There's just 7 days until the EthConnect ICO starts, after seeing how quickly similar platforms have sold out during their token sales this one looks set to finish quickly.
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What is EthConnect?
They're launching a new decentralized P2P cryptocurrency that can be used to send payments to friends and family or pay for goods and services.
However the main attraction to the platform for investors will be their lending platform. I'm sure most people have heard of Bitconnect, which has gone on to have a market cap of over $1.5 billion just this year. EthConnect is aiming to launch a similar platform but mainly using Ethereum rather than Bitcoin. The new platform will use an ERC20 token and run on the Ethereum network.
The new platform promises to pay users high rates of interest in return for lending them money. They claim to make money by using a trading bot that trades based on the volatility of bitcoin, this is similar to the concept behind most of their competitors such as Bitconnect and Regalcoin.
How does it work?
The new platform will be decentralized which means it runs without having a central server. Transferring money is made simple with their new token and can be done easily by using a smartphone or PC. All transactions on the new blockchain will be visible, however the user has the option of remaining anonymous. Transfers can be made for free but they'll be much faster if you pay a small fee.
EthConnect Lending platform
The main way users will be able to make money on the platform is by using their lending system. By lending them money they'll pay you daily interest, the amount is based on the volatility of bitcoin and the amount of your investment:
- $100-$1000: You'll receive just the volatility interest which should be around 1% per day with your capital returned after 179 days.
- $1,010-$5000: You'll receive volatility interest with an aditional 0.1% with your capital returned after 149 days.
- $5,010- $10,000: You'll receive the volatility interest with an additional 0.2% per day with your capital returned after 119 days.
- $10,010-$100,000: You'll receive the volatility interest with an additional 0.25% per day, your capital is returned after just 89 days.
Staking
You can also receive an interest rate by simply holding on to your coins in your wallet, this is basically a reward for trusting the cryptocurrency.
Mining
They state in their whitepaper that it will also be possible to mine the new cryptocurrency with CPU or GPUs. By mining the cryptocurrency you'll be rewarded for your efforts with the new ECH coins.
Referral Program
As with most of the recent lending platforms the new website aims to attract new users by rewarding members through their referral program.
They pay 8% on the first level, 3% on the second, 1% on the third and forth and 0.5% on the fifth level. Unlike some platforms that keep paying until level 10 the new platform stops paying at level 5. This may make some people believe it's more realistic.
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EthConnect ICO Details
Tokens for sale: 8 million.
Price: Starts at just $0.5 per token and increases by 5-10 cents after each million tokens are sold.
Payment methods: Bitcoin or Ethereum.
Conclusion
All ICOs are incredibly risky, with lending platforms being the riskiest form available. However, history showed that if you invested in Regalcoin or Bitconnect you'd of made a huge amount of money. Bitconnect is now worth over $1.5 billion and Regalcoin from less than $1 to $40 in just a couple of weeks.
The lending platform will also offer high interest rates. Make sure you don't invest more than you can afford to lose.
Update 30th of October: Depositing bitcoin on to the platform is now live, with the sale scheduled to go live on the first. The website currently keeps crashing due to so many users so be patient. This sale looks sure to sell out quickly with well over 100,000 users already registered.
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