Agate is the world’s most comprehensive decentralized blockchain platform for instant payments. It connects physical stores, online merchants, users and developers to the crypto economy. Imagine PayPal, but with all the neat new bells and whistles that blockchain, smart contracts and machine learning bring to the table, including a fiat backed platform stable coin called iFiat, which helps control volatility risks that usually come with crypto.
Agate plans to launch its Proof of Stake mainnet in Q1 2019. There will be a heap of different elements to the Agate Ecosystem. Here are the highlights.
- Token Generator: Allows users to create their own token through a user-friendly platform without having to write any code. Users will brand and market their products and services under Agate’s blockchain. The token generator will be fueled by AGT token, which will remain at the core of the platform.
- AI Powered MultiCurrency Wallet: Their wallet is in development and can already store 5 cryptocurrencies. It will be fully launched by Q4 2018 at which time users will be able to store 17 different crypto-assets. The wallet will be integrated with an AI engine that uses machine learning software that has the ability to advise users with the best time to convert their crypto into iFiats to realize the highest possible gains.
- Stable Cryptocurrency: This is a game-changing feature. Separate from AGT token, a stable coin pegged to the dollar, called iFiat, will be used to settle transactions in real-time. Each iFiat unit has a 1:1 ratio with the underlying currency unit, this facilitates a stable payment system ensuring merchants receive the full spendable value for their payments while eliminating volatility risk.
- Trading Bot: Allows users to load multiple cryptocurrencies into the Agate ecosystem and then set multiple rules for the bot to execute trades when market conditions are met.
- Merchant Facing Multiple Payment Gateway: Easy to install payment apps/plug-ins and an open source Agate Payment Gateway API will allow merchants and e-Commerce platforms to accept crypto as a mode of payment with no hassles.
- Decentralized Exchange: Agate’s iFiat ecosystem will include a Decentralized Exchange (DEX) that will allow fast transactions on the network for merchants to convert their crypto into iFiats instantaneously. Further helping eliminate the volatility risk that comes with crypto.
- Merchant POS Terminal and Merchant App: Enables brick and mortar stores access to Agate’s POS terminal. With the Agate Merchant App, merchants can receive payments in their own iBucket which facilitates easy bank transfers or the money can be loaded into their own cards for instant spending.
- Crypto Debit Card: Agate Debit card. The goal is to partner with the worlds leading card providers to allow Agate debit to work at “over 30 million stores globally.”
- White Label Provider: Agate Blockchain will provide the Agate API Suite, a white label solution that allows developers to build their own DApps or DAO on Agate’s strong and reliable network while improving the entire Cryptoeconomy.
AGT token is separate from the above-described iFiat (stable) token.
The whitepaper lists several ways which AGT token will be used, including:
- All Exchange orders between different currencies will cost 1 AGT token.
- Any trade bot trades will cost 1 AGT at the point of execution.
- To load card or request bank transfers, users will have to pay 1% fee in AGT tokens.
- Agate token generator costs 50 AGT.
- At some point, they will switch from Ethereum to their own mainnet. When this happens, AGT will become minable thru Proof of Stake, which will cost 50,000 AGT tokens to run a node.
- AGT will be required to execute smart contracts.
- 65% Crowdsale
- 10% Team
- 5% Advisors/Partners
- 5% bounty/airdrop/referrals
- 15% Reserved for the Agate Ecosystem
- 40% Research and Development
- 40% Marketing
- 5% legal and compliance
- 10% Operation and Admin
- 5% Unforeseen Events
The team will lock up their tokens for one year. All unsold tokens will be burned.
Based in Sydney, Australia, the site list 16 team members including tthree founders.
- Hamed Taghvaei – A serial founder of tech companies, including Drone Online, Myservo, King ICO and Business and Demand Group PTY LTD.
- Hamid Ostad – Impressive resume. Since 2016, he’s been the Solutions Architect at BPay Group, a successful Australian bill payment company. He has seven years of experience as tech lead at Creative Digital Technology and five years Dev Manager at Gpayments PTY.
- Ali Dorri – PhD candidate at UNSW studying blockchain. He seems to be a blockchain tech expert. No work history listed; his description says he’s worked with several successful blockchain projects already.
A few of the team members stand out.
Ehsan Jahandarpour – CMO. An influencer, he was ranked top 20 growth hacker in 2016 Forbes.
Ariya Chittasy – The website says he’s helped produce four startups over the last eight years, and twi of them are successful. Currently at Engenesis Ventures, where he “is working with visionaries and innovators to create tech-based companies that serve the world ”
Odette Abrenica – UI/UX Designer. She also has the same role at Engenesis.
Jaemie Dela Pena – Product Design Lead for Agate and Engenesis.
Asi Asgher – Project lead, also works at Engenesis.
There are six advisors – they look decent. J Brenton Smith was the VP & GM Asia Pacific & Japan business of Dell Software Group.
There’s plenty to love about the project including a few unique, possibly groundbreaking ideas. However, there is also plenty of risk. Debit cards for one. Countless blockchain projects have come out with their ICOs talking about how they will have a debit card which can be spent with different cryptos all around the world, yet all of them have flopped so far.
- Their Telegram channel is for announcements only. It’s going to be hard to grow a community around the token if they can’t talk to each other easily. Also seems kind of shady to not allow possible contributors the ability to ask questions in real time. -1
- The founders of Agate also recently founded an ICO launching business called King ICO. And most of the team is from a company called Engenesis which is a blockchain project incubator. This means there’s a possibility this team is not serious about making Agate, and are more into making millions of dollars doing ICOs. -1
- Laws/Regulations. It’s going to be really hard to get the proper banking licenses required to fully run the Agate platform world wide. -2
- According to the roadmap. Q1 of 2019 is when they will be hoping to get their proper banking licenses. +1
- The community seems to like this project, although some of the enthusiasm can be chalked up to their bounty/airdrop program. A large majority of ICO review websites give this project a 90+, or A ranking. And the Bitcointalk page is filled with enthusiastic supporters.+2
- If this succeeds, the sky will be the limit. +1
- Teams tokens will be locked up for 1 year. +1
- 50,000 AGT must be staked in the future to run a POS node. +2
- GitHub is active and there are several beta demos of diff aspects of the platform. +1.5
- Several backers. +2
High risk/ high reward. If they build everything they talk about in the whitepaper, and then get the proper banking licenses, this could moon. +6.5/10
- Symbol: AGT
- Platform: Ethereum until mainnet.
- Hardcap: $24.2 million
- Softcap: $2 million
- Total Supply: 490,000,000
- For Sale: 318,500,000 (unsold tokens will be burned)
- Price: 1 AGT = $0.076
- Pre-sale: August 21 – Oct 14-Nov 15th
- Crowdsale: Nov 15-