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Moscow|Shanghai, April 30 – 2018: OIN SPACE, the blockchain-based consumer trust ecosystem allowing to confirm authenticity of any purchase, today announced its plans to conduct a $ 30M ICO. OIN SPACE will allow the confirmation of authenticity of any purchase – such as, but not limited to, clothing and footwear, alcohol, essential consumer goods, tickets, medicines.
In the OIN SPACE ecosystem, the authenticity of products will be warranted by a blockchain protocol, eliminating the chance of counterfeiting, copying or bypassing the security system.
OIN mobile app users will receive the OIN tokens for each authenticity confirmation and purchase of the original products from the manufacturers. OIN tokens then can be used by consumers as a mean of exchange for the authentic products of the ecosystem participants, or withdrawn and transferred to the bank card account.
“Anything can be counterfeited, and there is no such person that hasn’t fallen victim to counterfeit goods, regardless of age and social status – comments Anatoly Smorgonskiy, the OIN SPACE ecosystem CEO and co-founder, – Manufacturers spend an annual $127 bn to design and introduce new technologies protecting against counterfeits, while the counterfeit goods global market is now estimated at unthinkable $1.2 trln. Manufacturers need a universal scalable system capable of providing protection against counterfeits once and for all.
Under the OIN SPACE ecosystem, we will develop a universal and simple authenticity verification tool secured by blockchain technology. We believe that OIN SPACE will lay the foundation for the radically new relationships between the manufacturer and the consumer based on trust and loyalty to the authentic brands”.
The OIN SPACE solution implies the QR-codes protected by OIN’s decentralized platform’s algorithms and the system of smart contracts eliminating the chance of counterfeiting. A blockchain-protected QR code is a simple, user-friendly, universal protection system. The OIN SPACE ecosystem will provide customers an opportunity to have a single authenticity verification tool.
“2017 can no doubt be considered the ICO year for the whole industry: we have witnessed the global scale of the projects successfully attracting their initial funding within the cryptocurrency market. Hundreds of projects that require significant primal investment, which they in other circumstances would have craved from business angels, foundations and venture investors – they do now have the opportunity to quickly test and implement the idea by enlisting the support of crypto-community” – comments Maria Lapuk, the OIN SPACE ecosystem co-founder.
OIN SPACE aims to lay the foundation for the consumer trust economy based on loyalty to authentic manufacturers, direct interaction and mutual respect between brands and consumers, free from fakes and counterfeiting.
OIN SPACE gears up for a 1-stage ICO, which will start in mid-June. The exact date is yet open and will be announced in a temporary manner, with sufficient timing and respect for the crypto-community. OIN SPACE is planning to reach the $ 30M hard cap to develop, implement and scale the universal authenticity confirmation system.