Crypto.com Coin

3 min reading

Ever heard about crypto.com’s new coin? Well, here is vital information for you

Crypto.com Coin

Crypto.com Coin

As the crypto sphere increases by the day, more people get to pay interest in investing, trading, and even creating their own NFTs and cryptocurrencies. In the beginning, developers came up with platforms that helped other newbies master the art of trading digital currencies. Over the years, these platforms have also come up with an exciting idea of creating their own digital currency. Like it is said, Practice makes perfect. Binance is one of the crypto exchange platforms with a digital currency that many are already buying. In this article, we will talk about crypto.com and crypto.com coins.

What is crypto.com?

Crypto.com is a cryptocurrency exchange platform as we have earlier mentioned and it is based in Singapore. The objective of crypto.com is to speed up crypto adoption through services offered through its app and which includes prepaid Visa cards offering up to 5% back in the native MCO tokens, coupled with other mouth-watering benefits. This platform also provides digital wallets, a software-based system that stores users’ payment information and passwords. This information is secured and cannot be accessed by any other third party unless they are granted access to the data. Through this service, the crypto.com platform enables buying and selling of cryptocurrencies on the platform. In addition to this, the platform recently launched an NFT marketplace. So far, the app has about ten million users and a handful of employees.

History of Crypto.com

The crypto.com company was initially founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016, under the name ‘Monaco’. In 2018, the name was changed to crypto.com after a purchase of a domain owned by a cryptography researcher and professor, Matt Blaze. In order to change its company name to Cypto.com, the company purchased naming rights by paying about $700 million to Staples Center in Los Angeles. The name change officially took effect on December 25, 2021, even though the domain name was already registered in 1993.

Crypto.com coin

Crypto.com coin (CRO) is a token used on the crypto.com platform for transactions within and outside the platform. This cryptocurrency platform, however, does not only support trading, investing, staking of just its own token but of more than 150 different currencies. It offers reasonable fees and discounts for those who hold a reasonable stake in Crypto.com coin. It has a lot of offers that many crypto enthusiasts can explore.

The pros seem to outweigh the cons. That does not mean that it is void of downsides. First, the trading fees only reduce if a trader stakes a significant amount of CRO. trading fee discounts seem complicated to navigate.

In a nutshell, crypto.com Coin is the coin for the crypto.com platform. These coins have not yet been released into the crypto market. However, it is already available on DeFi Swap and users have the ability to swap CRO, become CRO liquidity providers in order to earn fees, and boost their yield by up to twenty times when staking CRO.

Conclusions

----- min reading

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November 24, 2021December 14, 2021

Sandbox

5 min reading

What have the crypto and gaming industries common? Let’s find out in this article!

Sandbox

What is Sandbox

The Sandbox (SAND) is a virtual space facilitating gamers to create, control, and sell their gaming experience on the Ethereum blockchain using the platform’s native token SAND. The token is based on the Proof-of-Work consensus mechanism. One of The Sandbox platform’s primary tasks is to generate game assets (ASSETs) from scratch, submit them to the marketplace, and then monetize them via blockchain. The platform works with projects and companies such as Atari, CгурtоKitties, and Shaun The Shеер to bring blockchain to the gaming industry.

SAND token

At Sandbox, SAND is a functioning token for gamers and game content developers. It is fundamentally built on the ERC-20 standard and runs on the Ethereum network. Sandbox’s market capitalization is $5,967,924,116. Only roughly 675 million tokens, or 22 % of the entire supply, are now in circulation. Except coins held for its requirements, the team will very certainly release more SANDs to the market as demand develops. Investors are compensated with a percentage of the fee paid – Sandbox takes 5% of overall transaction volume, half of which goes to the Sandbox Fund, and the other half is dispersed to the investors. As a result, the profitability of staking is directly proportional to the number of transactions and, as a result, the popularity of Sandbox.

Despite its resemblance to conventional in-game coins, SAND serves many tasks at the same time. In particular, SANDs holders keep the ecosystem running by voting for network updates, awarding money to Foundation content and game developers. By the way, the player may vote for himself or transfer the right to vote to another player, according to the rules. In addition, NFT developers use the tokens in-game too: they auction off their NFTs, which include music and artwork.

