Last month, Eric Piscini had resigned from Deloitte as the Principal Global Blockchain leader after working there for almost 5 years. He had played a vital role in converting Deloitte’s global Blockchain practice to a $50 million business by the time he had left the firm. Deloitte’s blockchain had just 3 people in 2012, Piscini had helped in expanding it to almost 1200 people in 2018.
Eric Piscini had joined in April as the Chief Operating Officer to work for an early-stage startup called the ‘Citizens Reserve’. The main objective of the firm is raising $300 million to move the world’s entire fragmented supply chain network on to two blockchains.
Citizen Reserve is a start-up with a shared database which is to be used by all the levels of the supply chain including retailers, distributors, manufacturers, and suppliers. A new cryptocurrency has been created using the ERC20 called ZERV. It has been released by Citizens reserve on 19th December 2017. The members of the respected consortium will be using the coin to get access to their blockchain, which would enable them to do instant borderless transactions.
The platform is built on the public Ethereum blockchain with smart contracts consisting of self-executing codes which can be implemented using various private blockchain solutions which would permit the cross-border transaction in real-time with ease.
ZERV is also called as a utility token because it can provide users the access to the platform to exchange goods and services. ZERV consists of a third component which differentiates it from another ERC20 token as it has assets to back it up. The reserve assets will be independently audited to grant the token a guaranteed value of $0.01 for ZERV. There would be 100 billion tokens which are going to be issued, which would be worth around $1 billion.
30% of the money raised would be distributed to the users through a mechanism designed to encourage the building of the new supply chain services on the platform.
The supply chain contracts will be executed using Quorum which is based on the Ethereum blockchain, originally created by J.P. Morgan.
Eric Piscini, the Chief Operating Officer of Citizen Reserve has said that:
“Citizens Reserve’s token issuance will not be the same like of its predecessors. The equity of the company would not be given away as that not where the value is going to be, the value is going to be at the token level.”