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15 Insights on the Pillar Project ICO

Jul 18, 2017 Posted /  6341 Views

15 Insights on the Pillar Project ICO

15 Insights on the Pillar Project ICO:

The world economy is built on institutions that hold clients’ assets centrally ie banks, telecoms, insurance companies, brokers, drug companies, governments, and more. Every year, hackers steal more than $400 billion and about 1 trillion records from data centers. And also third parties or intermediaries are gaining so much by providing services to the users in various fields. We have so many apps on our mobile phones, but none of these apps communicate with each other currently. For doing transactions or any other financial utilities, there are exchanges and services for customers who charge a lot of transaction fees. And even then there is no security or privacy for the customer's data. So that's where the real significance of the pillar wallet comes. Pillar wallet is a one-stop solution which allows all financial transactions, withdrawals, buying and selling, and everything without giving any of your personal information or without the need for any sign-ins with the help of the Blockchain technology.

Here are the 15 Insights on the Pillar wallet and its ICO:

1. What is Pillar wallet:

Pillar wallet is a concept build on the personal data locker. Every digital wallet we use today helps in trading our cryptocurrencies occasionally. But what Pillar wallet aims to do is to manage everything you own, everything you have, everything you want, everything you consume, and everything you do online. THis platform using the concept of blockchain technology introduces ultimate security to the users' data and allows them to get any service online without the intrusion of any third parties or any other authorities. It is an open-source multi chain wallet which will in the near future, provide a new digital platform for consumers, companies, and governments.

2. Main objectives of the project:

(a) Replace accounts with atomic ownership: ​
We all have dozens of accounts. With accounts, you log in and all your valuable data is trapped inside the app or the service. This presents huge concentration risk. It’s easier to get a divorce than to change banks or stock brokers.

(b) Replace apps with services: ​
Apps on our phones are miniature desktop apps. Many of us have dozens of logins for apps that never communicate with each other.

The concept called Personal data locker has the potential to replace both of them.

3. Market:

The Pillar team will start with early adopters and then will shift toward the much larger early-majority segments later. Customer acquisition will be a mix of retail, partner, and OEM strategies. With the open-source Pillar wallet as a foundation, and with further data-protection and consumer-protection legislation a certainty, they plan to flip the old paradigm of control/push to a new world of response/pull. Along with the advanced customers, due priority is given to the corporate and white-label markets.

4. Properties of Pillar wallet:

The pillar wallet will be open-source, Multi-chain (able to see hundreds of kinds of tokens and coins), Not tied to any one browser, Not tied to any one exchange (user is free to choose the exchange), Easy for software companies to incorporate into their systems, available on both desktop and mobile, standalone and OEM.

5. Available in two versions:

The pillar wallet is available in two basic versions.

(a) An account-based wallet​ that lets the user see his/her coins and tokens. This type of wallet was not provided directly but through OEM
companies who want this wallet for compatibility with their account-based systems.

(b) An atomic version​ that gives the user full control of her assets. This is similar to the Lykke wallet today but independent of any exchange.

6. The stack of the wallet:

As the wallet grows into the personal data locker, it will have more and more layers of standards, services, and features. For example, you may have different personas that you can use in different modes and maintain privacy. You may integrate many features with other members of your family or work.

7. White-label wallets:

The Pillar doesn't have an exchange. They don’t have a browser. Therefore, they will provide the wallet to many companies’ software systems, either to add cryptocurrencies to their current capabilities or to help them transition to atomic ownership of assets. We will provide a white-label wallet any company can put their own logo on or integrate into their own system.

8. The private key and password management:

If you own your own data, you are responsible for safeguarding it. In Pillar wallet, users own their data.There are many ways they have provided to help the consumers do this. There are also plenty of ​hardware solutions​. Eventually, they’ll include rings, watches, bracelets, even chip implants to verify who we are. They plan to give consumers many options.

9. The Pillar token:

The native coin of the wallet is the Pillar token, which will be independent of any other crypto currency and it is the basic thing that helps the users to use the wallet. It is an ERC20 token on the Ethereum blockchain. The Pillar coin is a unit of value within the wallet system. 

10. Use of pillar tokens:

While the wallet and platform are open-source and free, users will pay for the various services with pillar tokens (PLRs) as they use them. The token will power the entire ecosystem, giving an instant business model to many projects that can tie in. If you need a service exactly once then you don't need to sign up for it, you’ll just pay in pillars and you’re done. Many services will be free according to the exchanges users select and some may be ad-driven.

11. Pillar is a meta-token:

The pillar token is a meta- token and could be used to feed payments in from around the web. A vendor or individual may offer something for sale (consulting time, fidget spinners, hotel rooms), and buyers can buy in any currency they like, but the vendor can be paid in pillars (or any other cryptocurrency). So pillars are the basic fungible unit of value between all these systems.

12. Pillar ICO Details:

THe token sale of the ERC20 Pillar tokens happened from 15th July to 17th July. Total tokens available for the crowd sale was 528 million. Out of which 227,348,800 tokens had been sold. With 13446 transactions, they were able to raise 113,674.4 ETH. They received wide response and support for the project from everywhere.

13. Post-ICO:

All unsold tokens from both the presale and the sale​ will immediately go on the ice for ten years using a smart contract. They can’t be touched during that time. The team expect they will be transferred to a nonprofit that will govern the tokens before then, but until that time they will remain the property of 20|30. After ten years, they may be sold, re-iced, or burned according to their token-management directives, which will evolve along with the system.

14. 3% for marketing effort:

The marketing effort will receive 24 million tokens or 3 percent. ​This is to pay all the people and companies who have worked so hard to create and manage the token sale. 1 percent of these tokens will be tradable immediately — they are bounty and contest rewards. The other two percent will be locked up for 9 months after the sale ends.

15. Token trading:

After the crowd sale, they will list the pillar tokens in the exchanges soon. The date will be published on their website. Then the token holders can start trading with the pillar coins and to use the wallet.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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