History

Arthur Madrid and Sebastien Borget, the creators of game production company Pixowl, merged the powers of DAOs with NFTs in 2011. Sandbox, a decentralized platform for gaming community creation, is a successful combination of the gaming industry and crypto technologies. Sandbox, a mobile game, was released in May 2012, and the PC version followed three years later. Work on the blockchain version of the game began in the second half of 2018, and by 2020, the creators had produced a new 3D version of the game using the Ethereum blockchain. The SAND cryptocurrency was listed on several exchanges the same year. By the way, the SAND token is now available on the bit4you trading platform for trading and investing.

Features

Sandbox has successfully integrated blockchain technology into large-scale games. Everything made on this platform is NFT: lands, characters, and equipment. Sandbox is focused on developing a creative “play to earn” approach in which users may be both developers of lands and NFTs and gamers at the same time. Moreover, users, for example, fill lands with material to raise the site’s worth. Players may also earn SAND tokens for their achievements, gather in-game stuff, and sell them to other players.

In addition to the incorporation of new gaming and graphics elements of the platform, blockchain improves the marketplace, by offering user interface, decentralized application, and other new services. The company’s development strategy extends through 2023. This demonstrates the developers’ interest in achieving their long-term objectives and the possibility for future expansion, creating prospects for coin value.

Conclusions

4 min reading

Litecoin

Have you heard about Litecoin? If no, then keep reading to improve your knowledge in crypto.

November 16, 2021January 18, 2022

Elrond

5 min reading

Interested in Elrond? Discover its creation history and the most intriguing features.

Elrond

Introduction

Top ecosystem teams are hard at work improving scalability and throughput, as well as offering alternative crypto projects. Among the best performing cryptocurrencies, EGLD is one of the most surprising. The asset is not directly tied to Bitcoin and it is not the most touted digital asset. We will enlighten you about the blockchain platform Elrond in this article.

What is Elrond

Elrond (EGLD) is a blockchain protocol that incorporates an adaptive segmentation (sharding) strategy for realistic scalability and guarantees operational fairness via the Proof-of-Stake consensus. It provides a much greater throughput compared to centralized competitors. Experts consider the architecture as a supplement to existing models, aiming to achieve a balance between decentralization, scalability, and security. It is, in some ways, a modification of the architecture.

According to the developers, its smart contract execution technology performs 15,000 transactions per second, with a 6-second response time and a $0.001 transaction charge. The network is separated into distinct parts (shards) that can run in parallel with one another. Elrond already employs this technology. Elrond was initially announced in August 2019, with the main net launching in July 2020, and presents itself as a blockchain platform for the emerging Internet of Things, DApps, and corporate use. Thanks to sharding, Elrond can provide extremely fast transaction speeds.

History

Elrond was founded by a group of seasoned entrepreneurs, engineers, and researchers with extensive blockchain experience and technical skills from Microsoft, Google, Intel, and NTT DATA. Elrond was initially revealed in August 2019, and its mainnet went live in July of 2020. The team comprises two PhDs in CS and AI, as well as many Olympiad winners in math, CS, and AI. Beniamin Mincu, a former NEM team member, is the project’s leader and one of the blockchain technology pioneers. For 1.5 years, he oversaw the project’s marketing department. Before Elrond, Benjamin and Lucian Minku co-founded MetaChain Capital, a digital asset investment company, with Benjamin Minku serving as CEO and Lucian Minku serving as CTO. They also co-founded ICO Market Data, an information aggregator for initial coin offerings.

Elrond token (EGLD)

Transaction validators get EGLD native tokens (eGold) for their contributions to the ecosystem and the network’s upkeep. As a result, the greater the commission and the more costly the token on the secondary market, the more transactions there are in the network. For the first year, the platform offers a supply of EGLD tokens for stacking on the network, with validator nodes receiving a 36% annuity.

Elrond’s economic model has a restricted supply that begins at EGLD 20,000,000 and includes fresh tokens distributed to reward network validators. Thus, the maximum supply cannot exceed EGLD 31,415,926, although, with more transactions, this quantity will fall. At the moment of writing, total capitalization is $5,951,494,619, according to CoinMarketCap.

