The project Illuminates is developing a first social ecosystem that is making all blockchain advantages available. It will advance interaction between investors, freelancers, and startups. The best solutions and instruments will be gathered within one platform to help professional development and implementation of the most revolutionary ideas. The platform is being developed by the technology company Illuminates, that has more than ten years of IT-services experience and since 2011 has been successfully engaged in the development and promotion of startups. Since 2017 the company has also been engaged in a number of ICO projects. With all our experience Illuminates analyzed every twist and turn of this business, determined advantages of both centralized and decentralized solutions, and eventually came up with a unique concept of the ecosystem, that would ensure effective interaction between all ICO market and crypto community.
The most acute problems of the blockchain-startup industry are:
There are many cases of fraud or misinformation about projects with an aim to capture funds. According to Wall Street Journal research, more than 20 % of all startups are trying to delude investors by showing fake teams, promising guaranteed benefit without any grounds or stealing someone’s concepts.
More than $1 billion was invested in such fraud startups. Satis Group consulting firm concluded that about 81% of ICO turned out to be fraud, 11% gathered funds but did not manage to invest them in further project development or did not manage to trade their tokens on cryptocurrency exchanges. Only 8% of analyzed projects gathered funds and commercialized their tokens.
Inaccessibility of true information for potential investors
The problem of investing in potentially beneficial, proper, unique projects is as acute as it has never been before. Despite the accessibility of information about the project and the team, presented profiles and official company jurisdictions do not guarantee sponsors’ bona fides. At first sight, a well-packed project with some funds already invested can easily turn out to be scum.
It’s costly to enter the market
Startup founders face many obstacles. The problem that is opposite to above mentioned is lack of funds that new and promising projects have. As a rule fresh startuppers do not have enough investments in their projects and do not know how to attract them. Today an ICO costs a lot, especially if a professional team is hired. This means that many revolutionary ideas are to stay unimplemented.
Lack of professionals
It is quite difficult for the founders of startups to assemble a professional team to work on the project, all this is due to the fact that the blockchain industry is very young and there are not so many specialists in it, and even fewer good specialists.
Agencies that provide turn-key ICOs use this market specificity, lack of professionals and overrate services they provide. Services of consultants also cost a lot and bring no real help other than advising.
The users of the Illuminates will get access to the following functionality:
The freelance marketplace will provide everyone with a unique opportunity to gather a professional team of specialists for the implementation of any project. Every participant will be able to find a necessary specialist, advisor or an independent expert using our embedded freelance marketplace. This option will have a very important advantage — it will be possible to check the experience and rating of a chosen specialist. Each candidate registered on the platform will have an experience history recorded into blockchain and an individual rating. At the same time, freelancers will have an opportunity to look for clients, prove their skills and experience. All user profiles will be confirmed by other users.
For the first time ever corporations, venture funds, business angels and investors will get a guaranteed and secured access to a large pool of verified startups with detailed information about team members and their experience. There is no risk of investing in fraud anymore. All projects listed on the Illuminates platform will be verified so there is no need for investors to carry out due diligence (full investigation of the project). When it is needed, investors will be able to attract experts to help make a final decision – to invest in the project or not.
Trading & LUM DEX Exchange
Lumen DEX is an advanced new-generation exchange build on the architecture of decentralized P2P network.
Illuminates investment and transaction platform will unite the most modern technologies. The whole source code of the platform will be open and third-party control will be impossible. All private keys from digital storages are controlled solely by their owners. High reliability and security are guaranteed by a set of smart contracts that create a transparent payment system.
Participants of the platform
There can be a number of user types and roles on the platform. These are Investors, Investment funds, Startups, ICO projects, Freelancers, Oracles (experts, “arbitrators”), Traders, Experts, Consultants, Bloggers, Partners: news agencies, event agencies, conferences, events, ICO trackers, listings, co-working spaces, hubs, sellers on the marketplace.
New technology solution
Illuminates technical solution is based on the universal application of the hashing process. It means that a computing algorithm is applied to contents of every single file (document, genome file, GIF image, video, etc.). This algorithm is creating a short line of symbols and after that, it is not possible to find out what was in the original data. It is possible to convert every data file into a line of 64 symbols and it will be a unique identifier of a particular data file. Hash represents the exact content of an original data file. If it is necessary to prove the content, the very same hashing algorithm that gives the same hashing signature is applied if the file has not been edited. Hash is a not very long set of symbols and that is why it is possible to include it in a blockchain-transaction as a text. As the result, we have a timestamp secured from any changes that confirms the signature of a document.
B2B Relatefacts solutions includes
Interconnection for private blockchains
Relatefacts methodology will provide special data standardization that would be accessible through Illuminates SDK. Illuminates SDK will provide the functionality to create any smart contract with standardized data for legal entities and transfer any database data story into the blockchain. Mentioned data could be freely transferred to any blockchain using standardization and SDK.
OTC for Banks & Exchanges
Relatefacts methodology will help to save anonymity and increase transparency of OTC trading.
API for Relatefacts data for SaaS platforms
Illuminates API will synchronize information globally and provide access to additional services based on smart contracts developed through Illuminates SDK or standard Illuminates contracts for any SaaS platform. Such services will be based on Relatefacts technology, which will allow to use different blockchain solutions in every industry.
Real assets tokenization
Every legal entity could tokenize their real assets and supply stable or security tokens using standardized Smart contracts developed via Illuminates SDK or use turnkey solutions via Illuminates API.
Safeness of the platform
The unique feature of Illuminates will be the blockchain database that ensures the recovery of the whole information.
This is provided by system of special events to track the task status (creation, implementation, etc.), as well as to evaluate the implementation of tasks and make ratings that are recorded in the blockchain and are directly related to the unique user hash (that users receive after they pass KYC). So, even if the whole web service is hacked and all information is deleted from a database stored on the server, users just have to pass KYC again to recover all their data. After a special parser (written in Python) is launched, all information related to a user will be recovered and systemized in a convenient way so that a user will get easy access to it again.
Trading on Illuminates
Centralized exchange for cross blockchain trading
The Illuminates ecosystem includes the centralized exchange that allows its participants to trade and exchange not only crypto currencies but also fiat-crypto pairs that can be individually configured in the user account.
DEX ERC20 exchange
The exchange is implemented on the ether blockchain for trading in ERC20 tokens. Exchange consists of 2 logical contracts: “bank” + controller.
KYC hashing procedure
Illuminates allows to identify and record the user identity providing only the information that is necessary for each particular service by carrying out the KYC procedure, which is one of the methods to fight money laundering. KYC on the Illuminates platform means that banks will be comfortable with working with the platform as it is legitimate and complies with anti-money laundering rules.
Users should provide photo/scan of their personal ID, as well as their photo with the ID in their hands to pass KYC. This information will be collected, transformed into the hash and recorded in the blockchain by the neural network. A picture with the ID is necessary only for manually check for the ownership of documents.
Volodymyr Malyshkin, FOUNDER AND CHIEF EXECUTIVE OFFICER Anton Kovalev, CHIEF BUSINESS ANALYST Sergey Mashuk, BACKEND DEVELOPER Elena Morozova, FRONTEND DEVELOPER Dmitriy Koval, BLOCKCHAIN DEVELOPER
This article is writing on 04 Feb 2020 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: email@example.com Or Whatsapp Us- +13098896258
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