Cryptocurrency exchange traderce.com will hold the third round of IEO for the blockchain startup ELVN, engaged in the development of a messenger of the same name with a tokenized ecosystem. This is reported in a press release.
ELVN is a messenger with social network features, a built-in crypto wallet, and a system of rewards for activity in the app and attracting new users. The first version of the app, launched in 2018, aims to solve the problems of data privacy in the network and the lack of material value for users.
“Some blockchain enthusiasts believe that any censorship is bad, and in an ideal messenger, freedom of speech should be guaranteed. However, as developers, we are responsible for the consequences, not to mention the legal nuances. We prioritize privacy: we don’t have teams that review user content all day, and we will never sell user data.
At the same time, we need to make sure that our content is safe for all users, including children. The difference is that we use machine learning algorithms and cryptography as the censor, not people, ” explained ELVN CEO Alex Reinhardt.
In August, ELVN raised $2.7 million in the first two rounds of IEO on the traderce.com cryptocurrency exchange. The third round is scheduled for September 25.
According to ELVN representatives, the funds collected within the framework of IEO will be used for the implementation of AI algorithms for automatic content moderation. One of the algorithms will filter out content that is not intended for underage users. The other is to fight spam and unwanted ads, as well as monitor attempts to use the messenger for illegal purposes such as money laundering and terrorist financing.
In addition, the traderce.com exchange is preparing to launch its own CNB token. The exchange will automatically distribute 5000 CNB (about $500) to all registered users. CNB is scheduled to start trading on the open market on January 1, 2020.
Earlier, traderce.com conducted an IEO for the tokenization platform for agricultural assets Kernel Trade.