Features

The network employs the Secure Proof-of-Stake consensus, which entails thousands of validators which means they get revenue for verifying transactions. Due to the strong protests of the worldwide community to the Proof-of-Work mechanism in the case of Bitcoin, many consider the introduction of PoS as a benefit for the project. As you may know, the PoW method requires a significant amount of computing power to confirm transactions.

Another key feature of EGLD is sharding. It’s also worth mentioning that Elrond enables shard loading of no more than 50% (this is known as TargetShardLoad), ensuring that the network is prepared for a surge in traffic. In other words, when utilizing the Elrond blockchain, the transaction cost should not increase while the transactions are processed for many hours.

In conclusion, the primary purpose of developing a distributed EGLD network is to alter the structure of the World Wide Web to give more social scalability. The platform must ensure data privacy and censorship resistance. The project’s initial exchange offering (IEO) was held on Binance Launchpad, and the token was later listed on numerous exchanges. Nowadays, you can buy EGLD at the most popular exchange and trading platforms, such as bit4you and others.

Conclusions

5 min reading

Sandbox

What have the crypto and gaming industries common? Let’s find out in this article!

November 16, 2021December 14, 2021

Chiliz

4 min reading

Here is substantial information on a digital currency yo could explore. Keep reading.

Chiliz (CHZ)

Chiliz (CHZ)

In the crypto space, there are two types of digital currencies: Coins and tokens. There is a tendency to mix up these terms. We use coins on their blockchains and some examples of coins include Ether that is built on the Ethereum blockchain and Bitcoin that is built on the Bitcoin blockchain. Meanwhile, tokens differ from coins in that they function on an existing blockchain. These tokens sometimes are assets that represent proof of ownership or membership. Since the existence of cryptocurrencies, many tokens have been created. Note that there are two types of tokens, security and utility tokens. Security tokens represent an asset or an entitlement to an earning stream while utility tokens are used to provide access to goods and services of a particular project. The value of a token is sometimes determined by its purpose or its popularity. In this article, we will be talking about a new token called Chiliz.

What is Chiliz?

Chiliz is a utility token, a leading digital currency that powers fan engagement. It rewards apps and users who use and buy traded branded fan tokens. This currency is used in the world of sports and also on entertainment platforms. We discover that over the years there has been a tremendous change in the world of sports between clubs and their fan bases. In a bid to cause fans to have a closer relationship with their clubs, developers deemed it fit to create Chiliz. This token was founded in Malta in 2012.

The aim of this token is to give millions of sports and fans a coin to buy direct voting power in their favorite clubs. By this method, fans will no longer be passive but active participants of the club.

How does Chiliz work?

Like we mentioned earlier, Chiliz is a token that engages fans with their favorite teams. With this token, fans can spend to support their favorite team, influence certain decisions, and do other interesting things. Socios.com is the website that allows fans to use their tokens. One of the advantages of this website is that it gives users a very good experience, it recognizes users’ personal computer (Pc) even after the account has been inactive for a long time. The CHZ fan tokens allow their participants the right to vote. You could be wondering what will happen to the rewards that a user gets if they are inactive. The interesting part is that the websites save these rewards as well as the user’s preferences. Since its creation, CHZ has supplied over 8.8 billion CHZs. The CHZ tokens are minted using the Chiliz blockchain

Features of the Socios.com platform

The fan engagement platform is built on the Chiliz blockchain and uses $CHZ as an on-platform currency. For now, the platform allows fans to purchase branded Fantokens from sports teams like FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray, Atlético de Madrid, OG, CAI, and UFC. in addition, on this platform users are able to influence their teams through the vote and become eligible for team rewards and recognition.

In a nutshell, CHZ is a fan token that allows fans to interact with their favorite clubs. When fans get to vote, they get a higher ranking within the platform and as such, greater benefits. Note that the fan tokens can be limited, thereby making ownership tradable and the market price is driven higher.

Conclusions

5 min reading

Elrond

Interested in Elrond? Discover its creation history and the most intriguing features.

