Sapphiro Mint Is A New Digital Currency Made For The Internet

Sapphiro Mint is a new cryptographic digital currency project built on time-tested and proven database architecture instead of blockchain technology, to counter some of the flaws associated with blockchain cryptocurrencies.

 

Current Sapphiro Mints in circulation:  ◎ 23,635 SMT
Intended circulation by end of ICO:     Between ◎ 3,800,000,000 SMT to ◎ 7,600,000,000 SMT
Non-blockchain cryptocurrency concept [1]
 Every Sapphiro Mint is a hashed record stored in our database, hence is by definition a cryptocurrency.

 

Designed to be a widely-accepted legitimate internet currency [2]
 Sapphiro Mint is designed with the purpose of being a widely-accepted digital currency by both online and offline retailers.
 Most ICO coins in contrast, are based on Ethereum smart contracts, created for a specific purpose but little commercial utility.

 

Transactions in Sapphiro Mints are Immediate [3]
 Transactions in Sapphiro Mints are instant, unlike blockchain cryptocurrencies with a considerable "transaction lag time" due to
 the heavily-decentralised nature of blockchain technology which is double-edged. The concept of blockchain technology existed
 several years ago, but with no utility until the invention of Bitcoin to give it a purpose. Technology enthusiasts are slowly shifting
 towards other non-blockchain technology such as side-chains. There is nothing wrong with building a similar cryptocurrency
 project on time-tested and proven database architecture, which is still the current mainstream backbone technology of every
 major technology company in the world such as Amazon and Alibaba, though it's not widely decentralised. A smaller
 decentralised effect for transactions security can be obtained by hosting over multiple dedicated servers.

 

Fully-integrated infrastructure for Sapphiro Mints — Less security issues with third-party companies [4]
 In the blockchain model, issuers of blockchain cryptocurrencies only need to take care of their smart contract implementation,
 while both the cryptocurrency exchange and wallet platforms are handled by third-party companies not within their control,
 hence there are instances where cryptocurrencies are stolen due to cryptocurrency exchanges or wallets being hacked.
 Sapphiro Mints (the currency), Sapphiro Payment (the wallet) and Sapphiro Exchange (the cryptocurrency exchange) are
 developed by the same issuer. Our databases will be very regularly backed up. (Likely every 1, 5 or 15 minutes)

 

Not associated with existing blockchain cryptocurrencies [5]
 Sapphiro Mint is unrelated to existing blockchain cryptocurrencies such as Bitcoin, Litecoin, Ethereum and all other "Altcoins".
 Our ICO as well as our Sapphiro Exchange are between SMT and fiat currencies such as SGD and USD, via integration with PayPal.

 

Prevention and minimisation of "cryptocurrency bubble" — Sapphiro Mints are semi-regulated in exchange [6]
 Sapphiro Mints will have a max exchange trading price of 1 SMT = 1 Singapore Dollar. (250× of ICO price / 375× of pre-ICO price)
 Once this market price is reached in Sapphiro Exchange, Sapphiro Mints will become a stable currency and new Sapphiro Mints
 will be created automatically in Sapphiro Exchange to keep SMT at around the same price range. This is to avoid a massive
 trading bubble similar to Tulip Mania etc, which eventually collapses if the utility of the currency doesn't match its trading price.
 "Authority of Sapphiro Mints" reserves the rights to implement new policies after Sapphiro Mint becomes a stable currency.
 3,800,000,000 to up to 7,600,000,000 Sapphiro Mints is intended for circulation by end of our initial currency offering (ICO).
 Trading prices shown in Sapphiro Exchange will be the average of last 1000 trading transactions instead of the single last trade.

 

Sapphiro Mints will have a policy-making governing body — Authority of Sapphiro Mints [7]
 Similar to how every fiat currency have a monetary authority regulating it with policies to keep it stable, Sapphiro Mints will have
 a governing body called the "Authority of Sapphiro Mints" which will likely comprise of a team of around 5 to 7 people.
 Sapphiro Mints will be traded freely in Sapphiro Exchange until it reaches the max ceiling value of 1 SMT = 1 Singapore Dollar.
 From time to time Authority of Sapphiro Mints (ASM) may implement new well-thought policies thereafter.
 Authority of Sapphiro Mints will invite relevant people over time. (With background in finance, law, technology and media etc)
 Our team may include venture capitalists and bankers, and we may also want to keep the inflation rate of SMT at 2% yearly.
 The problem of fixed quantity blockchain cryptocurrencies is that it acts more like e-gold rather than a usable currency.
 Over years, many of these coins will also be stuck or lost in deceased people's accounts. On contrary, Sapphiro Mints will be
 more similar to fiat currencies in this area to keep the currency feasible.

 

Owners of Sapphiro Mints will be able to decide on future policies [8]
 After Sapphiro Mints becomes a stable currency, from time to time Authority of Sapphiro Mints may wish to implement new
 policies affecting the circulation of Sapphiro Mints. For each of our suggested new policies, we will have an online referendum
 where all owners of Sapphiro Mints can vote whether to support a new policy. We may have 2 different systems, one where every
 SMT holder's vote is equal, and another where each SMT owned by the holder represents the weight of their vote.
 Authority of Sapphiro Mints will then decide on the right policies to implement based on results of the referendums.

 

Long term initial currency offering (ICO) [9]
 Our ICO will take place over a period of 1.5 year rather than typical 2 to 4 weeks of normal blockchain cryptocurrency ICOs.
 This is to maximise adoption rate of SMT, as well as making sure we have enough time to plan for the future of SMT.

 

Creation of 2 viable e-commerce websites to accept Sapphiro Mints from early stage [10]
 Our team will create 2 e-commerce websites in 2018, "Sapphiro Mall" and "Sapphiro Mart". Sapphiro Mall will accept customers
 from around the world, while Sapphiro Mart will be based in Singapore first. Both e-commerce websites will accept payments in
 both PayPal, as well as in Sapphiro Mints, and other currencies that will be made available in Sapphiro Payment.
 The implementation of this 2 e-commerce websites will push for the usage of Sapphiro Mints.
Checkout API for accepting payments in Sapphiro Mints will be available for general public for wide currency adoption.

 

Purpose of fundraising via sale of Sapphiro Mints [11]
 Sapphiro Mints project is an ambitious digital currency project that aims to be a viable internet currency for both online and
 offline transactions. At the same time, funds raised via sale of Sapphiro Mints will be used for good purpose, which will include
 funding the 2 e-commerce websites mentioned above and various creative / business initiatives listed on www.sapphiro.com.
 Remaining funds will be held in a reserve which will be used for future fintech intiatives to boost the utility of Sapphiro Mints.
 Funds may also be used for creating fashion brands, film productions and possibly future science research and micronations.

 

Accountability and non-anonymity of team members [12]
 Our team members are listed on our website where we will remain accountable.
 We welcome feedbacks and suggestions for improving our digital currency project from the general public.

 

 Sapphiro Mints official facebook page: Sapphiro Mints - Internet Currency
 Our development community facebook group: Sapphiro Mints (Internet Currency) Development Community

 

 For any enquiries, please feel free to e-mail us at mints@sapphiro.com.