A Conversation with…CORION Founder Miklos Denklerbr>
What goes up, must come down. That’s the simplified version of Sir Isaac Newton’s theory of gravity. But Swiss-based CORION, a new platform that includes a digital wallet, marketplace, and exchange, is out to change that for early investors.
CORION plans a fixed price for its forthcoming initial coin offering tokens, called CORION Coin (COR). If someone buys CORION at USD $1, it will always be at that price. They can still make a profit, but the early investors are assured of price stability. The system relies on demand-based coin emissions.
Miklos Denkler, the founder, explained to Block Tribune how it will all work.
BLOCK TRIBUNE: Explain how CORION’s system features a stable price point against the USD and relies on demand-based coin emissions within the CORION community.
MIKLOS DENKLER: Basically, If someone buys CORION at $1, they can be assured it will always be $1. The price won’t go up, so there’s low risk for merchants and users. This allows them to make and accept cryptocurrency payments and take advantage of blockchain technology without concern about the price of the coin going up unexpectedly. The system also allows for fair coin distribution through demand-based coin emission. Simply put, after the initial coin supply (during ICO) and the CORION user base grows, the demand for coins will increase, which will trigger the automated stabilization mechanism. The coin supply will expand at a maximum of 2.5% daily and that will stabilize the price.
BLOCK TRIBUNE: Who is the target audience?
MIKLOS DENKLER: The target audience is anyone who will enter the crypto world in the upcoming years and those who are already in and willing to create a profitable business or service. It is aimed at community members to build businesses and services on, but invites customers, entrepreneurs, and financial service providers into one marketplace. Anyone that is a part of the CORION community is entitled to become a Service Provider, and start their own businesses, acquire customers, or connect to any business as a client. From there, the mainstream will be engaged through affiliate programs and shopping communities, generating growing demand to use the platform.
BLOCK TRIBUNE: How does the “special automated inflation/deflation control” work? How would it deal with a black swan event?
MIKLOS DENKLER: Inflation methods: If the price of CORION coin rises above $1 USD on the main exchanges, i.e. there is a demand for more coins, the system will release maximum 2.5% additional coins daily through coin emission. Deflation methods: If the price of CORION coin drops below $1 USD on the main exchanges, that means there are more coins in circulation then the system needs, so coin emission will stop for that day. Furthermore, after each transaction there are set fees calculated. These fees are burnt, and they will never appear in the system again, so day by day there will be fewer and fewer coins. Coin parking is an effective way to remove coins from the exchanges. As the system rewards only the wallets connected to a service provider, users will be withholding coins in their wallets to get the benefits from providers and collect the daily emission.
BLOCK TRIBUNE: What cryptocurrencies are currently in use on the platform?
MIKLOS DENKLER: The CORION Coin is the main coin for the platform. There is also a Premium Token available that allows people to be shareholders. Ethereum Classic (ETC) will also be available.
BLOCK TRIBUNE: You have a gamification feature. You can earn crypto by learning the platform? Is there a ceiling on earnings? How much will the average person earn?
MIKLOS DENKLER: The CORION game, based on 18 Schelling methods, is a part of the coin price stabilizing mechanism, and also a fun way to win money while learning how the platform works. Users can practice this daily activity by sending the right answer to the question: “Is the price BELOW or ABOVE $1?” at a certain time on the listed exchanges (the 3 most traded ones). Gamers can play and send their answers every three hours. There is an option for manual and automated play, which is convenient for busy people. If the player sends the correct answer, he wins CORION coins reward. Prizepool comes from two sources: from transaction fees (20% of it), and, as the Foundation participates in the game as well, also from the coins it wins, which are added to the pool. In case the prize-pool becomes empty, the Foundation refills it from its own daily coin supply growth.
BLOCK TRIBUNE: Why should an individual use this platform?
MIKLOS DENKLER: Individuals can take advantage of the wallet and marketplace, as well as the decentralized network. They can also benefit from the platform’s secure, convenient and instant financial transactions between members using CORION as well as the stable payment. It’s mutually beneficial for businesses and individuals.
BLOCK TRIBUNE: What interest rate are you paying on the incentive-based daily reward system?
MIKLOS DENKLER: You can earn daily interest getting the newly issued coins through the Service Providers, without depositing or pledging your money. The CORION coin emission is maximum 2.5% daily.
BLOCK TRIBUNE: Explain the P2P exchange in greater detail, and how it will work.
MIKLOS DENKLER: The built-in exchange is smart contract-based. It excludes fraud and theft as well as costly intermediary 3rd parties and executes P2P secure exchange transactions in the easiest way. As a start, ETC/COR exchange will be available, then the next step is the development of a decentralized exchange platform to process transactions with FIAT money and with the most widespread cryptocurrencies.