November 15, 2021December 14, 2021

Dogelon

3 min reading

Did you know what Dogelon Mars is? No? Then it is time to get familiar with it and learn more!

Dogelon

Introduction

In October 2021, among the top 100 cryptocurrencies, the new cryptocurrency ELON, also called Dogelon Mars, took the top spot thanks to a rate increase of more than 4,000%. What is this coin and what can we expect from it further? Find out more in this article.

What is Dogelon Mars?

Dogelon Mars is a cryptocurrency developed using the ERC-20 token standard and powered by the Ethereum blockchain. The ERC-20 technology in the Ethereum network is the security standard for most exchange tokens, including Uniswap, Chainlink and Aave. In addition, the vast majority of unexchanged tokens on the Ethereum network use the ERC-721 token standard. Argumentatively, Dogelon Mars was inspired by the progress of Dogecoin. Firstly, the name cogin is a portmanteau of the “doge” meme and Ilon Musk’s name, and secondly, the word “Mars” is a reference to the billionaire of the same name (SpaceX) and his position as a connoisseur and supporter of space exploration. Elon Musk is completely unrelated to the project officially. Moreover, the marketing of the project, including the description of the website, is absolutely within the framework of the classic “coin-medal” expectations.

History of Dogelon Mars

Dogelon Mars started exchange trading on Uniswap on April 22, 2021. The value of the token started at around $0.000000002 and soon reached $0.00000208. In terms of interest, investors who made a purchase of Dogelon on April 22 earned about 100,000% p.a. The token issuance took the form of a pre-public DEX (IDO) auction. DEX are decentralized stock exchanges, meaning: they use blockchain technology to organize exchanges instead of a centralized organization like Coinbase or Robinhood. As the Dogecoin cryptocurrency surged in popularity, overtaking bitcoin in Google search results for the first time in May, control over the coin’s clones intensified. As a consequence, there has been a significant increase in transaction fees on the Ethereum network. Since the beginning of May, their value has risen by 563% to $65.

Features of Dogelon Mars

Dogelon Mars, Dogelon is a fork of Dogecoin. Regardless, the token’s maximum stock is much larger compared to DOGE, making the asset less rare. According to some experts, Dogelon Mars is a bad investment. They believe it lacks any useful properties or advantages compared to other, more popular cryptocurrencies, and its founder appears pretending to be Elon Musk. Considering that the price of Dogelon Mars has already increased more than 1000% in recent times, Dogelon Mars is an incredibly high-risk investment.

In conclusion, it is important to note that, according to experts, this coin is useless. From a technological point of view, it has no significant advantages over fundamentally useful projects, so the growth of its price only holds on to the excitement. As soon as the trend passes – and that can happen at any moment – the “meme coin” will quickly begin to fall in price. That is why it is not recommended for long-term investments.

Conclusions

4 min reading

Chiliz

Here is substantial information on a digital currency yo could explore. Keep reading.

November 15, 2021December 14, 2021

Decentraland

Decantraland

4 min reading

Discover the possibilities of Decentraland cryptocurrency now!

Decentraland

Decentraland

The Decentraland cryptocurrency (MANA), designed for purchasing virtual real estate, has increased 400% in value as a result of Facebook’s rebranding and the development of a meta-universe.In this article, you will discover what exactly is Decentraland and its real practical prospects.

What is Decentraland?

Decentraland is developed for use as a virtual reality platform. The Ethereum blockchain, in turn, powers the platform. Users can create, explore, and monetize content and software. Decentraland is wildly popular among the creative community, gamers, students, and online groups. Only open standards regulate the public digital world, there are no centralized organization’s regulations. Users have complete authority over the continent of land they own, and they keep any income generated by the value they create for other users. To accomplish these possibilities, Decentraland employs blockchain technology as a record of ownership.

What is a MANA token?

