What’s Natmin (NAT)?
Natmin (NAT) is an escrow service powered by Blockchain Technology. The idea is that by moving the escrow service to the blockchain you can get secure transactions at a fraction of the price of a conventional escrow service.
Natmin (NAT) will build a platform allowing the user to create a transaction at any time. This again opens the Escrow service.
What’s the Major Concern in the Industry?
Looking at some statistics, there has been an influx of online transactions between buyers and sellers in the last years. But this has been followed by an influx of fraud in online transactions.
As the number of online transactions increase, so will the number of frauds. In Australia alone, the recorded fraud transactions in 2017 were a whopping $ 9,969,847.
One of the problems is that a lot of online transactions are relatively small in value, and this makes existing escrow services “too costly” relative to the transaction value.
What’s the Solution Given by Natmin.io?
Natmin (NAT) aims to provide a superior blockchain escrow service at a fraction of the cost that is in the market today. This can be done because the transaction process is highly automated. If a dispute arises, this will also get solved by voting on the blockchain. Natmin (NAT) solution is therefore partly a solution that is there already, and which already works. It is the blockchain part of the solution that is new.
|Daniel Jaco Swanepoel|
|Ong Jun Hao|
For the complete team and advisory board click in the link below and visit the official website: https://www.natmin.io
Token sale and distribution
The Natmin token (NAT) is an ERC-20 /ERC-223 Token that is implemented on the Ethereum blockchain. The NAT tokens will be used for transactions on Natmin.io.
The NAT token will also function as the way to pay the Natmin Nodes for the voting in dispute transactions.
- Total Tokens Created: 400,000,000 NAT;
- Total Tokens Being Sold: 240,000,000 NAT (60%);
- Pre-Sale Starts on the 1st of August and ends on the 31st of August 2018;
- Main Token Sale starts on the 1st of September and ends on the 31st of December 2018;
- Token Price: 0,00005 ETH;
- Min purchase: 0,01 ETH;
- No Soft Cap;
- Hard Cap: 12,000 ETH.
- Unsold Tokens will be distributed and burned;
- Pre-Sale: 45%;
- Day 1 – 3: 35%;
- Day 4 – 10: 25%;
- Day 11 – 17: 20%;
- Day 18 – 24: 15%;
- Day 25 – 31: 10%.
Natmin (NAT) is not the only one that has thought of this. There are competitors such as Escrowmybits.com, Feelium.co, Marketpay.io, and Descrow.com.
- Escrowmybits.com is a Bitcoin escrow service so payment has to be in Bitcoins.
- Marketpay.io is a payment service that offers an escrow option. So, this is not for just one market, but rather for marketplaces, vendors and crowdfunding.
- Descrow.com is more about bringing transparency and clarity to ICO projects by acting as a global secure crowdfunding platform.
The closest competitor is Feelium.co. Feelium offers a tokenized platform for smart contracts and an escrow service.
The difference between Feelium and Natmin are:
- Feelium offers a platform for smart contracts, so you can use Feelium even if there is no payment involved. Natmin is only an escrow service.
- Both platforms use blockchain technology to make a more cost-effective escrow service. In both cases, there is a token that fuels the service.
- Natmin has a dispute resolution system that involves voting nodes. This is something that Feelium lacks completely. On the Feelium platform, the escrow service is a part of the smart contract, and the smart contract is exactly that – smart. So, it is the terms that have been put into the contract that counts at the end.
Feelium and Natmin have a different focus. Feelium is a platform for smart contracts with an escrow service; Natmin is a pure escrow service so one is not necessarily better than the other.
The point that is a bit troubling with Feelium is the lack of a dispute resolution system. It is difficult to know the implications of this, but one of the most important features of an escrow service is to make sure that the seller delivers the product in the correct state, and it is safe to assume that the seller and buyer will easily disagree on this point.
So, unless you make the assumption that all people are honest (and then you don’t need the service at all), you need a dispute resolution system.
Of course, there are established players like Escrow.com that also offers the same service today but not on a blockchain. Natmin.io will have the advantage of lower costs and lower prices, but Escrow.com is an established competitor that customers already trust. They can easily lower their prices and change their technical solution.
The community around Natmin (NAT):
- Telegram: 13.1K Members;
- Twitter: 9.9K Followers;
- Facebook: 9.5K Followers;
Points to the advantage
- A professional team with good experience and solid background. Good advisors with a noticeable background as well
- The product solves a big pain for everyday people
- Looks like they have a great grip on social media, with a lot of followers in different channels
Points to the disadvantage
- The whole business idea rests on the notion that people will think this kind of escrow service is safe enough. This is not obvious
- Large established competitors that offer more or less the same service outside of the crypto space. These competitors already have a lot of customers and may adjust their business model
The overall conclusions are positive in regards of this project, the team has a solid background and wide experiences within IT and ICOs; they also have the good advantage that the product is easy to understand and it’s something that is very needed in every country around the globe.
Even though the product is not yet developed, it is quite clear that development problems are not going to be the killer. There is even a demo platform live.
Still, as pointed out there is a certain insecurity about how the product will be received in the market when it comes to perceived security.
Tokeninvestoronline.com Rating: 7/10
- Website: https://www.natmin.io
- Telegram: https://t.me/NatminPureEscrow
- Reddit: https://www.reddit.com/user/natmin
- Twitter: https://twitter.com/NatminPE
- Facebook: https://www.facebook.com/natminpureescrow
- Github: https://github.com/natminpureescrow/
- Medium: https://medium.com/natmin-pure-escrow
By Frederik Lund