WE believe that blockchain was made for the purpose to boost international transactions, make international trade more accessible for everyone. So we made summing.io all about commercial operations and trade.
THE core of the project is a summing blockchain 2.0 platform. The first version of our platform was centralised and we control the project’s development. It was classic “thin client - fat server” approach with thousands of microservices. So, all the questions about data protection, financing the platform, engineering support must be made by our engineering team. This way was not costly-efficient and required a serious amount of financial and human resources investments.
When blockchain technology was developed (thanks to Satoshi Nakamoto) we realised that our approach must be reinvented as well. From centralised command structure to the decentralised way of development. Our project must be a part of a sharing economy.
Summing platform is the new look at blockchain’s paradigm - form not a block of transactions (classic way), but a transaction chain. Thank to our idea we made proof-of-work (PoW) that:
In our network transaction is a flexible object. So transactions can be about transfer of coins (like in Bitcoin) or contain more complicated information (like for example smart-contracts in Ethereum).
Summing will also give the tools to stakeholders to create assets (tokens, derivatives, etc.) and exchange them. Thanks to our transaction chain this exchange mechanism will be fast and secure. All the risks that have current centralised crypto-currency exchangers will be offset by the fact, that all trade transactions will be made on the blockchain.
It must be noticed that we do not want to own summing platform. The core idea of the project - build the free decentralised market. As founders of network, we will form proposals for miners to develop network through Summing Improvement Proposals (SIP).
THE platform economy gives us an opportunity to find partners and customers across the world. Global platforms like eBay, Amazon, Alibaba helps us to sell products and services. But these services helps us just find partners and do not provide any help for building relationships.
According to World Trade Organization, 95% business enterprises are SMEs, but only 7,6% of them are going to export their services. The main problems, according to OECD, are: lack of trust for the counterparts abroad, a deficit of knowledge of foreign markets and requirements of national legislation, a slow collection of payments from abroad, difficulty in enforcing contracts and resolving disputes, foreign currency exchange risks.
We will give the infrastructure for people to share information that helps business understand markets and legal requirements. The community will evaluate the quality of information and the best content will get cryptocurrency.
We will develop some of contract forms that will comply with legal requirements (minimal information etc). Smart-contract contracts will support these contracts. All contract forms will be customized for business’ necessities.
Yes, disputes happen, especially between unfamiliar parties. We are building an alternative dispute settlement system (ADR) that will help us to enforce smart-contracts. What is more, ADR decisions will be legally binding for parties.
As we said before we would give an opportunity to every person to create and exchange crypto assets. Just imagine the situation when you make a business contract with your supplier for 100 000 summing tokens. You want to be sure that the price of summing token against US dollar will not significantly fluctuate in the next 10 days.
So, for example, you make an asset - “insurance contract for your commercial transactions” with a premium for example 200 summing tokens + all the difference, if the cost of summing tokens will rise in next 10 days. Investors, who are sure that summing tokens will rise, buy this “insurance contract for your commercial transactions” asset. So, the price of the commercial transaction is secure and our investors get paid.
WE would like to initiate a discussion based on this green paper. We will be glad if you share with us your thoughts about raised questions and our solution. As for us, the next steps will be: