According to a report, Eric Piscini — a former leader of Global Blockchain and a partner at Deloitte has left the company. Piscini is going to join the blockchain startup, Citizens Reserve in order to transfer supply chain networks to a blockchain.
Piscini is the one who helped in building a global blockchain practice. The startup that he is going to join is at its early-stage, and it is currently raising $300 million. This startup is a shared database, which is designed to work on all levels of a supply chain.
New Cryptocurrency — ZERV
A new cryptocurrency, ZERV has been developed within the project, using the ERC20 token. According to a report, the cryptocurrency will be used by the group members for accessing the blockchain — it will allow them to implement virtually instant borderless transactions.
- The cryptocurrency, ZERV, is also considered as a utility token.
- It allows users to exchange services within the platforms.
- This digital currency comprises a third element — it sets it apart from other ECR20 tokens.
- The reserve assets are intended to fund the token a certain value of $0.01.
- Reportedly, 100 billion tokens will be issued to the value of $1 billion.
So, let’s enlighten you about the platform — it is based on the public Ethereum blockchain with smart contracts that consist of self-executing code — which could be implemented by using multiple private blockchain solutions. However, the contracts will be limited for a long period of time and it is expected that the transactions of cryptocurrency will be conducted any time soon.
According to Piscini:
“We are building the Ethereum of supply chain… The private blockchain is more for supply chain transactions, and the public blockchain is used for payments. There is a bridge that we created that is kind of our secret sauce.”
Reports also show that 85% of the funds that were involved in the token presale will be utilized in purchasing assets that will sponsor the tokens. Out of the total funds, 30% that were raised after the round gets closed will be issued to the users through a mechanism that is designed to stimulate and encourage the creation of the new supply chain services on its platform. It is expected that the Citizens Reserve will be launched in July 2018, however, Piscini didn’t disclose the names of the related group members, as he said that Citizen Reserve is going to work with three organizations — these organizations are providing software to the defense industry supply chain at this time — in a centralized manner.
The decision of blockchain leader, Piscini, is amid an exodus of top executives from the financial companies and traditional tech to cryptocurrency and blockchain. David Marcus left Facebook and Paypal as he was appointed to the exchange Coinbase – as a board of directors.
The co-founder of Coinbase, Brian Armstrong said, the knowledge of Marcus for both mobile space and payments is the main thing that would help as a guide for the platform to go forward. The CFO of Commonwealth Bank of Australia has also quitted to join Block.one, which is an EOS token developer.