Carboneum to use ICON blockchain to build social trading platform
Carboneum, which is targeting $12m fundraising in an initial coin offering (ICO) that launches next week, announced on Wednesday it will use the blockchain network of ICON to build its social trading platform.
ICON is a decentralised network that was designed to allow independent blockchains to interact with each other. The South Korea-based company’s projects are supported by the icon (ICX) cryptocurrency.
The core engine that powers the ICON network is called loopchain and its distributed ledger technology has been used by many non-crypto enterprises such as banks, security firms and hospitals.
Max Kortrakul, founder and chief executive of Carboneum, said: “Our joining the ICON ecosystem is an important step in achieving our vision, and we are really pleased to be able to announce this partnership.”
Carboneum will use the network – and the proceeds of its ICO – to build its CoinRadars platform, a decentralised social trading venue.
Social trading means users will be able to mirror cryptocurrency trades made by designated “experts”. This means when the expert makes a trade, the user can automatically perform the same trade.
Kortrakul added: “One of the key aspects of our project that sets us apart from existing social trading platforms, is our plans to build it on a decentralised network. This will enable users to learn from experts in a cost-effective, secure and transparent way.”
The CoinRadars system will run on carboneum tokens (C8) and 120 million tokens are going on sale in next week’s ICO for $0.1 each.