We believe there should be a commercial global digital currency that can be easily purchased and used for instant payments between buyers and sellers anywhere in the world. This global currency must also be able to be stored or exchanged with confidence of low volatility and near zero fees.
To drive widespread adoption, Qoin is designed as a smart digital cryptocurrency that will be backed by real goods & services and complemented by a global sales initiative. The objective is to expand the merchant base to a desired ecosystem of ten million merchants, businesses or sellers, within 20 years. Each merchant agrees to accept Qoin as a currency of payment for goods & services. Based on 10 million merchants this should create an ecosystem of available goods & services to buyers of approximately US$1.0 Trillion per annum based on:
- Average capacity available in each business / merchant of 25%, and
- Average annual revenues of US$500,000 per business / merchant*
The Qoin Reserve will administer the expansion of the ecosystem through a global sales initiative, onboarding, and incentivisation of new merchants. This means that anyone who has purchased Qoins has a high degree of assurance they can utilise or spend their digital currency in the participating merchant ecosystem, or trade their Qoins for fiat or cryptos with others through independent Exchanges.
As per Metcalfe’s law, the value of Qoins will be effectively linked to the size of the merchant ecosystem. This may cause fluctuations in the value of Qoins.
Access to the existing Bartercard Ecosystem of approximately 21,000 merchants and 40,000 cardholders across the United Kingdom, Australia, New Zealand and Thailand will form the nucleus as the kickstart of this project.