Decentraland cryptocurrency (MANA) is an Ethereum-based ERC-20 token. The Ethereum network verifies transactions and records them in the blockchain. Tokens used to purchase land are burnt after the transaction. Deflation is ensured by removing game currency from circulation. So, with this money, you could, for example, buy a plot of land, build a house, equip it, and it would all be yours. You can also earn this token within the Decentraland platform. There, you may do whatever you want with a 100-square-meter block of land, for example. The Ethereum system facilitates you to claim ownership of the virtual space, while additional land parcels can only be acquired adjacent to yours. You may also add your photo and video material, as well as different apps, and charge a fee for their use. The sole limitation of the game will be the player’s creativity.

At the beginning of November 2021, the capitalization of the MANA coin was $4,648,316,684. In general, there is over 1.82B of MANA in circulation, according to CoinMarketCap. On October 28, MANA was valued at less than $1, but by October 30, the coin’s value had risen to $2. The next day, it hit an all-time high of $4.13, representing a 400% increase in three days. MANA began to increase immediately following the announcement of Facebook’s rebranding. When Mark Zuckerberg revealed a new brand name META. Indeed, the term is associated with a new project, the meta-universe, on which they have been working for some years.

History of Decentraland

The platform was established in 2016. Before the debut, the development team launched an ICO in 2017, raising $24 million. The designers made the game available to players at the start of 2020. Competitors have emerged in the three years following the ICO (Fortnite, Axie Infinity, Cryptovoxels). Nearly 30 expert programmers created the meta-universe with its artificial world and actual components such as city streets, pleasant residences with waterfall views, and protected places. However, the creators were capable of driving the project to the forefront of the game industry. Metaworld’s creators are far from inexperienced programmers. They collaborated on BitCore (a Bitcoin wallet and client for connecting to the Bitcoin network), Stremium (a streaming TV service), and Smart Contract Solutions (blockchain network application).

According to critics, the initiative has a lot of potentials. To begin with, it is a novel approach to virtual reality that has already piqued the curiosity of many consumers. Again, we should not overlook the substantial incomes of creators in the game sector. Users have every opportunity to establish a successful, one-of-a-kind project with the right strategy. Furthermore, amid the various virtual currencies, this initiative distinguishes out, which is why it will not go overlooked. Cryptocurrency rates are primarily influenced by the overall market trend. The currency almost fully replicates market activity, with some volatility in specific local sectors.

Conclusions

3 min reading

Dogelon

Did you know what Dogelon Mars is? No? Then it is time to get familiar with it and learn more!

October 29, 2021December 14, 2021

Fantom

5 min reading

Want to know more about Fantom? Read here.

Fantom

Introduction

Today we will talk about the Fantom project. FTM cryptocurrency does not belong to the category of sustainable ecosystems based on smart contracts, nevertheless its developers are convinced that Fantom will eventually turn into one of the leading global blockchain industry startups and decentralized financial assets will reach the development phase due to its unique technology. To learn more about Fantom, read this article.

What is Fantom?

Fantom is a managed acyclic graph (DAG) smart contract platform providing high-speed and secure transaction services that enable developers to engineer highly scalable and reliable Dedi and Dapp solutions. Fantom is powered by Lachesis, BFT’s unique and revolutionary consensus mechanism. Fantom coin is a native token of the next-generation Fantom Opera Chain DeFi-platform. The Fantom redistributed network is a feature-rich solution for developers seeking to run decentralized applications based on secure and proven protocols with high throughput rates. The platform supports EVM, making the transition of dApps from Ethereum to the new blockchain much easier. Fantom runs on the aBFT (Asynchronous Byzantine Fault Tolerance) consensus algorithm. It provides higher performance and linear network scalability without compromising security or decentralizing the ecosystem. The algorithm also provides higher speed and lower cost for Fantom compared to older technologies.

History of Fantom

Realization of the Fantom project started back in 2018. The company’s founder is Dr. Ahn Ben Ik. He is a PhD candidate in computer technology and serves as president of the Korea Food Technology Association. Dr. Ahn works with Fortune and has been featured in South Korea’s largest business media on several occasions. Fantom CEO Michael Kong has years of experience in the blockchain industry as a smart contracts professional. Preceding his move to Fantom, he served as CTO of the Block8 blockchain project. The Fantom team includes blockchain architect André Cronje, widely known as the developer of cryptocurrency Yearn Finance. The rest of the team is made up of very successful, interested and highly experienced members from various industries, including finance, crypto, business development, software development and other relevant fields. Fantom conducted an ICO in June 2018, realizing 40% of all FTM tokens worth $39,650,000. It took several months to issue the tokens, and at that time (October 2018) there was cryptowinter in the market, resulting in a decline in value and the despair of many investors. The real opportunity to sell FTM at a profit appeared only the following year, after a fortunate listing on the Binance platform.

