EGOODS WHITEPAPER Version 1.0 MAY 1, 2018 EGOODS
Table of Contents Problem... 2 Solution... 3 Purpose of Crowdsale... 5 Token Information... 5 Crowdsale Information... 6 Refundable... 6 Vaulted... 6 Increases in Price... 7 Duration... 7 Token Allocation... 8 Technical Token Information... 8 Token Commercialization... 10 Roadmap... 11 Team... 12 Programmer & Web Developer... 12 Business Development & Sales... 12 Page 1
Problem Cryptocurrency has immense potential for corporations and consumers alike. It can be the most inexpensive and easiest form of currency to access, yet, it still struggles to gain mainstream adoption. This isn t specifically due to government regulations either, it s mainly due to corporations simply not accepting it as payment. No one can really blame them; after all, most of these companies are not ran by technologically savvy executives, and most of them only know of Bitcoin and as we all know, Bitcoin is far too slow and expensive to be used as a means of payment for any transaction needing to be completed within the hour. Could you imagine checking out at the grocery store? In addition to this, it is difficult to acquire cryptocurrency. The standard protocol is to sign up for an account at an exchange, let s use Coinbase for an example. You sign up for an account with Coinbase, that is, if they are accepting new users. After applying, wait a few days to get approved. Once that happens, you must add a bank account and make a transfer which also takes a few days. You do have the option of using a debit card, but you won t be able to transfer much, and you ll pay a tremendous fee to do so. Once your money has cleared, you can finally buy some crypto! But wait, what if you wanted a coin not listed on Coinbase? After all, there are over a thousand coins and only 4 listed on Coinbase as of this writing. Now you have to find an exchange with the coin you wish to purchase. Once you find an exchange, you must buy 1 of the 4 coins on Coinbase to transfer to that new exchange and then Page 2
finally, buy the coin you wanted all along. That s a lot of time, a lot of steps, a lot of effort, and a lot of fees. This turns even the most techie people off, it surely would deter your average consumer. So, it makes sense that corporations aren t putting much money and time into accepting cryptocurrency as a payment method. Only a small portion of people would use that option. But what if there were an easier way of acquiring cryptocurrency? What if there was a way you could use it without any intermediaries for items you actually want? I have come up with a solution that solves both problems. Solution My solution to the adoption problem is to make the process of getting cryptocurrency easy and without direct investment. I have established relationships with some of the worlds top e-retailers creating a means whereby consumers receive 10% cashback on their purchases in ecoin. Some of these retailers are: Amazon, Walmart, Macy s, Lego, Best Buy, and many more. Customers simply visit the egoods website, find a retailer, click the link to the official retailer s site and shop as usual. Once they ve completed their purchase, return to egoods to fill out a 4-question form and in a few days, receive their free cryptocurrency. There s no need to sign up for anything, make an account, or give out any personal information. Page 3
This solution not only contributes to public adoption, but also provides a reliable service within the crypto-community through a cashback site and e-store. In addition to providing an easy way to receive cryptocurrency by way of ecoin, the egoods website will also host an e-store where customers can spend their ecoin on a wide variety of items from tools, toys, cell phones and more. The egoods e-store is what truly sets egoods apart from other crypto cashback sites. Other sites simply offer a range of cashback options with no use for the coin itself. None of these options offer as much as 10% cashback; but sure, it s exciting to receive cashback in cryptocurrency, but what can you do with the cryptocurrency afterward? If it s just trading it on an exchange, then the coin has no real value. Because it was received freely with no place to spend them, you will always have more sellers than buyers on exchanges. egoods however, has over 100 variations of items for sale and adds new items to the store every week. ecoin also affords discounts at participating businesses on their own products and services. For example, Sneakerdad.com gives a 15% discount for customers who use ecoin as payment. IndyGoArt, a production company that provides photography and videography services for companies also offers discounts to those who use ecoin as payment. This provides an incentive to buy ecoin and use them at various places of business to get discounts because the discounts outweigh the fees from purchasing the coin. As cryptocurrency grows in popularity, we will attempt more partnerships with companies willing to offer discounts on goods and services for accepting ecoin as a payment method. Finally, the most important thing that stands apart from the majority of cryptocurrencies on the market is that ecoin is already a functional business. This Page 4
