Korona’s chief executive officer is Jean-Marc Stiegemeier, a one-time engineer who worked on the Apollo 11 program for a NASA subcontractor. He is confident that Blockchain is the future – with the company claiming its ecosystem has what it takes to help spark a “second cryptoeconomic boom.”
The start-up has its foundation in Switzerland and plans to focus its energy on the European Union at first, and then globally. Korona claims Ethereum and Bitcoin are ill equipped for everyday purchases because of the dramatic fluctuations these cryptocurrencies experience on a daily basis.
Korona plans to utilize “Lighting Network” technology in order to reduce the time it takes to process cryptocurrency payments so they are in keeping with traditional methods, all the while keeping fees to a minimum. This would be facilitated through a token known as the Korona Coin.
Mr Stiegemeier’s career has seen him become a seasoned Wall Street executive who has founded, built and acquired businesses spanning an array of industries operating in global markets– including steel, telecommunications, movies and photo imaging. According to Korona, he was the principle founder and the first employee in a firm which grew its revenue, in three years, to $1.6 bln and employed 5,000 people before it was sold to a New York Stock Exchange listed company.
Building a “bias-free” marketplace
Korona is Mr Stiegemeier’s and the team’s latest vision – and his platform is determined to bring about the beginning of “Crypto Economy 2.0.”
The company argues that the public at large, and the retailers who serve them, are not fully aware of the advantages Blockchain brings. Although the value of the crypto economy has been booming, with eCommerce sales enjoying similar success, Korona says the two have little connection.
Korona’s “necessary link” would allow eCommerce providers to integrate crypto payments into their existing infrastructure with ease. Small businesses that don’t have the capacity to accept online payments yet also stand to benefit, as the company intends to offer the technology and IT support that would make this possible for free. In return, these retailers would accept Korona Coin as a payment method.
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A new form of price comparison
In addition to infrastructure, the company’s ecosystem is going to offer something known as the Korona Market. This is where a “wide range” of retailers who accept the cryptocurrency will be connected with shoppers.
One distinctive tool that the company hopes to introduce when the marketplace grows in popularity is a price comparison engine. Korona alleges that many shoppers are currently being short changed because multinational corporations charge vastly different prices for their products across the EU. At times, this can mean there is up to a 40 percent difference between the prices paid for identical items across the trading bloc. Korona’s engine would reveal where the cheapest countries are and enable the public to get greater bang for their buck.
The company has already forged partnerships with several retailers spanning three European countries who will accept Korona Coin upon launch. Among them are grocers, pet shops, barbers and brewers.
Shoppers will be able to use custom-built wallets on Windows, Linux and Mac OS as well as on their smartphones – paving the way for payments in brick-and-mortar stores.
Korona’s ICO is commencing on April 23, and its team has been established over the past 10 years. After carefully monitoring major cryptocurrencies, the team is determined to reduce wild price fluctuations that would breed uncertainty among shoppers.
“Jean-Marc Stiegemeier built his career on his visions and his ability to execute his visions,” the company said.