Features of Fantom

The distinctive feature of the presented project is first of all its uniqueness. Unlike Fantom, none of the known cryptocurrency platforms has used the acyclic DAG graph before. With the help of new technologies the developers not only improve the already existing product on the market, but also consistently implement innovative technologies that can simplify the application decentralization procedure. Advantages of the project include its relevance; operation of the system in Scala programming language, that is rather simple and doesn’t make newcomers uncomfortable; speed of transactions. According to representatives of Fantom platform, in the future it is expected that up to a thousand financial transactions per second can be performed on the blockchain with the same name. In addition, it is worth noting that all of the platform’s tokens were sold out during the initial public offering. It shows that global investors have confidence in the project and are therefore willing to invest in its creation.

In conclusion, it should be said that stock market experts consider investing in the purchase of Fantom tokens to be a profitable short-term investment. However, this is due to the fact that the platform is at the stage of active development and scaling, so it arouses genuine interest on the part of a large number of investors. If the project developers manage to raise the token to a new level and compete with other promising cryptocurrencies, including Ethereum and Bitcoin, it can be used for long-term investments.

Conclusions

4 min reading

Decantraland

Discover the possibilities of Decentraland cryptocurrency now!

October 29, 2021December 13, 2021

True USD

True USD (TUSD)

4 min reading

Stablecoins keep increasing in the market. Kiss the fear of volatility goodbye. All you need to know about TrueUSD is in this article.

True USD (TUSD)

TrueUSD

In the crypto space, price instability is a major factor that hinders many from adopting cryptocurrency as the ultimate currency of exchange. Market volatility makes the use of these currencies for day-to-day activities very difficult. People always have a need to either fulfill a transaction, make an international transfer, or, better still, purchase an asset. Even though transactions using cryptocurrency are quite fast and less costly, the fluctuation in prices does not lure many to engage in the crypto business. However, because this has become an issue, developers have sought a way to salvage the situation by creating stablecoins. There are some stablecoins already in circulation. One of them is the True USD (TUSD). This stablecoin is the subject of this article.

Before delving into what TUSD is all about, it will be good that we summarize what stablecoins are. Stablecoins are cryptocurrencies that always have a stable price based on an external asset. Introducing stablecoins was because there was a need to curb volatility with crypto prices. Stablecoins enable traders to have access to the benefits of the blockchains without risking price swings. Another advantage of stablecoins is that they provide assurance to traders and other investors who intend to hold their profit.

History of True USD (TUSD)

This stablecoin has existed since 2018 and it was issued by TrustToken, an exchange platform in San Francisco that primarily creates asset-backed tokens that can easily be traded in the entire world. The reason for creating this token is to provide a more reliable market condition by tokenizing assets like movies and limited businesses. This token is, however, the first of its kind in the TrustToken sphere. TrustToken found this token alongside its co-founder, who is the CEO of the said exchange platform, Rafael Cosman. In order to be ahead of the volatile market, every month they audit the stablecoins making them trustworthy.

What is Trust Token?

TrustToken is a platform for creating asset-backed tokens that you can easily buy and sell around the world. For example, gold tokens for gold or dollar tokens for dollars. In the TrueUSD system, US dollars are held in the bank accounts of several trust companies that have signed escrow agreements, rather than in a bank account controlled by a single company.

According to TrueUSD, the contents of these bank accounts are published daily and audited monthly.

This method of storing the USD ensures that the user can have greater confidence in TrueUSD because the collateralized assets are not centralized in one entity, but rather spread across many trust partners.

How does TrueUSD work?

