ICO of the week: Utrust
Project name: Utrust
What’s it about: a disruptive platform for conducting transactions that gives buyers a large range of capabilities offering a revolutionary purchase protection algorithm.
Crowdsale period: 02/11/2017 – 09/11/2017
Project target: 50M USD crowdsale cap
About the project:
Utrust represents a protected payment platform powered by Ethereum technologies. Themain objective of the platform is to take place of the basic payment platform of the cryprocurrency environment, something like Paypal but within the blockchain ecosystem.
Participant will use coins to pay for goods as well as services. The sellers will get payments in the form of fiat currency. Such steps enable avoiding volatility.
The distinguishing feature of Utrust is its purchase protection algorithm. The platform performs intermediary function for connecting users and merchants. It will be responsible for conflict resolution, struggling against frauds and maintaining refund security. According to developers, the service will provide fast transactions as well as offer low commission fees (around 1%). The payment approval takes no more than seconds; the currency conversion is immediate, too.
The platform is compatible with the most popular cryptocurrencies of the world, including Bitcoin and Ethereum, Litecoin together with Dash Monero.
Features of the project:
- During the Private Investors stage the project has raised $2 million. A preliminary initial coin offering has started a couple of months ago where the Utrust project succeeded to collect $1.5 million just in 1.5 hour.
- ERC20 standard is used be the platform.
- Utrust features an integrated escrow system ensuring security of funds till buyers receive ordered items or services.
- The process of currency conversion and the approval of transaction are performed within seconds.
- Bitcoin, Ethereum, Litecoin, Dash Monero will be compatible with the service.
The project was found in Switzerland. The CEO is Nuno Correia, who has invaluable experience in cryptocurrency investment since 2011, has developed a range of successful business-to-client project. The project’s CIO and co-founder Filipe Castro in an experienced professional in the area of software solution development such as systems of payment. The Chief Technology Officer of Utrust, Artur Goulao, has been previously worked for a respected digital payment platform organization and currently acts as a development leader in a Swiss company specialized in Cybersecurity solutions.