What is Ethershift?
The average investor has a hard time using traditional decentralized exchanges. They are also generally slow. Ethershift looks to change that. According to their website, the buying process for up & coming tokens will now be easier than it has ever been. This is the future of trading ERC20 tokens!
Ethershift is a service that is dedicated to giving users easy and fast exchange services for ERC20 tokens at the current market rates, without any additional fees. The user no longer has to go through the hassle of signing up at any exchange. They no longer need to learn how to use decentralized systems like IDEX. While the decentralized exchanges are excellent in their own way, the average crypto investor finds them complicated. Extrapolated, this means that there are many projects that never get the kind of exposure that they deserve. With zero customer data collection, zero accounts and a platform that will not do ‘Know Your Customer’, Ethershift will make the process of getting up & coming tokens much less complicated.
The ICOs Scan&Go is the simplest way one can get the tokens. The widget typically displays a QR code for the token that you are looking to buy. You scan the code and you send the amount in Ether. Simple! A few minutes later, you get the token that you asked for. Anyone can install the Scan&Go widget on the website in an affiliate program that earns them an extra buck.
The Ethershift wallet provides ERC20/233 token support. It allows near-instant token exchanges. The company claims to have put a lot of thought into the security. All the private keys are locally stored and protected by a number of security layers. They also have an in-built Web3 browser. Admittedly, it has never been easier to interact with decentralized applications.
How it works
In order to exchange tokens, the user will have to send the value to an address that indicates the kind of token they would like. The exchanged value gets sent back to the address they used to send the original tokens. To make this possible, the exchange uses hot wallets and mirrors the trade on an exchange. The platform takes a cut of the profits you make; some of it in the form of the output token and the other as the input token so as to account for the changing exchange rate risks.
Ethershift tokens will represent half of the gross profit of the service, so that every quarter, 50% of that profit will go to buying back ethershift tokens to burn them. Third parties get to integrate the Ethershift API into their systems for 50% of the profits.
The back-end service of the system is written in Node JS and runs on Amazon EC2. In order to get access to the Ethereum network, there is a server-installed full node that receives communication through the JSON-RPC API. To track profits, the service relies on an SQL database.
As noted earlier, the token is an ERC20 token and it makes half of the gross fee collected by the service. Additionally, all transactions with the platform’s products yield a fee of 5%. The system does automatic calculations to determine what the platform collects and splits it between two wallets. The first wallet deals with salaries, legal fees and operating costs while the other is used to buy back the tokens.
The tokens will be bought back on other exchanges that list the token and on the company’s website. To burn them, they will be sent to an address that is invalid, in a public and blockchain-verified process. This model offers excellent buying support for the token and provides a basis for controlling the supply.
The first burn is scheduled to happen in March 2019.
The maximum Ethershift supply is 15 000 000. 20% of these tokens go towards promotions, advisers, marketing, bounties, and giveaways. Another 20% is allocated for early investors and members of the team. The remaining 60% is sold in three rounds of the ICO that will begin on the 5th of November.
The tokens will be sold at a value of 400 Ethershift for one Ether during the first stage, and half that value during the second stage. If any of the rounds fail to hit the hard caps, the rest of the tokens will be burned.
The project is spearheaded by a team of six members and one advisor.
Josh Case – Founder and CEO
The man’s twitter byline states that ‘taxation is theft’. He often comments about people’s right to privacy and why ICOs do not have to cave to doing KYC. This also happens to be an underlying principle of the Ethershift ICO. However, little is known of the man’s professional background.
Nathan Corbin – Full stack developer
Like his colleague Josh Case, one can glean little as to the professional qualifications of this man. His twitter handle labels him as a software engineer, and that is all there is about him.
The story continues as such with other team members, with little to no information being available about them. You can find their names and social media handles here.
Social Media and Community
*These details are as of 29th September 2018.
Smart Contract: ERC20
Start – End: Stage 1 – 5th – 18th November, Stage 2 – 3rd December – 16th December 2018
Hard Cap: Presale: 2,500 ETH (sold out) Main Sale Stage 1 – 6,250 ETH Stage 2 – 25,000 Eth
Token Supply: 15 000 000
Unsold Tokens: Burned by smart contract
Token Price: 0.0025 ETH (During the first stage of the main sale)
White Paper: https://ico.ethershift.co/wp
For a service that has anonymity as one of its selling points, one may hesitate, given that they need to leave their address to send the transaction. It appears that to fulfill their promise, the service may have to use zksnarks or another similar technology. Then again, one may change the addresses to get around this issue.
Secondly, while having ICOs subject to KYC has a number of dangers, it also gives you some benefits. For starters, it establishes the credibility of the project with banks and helps the ICO expand jurisdictions to a global audience. For some, it is a concern how this ICO plans to get around the barriers having no KYC implementation will bring, while for others it is the main reason why they believe in the platform. The no KYC policy is one of the key points of the projects, as the goal is the make the exchange as decentralized as possible. A lot of people believe that decentralized exchanges are the next big thing in the crypto space, which the renowned crypto influencers Vitalik Buterin and Binance CEO Zhai agree on.
The vision of creating a fully decentralized exchange is not new, and many of us know of exchanges that follow this standard, like Forkdelta. The problem is that the exchanges are too complicated for most people to use, so they are rarely being used by the average cryptocurrency holder. If implemented right, Ethershift could revolutionize the decentralized exchange space with its decentralized nature combined with user-friendliness.
It should be noted that little is known about the team, the white paper appears to be half-baked, and the community and social media presence of the project seems to be a bit lacking. Nonetheless, the project is still relatively new on the market. Given time, perhaps the team will un-bag its surprises.
- The Team
- Community and Engagement
- Value to the Cryptocurrency Market
- Token allocation