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Zeex (ZIX) ICO Review – ICO Token News

Overview

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.

Token Utilities

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:

  1. 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.
  2. 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.
  3. 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.

Supplier Verification

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.

Inventory Restocking

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.

Purchase Flow

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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Team

  • Guy Melamed
    Guy Melamed
    Guy Melamed
    CEO & Founder
  • Ziv Yeshaayaou
    Ziv Yeshaayaou
    Ziv Yeshaayaou
    CTO & Co-Founder
  • Apan Amos Damri
    Apan Amos Damri
    Apan Amos Damri
    CMO
  • Yaniv Barak
    Yaniv Barak
    Yaniv Barak
    Head of Business Development
  • Eyal Solnik
    Eyal Solnik
    Eyal Solnik
    Operations Manager
  • Victoria Tsitrinbaum
    Victoria Tsitrinbaum
    Victoria Tsitrinbaum
    Marcom Manager
  • Rafi Glantz
    Rafi Glantz
    Rafi Glantz
    Community Manager
  • Ilan Schifter
    Ilan Schifter
    Ilan Schifter
    Blockchain Developer
  • Daniel Zelkind
    Daniel Zelkind
    Daniel Zelkind
    Advisors
  • Eyal Hertzog
    Eyal Hertzog
    Eyal Hertzog
    Advisors
  • Artūras Asakavičius
    Artūras Asakavičius
    Artūras Asakavičius
    Advisors
  • Sebastien Stupurac
    Sebastien Stupurac
    Sebastien Stupurac
    Advisors

Milestones

  • 1
    Q4 2017
    Zeex Founded
  • 2
    February 2018
    Blockchain based platform (internal release)
  • 3
    March 2018
    Web application (alpha)
  • 4
    April 2018
    Web application (closed group beta)
  • 5
    April 2018
    Private Sale finished
  • 6
    May 2018
    Zeex app live (webApp) with 100 brands
    Public Sale
  • 7
    Q3 2018
    Android & iOS App (support crypto to corporate currency)
  • 8
    Q4 2018
    App v2: corporate currency to crypto
    Expanding the offers to EUR,GBP,USD corporate currencies with more than 300 brands
  • 9
    Q1 2019
    Self-service portal for suppliers and brands
  • 10
    Q2 2019
    API connectors
  • 11
    Q3 2019
    Expanding to new markets
  • 12
    2020
    Allowing businesses to generate ZIX blockchain based vouchers

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