Cool Cousin is basically a travel recommendation app that has now sought to release its own cryptocurrency and announced its very own ICO. A travel recommendation app could very well prove to be rather useful for a number of people, but it is also important to be aware of the way in which the digital currency is able to play a role. By getting to grips with this, it should mean that you will be in a better position for your investment.
What is Cool Cousin?
Used by over 500,000 people so far, the app has proven to be a success in helping people to better plan their trips. The aim is that people can interact via the app with a range of local individuals who are experts at their location who can then offer them the best advice to ultimately lead to them having an amazing time no matter their destination.
This in itself is a concept that has been used before, but moving it to the blockchain is certainly going to be different and opens up a number of other possibilities. The information is available on-demand which will prove to be useful.
They plan on allowing individuals to ask questions in connection to their location it allows for better planning ahead. The blockchain is connected to the part of the service whereby people can become pro advisers and earn money for the information that they are giving out to individuals.
The Technical Aspect of Cool Cousin.
The platform is based on Ethereum allowing for greater variation with the blockchain as well as the ability to scale things without running into difficulty along with the security and stability that Ethereum is famous for. This also means that the CUZ token will be an ERC20 token and can be stored in popular wallets such as MyEtherWallet, they will also have their own app based wallet.
Their plan is on using the token as a means to incentivize individuals to go ahead and use their platform and services. They make sure that they use Smart Contracts to help them to differentiate between the content on their platform as well as their own business. They state that this allows the content to be completely unbiased on their platform, which is seen as being important for the entire app.
For the token, individuals can become pro cousins that will lead to them charging tokens for the information that they offer. Travel agencies can also join the network and offer their services and advice to users with them also qualifying for the paid incentive aspect of the platform.
With the blockchain, it preserves the integrity of the information that is available and both parties are aware of who is requesting the information as well as who is being paid. The transparency is important as is the fact that the details cannot be changed. This provides confidence in the network which will always be key for the potential success of Cool Cousin.
The Advantages of Cool Cousin.
It will immediately become apparent that there are various advantages in relation to Cool Cousin. The actual service and concept is cool and is very useful for a number of people. The fact that they already have an impressive number of users on their app does mean that it should be possible for it to become rather established in a short period of time.
Offering tokens as an incentive will certainly encourage even more people to join the network and it makes sense that they may very well then use the services themselves when they are on a trip. Using the tokens on the blockchain is just going to be along the same lines as paying for anything using a fiat currency or online payment facilities, so there should be no problem or need to be concerned about the use of the token.
The Financial Aspect and the ICO.
When studying the financial side of the ICO, we get a better idea of the vision that the company has for their app and service. That is because they do offer a reduced percentage of the total number of tokens which is different to many other options that are out there.
They have announced that there will be a total of 300 million tokens produced with the tokens that remain after the ICO being burnt to provide the finished total of tokens. They also accept ETH, BTC and USD as the form of payment and they have also noted that there is a hard cap in place which has been set at 17,500ETH. They have also noted that 33% of the tokens will be available during the ICO with the remainder being set aside for other uses as the project develops.
Their will also be bonuses available depending on the size of your investment. The highest bonus available is 50% for those investing over 500 ETH. However the bonus part will be vested for 9 months to make it fairer on the smaller investors.
With this, they have also created an exchange which has been set at 1ETH for 3,770CUZ. However, in order to participate in the ICO, it is going to require you to invest a minimum of 0.1ETH.
Overall Conclusion About Cool Cousin and the ICO.
So, what can we conclude when it comes to Cool Cousin and their ICO? From an investment point of view, it does look as if their track record will make the transition to the blockchain and using a cryptocurrency will be as smooth as possible. The fact that they are not starting from zero will also make a significant difference, and that may very well have an impact on your final decision.
They do have an interesting concept and with the way in which we want information in an instant no matter where we are, then having it linked to travel is something that could prove to be popular. The use of a cryptocurrency is just an additional concept that is making use of the latest technology to add another arm to an already successful concept.
The best part about this token sale is that they already have a working product, many of the other current ICOs are raising millions without even having a product.
From an investment point of view there really is very little decision to make since they do have the background that you should be seeking in these instances. There are no real potential issues to be concerned about with this ICO and there is a very real possibility that the token will increase in value due to there being a database of users that are already established.
Check out further details about the project on their website and in their whitepaper.