LangPie: blockchain powered online translation platform running pre-ICO
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LangPie is an online translation platform specializing in voice and live interpreting. It will make use of the Ethereum blockchain for international payments and smart contract technology. A pre-ICO token sale begins on 28th September, followed by a full ICO in November to raise funds for development and marketing.
International currency for an international business
At the heart of the LangPie system is a smart phone and web app which will create a peer-to-peer market for voice translation services.
As things stand at the moment, hiring a voice interpreter can be expensive and fraught with problems. Even if you can afford the often high fees, finding a skilled professional who is available when you really need them can be difficult.
LangPie aims to solve these issues by building a platform through which it will be possible to find available interpreters on a real-time basis. Collecting together a good-sized pool of workers is key to the success of this venture, and that is where cryptocurrency can help the most…
That is because there is no conventional payment system which is available in all countries. In emerging economies especially, common systems such as Paypal may not be available. This effectively bars large numbers of low-cost translators from entering the industry, leaving customers to depend on ex-pats living in more expensive economies and charging much higher rates. By using cryptocurrency payments, which are available equally in every part of the world, LangPie can massively increase their pool of talent while at the same time significantly reducing average labour costs.
At the same time, cryptocurrency payments involve much lower fees than competitors such as Paypal, further reducing the costs of using this platform compared to competitors.
How it works
Translators will set their own fee on a per minute basis, with the option of adding a graduated set of discounts for longer assignments.
A combination of skills tests for new interpreters and a ratings system will combine to ensure the quality of workers.
A customer seeking to hire an interpreter will be able to search through the online marketplace, filtering workers according to cost, ratings, or relevance. Relevance will be determined based on contextual tags indicating specialist experience in various areas, such as business language, medicine and so on.
Alternatively, an ‘Instant Call’ function will allow customers to be automatically connected to the first qualified and available translator.
This will all take place through the android phone or web apps, which include VOIP technology for voice and video connections.
When an interpreter is chosen tokens are automatically debited from a customers wallet and held in a smart contract. When the services have been rendered to the client, these funds are paid out automatically to the translator.
LGP Token, Monetization Model and ICO
A total of 86 million of these tokens will be issued and sold at $0.10 USD. During an initial pre-ICO sale 4 million LGP tokens will be made available for sale, and all purchases will enjoy a 50% bonus. This pre-sale starts on 28th September. Following this, the main ICO sale will take place in November when 80 million tokens will be available to purchase.
When a customer makes a purchase, a 5% commission will be charged and these tokens will be automatically burned. This serves to reduce the supply with every transaction, increasing the value of the remaining tokens. Eventually, if so many are destroyed that low supply becomes a problem, new tokens will be issued and sold with 80% of the proceeds being paid out to users.
Based on a projected 10% share of the over the phone translation market, which itself is 4.2% of the overall translation market, this business model would yield an estimated profit of $171 million per annum. Over the long-term Langpie are targeting a 20% market share.
In order to encourage rapid growth in the pool of available talent. 8% of the ICO funds will be held back and paid to translators as bonuses of up to 100% for completed assignments.
For more information and to take part in the pre-sale or ICO visit the LangPie website here: https://langpie.io/