The next-generation cryptocurrency service platform and zero-fee exchange COBINHOOD announced its partnership with e-commerce verification platform simplyBrand to support and advise the launch of the company’s initial coin offering (ICO).
The ICO token, SBA will be used to reward crowdsource participants and enforcement agencies that aid in the manual verification and consensus decision process.
SBA will be used to purchase brand privileged items on the platform or be traded on other exchanges. The partnership will work to combat counterfeit transactions within e-commerce platforms, making digital commerce more trustworthy. The project has set a hard cap of 20 million USD during this phase, and all funds received from the token sale will be used for the development of the simplyBrand project.
Society’s newfound reliance on digital assets magnifies the need for an entity that serves to protect consumer security, and hackers now have more opportunity to profit off of the kinks in developing technology, revealing a potentially detrimental gap in online safety. simplyBrand will use A.I. and blockchain to embed enhanced identification and verification processes into every transaction. The information of the infringing parties will be published on the blockchain’s “blacklist” for public reference, increasing costs and creating new barriers for counterfeit retailers.
Brands who wish to uphold their reputation will join knowing that any end user will be able to check for security through simplyBrand’s links before purchase.
“We’re enabling individuals to work together to strengthen the e-commerce community,”
says simplyBrand Founder and CEO Kaufman Chang.
“With e-commerce giants, such as Amazon, the future of retail is transforming into a digital ecosystem. We want to empower society to embrace online shopping and create a better experience for one another. We know that this will start with blockchain as it creates the transparency needed when visiting a digital checkout counter with no employees to be found. With COBINHOOD’s backing and strong expertise in building a blockchain based community, we will be able to bring about necessary change.”
ICO tokens supported by COBINHOOD can be listed on the COBINHOOD zero-fee exchange after their token sale process, preventing low liquidity. simplyBrands’s token private sale started on 16th of October.
“The potential to strengthen the global digital economy is what makes this project so exciting,”
says COBINHOOD Co-founder Popo Chen.
“simplyBrand is bringing much needed protection to online purchasing and COBINHOOD will continue to back the company in its resistance against counterfeiters. We’re very excited to support this project and look forward to the success of the sale.”
Launched in 2017, COBINHOOD is a next-generation cryptocurrency service platform. COBINHOOD is home to the world’s first zero-fee, high-frequency cryptocurrency trading platform. The company was founded by Popo Chen, the original founder of ’17 Media’, and Wei-Ning Huang, former Senior Engineer at Google, with the intention of shaping future economies by creating a financial center for the blockchain era. COBINHOOD believes the evolution of blockchain technology and a decentralized financial landscape will transform global capital markets and business organizations with long-lasting impact.
Founded by Kaufman Chang, startup entrepreneur including ventures in cloud computing software, big data security software and of the University of Chicago graduate, simplyBrand is an inclusive ecosystem combining artificial intelligence, blockchain and crowdsourcing to eliminate counterfeit products in digital commerce. simplyBrand enables people and AI to collaborate utilizing the unique features of blockchain technology to strengthen security in online purchases.