What is EUNO Pay (EUNO) ?
It’s been a while since my last post. But those of you who follow me in the Quora Inner Circle have seen me around from time to time, focusing on my work and trading. I also would like to announce that I’m now on Twitter!
Now that I finally have some time, I’d love to introduce you to a small cap project that I have been following for quite a while now, and that I’m pretty sure about will take off soon, and perhaps will be my next 1000% ROI altcoin. I’m super interested in EUNO and I’m excited to share my research findings with you. This post includes information I directly received during a call with their CEO, Patrick. As always, this post is meant to be informative.
That being said, let’s dive right into this.
What is EUNO (Pay)?
Spend with EUNO everyday. Despite the amazing innovations and utility models in the decentralized digital currency space, cryptocurrencies are still mainly viewed as speculative investments. EUNO coin was created with the aim to tackle the things that hindered wide public acceptance while maintaining the most important features of cryptocurrencies. It needs to be: decentralized, trustless, immutable and incorruptible.
‘’The ultimate vision of EUNO is a widely accepted and extensively distributed digital currency to be used by consumers over the air (OTA) in near field communication (NFC), point of sale (POS) transactions, with minimal requirements for technical expertise by users and integration processes by merchants.’’
The use of cryptocurrencies as payment depends on both the consumers and merchants. If consumers show enough demand, then merchants are more likely to accept cryptocurrencies IF the exchange from crypto to fiat is instantaneous to protect the merchant’s exchanged funds from price volatility.
EUNO Coin combines a stable blockchain with Proof of Work, Proof of Stake and Masternodes, allowing a large number of fast and secure transactions to take place. The PoW algorithm uses eleven different hashes (for algorithm chaining), restricting network attacks by requiring someone to break in all eleven hashes. PoS is used to create an additional layer of security in a more cost-effective and energy efficient way than PoW can offer. Finally, masternodes are used to promote incentivised network support. Nodes keep a real-time copy at all times and are distributed depending on the number of live nodes. More technical details and to learn more about future masternode features, check out the EUNO white paper (page 6).
Because EUNO is so secure, and because it allows for such quick transactions, it’s the ideal currency to be used for NFC (payments). Especially with its ‘DARKSEND’ feature, enabling users to accept private untraceable transactions. Note: EUNO stands for privacy, so they will not require KYC. However, based on your location - you, yourself, might still be required by your local government to submit certain transaction details.
Setting up a (crypto) payment system can be difficult, increasing the barriers for merchants to start using it. EUNO aims to enable merchants to do so without any integration costs or need for technical knowhow. The EUNO payment system uses near field communication (NFC) technology, enabling payments to occur when the customer holds their phone close to the payment terminal.
This is already very common in our daily lives for non-cryptocurrency payments.
Merchants won’t need to set up costly crypto payment systems. Merchants can easily start using EUNO with a simple software update on their current basic payment systems. This update enables merchants to accept EUNO payments which instantaneously get converted to their local fiat currency. For users this means fast and secure payments, for merchants this means no volatility risks.
Token holders will also be able to participate in the decentralized governance structure. Meaning you can submit proposals, vote on proposals and help structure the overall strategy and development of EUNO. But, that’s not all. To promote world-wide coin distribution and incentivise use, the ACID protocol was introduced to provide a share of rewards to EUNO point of sale users. Basically giving them a ‘cashback’ on their purchases, directly to their wallet. More information about this can be found in the white paper (page 8).
The team counts a total of seven members on the website. I asked some more information about their experience in my call, on which I received the following answer: Patrick himself has a Fin-tech background and has stepped down from a great job to pursue this goal. Patrick met his team members back in the early Verge days, where they met in the Verge community.
They obviously were fans, but noticed that there were a lot of things that could be done differently or better. It’s one thing to have a vision, it’s another thing to execute on it and make it happen. By talking to Patrick, I immediately noticed he’s all about execution and creating meaningful partnerships rather than empty promises.
Roadmap & Huge Upcoming Partnership
Their roadmap can be found here.
EUNO is about to undergo a token swap, the snapshot for this is on August 29th, 12AM UTC. The swap date is September 30th, 12AM UTC. The swap ratio will be 1/160.
According to Patrick, a swap to their new chain was required by their upcoming partner. Patrick wasn’t able to give me any insights in who this partner might possible be. However, by actively doing my research and thinking about what possible partners there can be, I’m thinking it will be a partner that’s a huge worldwide company used by many merchants, if that’s the case, then with a simple update on merchants their payment systems, EUNO is accepted by millions of merchants worldwide (without merchants even noticing this). We will however have to wait for this announcement at least until the swap has happened.
These merchants already pay fees for their systems. These fees are distributed to the payment providers - meaning this would be the way EUNO will generate revenue.
Important note: Your EUNO must be in the local EUNO wallet during the snapshot, EUNO not held in their wallet during the snapshot will be burned and cannot be swapped at a later time.
What do I think about EUNO?
A few of my biggest takeaways are:
- EUNO is fully self-funded and is supported by a team that actually believes in the project. There’s still plenty of funds available and reserved for a big marketing push. On top of that, the team is looking to hire more people soon.
- EUNO Pay will be available in more than 150 countries at 30 million NFC enabled terminals.
- Merchants can easily set up EUNO Pay on their current payment systems. Instantaneous currency conversions allow for merchants to be protected from volatility.
- Users can easily use the mobile wallet to pay at these terminals (anonymously), just as is done today with non-cryptocurrency payments already.
- Currently over 300 masternodes are already running on the network.
- The EUNO market cap is still only at $3M USD. If this partnership were to happen - I’m anticipating this to go through the roof, with plenty of exchanges looking to add EUNO.
I added EUNO to my long-term portfolio for a few reasons:
First, I’ve wanted to see mass adoption on crypto payments for a long time now. And I feel like this is the closest I’ve seen a project being to actually achieving this (and I’ve used my Coinbase Card for a long time now). I would love to support this project at an early stage and would love to be one of their first users.
Second, EUNO still has a tiny market cap. There’s a huge risk/reward opportunity here that I simply couldn’t ignore. Aside that, without having done marketing, EUNO already has a very active community full of like-minded people.
That being said, I hope you enjoyed reading my post. I would like to encourage you to use this information as the foundation of your research. Please, always do you own research as well and don’t just blindly follow. This post is for informative purposes only, I’m not a financial advisor and I currently have a position in EUNO. I am not planning to change this position within the next 48 hours. I have not been paid for this post, this post is out of personal interest.