Quintessence – Decentralized, Multi Blockchain Currency
Introducing the Quintessence System, the upcoming decentralized online network of currencies. With a new approach on tokens, this network will function with Spark Token, a multi blockchain token that will simplify and improve the current 2.0 tokens by bringing to the world a system that includes today’s important features. All in one single token. Sidechain, Smart Contracts: with Quintessence, it’s your choice how you develop your project, now as a developer you will have the option to take the path that suits you best.
It is expected that such a large-scale project as Quintessence requires a certain amount of resources to make it happen; crowdfunding also allows people to take part in the action at a low price early on. For these reasons, this System starts with a crowdfunding effort. The ICO starts on September the 12th; the tickets to participate in this project are the Crypto Bullion (CBX) coins, which you can purchase from Cryptopia or Yobit.
A new token, Spark, will be created to make the Quintessence System turn. One difference with other crowdfunded coins is that the devs don’t get any Sparks for free, we have to buy them with CBX just like everybody else. We cannot be certain of the outcome of this crowdfunding ICO, but we expect there will be around 1 billion Sparks (SPK) at launch. After this however, the money offer won’t grow too fast as we will maintain a 1% money supply growth for the rest of this token’s existence.
The crowdfunding schedule will operate with bonuses, where the earliest contributors will earn the most Spark tokens once the blockchain is ready. The basis for your CBX contributions is 1 CBX gets 4000 Sparks, once the blockchain is ready. As mentioned earlier, Day One is September 12th.
- Day one: 30% bonus
- First week: 17% bonus
- 2nd week: 10% bonus
- 3rd week: 5% bonus
- 4th week: no bonus
The Crypto Bullion coin, a veteran in the altcoin scene, not only will be useful as the ticket to this crowdfunding ICO, it will also be part of the Quintessence network as the investment counterpart. While Spark (SPK) will be the workhorse, Crypto Bullion was designed as the investor’s coin. CBX has a small money supply: there are only 1 million Crypto Bullions in circulation, with a low inflation of 2%. This 2% is awarded to people who are securing the CBX network through CBX’s PoSP algorithm, which translates to much higher gains for stakers.
We think that this crowdfunding that requires many CBX could have a positive effect on the value of CBX while it is taking place, and after; this is part of the plan, as we want to build value for the Quintessence System. Depending on how CBX’s value evolves, it is possible we could accept as many as 250 000 CBX in this program, so we gather the resources necessary to make this project happen.