isn t an idea, or even a prototype, it is a fully functional business that can be used immediately. Purpose of Crowdsale Because egoods is already a functioning business and not a start-up like most other projects, one may be wondering why we re having the crowdsale at all. The purpose of the crowdsale is to hire employees, expand operations to offer more items for sale within the egoods e-store, and further develop the back office to automate cashback claims as well as improve the tracking of purchases. These developments will take time and money to implement properly and we wish for a smooth transition, so customers can continue using the site without interruption. Token Information Name: ecoin Symbol: ECOIN Type: ERC20 Initial Supply: 34,000,000 Hard Cap: $3,500,000 Page 5
Soft Cap: $30,000 Crowdsale Information Important information regarding the crowdsale is as follows: Refundable The crowdsale will be refundable. If the soft cap is not met, contributors may retrieve their ETH back at the end of the crowdsale with a simple click of a button. Vaulted The crowdsale will have its own vault that no one, including the company, has access to. Funds will be secured in the vault until the soft cap is reached or the crowdsale expires. All funds contributed to crowdsale that go over the soft cap will be sent directly to the company s wallet. This was done to protect the funds of contributors as well as prevent any potential loss of extreme value if the price of ETH declines during the sale. Page 6
Increases in Price The crowdsale will increase automatically over time. Rates are as stated: Initial Rate: 1 ETH = 700 ecoin End Rate: 1 ETH = 500 ecoin Duration Crowdsale will last 90 days Page 7
Token Allocation Technical Token Information ERC20 Token ecoin is built on the Ethereum blockchain. This route was chosen due to Ethereum s reliability and track record. It was also chosen for simplicity s sake; while the token still needed to be coded from scratch, for me, an ERC20 token is much easier to manage without having to worry about blockchain maintenance. The token has no attachments to any libraries Page 8
online and can t be subjected to any hacks or accidental deletions of libraries. Everything is hard-coded into one smart contract. Future considerations of creating ecoin s own blockchain have been considered and will be implemented if the need arises due to any issues with Ethereum s blockchain such as slow transactions and high fees. Mintable ecoin are mintable to aid in customer satisfaction. If a customer pays using ecoin, they can easily be reimbursed if any issues should arise. This won t impact profits as much as dealing in cash. Also, if tokens are ever stolen and the thieves cash out, more tokens can be created to compensate for losses. Burnable ecoin are also burnable simply because it s mintable. If too many ecoin are minted, having the ability to burn some to control deflation is imperative. Freezable If there is ever a breach and funds are stolen, having the ability to freeze certain wallets becomes important. Freezing the perpetrating wallet prevents them from receiving, transferring, or selling any ecoin. Page 9
Pausible If there is ever some major breach and tokens are being dispersed to various wallets (such as a mixer, which many thieves use), all trading of ecoin can be paused and the situation investigated. This will prevent major losses within the ecosystem. Token Commercialization ecoin are like Bitcoin in the sense its utility is currency. The main differences is it s cheaper to use, faster, and has its own department e-store in which it can be used. Page 10
Roadmap Page 11
Team Programmer & Web Developer Chris Hamrick - I built my first computer at the age of 8. At the age of 12, I debugged the AOL software, allowing it to run 50% more efficiently and removing the ability to be punted. If you re over 30 and tech savvy you might remember those days. As a result, the program used less resources to run, connected at a much faster rate, and never lost connection unless due to landline interference. As a token of their appreciation, AOL banned me for life since I wasn t an employee and didn t have permission to modify their software; but I was invited to apply as an engineer once I turned 18. Since then, I have built apps for Microsoft and have spent hundreds of hours studying Solidity and its implementations. Business Development & Sales Chris Hamrick (Again) I started my first business in sales in Kindergarten going door to door selling used coloring books and crystals I dug up around the neighborhood. I have excelled in all sales positions I ve ever had: Appliance sales with Home Depot, Utilities with Comcast, and internet services with Clearwire. I believe my success stems from my belief in providing value for my clients and customers. I don t view them as just another sale. If I can t provide the Page 12
product or service someone needs, I will happily refer them to someone who can. I have managed and employed teams as large as 30 and have consulted for international companies and local Govt municipalities since 2004. I have also studied all forms of real estate and am experienced in research, acquisition, negotiating, contract development, and sales, of residential real estate. I held a position as VP of The Sourcing Connection, an international venture capital firm in which I not only managed business operations domestically and abroad, but capital investments as well. I left TSC in 2015 to pursue my own creative passions in fashion and interior design. Page 13