Headquartered in Tallinn, Estonia, Escoin represents an innovative platform for business and banking and a global legal service, as the official website of the project states. It was launched in June 2020 with the purpose of encouraging businesses in general and law firms, in particular, to establish mutual cooperation across borders by providing all the infrastructure they need.
The team of the project strives to provide a transparent and healthy business model to meet the needs of clients in any area of law regardless of their jurisdiction. With the help of blockchain technologies, Escoin aims to provide cost-efficiency, reasonable prices, and high quality of its service.
Escoin works according to the law and is controlled by the Estonian state. It received an official license for providing services related to virtual currencies from the Estonian Police and Border Guard Board in October 2020. The company is backed by Prae Legal that provides its clients with access to thousands of lawyers from all around the world through its network of 250+ offices in 140+ countries. Prae Legal also provides an exchange service for the Escoin token.
The main functions of Escoin include finding the right lawyer for the company, providing communication between lawyers and clients, ensuring that all types of documents required by lawyers go into inventory, eliminating interruptions and delays in international payments, and minimizing losses of money during the exchange. The system has web and mobile interfaces and offers many tools such as instant messaging, video calling, and document sharing.
The main difference between Escoin and other ICO projects and traditional legal services is that it eliminates intermediaries when connecting the legal sector with firms. In addition, Escoin combines the blockchain ecosystem with the video conferencing method to prevent parties from wasting time and money during the processes of preparation and maintenance of interviews. When video calls are completed, the lawyers’ meeting fee is immediately transferred to their account. Blockchain technology also allows reducing the commission for transferring funds by up to 25%.
The Escoin token
Escoin Legal Token (ELG) is an ERC-20 token published on the Ethereum blockchain with the aim to solve the problem of high bank transfer costs faced by international law firms. ELG was issued in January 2019 with a maximum supply of 250 million coins. They are allocated in the following way: 68% of tokens will be burnt, 8% is left in reserve, and 24% is intended for token sales, of which 8.88% is kept in the advertising and marketing fund, 4.08% was reserved for partners and consultants, 5.76% will be spent on software, and 5.28% is for the team.
At the time of writing, 20 million tokens have already been burnt. The tokens owned by the team had a linear increase over two years since the launch as 10% of the tokens were released every 6 months. 10% of token reserves have no vesting period while the remaining 90% are released by 3% each month.
As the Escoin token is used for money transfers, its key advantage is that law firms do not have to pay transaction fees. Moreover, in the case of non-receipt of commissions for international transfers, they will be saved from loss of income of up to 25%.
Token holders get additional discounts on transactions made on the platform. Besides, they can benefit from paid services on the platform. Since the value of ELG is expected to rise along with the revenue from the platform, the holders’ income should also increase.
ELG can be purchased for ETH right on the Escoin platform. Also, the Escoin token can be traded on various stock exchanges such as XT.COM, Finexbox, Dex-Trade, and BankCEX. Trust Wallet, Metamask, Binance Wallet, or Crypto Wallets are suitable for storing the token and making payments with it.
Escoin legal resolution platform has a wide range of impressive features including a databank, a decision support system, a stock exchange, a lawyer rating module, a call module, and a Chat Message service.
The platform has a wide databank of lawyers ready to assist clients in their litigations. Once the clients' legal needs are registered in the Decision Support System, Escoin offers the most appropriate legal experts to help them make faster and more accurate decisions. The rating system for legal experts shows the information in many areas including their account scores, client ratings, and legal experience. The call module is a service that allows lawyers and law firms to increase their income by providing online consultations from anywhere in the world.
The platform also offers various tools for legal experts. They can use a smart calendar where they can track their schedule, a tool for storing notes, interviews, and related documents, and the law library that allows creating their own documents, petitions, and digital libraries.
The Escoin cryptocurrency trading platform is a solution that allows you to add cryptocurrency trading to your business and diversify it into a full-fledged exchange. It uses a powerful matching engine that enables customers to create internal liquidity and act as both price buyers and bidders. It also gives you the ability to create custom trading tools and interfaces to integrate with your software. In addition, it offers filters to detect confidential quotes, protection against invalid bids, improved transaction execution. The exchange is suitable for web and mobile platforms.
Escoin team and partners
There is little information about the Escoin team on the web. It is only known that lawyer Fahri Toga is the company’s founder and CEO. He also founded Prae Legal, a law and consulting firm, and PraeGold, a foreign trade consultant, and is the Chairman of both companies. Asilbek Sultankhan is the CIS regional marketing manager of Escoin since September 2020.
PraeGold is a major investor and partner of Escoin while Global Scope, a group of corporate finance and business advisers, is its solution partner. In addition, Prae Legal allows its clients to access global legal resources.