Eric Piscini, former Global Blockchain Leader and Partner at one of the “Big Four” consulting firms, Deloitte[1], has left the company, Forbes reports[2] May 14. Piscini, who helped build a $50 mln global blockchain practice, is joining the startup Citizens Reserve to move supply chain networks to a blockchain.
The early-stage startup, which is currently raising $300 mln, is a shared database designed to operate on all levels of a supply chain. Within the project, a new digital currency[3] ZERV has been developed using the ERC20 token. The cryptocurrency will reportedly be used by consortium members to access the blockchain[4], allowing them to implement “nearly instant borderless transactions.”
The platform is based on the public Ethereum[5] blockchain with smart contracts consisting of self-executing code, which could be implemented using various private blockchain solutions. Though the agreements would be limited by a long period of time to close cross-border transactions and foreign exchange rate considerations, with a cryptocurrency transactions can be reportedly conducted in near real time. Piscini said:
“We are building the Ethereum of supply chain... The private blockchain is more for supply chain transactions, and the public blockchain is used for payments. There is a bridge that we created that is kind of our secret sauce.”
ZERV is also considered a utility token as it allows users to exchange goods and services within the platform. The digital currency contains a third component which sets it apart from other ERC20 tokens; it is backed up by assets. The reserve assets are designed to grant the token “a guaranteed value” of $0.01. There will reportedly be 100 bln tokens issued to the value of $1 bln.
According to Forbes, 85% of the funds attracted