The major factor that causes the TrustToken asset to function properly is the existence of third-party escrow accounts. Before purchasing TUSD, the trader applies the Know Your Customer (KYC) and Anti Money Laundering (AML) procedure. Remember, we mentioned that TrustToken created this token. Although it is TrustToken’s invention, this exchange does not issue these tokens, neither does any team member do. The token operates using smart contracts. The exchange ensures a 1:1 ratio between the money in the escrow accounts and the token in circulation. That is, for every $1 invested, a token is minted and for every $1 that is issued, a token is burned.

For a user to send or exchange using TUSD, it means they have completed the procedures necessary for eligibility. As such, they can send funds directly to the TrueUSD’s trust partner along with an Ethereum Wallet address. The escrow company verifies the funds, and the API interacts with TrueUSD’s smart contract, which issues tokens equivalent to the amount received in USD, to the provided wallet. As soon as the user receives the token in their wallet, they can use it for anything they desire. If the user needs fiat currency instead, they will send the token to the smart contract’s address that will notify the company with the escrow account and the equivalent credited into the user’s fiat account.

In summary, TUSD was created to help traders with price volatility. It comes with legal protection, where the company publishes legal attestations alongside strong legal protection provided by escrow accounts. Secondly, they set the TrueUSD system in a way that the users can exchange USD directly with escrow accounts without wiring through the token’s network. It implements a 1:1 ratio during exchanges. However, it is not fully decentralized because of the standards TrustTokens provides.

Conclusions

5 min reading

Fantom

Want to know more about Fantom? Read here.

October 29, 2021December 13, 2021

US Dollar Coin

US Dollar Coin (USDC)

3 min reading

Have you ever heard about the USDC stablecoin? Here is a piece of information for you.

US Dollar Coin (USDC)

USD Coin (USDC)

In the crypto world, there has been this discomfort that comes when you know that the price of assets or the different digital currencies is not static. When a trader has satoshis and intends to exchange them for fiat currencies, sometimes the exchange rate can benefit them or not. There, however, are some stable coins that have emerged where the exchange rate is 1:1. An example is USD Coin. If you do not know what this coin is or what a stable coin is, you have no cause to worry about because we will elaborate on these in this article.

What are stablecoins?

Stablecoins are actually cryptocurrencies that always have a stable price based on an external asset. It can either be a fiat currency (dollar, euro), an exchange commodity (gold, oil), another cryptocurrency (Bitcoin, Ethereum), or a set of smart contract protocols. Stablecoin works in much the same way as fiat currency. It can act as an exchange means, settlement, or capital storage. Its value is tied to traditional assets at a 1:1 ratio. Stablecoins are divided into three main groups according to the way their value is stabilized. The first is when the exchange rate is regulated by the coin’s issuance but is not backed by anything. The second group is when the exchange rate is backed by a peg to fiat money or valuable assets. And the third group includes those stablecoins whose exchange rate is stabilized by a peg to other cryptocurrencies.What then is this stable coin USDC and how does it work?

History of USDC

USDC was first announced in May 2018 by Circle and was launched in September 2018. Visa announced in March 2021 that it would allow the use of USDC to fulfill transactions on its payment network. So, it will be possible to make transactions with this stablecoin using a bank card that supports this cryptocurrency. The statistics collected as of June 2021 show that there are 24.1 billion USDC in circulation.

Understanding USDC

USDC operates on the Ethereum blockchain. It is primarily a cryptocurrency in the sense that it follows a decentralized exchange protocol. However, it is intended to be more transparent than most of its counterparts. USDC is the stablecoin of Coinbase and Circle, who have joined forces to create the Centre consortium, the basis of the project. The goal of the USDC is to become a reference in electronic payment, like PayPal, but without limitations. USDC is a digital currency that is pegged to the US dollar. It runs on the Ethereum, Stellar, Algorand, and Solana blockchains. According to Circle, USD Coin is not only backed by a dollar held in reserve, but also by fully reserved assets.

USDCs are mostly issued by financial institutions, which are licensed by regulators. To issue 1 USDC, the institution must guarantee that it has 1 dollar in reserve. In addition, anyone with a bank account can issue this cryptocurrency provided they are identified. All that is required is to pay the dollar amount to an accredited issuer in exchange for the desired number of tokens, with no transaction fees (apart from the blockchain fees).

