The WandX token sale is to close at midnight GMT on Tuesday, December 5 2017. WandX, a platform which allows users to create and trade any ERC20 Token entirely peer to peer, is India’s first token sale, and the first Ethereum Token (aka ERC20 Token) exchange to be launched in India.
India is increasingly seen as a hotbed of creative entrepreneurship and, with 65% of its population under the age of 35 and smartphone use growing rapidly, the country’s most ambitious young business people have the technology sector firmly in their sights, not least in relation to the blockchain.
The benefits that such a service brings to customers are huge. It enables worldwide liquidity of ERC20 Tokens and new Tokens to be easily listed and traded. The creation of ERC20 Tokens is useful in a lot of real world use cases such as loyalty points, market research, p2p energy trading, energy finance and microfinance. WandX will be piloting at least one of these use cases in the next two months, which would be a first in its own right.
Unusually for a service product hosting a token sale, WandX is very close to completing its final product. Holders of the WandX token will be able to begin creating bundles of cryptocurrencies after its release onto the Ethereum mainnet on December 10 2017. This would enable new Tokens to easily list on the WandX platform as well as enable liquidity of existing ERC20 Tokens.
Not only is WandX the first high-level blockchain product to come out of India, it is leading the world with a new algorithm built on the Ethereum blockchain which allows for cheaper use of the system by customers and makes it possible for the WandX team to upgrade their Ethereum based smart contracts.
Abhinav Ramesh, the 26-year-old CEO of Bangalore-based WandX (https://www.wandx.co/), explains the utility of the WandX platform: “WandX not only wants to be an ERC20 Token marketplace, but also to enable real-world use cases of the Ethereum blockchain through its APIs and it’s seamless front-end.
“Our real-world pilots in the energy markets will start in the next two months, which will be a first in their own right as well.
“This allows us to not only focus on the ERC20 Token market for now, which is an esoteric market as of now, but also enable real-world applications of the Ethereum blockchain.”
Steering away from the more traditional venture capital route, Abhinav Ramesh decided to fund the development and construction of his ground-breaking platform with a token sale.
Abhinav Ramesh, who has a background in supply-chain and analytics at Ernst & Young, “Until now, cryptocurrency investors have used centralised exchanges to buy and sell different cryptocurrencies, in the hope of growing their assets. With the rise of decentralised exchanges, the difficulty is that the values can be volatile.
“Investors can only exchange an amount of one currency with an equivalent value of another, which is problematic because it makes it more difficult for them to diversify their portfolio and avoid unnecessary risk.
“That’s where WandX comes in. WandX goes a step further than the decentralised exchanges that enable trade between different tokens, and enables users to create – and trade in – baskets of tokens built on the Ethereum blockchain.
“Hence, apart from just catering to the cryptocurrency market, WandX, through its real world use case pilots, will enable even traditional businesses to tokenise their business model.”
Unusually for a product holding a token sale, Abhinav’s team – based in Bangalore, India – have already created a prototype platform.
At the time of going to press, the WandX token sale had raised over $400,000 and becomes the first Indian token sale. At the conclusion of the sale, unsold WAND will be burnt, effectively capping the total number of Wand tokens.