What is Ivy? Ivy is a blockchain-based technology for FIAT & cryptocurrency business transactions which require extensiveShow more [+] verification in the international monetary system. The Ivy network utilizes Ivy (IVY) tokens which carry KYC & KYT data points critical for Financial Institution validation.
Advantages of Ivy Network over traditional payment networks:
1. Securely facilitate the transfer of cryptocurrency payments while associating KYC and KYT data via the trusted, distributed ivyKoin network
2. Securely store an immutable reference to supporting transaction data in a public blockchain
3. Embed more KYT & KYC information into the transfer than traditional payment methods
4. Able to be integrated into existing banking software
5. Offer easy integration into accounting software for bookkeeping efficiency
6. Provide revocable access to KYC/KYT data to financial institutions, accountants, company managers and others, depending on the information they require
OVERVIEW OF ARCHITECTURE
It is intended that the Ivy Network will function through the use of a dual network architecture, where senders of Tokens operate on a public network (Ivy Public Network), and parties that provide the financial settlement to fiat currency participate on a private network (Ivy Private Network).
KYC/KYT/AML data supporting transactions will be captured in cryptographic containers that are generated from the Ivy Public Network interaction with the Ivy Network smart contracts and support the activities of the Ivy Private Network participants in facilitating transaction settlement.
This data will be stored and accessible by the financial institution and governing regulators of the fiat balance recipients.
In the first half of the year our team have worked diligently to develop technology, drive partnerships, increase the token holder base and generate awareness of the Ivy Project.
The overall market conditions have seen a correction from the January/February highs and this has been exemplified in the short term token price of Ivy. However, it has not changed our focus on building a groundbreaking product that aims to redefine the future of payments globally. We are working hard to continue driving our marketing and sales efforts with Banks & Financial Institutions to fast-track the adoption of Ivy.
As we look back on the first half of the year, we are pleased with our progress and are excited about the future. In this update and presentation, we highlight critical milestones hit throughout the business, which are above and beyond what we set out to achieve more than six months ago.
IvyPay Tokenomics [ANNOUNCEMENT]
Last month we introduced you to IvyPay, a joint venture with Ivy and Australian cryptocurrency company HiveEx.com. The IvyPay service will be the best way for consumers to turn their cryptocurrency into Australian dollars and other fiat currencies in the future.
Today we are excited to announce key tokenomics for IvyPay which will be adding new utility to the IVY token in the coming months, as well as providing a high-level timeline for our technology development of IvyPay.
Firstly, we will have some early designs for both the mobile and desktop elements of IvyPay to share with you in the next month. This will be your inside look into what we’ve been working on and illustrate how it will come to life.
For those who have signed up on IvyPay.net to get early access, we are currently aiming to have a closed beta available in the coming months ahead of a full launch before year-end. We will have more specifics on this closer to the date and provide more definitive timelines.
Regarding tokenomics and how the IVY token that you are holding today will integrate with IvyPay, below are new features utilizing the Ivy ERC20 token. In addition to the IVY token being a carrier of KYC/KYT data, you will receive a 50% discount on the fees collected by IvyPay if you pay your fees using the IVY token. This fee discount applies, no matter what cryptocurrency you choose to deposit as fiat.
We will also be completing a quarterly burn event. The burn will be comprised of 5% of IVY tokens used to pay fees on the IvyPay platform, and IVY tokens that will be repurchased using 5% of other crypto fees collected. This function will occur through the introduction of a secondary smart contract that controls the process.
There will be a lifetime burn limit, with the total IVY token supply not decreasing below 1.2 billion tokens.
Please note IvyPay is still in development, Australia will be a testing ground for the IvyPay product and as the project develops and new learnings are unlocked, Ivy reserves the right to change the terms of the burn for the benefit of tokenholders and the company.
Hopefully this gives you a bit more clarity as to how the IVY token will work within IvyPay, outside of transferring KYC information. Don’t forget to sign up to get early access at IvyPay.net!
The first half of 2018 saw us sign our first partnership agreement with a large multinational billion dollar financial institution and continue discussions about Ivy’s technology with other potential banking partners.
There are multiple applications that we are developing tied to our overall technology suite that have gained traction in a variety of banks across the world. Blockchain continues to be an area of increasing interest for the banks we’ve spoken to, and we are excited about how Ivy can build solutions that solve real-world problems for banks today.
We continue to work closely with our technology counterparts to refine our product offerings to meet the system and business requirements of our customers.
A vital part of the mission to create partnerships — is education. The team has been working tirelessly to educate potential partners, as many Financial Institutions are still in the early stages of considering how blockchain can help their businesses. Ivy has worked with key organizations and will continue to engage others to bring blockchain technology into mainstream adoption.
We have attended and spoken at a multitude of essential banking conferences across the globe establishing new relationships and fostering existing ones. Locations include: San Francisco, Austin, Los Angeles, Chicago, New York, Hong Kong, and Singapore. We will continue to represent Ivy at future events throughout the rest of the year.
Lastly, we will be increasing our efforts in building out the team responsible for prospecting and closing more opportunities for the company. We have been interviewing multiple resources which have backgrounds in selling solutions to banks and other financial institutions and look forward to adding to the team in H2.
Ivy H1 2018 Update Presentation
You can access our presentation via Dropbox by clicking here.
Ivy and IvyPay AMA
We will be holding an AMA with Ivy President, Gary Fan and Ivy Advisor, Fred Schebesta via Facebook Live at the following time:
Thursday 26th of July 5:00pm (Los Angeles) Friday 27th of July 10:00am (Sydney) Friday 27th of July 8:00am (Singapore/Perth)
The AMA will focus on IvyPay and the new tokenomics, however, we encourage questions about other parts of the business as well.
We know the tokenholder community is eager for more details about the Change Financial option to acquire the remaining equity in Ivy, but unfortunately, given legal advice and listed company regulation and disclosure considerations we are unable to provide any additional details at this time.
We ask that Ivy tokenholders refer to Change Financial’s ASX announcement and bear with us as we work through the details with Change.
What we can say is, that we are excited about the prospects of being under the same roof as Change and being able to leverage an existing payments platform integrated with banks and Mastercard. Ivy’s mission has always been to bridge the gap between the existing banking world and cryptocurrency, and we see this as an opportunity to accelerate that vision.
We look forward to working with Eric Bachman (incoming Change CEO) and the team at Change on building out our shared goal to simplify payments. The value proposition is incredibly compelling and unique when a blockchain company and an existing debit card issuer can build products together.
Along with Change Financial shareholders, Ivy tokenholders will be the first to know as information develops.
Until then and as this H1 update demonstrates, Ivy stays committed to building out our technology and revolutionizing the payments world. If you haven’t already, follow us on Facebook to join the AMA.