Welcome to our Guides section! The resources below were designed by our team to help you learn the ropes of Emirate Coin, including buying, selling, mining and trading. Have a suggestion for a new guide? [Reach out to the team] and let us know!
EMIRATE COIN CURRENCY &
Welcome to Emirate Coin (EMCO), the better, smarter way to pay. Read our whitepaper and learn more about how the EMCO platform works, including the technology behind it, its unique Smart Mining process, the token economy, and more.
How to buy/sell EMCO?
Ready to start using Emirate Coin? Learn the ways you can buy or sell EMCO and start taking advantage of a better, smarter and safer electronic currency. EMCO can be exchanged in either of three ways:
1. One on one: EMCO holders can sell it to people face to face or remotely by collecting cash or another valuable as a payment and send EMCO from wallet to wallet. This type of transaction requires all the parties involved in the transaction to establish the required trust between themselves and determine their trading price.
As this transaction is done outside of the EMCO app or an external exchange, the parties involved are required to do their own due diligence. This type of transaction is particularly important for situations where one wants to accept EMCO as means of payment for their goods and services.
2. EMCO App: This is the place where EMCO is being mined and can also be traded here. EMCO app will support different types of exchanges; trader to merchant or merchant to merchant. For trader to merchant transactions the trader needs to have sufficient Ether in their wallet. When a merchant wants to buy from a particular trader, they send a request specifying the number of EMCO they need from the trader. The trading Smart Contract checks the account of the merchant. If they have sufficient Ether to cover the cost, and if the trader has sufficient EMCO to trade. If all these two conditions are met, the Smart Contract automatically process the transaction. The merchant gets the EMCO, and the trader gets the Ether. This transaction can also work in reverse when a merchant wants to sell to a trader. Traders only have to fund their trading account with sufficient Ether and set their buying/selling prices. All the transactions happen automatically without any further intervention of the trader.
Merchant to merchant. EMCO and subsequently Sleek Net are built around social networking. Having a large community means always someone wants to buy and someone wants to sell. In this situation. People can buy/sell EMCO from/to their direct friends or in hubs (Synonymous to groups in other social media platforms). The transaction like trader to merchant transaction, is fully automated. Once the seller bundles the quantity they need to sell, they will adjust the price either above or below the standard exchange rate. The buyer having reviewed and agree with the pricing will approve the transaction. Also in this case the p2p exchange Smart Contract will validate if the seller has up to what they are willing to sell, and the buyer has the sufficient Ether to pay for the transaction. If all the conditions are true, the smart contract fulfills the exchange by sending EMCO to buyer and Ether to seller.
3. External Exchanges: Like any crypto token, EMCO has to be somewhere where it can be accessible from anywhere. Through exchanges, EMCO can be traded using different exchange pairs. Each exchange may have its unique registration process, fee structure, deposit and withdrawal process, but the end result is all the same. Users willing to trade EMCO on external exchanges will first have to register an account with the particular exchange they wish to trade on, and get their EMCO into the exchange.
Remember, on EMCO app the only cryptocurrency one can exchange for EMCO, is Ethereum.