According to its whitepapers, Cowrie Coin is a blockchain project being developed around the idea of helping small and medium enterprises adopt blockchain solutions in order to reach a broader customer base.
The Features of Cowrie Coin
The project consists of two major parts that make up a larger decentralized exchange that the developers are calling CowDEX. There is a crypto transfer solution named ErrandBoy in place for fiat currencies, and an artificial intelligence crypto stability solution for the coin native to the platform, the aforementioned Cowrie Coin.
All devices taking advantage of the technology are to be directly linked to the Cowrium pay module. This gives users access to the typical features of a financial system, including withdrawals and deposits, the ability to request Cowrium debit or credit cards, and more. There is an aim to have ATMs, POS systems, and card readers distributed worldwide to work within the Cowrium network. This aspect of the technology is to be supported by entities separate from the Cowrium foundation.
In an effort to bolster the project's ability to maintain self-sufficiency, the team aims to introduce a Governance feature to the network. This feature allows masternode holders to create events, bounties, and more based on the interest of their community. This technology isn't original, as it has been used in the likes of Dash, but it is a nice inclusion.
There is a loyalty/referral system native to the system that can be taken advantage of by both merchants and consumers. The hope is that this encourages people to share and entice their social circles to the Cowrium network, in exchange for rewards.
That's what we've gathered from the whitepaper, but the development does present the features of the project in a handy bulleted list:
• Multicurrency platform that allows ICOs to accept payment in any cryptocurrency of their choice.
• Multicurrency payment system allowing customers and merchants to make or receive payments via Cowrium software.
• A wide range of plug-ins and APIs that can be integrated with e-commerce services.
• Custom HTML APIs
• Mobile POS app that allows merchants to receive cryptocurrency payments on their smartphone.
• Presence of a multicoin browser and mobile wallet.
• Physical prepaid debit card.
• Smart contact library that ensures maximum security when it comes to transactions.
• Atomic swap, a built-in feature that allows the swapping of cryptocurrency without the need for a third party.
• An intelligent pooling system to prevent delays to transactions.
• Hyperblock technology to provide better performance, and the need for less RAM.
• Enterprise private contracts.
• Support for several cryptographic algorithms.
• The ability to schedule and set up recurring payments.
• An instasend payment technology that allows the instant and seamless transfer of funds between parties.
• Smart contract interaction between child chains.
Benefits of the Cowrium System
The whole focus group of the Cowrium project is SMEs or small-medium enterprises. It targets smaller businesses and aims to provide them with the means of integrating themselves with cryptocurrency technology and taking advantage of the current evolution in the market. It is a noble goal, but whether it is for real remains to be seen.
Regardless, the Cowrium project has been designed to allow customers to easily make cryptocurrency transactions in their day-to-day lives, and for businesses to accept cryptocurrency payments in a coin of their choice. The idea of a crypto-card isn't new, but it has yet to see mainstream attraction. Personally, we think that Revolut is going to be the first one to accomplish that feat.
The whitepaper puts heavy emphasis on the loyalty program when talking about the user benefits that it offers. Nearly exclusively, in fact. Instead of hammering home what is ultimately a novelty in the grand scheme of things, there should be a focus on the actual business benefits to small entrepreneurs if they adopt this technology.
The whole benefits section of the whitepaper raises a red flag. One particular paragraph of it explains the ability for the Cowrium software to handle multiple apps, users, and websites as it being designed robustly. Crypto whitepapers are often abstract in the wording used, but that is a bit too loose.
The Future of the Cowrie Coin Project
The development team behind the project seem to have precise insight into the history and development of currency throughout history and are aiming to help push the next phase of economic evolution into the present. Their lofty goals and ideals aren't just centered around growth, though, as the team's Cowrium network aims to be an entirely new economic system based on blockchain technology.
What We Think
Cryptocurrency and alternative banking solutions are the future. People are less and less happy with the powers given to major mainstream banking giants, and the polarizing success of Revolut with a mainstream audience is testament to that, so attempting to make the technology easy to adapt for small businesses is both a worthy goal and one with genuine application and potential.
That being said, the scope that is being proposed for a project of this scale is questionable. There is an attempt to almost whip up a bit of an economic revolution, with the mention of Cowrium ATMs and POS systems. In our opinion, this is an unreasonable aim.
Rather than focusing so broadly on creating your typical blockchain solution with a bit of personality splashed in there, it would serve the team better to truly home in on that small business aspect of the project. The POS app to receive payments is a great idea, provided it is adapted to work with a large variety of crypto cards out there, and that there is a reason to use it over other card readers on the market.
Regardless of what we think, you should make your mind up for yourself. You can read the whitepaper here, and check out Cowrium's Facebook, Twitter, Medium, and website.