SECURITY IN A COMPLEX WORLD

Introduction

Erecoin project brings blockchain to work with additive technology. This leads to the creation of transparent, reliable as well as fast transaction with no need of involving intermediaries. It guarantees security as well as cost efficiency for all the major participants due to the fact that smart contracts define all the articles and conditions of an agreement in a simplified way. The erecoin platform has a major effect on traditional markets as well as it accelerates the introduction of additive manufacturing globally.

Initialization Of Erecoin Systematics

The initial step is to register the cryptoken recoin. This coin is based on ethereum, where ethereum is a cryptocurrency which is a distributed system in the field of fintech that offers the creation, implementation and management of decentralized smart contracts as well as programs in its own blockchain. This is an alternative to the current classical client-server architecture.

How Does Ethereum Work

Ethereum applies theinternal crypto-currency ether abbreviated as ETH, which is then processed through participating computers, as the means of payment for transaction processing. Ether is the second largest crypto-currency in the market after Bitcoin as of October, 2018. Erecoin will employ ERE as its mechanism for processing transaction.

Platform Design

The second stage will be designing the platform that will secure all the existing transaction specificities of additive manufacturing as well as relate issues related with communication into account. In order to increase efficiency in operation of the platform, there will be the application of smartphones as well as tablets. This will make sure that all project participants are taken into account as well as helping participants to get real-time information.

Data exchange

The erecoin platforms transaction mechanism primarily has a data exchange process that involves product development space as well as digital design such as 3D models as well as services. using smart contracts, specific taxes as well as restrictions will be automatically deducted and regulated within the transaction. The whole process allow global network marketing of additive manufacturing which takes intergovernmental agreements as well as national requirements into consideration.

Payment

As a user you will be able to choose your payment method. The transaction for the payment process will be opened and a required amount will be debited from the buyer and credited to the seller only when the transaction is successful.

Process Of A Transaction

The transaction includes the provision of all agreed services such as services or products that are transferred from the seller to the buyer. In case the transaction involves print job, the agreed products are manufactured and transferred to the buyer via Logistics Company. The customer can choose the logistic company of her/his choice or just predefined logistic companies. As a buyer when you receive the products you will have to confirm that the products meet the defined criteria. In case there is any problem with the goods, service or data, there is a space for dialogue with the seller via the erecoin platform. The seller will examine the problem and will reach an agreement within the transaction. In case you and the seller do not reach an agreement within a certain period of time, then the transaction will enter the deactivation of the digital delivery and the amount will be debited back into your account as a buyer. If you reach an agreement then the token will be credited to the seller’s cypto wallet.

Fee Structure

Erecoin use a fee structure that integrates a provision within a transaction. The fees are the source of revenue for maintenance as well as further development of the platform. This structure offers several options: when you as a buyer pay using cryptocurrentcy, 1.5% should be paid to the platform developers while 0.5% to finance ERE. If you as abuyer uses ERE, 0.5% will be deducted to finance the erecoin platform.