Sikoba, a decentralized money platform based on P2P (peer-to-peer) IOUs enabled through blockchain technology is taking the first step toward its upcoming ICO as it launched its token presale today. The presale will give participants a chance to receive a 50% bonus on SKO tokens. The tokens are designed to make transactions on the Sikoba platform.
The ICO will run from April 25 to May 15, 2017.
The Sikoba platform will allow users who know and trust each other in real life, to mutually offer lines of credit within the Sikoba system. The system is made possible through smart contracts, giving users the freedom to pay each other with both cryptocurrencies and fiat currency.
The smart contracts are governed by specific conditions, fee structures, and repayment rules. Through the use of ‘credit conversion’, payments between participants who either do not know or do not trust each other are also made possible. Fiat currencies or cryptocurrencies can act as a medium of exchange when there are no credit links between participants, or to repay outstanding balances when needed.
Sikoba CEO Aleksander Kampa stated in a recent interview that the service is designed as a decentralized system, with the goal of eventually becoming independent and self-organizing, through the aid of blockchain technology. The Sikoba blockchain makes use of a ‘Federated Blockchain’ design.
“This is a permissioned mining model where only authorized nodes add blocks to the blockchain.”
Kampa stated his mission for the company:
“Sikoba is the result of my life-long interest in monetary theory. We see a future where the money will once again be diverse, with many different issuers, with a variety of credit relationships, where people will take an active interest in the type of money they wish to use. Our aim is to provide the tools to achieve that vision.”
“Sikoba is not a peer-to-peer lending platform; it is a peer-to-peer IOU platform which allows payments to be made without having money (whether fiat, crypto or any other asset) to begin with.”
This unique federation will be self-governing, which means that participants will be removed from or added to the federation based on the voting majority of members themselves. Kampa stated that Sikoba would likely use Ethereum as a notary, but would perform its main operations on another blockchain, which will be chosen or designed based on speed, flexibility, and scalability.
Sikoba currently operates as a small team of three, plus several supporting members.
At present, the Sikoba IOU platform is at the conceptual stage with technical elements still in the works.
There are a plethora of cryptocurrencies that act as a transfer or store of value, but in all cases, the acting participants must already possess the currency’s value to make an exchange. The Sikoba ecosystem aims to offer a fully functioning virtual credit, or IOU system, that offers users the ability to attain accredited value, borrowed from another participant, without releasing any funds.
Where bitcoin aims to act as a form of digital money, SKO tokens serve as a kind of digital credit and ultimately, Mr. Kapma believes, have the potential to become an influential aspect of a future credit system.