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The firm behind the Pegasus Coin, the Kazakhstan Horseracing Association, hopes to revolutionize the equine industry in more ways than one.
KHA aims to construct the world’s largest cryptocurrency-based integrated facility development in the form of a 113-hectare Horseracing Park, and to develop an open source, fully decentralized and distributed ledger through which horse enthusiasts will be able to access and share information on horses, all of which will primarily utilize Pegasus Coins.
KHA was formed in 2012 as the first horse racing association in Kazakhstan that has been approved by the Ministry of Justice of the Republic of Kazakhstan.
Since their founding, the firm has obtained legally binding and valid government gambling licenses and land rights, as well as MOUs with key parties such as the JRA (Japan Racing Association) and COMPLANT (China National Complete Plant Import Export Corporation) in their quest to develop a world-class horseracing integrated facility.
The land (estimated to be worth 53 million US dollars based on a CBRE report) in which the integrated facility is built upon, is located in Kazakhstan’s Golden City, 20 kilometers from Almaty.
COMPLANT is expected to begin construction in the first quarter of 2019. The development will consist of an amusement park, shopping center, convention center, hotel development, VIP villas, state-of-the-art horse racing facilities that will cater up to 700 horses, and a host of other different properties.
Bettors have traditionally encountered difficulties carrying money across borders due to governmental restrictions, junket fees and security risks. The Pegasus Coin effectively solves all of these issues; enabling limitless transfer of funds at low transaction costs.
Payments within the entire facility will be able to be processed through their all-in-one PegasusPay wallet. The wallet will allow quick and easy contactless transactions as well as swift exchange between different currencies in one personal account. By combining usability with a high level of privacy, anonymity and security, users will feel secure using the wallet on multiple electronic devices.
The underlying blockchain technology will also be used to develop an open source, fully decentralized and distributed ledger through which horse enthusiasts will be able to access and share information on horses.
KHA has also implemented various features to encourage price growth, such as the burning of unsold tokens at every stage of the token sale, as well as a variety of velocity-reducing mechanisms to incentivize the long-term holdings of Pegasus Coins.
Another major feature is the “burnback” scheme. KHA will be using earnings from the park to buy back Pegasus Coins from the market and burning them. The “burnback” scheme is Pegasus Coin’s way of rewarding its community and shareholders; by decreasing coin supply, preserving coin value, increasing demand and ultimately promoting exclusivity for it.
There has yet to be a cryptocurrency that has truly been utilized in everyday physical transactions. Bitcoin transactions currently consist of a severely disproportionate percentage compared to its genuine purpose of being the currency of the future, with most Bitcoins purchased purely for speculative reasons.
The Pegasus Coin, however, seems to take a refreshingly different approach compared to most ICO concepts; focusing on establishing its physical usage as a first priority, unlike other cryptocurrencies that hope to attain physical utility at some point in their future roadmap.