Announced Monday, a startup called Citizens Reserve is coming out of stealth, revealing it has hired former Deloitte global blockchain leader Eric Piscini, as well as at least two other former members of the firm’s blockchain division, to its initial 32-person team.
Not short on ambition, Citizens Reserve is seeking to launch a permissioned blockchain protocol called zerv that the startup hopes will become an “operating system for supply chain.”
“We’re building a supply chain middleware that sits on top of the blockchain and gives you all the fundamental pieces of the supply chain,” Piscini explained.
In this way, Piscini said that the company’s “zerv network” will seek to build on top of existing blockchains like quorum and ethereum to create a technology that can match orders and track provenance on a supply chain that operates on a consortium model.
Key to this, however, will be what the company calls its ability to “embrace blockchain” by using the technology to offer monetary incentives. As described by Piscini, the zerv platform will feature a cryptocurrency that will be redeemable for real-world assets.
Piscini told CoinDesk:
“The real version is that this is decentralized platform, which is very true to the blockchain. We don’t want to become a centralized system.”
He went on to say that while the market will decide the value of the coin, the company plans to accumulate real-world assets and back the token in such a way that it does not fall below $0.01. The idea is the tokens could be redeemed for these assets by members.
Armed with this vision, the company is now seeking to raise millions in a private sale of its token. Though he did not disclose the total of the fundraise, Piscini said the goal is to also have a public sale of the assets in which additional funds could be raised.
Still, he was quick to note that the funds raised will not be used to fund the company itself, but rather to build and grow the zerv network.
Founded in late 2016, Citizens Reserve is led by CEO and co-founder James Bower, former CEO of US-based tablet accessory manufacturer Gamevice (formerly Wikipad). Addison McKenzie and Shannon Coble are also co-founders…