What makes us Unique
Bitcoin is commonly referred to as digital gold. In a similar way, we consider Ittrium to be the digital equivalent to the rare-earth metal Yttrium. Yttrium is synonymous with modern technology; it’s used in the production of computers, smart phones, lasers and superconductors. The demand for Yttrium has significantly increased in recent years and its relevance and value will continue to increase in the future. In many ways, Yttrium is the perfect metaphor for the Ittrium Cryptocurrency.
1. Price Stability
A price stable crypto, is that even possible? The Ittrium team believes it is possible to minimise price volatility (in terms of BTC value) by increasing liquidity via the creation of a defensive buy wall, which in turn reduces investor exposure and risk and consequently, reduces Fear, Uncertainty and Doubt (FUD).
2. Increasing Liquidity
Liquidity is the term used to describe the degree to which an asset, such as a cryptocurrency, can be quickly bought or sold in the market without affecting the asset’s price. Low liquidity is often the cause of negative price volatility. Sadly, very few new crypto projects understand the importance of improving liquidity. The first goal of any new crypto should be to overcome low liquidity before FUD overtakes the mindset of investors.
3. Transparency & Trust
To maintain transparency and to reassure investors this isn’t an elaborate spoofing ploy, all exchange orders will be announced and publicly available. Any buy orders the Ittrium team places are genuine offers and will either be sold or remain indefinitely. To mitigate the risk of an exchange hack, a common occurrence in the cryptosphere, the decision might be made to only expose a proportion of funds (to be determined), at any given time.
A Defensive Strategy
The 495,000 pre-mined XIT will be used/distributed as per the following process. The pre-exchange masternode sale will offer 20 masternodes (totalling 100,000 XIT) for purchase on a first come, first serve basis. The ‘seed capital’ generated from this sale will be used for advertising and exchange listings. After the pre-exchange masternode sale and once Ittrium has been listed on an exchange, an additional 350,000 XIT coins will be listed for new investors to purchase, the capital raised will be used to create a ‘stepped defensive buy wall’ to improve liquidity and protect against negative price volatility. The remaining 45,000 XIT (0.13% of total supply) will be reserved for bounties and distributed amongst the Ittrium team.
350,000 XIT or 70% of the pre-mine will be listed on an exchange for new investors to purchase. The capital raised will be used to create a ‘stepped defensive buy wall’ to improve liquidity and protect against negative price volatility. For example, the first exchange allocation of 50,000 XIT will be listed at 0.00007 BTC/XIT and once sold, the capital raised will be used to create 53,846 XIT worth of buy orders at 0.000065 BTC/XIT. This process will continue until for the remaining six exchange allocations, until the initial 350,000 XIT has been purchased and replaced by 372,226 XIT worth of buy orders.
ATM Use Case
Withdraw & Deposit Instantly
One of the biggest criticisms of cryptocurrencies is their difficulty to convert into fiat currency (and vice versa) and their inability to be used for everyday purchases. The Ittrium team envision the ability to quickly and conveniently convert Ittrium into any fiat currency via a worldwide network of cryptocurrency Automatic Teller Machines (ATMs). To achieve this, our main focus will be getting Ittrium supported by several major Cryptocurrency ATM manufacturers, such as bitcoinatm.com, generalbytes.com, lamassu.is, and bitaccess.co to name a few.
Cryptocurrency ATMs make it much, much easier for people to convert crypto into cash and vice versa. People can simply walk up to the crypto ATM and scan a QR code of their wallet address to make a withdrawal in the local fiat currency within a matter of seconds. It is extremely simple, fast and convenient. Alternatively, people can also purchase Ittrium by inserting their local fiat currency into the crypto ATM. Crypto ATMs are relatively new, first appearing in 2014 and as of Sept18 there were 3,700 in over 60 nations worldwide. According to the world bank, in 2016 there were approximately 3.5 million traditional ATMs worldwide, so in comparison, Crypto ATMs are still relatively sparse. That said however, if you live in a city with a population of over 1 million people, there is likely a to be crypto ATM within several kilometres (https://coinatmradar.com/). Furthermore, if historical growth in crypto ATMs continues, within 10 years there could be as many crypto ATMs as traditional ATMs (see figure below). In other words, there will be one just around the corner.
Buy & Sell XIT
The Ittrium Team
Learn About Us & Our Project
Drew (AKA MiniSquirrel)
Drew is the founder of Ittrium and the primary blockchain developer. He is responsible for strategic planning and directing the Ittrium team. Having been involved with cryptocurrencies since late 2011, Drew has an extensive knowledge of the ‘crypto-sphere’, including the displeasure of witnessing first-hand some of the shady practices. Disgruntled with the proliferation of unethical people and practices and convinced that the only way to warn investors was to show them first-hand how a cryptocurrency project should be managed, namely with great leadership, effective communication, transparency, creative marketing and most importantly in the crypto-sphere, outstanding community engagement and support.
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Jordan (AKA jordanlovelle)
Creative & Community Manager
Jordan is the creative mind behind all things pretty and web-based at Ittrium. He is responsible for running, maintaining and designing many aspects of Ittrium – including the website and the Ittrium imagery. When he’s not busy working on the next piece of eye-candy, you can find him managing the Ittrium Community and working towards sharing Ittrium wherever he can. Jordan’s been involved in the crypto space for the past 18 months and has a wealth of experience with communities of all sizes as well as web development from years passed. Jordan’s main goal and purpose at Ittrium it to ensure that we continue our credo of transparency and community engagement while providing eye-grabbing and mouth-watering content.
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