The EBCoin is an ERC-20 token based on the Ethereum network and accompanied by a complete eWallet solution. EBCoin aims to present an ideal facility for international travelers with minimal costs and ease of usage. The primary purpose of the EBCoin platform is to employ blockchain technology to alleviate the numerous inconvenient aspects of overseas visitors' tax return procedure. Therefore, the EBCoin project aims to make tax refunds more convenient for tourists worldwide. The platform aims to provide consumers with an immediate tax refund service, a currency exchange, and a convenient payment option solution utilizing the EBC token through the EBCoin Wallet app.
The EBCoin ecosystem seeks to transform the duty-free/tourism tax refund business. Consumers who use the EBCoin platform can promptly receive their refunds and use the revenues as digital cash. Tax reimbursements are more transparent using EBCoin, resulting in better efficiency for tax authorities. As per the whitepaper, the EBCoin intends to lower the high costs associated with the current inefficient methods for retailers. The platform also encourages tourists to spend more at engaging duty-free shops, where customers can pay with their EBCoin wallet as an alternative payment method.
For an extended period, the team scrutinized the necessary components of Bitcoin’s and Ethereum's control algorithm and execution for public and private blockchain services. This prompted the creation of the EBC (Eximbay Currency) refund coin, which had to account for issuance, signature, asset transfer, user behaviors, coin management, mining, system setup, and implementation.
The platform plans to construct and share the EBCoin wallet in the form of an eWallet to make EBCoin's tax refund, payment, and currency exchange services easier. It can make the wallet available as an Android and iPhone SDK (Software development kit), making it simple to utilize, particularly in worldwide shopping apps. Various services like transfer and electronic payment using EBCoin are available if the user merely installs an electronic wallet in SDK.
