the pre-mine will be used for contest and promotion, 15% for Bitcointalk members and IRC users, 20% will be sent to investors and the rest will be generated by staking.
If you are looking for ShopCoin on exchanges, you will find it on BitTrex, and AllCrypt. Look for the name“BTCS” , you can’t miss it!
I’m pretty impressed by the whole ShopCoin deal. A market with Escrow, very limited amount of coins (500,000 of which half are in circulation) , and a very interesting business plan including their Stability Fund. Let’s hope more exchanges will pick up this Crypto soon.
BitcoinTalkNShop website : www.bitcointalknshop.com
ShopCoin Stability Plan in detail : https://www.bitcointalknshop.com/showthread.php?41-Stability-Fund
ShopCoin on BitcoinTalk : https://bitcointalk.org/index.php?topic=618629.0
ShopCoin on Twitter : https://twitter.com/BCTScoin