SunContract Fiat Gateway is LIVE!
Here’s everything you need to know
We are very excited to announce that the SunContract Fiat Gateway is officially LIVE! This article aims to equip you with all the necessary details for you to fully understand exactly what the fiat gateway will do and how it will benefit you, and the scalability of our project.
Our team is determined to provide easy to use and easy to understand solutions to everyone. This being said, the purpose of this solution is to give common people, unfamiliar with cryptocurrencies, an easy access to our services which are based on blockchain technology. We are very optimistic about the mainstream adoption of the platform and its wide array of services now that we have the fiat gateway integrated onto the platform.
So… how exactly does it work?
EUR — SNC conversions
SNC, as any other cryptocurrency right now, is quite volatile. This means that without the fiat gateway, users are exposed to significant differences in the value of their funds (in local currency). We want to ensure that operations on the platform are as seamless as possible and we also want to create some form of protection for our users from the current volatility in the crypto market.
BEFORE: Users would purchase SNC tokens on a cryptocurrency exchange only. They would then move these tokens onto the platform where they would use the tokens to purchase electricity. The purchased tokens on the platform were subject to volatility in value when converted to local currency. We want that users will have as simple as possible to use the SunContract payment systems and to minimised risk of our users from these volatilities by ushering in the fiat gateway solution.
WITH FIAT GATEWAY: Users will be minimised risk from the volatility of crypto markets as the Euro to SNC conversion will ONLY occur during the purchasing of electricity. As before, there must always be a minimum balance of 1000 SNC tokens in each user’s account. Consumers of electricity will then deposit some euros onto the platform and they will see a euro balance on the platform. Once each day, when transactions for electricity are being executed, the platform will automatically convert EUR to SNC tokens and send them to the producer. Once the euro balance is exhausted, the minimum balance of 1000 SNC will then be used. Users will be notified to deposit additional EUR or SNC.
For now, users will not be able to convert EUR to SNC at their will on the platform due to legislation limitations. However, this may change in the future. Anyway, users are still able to exchange fiat on cryptocurrency exchanges and deposit SNCs to the platform like used to be.For now, users will not be able to convert EUR to SNC at their will due to legislation limitations. However, this may change in the future.
EUR deposits
On the platform, you will see new function titled “Fiat Gateway”. This function will be available only for countries that have services on the platform. Each new user will have to perform full KYC in order to use fiat gateway service. Existing users who have already completed their KYCs need not perform another KYC.
The deposits will be based on SEPA protocol — meaning: your transaction could take 2–3 days (depending on your bank institution). This does not affect your purchasing power since the conversion will be performed only upon actual purchase and only for the total sum of the purchase. However, please be sure to always have the minimum balance on your account and always plan EUR deposits few days in advance due to the 3 day processing time that your bank may need for the transaction to be completed.
Payment in SNC will be transferred directly to the owner of power plant that supplied energy or service. Liquidity for conversions will be guaranteed with SNCs available on the market. Fiat gateway service will extend to your country as soon as SunContract platform comes to your country.
Not on the platform yet? Register today and join us in the quest for a globally Open Energy Market
Chat with the team on Telegram where we are always active. We are also on Twitter, Reddit, Facebook and LinkedIn. SNC token is available on the following exchanges: HitBTC, Kucoin, OkEx, Huobi, Yobit and ForkDelta.
SunContract is an energy trading platform that directly connects energy producers and consumers into an energy pool based on smart contracts. Blockchain technology takes over the role of the middle man as a trusted technology infrastructure. The blockchain technologies are implemented into existing energy distribution systems without changing the general energy regulation framework. We have already developed and launched our pilot project which is in use on a national level in Slovenia for a start. We are currently working on expansion, adoption and introducing a fiat gateway on the platform for users to purchase electricity directly on the platform without the need for a
