Contract Nation, a Chinese blockchain company, has recently announced the deployment of its Global Blockchain Incubation Platform. In a recent press release detailing the importance of using contracts to solve the problem of trust in an age of global digital acceleration, Contract Nation detailed its plan to facilitate the establishment of blockchain projects around the world.
We live in a fast-paced business world, in which new start-ups full of promise and innovative product proposals pop up all the time. But it’s also a cut-throat environment, where new companies often just don’t have the resources to compete with the big fish and struggle to stay afloat in their early years. To have a chance of disrupting the market, they need financial help from investors until their product is ready and, hopefully, profitable. Hence, the ‘incubation’ phase refers to when a startup is supported financially by other organizations or individuals who fund its setup and growth.
Contract Nation’s platform integrates the global incubation market via a blockchain that connects startups, investors, and incubation services in a single ecosystem. The network itself uses smart contracts to establish a trustless environment (as in, parties do not need to worry if the other participants will fulfill their obligations, as the smart contract will execute it automatically) and provides social network functionality to enable all the various parties to communicate.
Contract Nation uses its own crypto token, the Eternal Contract Token (ERCT) for transactions on its platform, powering the smart contracts and recording everything on a digital distributed ledger for security. The price of ERCT is projected to reflect the success of the Contract Nation platform and offers another potential avenue for participants to gain funds.
The platform operates globally via an American MSB license and aims to encourage the development of blockchain technology around the world.
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