Internet Village Digital Economy Transformation Research Project Team is set to Launch The Gambia 🇬🇲 First Blockchain Platform for Scrap Metal Trading.
The platform will solve the issues of the current scrap metals market by offering a new trading platform that will help local market traders, participants and entrepreneurs to save millions of dollars annually.
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The Internet Village Digital Economy Transformation Research Project Team has announced the development of the decentralized marketplace for fast and secure trading of scrap metals. Built on the blockchain technology, the platform wants to build a standardized global scrap market by uniting buyers and sellers on a safe and transparent platform.
The global volume of turnover of scrap metals now totals more than 560 million tons per year and this number will only grow in the near future. In 2016, the world trade volume exceeded $106 billion. However, the market still has a lot of problems, such as inflated logistics costs, procedural barriers for deal-making, and widespread fraud, that cost market participants millions of dollars each year.
Unlike traditional intermediaries, The Internet Village Digital Economy Transformation team provides much more data and services to support traders and uses smart contracts to guarantee an advanced transparency of partnerships. The company will eliminate the involvement of third parties, thus minimizing costs of scrap metals trading. Besides, by reducing the number of intermediaries and transactions, it will minimize environmental impact of the mining industry.
The platform will allow users to track of demand and supply for different types of scrap metal in real-time, choose hundreds of counterparties and implement safe transactions based on smart contracts technology.
Internet Village is led JJ Robinson, a successful Gambian businessman, developer and digital content creator who has already launched and managed a local scrap market-related companies. The project has already received support from a few private and strategic investors, who invested $25,000 in the platform development for Scrap Cars.
Starting from January 2023, The Internet Village Digital Economy Transformation Research Project will start an ICO that will run for 12 month. Overall, $1 million tokens will be available during the crowdfunding sales.
The funds raised in an ICO will be dedicated for further research development, release and promotion of the service across emerging markets in The Gambia, Nigeria, Senegal, Canada, Turkey, Asia and Germany. By 2025, The Internet Village Digital Economy Transformation Research Project Team also plans to launch the platform in all African countries and will incorporate legislative and tax standards to ensure barrier-free international trade.
Within the three-year period, the turnover on the platform is expected to reach $100M dollars Under the company’s business model, the income is generated from a 1% commission charged for each deal concluded on the platform. Half of the revenues will be divided between token owners in the form of dividends.
The beta launch of the service is set for January 2030.
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