What is Emphy (EPY?)
Emphy is recognized as a decentralized lodging ecosystem where landlords and tenants meet to conclude short-term real estate rental contracts. It utilizes blockchain technology to provide faster, safer, reliable and most importantly an affordable way to rent properties for vacations. It uses smart contracts along with blockchain to provide the affordable renting solution. Emphy will reduce the problems that guests and most landlords face these days. With Emphy you can discover new places and meet exciting people. It is way better than your traditional travel experience.
Safety is the most important thing in travel for guests and even for landlords. Emphy users must pass identity verification, and the same goes for landlords. So there will not be any hesitation while renting a property. And the use of smart contracts allows both sides of the transaction to be confident in who they are dealing with. Rules will be defined in each specific lease transaction. And there is a system of bonus in the Emphy ecosystem, and it will be implemented for both owners of the real estate and guests. Most of the risk comes with the human factor will be minimized by using blockchain solutions. Emphy EPY coin is based on the Ethereum ERC20 platform, and it is a utility token used within the Emphy ecosystem.
How it works
Emphy uses blockchain and smart contracts. Smart contracts are used in such a way that allows both sides to be sure with what they are dealing with and giving definite rules in every distinct transaction. Smart contracts allow both parties to check if the deal is good for them or not only then the transaction will proceed. Emphy calculates and gets the best result for its users and then it is stored in the blockchain. Once the other party approves your contract you are ready for travel.
Emphy takes a very low commission for the service it also offers user bonuses. With Emphy guest can have a private virtual tour of the property. Emphy is secured and uses ID recognition for the authenticity of the person. Emphy is much faster than other systems. Emphy makes life easier for landlords as they can list their property in just a few minutes only with the use of their smartphones. And for guests, they will complete information about the property before they choose to book a property. And there will be a bonus system for guest. Both parties can leave each other feedbacks which will be stored in the blockchain, and it will eventually decide the ratings of a property and guest.
Face ID automatic confirmation system verifies every user of Emphy. And then guests will have access to panoramic photos of the property to allow you to view the property with an immersive experience. It will have 180 and 360 degrees panoramic photos. To book a property you need to use Emphy coin that is EPY, the Emphy coin is the unit of account inside the Emphy ecosystem. Every user of Emphy platform will deal in the EPY. And then to complete the transaction, Emphy uses smart contracts. Once the smart contract is done you can travel, Emphy will use QR codes to check in and check out.
The Team at Emphy
This idea was born in March 2017 to Russian entrepreneurs. Its whitepaper was released on June 2017. Dmitri Nogin and Igor Ursini co-founded Emphy. Dmitri Nogin is also the CEO of the project while Igor handles the Business development part. The Emphy team has a total of 11 members on the team. Dmitri Nogin also founded a company called NP Teeninus. Igor has also founded a company in the past. So it’s safe to say they know what they are doing. They have a team of experienced entrepreneurs and many frontend developers. They also have blockchain experts. Emphy has listed their team on their website, and they also have their Linkedin profiles attached so you can see for yourself.
ICO and Token
Emphy ICO took place from 7th October to 5th November 2017. It is based on the Ethereum ERC20 tokens. Originally they set the target of the hard cap at 7.26 million dollars, and total token supply from 100 million was reduced to 15.375 million. The new ICO information is below.
Token – EPY
Platform – Ethereum ERC20
Whitelist – Yes
Emphy ICO price – $0.1 USD per EPY token
Accepted payments – BTC, ETH, USD
Total supply of tokens – 15,375,000 EPY
Tokens for sale – 12,300,000 EPY
Now let’s take a look at the token distribution structure within the ICO period.
Token Distribution Structure
- 80% tokens were reserved for crowdsale
- 13% tokens were reserved for team
- 5% tokens were kept for the marketing
- And 2% of total tokens was available for the bounty program
The Remaining tokens from the ICO will be kept in a separate wallet and it will be a part of the special marketing fund. And these tokens that are sent to the marketing fund will be kept frozen until March 15, 2018. After March 16 Emphy can start selling if required on the exchange every month up to 600,000 EPY. And the token price from the marketing fund cannot be less than $0.15 USD.
Emphy recently announced their airdrop campaign on May 28th. Emphy will allocate 175,000 EPY tokens during the airdrop period. These tokens will be evenly distributed among all the participants of airdrop campaign. Every participant will have to follow certain guidelines to get the 20 free EPY tokens. And participants can win 5 EPY tokens for referral links, which is not limited everyone can refer to as many friends as they want. This campaign will be closed when either 7000 new participants are reached or within 14 of the campaign launch date. You can help via their telegram bot that is @EmphyAirDropBot.
In April, Emphy announced a new partnership with a custom software development company Teamwoy. They will work together on blockchain technology in the future to make the development of blockchain forward. Teamvoy specializes in custom software, application development and IT consulting. They have a portfolio of many successful products launches. Teamvoy will be working with Emphy to develop their blockchain project Emphy further.
Exchanges to trade on
Emphy can be traded on as many as two exchanges. It is not listed on most because it is relatively a new crypto currency and they don’t have their product ready yet. Once their product is prepared they can expect the number of exchanges will increase, and the price will also be affected. Emphy coin exchanges are as follows.
List of Emphy coin exchanges
These are the only two exchanges that currently allow trading of Emphy. They will be hoping to increase the number of exchanges when they fully launch their project, and people start using it.
Emphy price has been on a rollercoaster ride since their ICO. After their ICO was finished their price per token significantly increased and at one point Emphy traded at USD 1.24 per Emphy which was their high ever, but soon it came down to USD 0.63 and then dropping continuously since then till April. And since April it has been on a rollercoaster ride sometimes up and then down. And today itself it has dropped by approx 16% from last 24-hour price.
Currently, Emphy is trading at USD 0.15 with a trading volume of last 24 hours at USD 12.9K. And the circulating token supply of EPY tokens is 7.7 million from a total supply of 15.375 million EPY tokens. And the market cap of Emphy is USD 1.1 million which has seen a massive drop of 16% from the last 24 hours. And its price is often fluctuating in the market.
Emphy product is not fully launched as it is still in the development phase once its product is fully built and launched into the market for users to utilize it we can expect the increase in the price of its. As the Emphy platform will only work with EPY coins so everyone will have to purchase these coins to transact on the platform and Emphy has only released a minimal amount of coins, this will help in increasing its price.
Road Map to the Future
Emphy started their project in the March 17, and their token sale took place on Oct 17. UI was designed by Feb 18, and an Alpha version was launched on April 18.
In May they started testing their platform and start fixing the problems it has, and further development of product was started. In June 18 Beta version of the product will be released, and users will be able to test their software. July 18 will be the key month for the Emphy ecosystem as they will announce where they will first release their project means which country.
And from August they will start the expansion of the project in many countries. And they will develop their project further with the help of Teamvoy custom software company with whom they partnered on April 18. These types of partnerships are necessary for any business as these partnerships always take the technology forward. So in the coming future, they need to make these types of partnerships more and more to keep pushing for the development of the community.