Given that USD Coin operates on a 1:1 ratio with US dollars it can therefore be exchanged in any way without the fear of losing some dollars or coins. Tokenizing the US Dollar into USD Coins happens in three steps. First of all, a user sends US dollars to the coin issuer’s bank. The issuer uses the USD Coin smart contract to create the equivalent amount of USD Coin. and finally, the newly minted USD Coin is sent to the user and the substituted US dollar is held in a reserve. If the user intends to redeem the coins for US dollars, he will apply the reverse of the process explained above.

To conclude, the strength of USD coins lies in their stability. They are issued by financial institutions that are licensed by regulators. Regular reports must be provided by these institutions to prove and guarantee that the dollar reserves correspond to the value of the tokens (where 1 dollar = 1 USDC). The stability of this asset means that it can be used as electronic money and as a means of payment in everyday life, without prohibitive fees.

Conclusions

4 min reading

True USD (TUSD)

Stablecoins keep increasing in the market. Kiss the fear of volatility goodbye. All you need to know about TrueUSD is in this article.

October 29, 2021December 13, 2021

Paxos Standard

Paxos Standard (PAX)

4 min reading

Have you ever heard about Paxos standard? Here is a write-up for you!

Paxos Standard (PAX)

Paxos Standard (PAX)

In the crypto space, price instability is a major factor that hinders many from adopting cryptocurrency as the ultimate currency of exchange. Market volatility makes the use of these currencies for day-to-day activities very difficult. People always have a need to either fulfill a transaction, make an international transfer, or, better still, purchase an asset. Even though transactions using cryptocurrency are quite fast and less costly, the fluctuation in prices does not push many to get into the crypto business. However, because this has become an issue, developers have sought a way to salvage the situation by creating stablecoins. There are some stablecoins already in circulation. We have written articles about USDT, True USD, and USDC. We will reveal another stablecoin in this article, which is none other than the Paxos Standard (PAX) stablecoin.

What is PAX?

Paxos Standard is a fully backed U.S. dollar collateralized stablecoin released by a Paxos Trust company in September 2018. This company tries to offer an alternative to Tether stablecoin. PAX is an ERC-20 token issued on the Ethereum blockchain. However, given that it is a stablecoin, each Pax will never exceed 1USD. This means you can always make crypto gains without first converting to fiat. We understand the controversy that came with tether and because of that, other stablecoins have emerged as a substitute to Tether.

History of Paxos Standard

Paxos Standard is a stablecoin under Paxos company. The company was founded in 2012 by Charles Cascarilla and Rich Teo as an itBit Bitcoin exchange. Over the years, precisely in 2015, the company’s name was changed from itBit to Paxos Trust Company. In that same year, the New York’s Department of Financial Services granted Paxos a limited-purpose trust charter, making it the first company to be approved to offer crypto products and services. In September 2018, Pax launched the Paxos Standard stablecoin and in 2019 they introduced PAX Gold, the first regulated gold-backed token.

How does Paxos Standard Token work?

Paxos was designed primarily to bring a resolution to the high volatility in the crypto space, remove friction in transactions, and then become a reliable payment method for crypto assets and other blockchain assets. Even though this payment is only in the U.S., they intend to spread to other countries with unstable national currencies. With Paxos, just like other stablecoins a user sends USD to a token issuer’s bank account. The issuer then creates an equivalent amount of PAX using the PAX smart contract. The minted PAX is delivered to the user’s account and the USD sent at the beginning of the transaction held in the bank. In case the user needs USD, the same steps will be applied but the PAX will be burned so that there is no room for over circulation of tokens.

In conclusion, PAX, like the other stablecoins, has a lot to offer their users, as Paxos is an accredited crypto platform. It offers a guaranteed cash deposit and there is no need for any fear of fraud. In addition, the tokenization and redemption process are quick and easy to navigate. For security, Paxos undergoes auditing by Withum editing firm. Paxos freely issues and redeems Pax. Meaning no fees are attached to any transaction.

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