Sikoba, an international decentralized financial platform which is based on the blockchain technology and peer-to-peer (P2P) IOUs, is preparing for its awaited ICO by arranging a token presale, which has already started on April 25, 2017. The presale will offer participants a 50% bonus on their purchased SKO tokens, which are created to be used for issuing transactions on Sikoba’s platform. The token presale will continue on until May 15, 2017.
What is Sikoba?
Sikoba represents a decentralized financial platform that relies on P2P IOUs and is designed using the blockchain technology. The platform will enable users, who trust each other in a real life setting, to offer lines of credit to other users across the Sikoba platform. The P2P, IOU based system, which is built using the blockchain technology, relies on smart contracts to enable users to pay each other using both cryptocurrencies and fiat money.
Sikoba’s P2P credit transactions rely on using smart contracts with predefined conditions, refunding rules and fee structures. Via using credit conversions, transactions among participants, who do not trust each other, can be possible. Cryptocurrencies or fiat currencies can act as an exchange medium, when no credit links exist between participants, or to refund outstanding balances whenever needed.
In a recent interview, Alexander Kampa, Sikoba’s CEO, stated that the platform has been created to act as a decentralized system, that aims at eventually becoming self organizing and independent, with the help of the blockchain technology. The Sikoba platform utilizes the “Federated Blockchain” design.
Sikoba’s federated blockchain is designed to be self governing; in other words, participants will be added to or removed from the blockchain federation on basis of the voting majority of the blockchain members themselves. Sikoba will likely use Ethereum as its notary, yet it will perform its operations using another blockchain, which will be selected or designed on basis of the criteria of scalability, speed and flexibility.
Currently, there are hundreds of cryptocurrencies that are used as means of storage or transfer of value, yet participating users have to own the currency’s value in order to be able to make an exchange. The Sikoba platform offers a fully operating virtual credit ecosystem, or an IOU system, that enables users to obtain accredited value, borrowed from other users, without having to release any funds. If bitcoin was designed to act as a form of virtual currency, SKO token are designed to act as a form of digital credit and thus, have the potential to emerge as a major face of the future’s digital credit system.
Image from Sikoba.com