NEW YORK--(BUSINESS WIRE)--SMSCHAIN has entered into the PRE-ICO Stage. The company has already managed to raise 1,275,6956 USD as of October, 26 2017. Andrey Insarov, CEO of SMSCHAIN says that “SMSCHAIN is estimated raising the minimum amount of 5,000,000 USD during the ICO which will take place November, 20 2017”.
SMSCHAIN blockchain consists of Nodes, Miners and Sending Entities software, billing, decentralized token exchange, as well as software for SMS aggregators to participate in SMS market procedure and to send SMS transactions. For Units, SMSCHAIN provides an Android-based application
SMSCHAIN plans to build its own blockchain solution using a sidechain model1 with high transactions throughout, whose security and auditability will be ensured by the periodic anchoring to a public blockchain, such as Bitcoin.
Proof of work, on which the Bitcoin blockchain is based2, is made predominantly redundant on sidechains. This approach allows the increase of transaction speed and throughput, as well as reduction of the cost of operations. In order to ensure sufficient scalability, speed and low operation costs, the internal blockchain technology will be based on one of the available open-source blockchain frameworks such as Exonum3 or Hyperledger Fabric4.
Apart from doing the Initial Coin Offer (ICO) in the end of November, SMSCHAIN Team aims at the following main goals:
∙ To create an infrastructure that allows Miners to earn SMSTO in exchange for the text messages delivery service they provide
∙ To create an infrastructure that allows Miners to exchange SMSTO for provided SMS delivery capabilities by Miners
∙ To create independent blockchain SMS Market protocols that allow Sending Entities and Miners to trade with each other
∙ To create a decentralized solution of mutual agreements based on SMS Market and Billing procedures between the network members in order to ensure reliable reimbursement in SMSTO to Miners and Nodes
∙ To provide autonomous and independent testing infrastructure that evaluates the quality of Miners and builds the rating scores for them.
SMSCHAIN team is also solving many essential problems of IT/Telecom industry as a whole such as cutting special equipment and high maintenance costs for companies which send text messages, providing easier deployment globally, allowing easier international trading, introducing embedded testing procedure which ensures high quality and reliability, providing stable, low-cost SMS routes to Aggregators.
All members of the network, including sending entities and Miners, will comply with the terms and conditions of SMS market and billing procedures, allowing complete automation. All payments will be regulated by Billing Procedures, so all Miners and Nodes will be guaranteed receipt of payment if the Delivery Agreement has been fulfilled; and here is no need to sign separate physical contracts with multiple SMS consumers or suppliers, since everything will be regulated by SMS Market and smart-contract based Delivery Agreements.
About SMSCHAIN
SMSCHAIN is an IT/telecom company building an innovative infrastructure providing P2B (person-to-business) services. The team behind the project has over 10 years of extensive experience in telecommunications and a proven track record of launching and running successful businesses. Their previous project, Money SMS App, has near 100 000 downloads on Google Play Market. Andrey Insarov, SEO of SMSCHAIN, also leads Intis Telecom, EU-based telecommunication company with offices in the UK and in Lithuania, and more than 500 companies as clients around the world. Oleg Makarov, COO of SMSCHAIN, is a CEO of TelQ, an international Bulk SMS Gateway, SMS marketing platform and SMS Test Number services provider, serving 2 of 3 market leaders.
Oleg Seydak, CEO of Blackmoon Financial Group, is an advisor for SMSCHAIN. His project Blackmoon Crypto recently raised $30M in less than 20 hours during its ICO in September 2017.
1 Bitfury Group (2015). Public versus private blockchains.
Part 1: permissioned blockchains URL: http://bitfury.com/content/5-white-papers-research/public-vs-private-pt1-1.pdf
2
Satoshi Nakamoto (2008). Bitcoin: a peer-to-peer electronic cash system
URL: https://bitcoin.org/bitcoin.pdf
3
Exonum. URL: https://exonum.com
4
Hyperledger Fabric. URL: https://www.hyperledger.org
