What purpose does this ICO serve?
Social Wallet seeks to integrate their platform into social networks to give users the capability of sending cryptocurrency to their contacts. Users can ignore their typical slow methods of sending currency and move to a much quicker solution. Blockchain technology makes all of this possible. Social media is exploding due to the increased usage of mobile devices. Social Wallet is looking to become an easy way of transferring money using your phone, and yet still provide a quick solution for desktop users. Currency can be sent in the form of the WIRE token which is Social Wallet’s cryptocurrency. The token sale is currently live and more information can be found at the end of this article
How will it end up working?
It will end up being as simple as going to your favorite social network and accessing Social Wallet and then you can enter the username of the recipient. Select the amount of currency and hit send and the tokens will end up in the recipient’s wallet. With the increasing awareness of cryptocurrency, Social Wallets potential will also increase. The application will even further promote awareness of cryptocurrency. Sending money with your mobile device has never been easier.
Can you get a Social Wallet debit card?
The answer is most definitely YES! Social Wallet will give users the opportunity to utilize their debit card to send tokens. This is all possible with the assistance of a debit card provider on the blockchain. It will work just like your typical debit card and will provide quick transactions while complying with Anti Money Laundering (AML) and Know Your Customer (KYC) regulations.
The Earn Feature
There will be an “Earn” tokens tab on the Social Wallet platform. Users will be given the opportunity to acquire tokens by doing certain tasks. These tasks can include liking, sharing, commenting, or retweeting posts that are made by Social Wallet. The platform will be set to recognize these actions and issue WIRE tokens directly into your wallet. More options include keeping your wallet open and staking to gain more tokens. Creating a master node will require 35,000 WIRE tokens. Reallocation of tokens accumulated through Social Wallet’s revenue streams will put coins back to the EARN tokens feature.
Token Sale Facts
The campaign started February 7th and will go to April 27th. Every 2 weeks, the bonus amount of WIRE tokens that you can get will decrease by 5%. The minimum purchase amount will be $100 and the maximum will be $150,000. The platform is set to go live on April 28th and that is when tokens will be distributed.
There will be a total of 250,000,000 WIRE tokens. 12.5% of the tokens are for the creators of Social Wallet. 5% is set aside for future development and 2.5% for lead dev. Advisors end up getting 2.5%. They will airdrop 1% of the tokens and 1% will go towards promotion with bounties. The last 0.5% is for legal fees.
To get more information on this ICO, check out their whitepaper.
You may also want to check out their bounty campaign: https://bountyhive.io/join/iShook
Written by: soulstreak