Global Blockchain Leader Eric Piscini has resigned to Join Blockchain-Based Startup
Exploring the Blockchain World
Deloitte’s Global Blockchain Leader and Partner Eric Piscini has left the company to join startup Citizens Reserve to enable supply chain networks to a blockchain. Piscini is well known in the Blockchain field having built a 50 million dollar global blockchain practice.
Piscini which is in its early stages is raising 300 million dollars to build a shared database for operation on all levels of supply chain. More to the platform they have also build a new cryptocurrency ZERV which was developed using the ERC20 token. The new digital currency will be used by consortium members to access the Blockchain making them implement instant border-less transactions.
This platform is based on Ethereum Blockchain with smart contracts consisting of self-executing code which can be executed through different Blockchain solutions. Even though the agreements may be limited because of a long period of time to close border-to border transactions and even the foreign exchange rate considerations the use of digital currency transactions will enable the process to be conducted in near real time.
According to Eric Piscini:
“We are developing an Ethereum supply chain. There will be two platforms a private Blockchain used for supply chain transactions and a public blockchain used for payments.”
ZERV is also been seen as a utility token because it allows its users to exchange goods and services within the same platform. It contains a third component which makes it different from other ERC20 tokens and is backed up by assets. The reserve assets a designed in a way that they allow each token a guaranteed value of 0.01 dollars.
Forbes reported that 85 percent of the funds attracted in these token pre-sale would be used to buy assets which will back the tokens. More to that 30 percent of the total money raised after the round is closed will be spread to users through a specific mechanism designed to motivate the creation of a new supply chain service on the same platform.
Citizens Reserve is expected to launch the platform in July this year. Even though Piscini did not mention the Consortium members, it was disclosed that they are working with three organizations which are providing software to the defence industry supply chain but in a centralized way.
Eric Piscini has followed other top executives from the traditional technology and financial institutions who are moving to Blockchain and cryptocurrency. A good example is David Marcus who left PayPal to join Coinbase as a director. More to that Australia Commonwealth Bank’s CFO has also left the institution to join Block.one which has developed EOS.IS blockchain software which recently launched an ICO for EOS tokens in June.