AN OVERVIEW OF THE INVECH PROJECT
Technology has paved the way for the development of smart devices which make life easier, from smartphones to smart household appliances and gadgets. This advent has created a reality that was only a few years ago a technological fantasy; the Internet of Things(IoT).
Although in its budding phases, the communication of smart-devices in real-time has paved the way for the development of futuristic concepts, one of which being smart cities. As the name implies, a smart city refers to a city which provides certain services based on the real-time collection and processing of data using IoT infrastructure to provide more efficient services.
Invech as a name is an acronym for Integrity Nurturing Value Creation Excellence Competence Humanitarian, an embodiment of the core principles and values of the project.
Invech seeks to transform Timor Leste into a fully functional smart city and ecosystem built on blockchain technology while achieving the following:
The introduction of an alternative currency by creating the Invech token.
Providing a means of foreign direct investment.
Decreasing the rate of unemployment while helping raise the standard of living by alleviating poverty.
The regulation of crowdfunding through controlled methods and processes.
The tokenization of various sectors of the Timor Leste economy like agriculture and tourism.
Rendering consultancy services to the government on blockchain and technology-related matters.
To provide education and training, thereby helping improve human capital in order to improve livelihood.
One of the major challenges of cryptocurrency is its acceptance as a legal means of exchange and settlement. Timor Leste, a country which recently obtained its independence from Indonesia, is a developing economy with ideal conditions for the development of blockchain-based a smart city. Some of these factors are mentioned below.
The absence of a national currency: Timor Leste adopts as its legal tender the US dollar. However, it also utilizes the Centavo coins. This absence eliminates a major limiting factor with the adoption of cryptocurrency which is the potential adverse effect of the use of cryptocurrency on the stability of the value of the nation’s currency. This also makes it easy for the nation to adopt the Invech token as legal tender.
Unequal distribution of wealth: Timor Leste experiences a severe case of unequal wealth distribution, resulting in extreme cases of poverty. Invech seeks to create a decentralized system which facilitates the fair distribution of wealth.
Insufficient supply of human resources: A major factor in the development of any economy is its human capital. The insufficient supply of human capital significantly impedes the growth rate of the economy as competent skilled labor is a scarce resource thereby resulting in lowered productivity.
The Invech project is working in partnership with the national government, indicating the commitment of the government to the Invech cause of creating a smart city with a cryptocurrency operating economy.
Invech offers numerous services and boasts of numerous features which constitute the Invech ecosystem. These services and features are as follows:
- Invech cryptocurrency exchange
- Government blockchain services
- Invech consultancy
- Invech global blockchain entity
- Invech Foundation
- Belt and Road Initiative
At the core of the Invech ecosystem is the Invech token which serves as the liquidity provider, facilitating exchanges by serving as a means of settlement.
The Invech token with the ticker IV is issued on Ethereum, a blockchain infrastructure which features fast, cost-effective, and secure transactions. IV is an ERC20 compliant token with a limited total supply of 500 000 000.
IV being a utility token has numerous uses both within the Invech ecosystem for the payment of transaction, listing, withdrawal, and other fees on the exchange, and outside the Invech ecosystem for Tourism, Hotels, Casino, Agriculture and numerous sectors of the Timor Leste economy.
IV is being offered to the public through an Initial Exchange Offering (IEO) which is being conducted on the Invech Exchange. The total supply of IV for the IEO exercise has been capped at 175 000 000 with early participants being able to purchase IV at discounted prices.
The Invech Group which is the backbone of the Invech project is a group of partnerships across various sectors and nations, ensuring that the project team has the relevant exposure and experience necessary for the successful development, implementation, and execution of the project.
In a bid to ensuring the sustainability of the Invech project, both within the blockchain space and in Timor Leste, Invech has secured partnerships with the Timor Leste government and numerous reputable names within the blockchain space.
For more information on how to purchase the Invech token (IV) or to join the project's social media community, use any of the following links:
WEBSITE : https://invech.io/
WHITEPAPER: https://tokensale.invech.io/documents/ieo-whitepaper.pdf
TELEGRAM: https://t.me/InvechOfficial
TWITTER: https://www.twitter.com/invechexchange
FACEBOOK: https://www.facebook.com/InvechExchange
ANN THREAD: https://bitcointalk.org/index.php?topic=5052844.0
AUTHOR: https://bitcointalk.org/index.php?action=profile;u=2435036