Zeex (ZIX) ICO Review – ICO Token News
Zeex overcomes what is perhaps the greatest obstacle to the widespread adoption and use of cryptocurrency by finally turning cryptocurrency into a payment method for everyday goods and services. It does so by making cryptocurrency seamlessly and effortlessly convertible into gift cards and retail vouchers. This solution brings cryptocurrency into the real economy.
The core element of the Zeex solution is the ZIX ICO token, which serves three key functions. First, it covers users’ transactional risk until the trade is complete, obviating intermediaries. Second, it fairly determines who can exercise what kinds of transaction and when based on advertised discount rates and supply. Third, since the token also serves as a login method, it unlocks the door to the Zeex platform. These functions operate automatically thanks to the smart contract terms embedded in the Zeex protocol.
The Solution: Using Each Market To Fix The Other
Zeex solves the deficiencies of both gift cards and cryptocurrency by making each seamlessly convertible to the other. On the one hand, Zeex frees cryptocurrency from the confines of digital media, making it readily convertible into goods and services via gift cards. On the other, it frees gift cards from being tied to individual holders, making them as easy to transfer between holders as cryptocurrency with the same safety and transparency. It is the liquidity network connecting cryptocurrencies to products and services that everyone has been waiting for.
The Zeex platform includes an elegant frontend, a blockchain-based and fully transparent backend, and a digital wallet to effortlessly store and manage all the user’s tradable units. The frontend provides the user clear and intuitive access to the broad catalogue of gift cards from top brands, the cryptocurrency units they have available to spend, and their tokens, which hinge the two types of currency together and allow users to pivot smoothly and easily from one to the other. Zeex allows users to buy and sell their gift cards and finally to spend their cryptocurrency.
Developing a liquidity network to enable the mutual convertibility of gift cards and cryptocurrency is a potentially revolutionary proposition, but it requires the right team with the right assets. To substantiate the claim that Zeex’s goals are achievable, and that the Zeex team is well situated to achieve them, we describe the existing organization as well as its financial and personal assets before describing the platform’s technical implementation.
Zeex will offer owners of ZIX tokens lifetime precedence for discounted corporate currencies over any other user, based on an offering catalogue. Among other utilities, the owner of a ZIX token will have the right to:
- Priority – When there’s more demand than supply for highly-desirable assets, Zix token owners will have priority over other users to secure those assets.
- Pledge – Zix token owners will not have to wait long periods for transactions to clear, their tokens will be used as collateral to ensure an immediate settlement.
- Login – Zix token owners will have the ability to log into Zeex securely and anonymously using their token.
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The Zeex Protocol
The Zeex protocol handles gift-card purchases between suppliers and buyers over the Ethereum blockchain, while keeping sensitive data, such as serial codes and verification values, confidential and secure.
Initially, Zeex will verify and approve suppliers who are seeking to use the Zeex platform. Later on, suppliers would be able to tap in independently by pledging ZIX tokens as collateral. The amount of ZIX tokens to pledge will be based on the trading volume and reputation of the particular supplier. Verified suppliers are then added by Zeex to the ‘approved suppliers’ list on the smart contract.
Prior to stocking their on-chain gift-card inventory, suppliers encrypt the sensitive data contained on the gift cards with a designated encryption key, called the SwapKey. The key is stored publicly on the smart contract, and its matching decryption key is kept safely hidden, accessible only to the encryption Swappe.
Buyers initiate the purchase flow by sending a detailed purchase request (brand, face value, etc.), including their unique encryption key, called the BuyerKey, and sufficient payment to cover the cost of the gift card and Ethereum’s internal transaction fee. After verifying the payment, the smart contract checks for an available gift card or set of cards worth the requested face value. It then assigns the card(s) to the buyer and holds payment for the supplier.
Security and Confidentiality
The Zeex protocol uses the secp256k1 elliptic curve and is fully compatible with Ethereum accounts. The Elliptic Curve Integrated Encryption Scheme (ECIES) ensures on-chain data confidentiality and provides semantic security against chosen-plaintext and chosenciphertext attacks. Combining these tools produces a tailored, effective, yet simple means of transferring value from buyer to issuer and back.
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- Guy MelamedCEO & Founder
- Ziv YeshaayaouCTO & Co-Founder
- Apan Amos DamriCMO
- Yaniv BarakHead of Business Development
- Eyal SolnikOperations Manager
- Victoria TsitrinbaumMarcom Manager
- Rafi GlantzCommunity Manager
- Ilan SchifterBlockchain Developer
- Daniel ZelkindAdvisors
- Eyal HertzogAdvisors
- Artūras AsakavičiusAdvisors
- Sebastien StupuracAdvisors
- 1Q4 2017
- 2February 2018
Blockchain based platform (internal release)
- 3March 2018
Web application (alpha)
- 4April 2018
Web application (closed group beta)
- 5April 2018
Private Sale finished
- 6May 2018
Zeex app live (webApp) with 100 brands
- 7Q3 2018
Android & iOS App (support crypto to corporate currency)
- 8Q4 2018
App v2: corporate currency to crypto
Expanding the offers to EUR,GBP,USD corporate currencies with more than 300 brands
- 9Q1 2019
Self-service portal for suppliers and brands
- 10Q2 2019
- 11Q3 2019
Expanding to new markets
Allowing businesses to generate ZIX blockchain based vouchers