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- Beyond DeFi: A Fair Launch for All?
- Pokket CEO Bill Dashdorj on Bringing Simplified Savings to Crypto
- Crypto News Recap: Bitcoin Rising Steadily As Bulls Eye $12,000
- Brave’s BAT Token Now Supported By The Splinterlands Crypto Game
- Crypto.com Integrates PayID Offering 5M+ Users an Easy and Unique Way to Send & Receive Crypto
Beyond DeFi: A Fair Launch for All?
Beyond DeFi, NFTs, and Bitcoin’s recent breakout, everyone has been talking about “Fair Launch” lately. But what exactly is it and what are its implications for cryptocurrency projects? A fair launch offers participants the opportunity to acquire a token usually over a long period of time at a relatively equal price. A stated goal of the fair launch is to allow participants to enter into the acquisition of tokens under the same conditions.
Through fair launches, many new DeFi projects can attract much interest from small investors and avoid a reliance on seed capital from private investors. The term first became common through a major DeFi project, Yearn.Finance (YFT) whose creator even admitted he only possessed 10 YFT. YFT provides a method for liquidity providers to earn the governance token by setting aside tokens and voting for the team or founder.
Fair launches are not just limited to DeFi projects, however. The number of addresses holding a digital asset or a combination of distribution plus active participation in assets in validation-based networks can also denote that parity. However, with the fair launch, there is supposedly less of a chance of whales dominating token launches, which has been a major problem for many offerings.
However, this model is still flawed as equal opportunity does not mean the same as equal outcome. In particular, the control of the initial supply has led to a lot of misplaced hype that has helped weaken many initially promising projects such as SushiSwap.
Despite its recent addition to the crypto lexicon, elements of fair launches were evident in past crypto unicorns. Efforts to support a fair launch come from a desire for better models of token distribution. Bitcoin’s launch could be considered the first fair launch. Before the mining of BTC block number 0 on January 3, 2009, a two-month notice was given before the network launched. In addition, no tokens were premined, and the asset was not given a valuation.
Many observers have considered the EOS ICO as the fairest launch yet among top cryptocurrencies because the length of time it took mimicked the Proof of Work mechanism. With a continuous ICO spread out over a year, coins were auctioned to the crypto market on a daily basis, which gave the crypto market adequate time to become aware of the offering and its details.
Some more recent projects such as Ravencoin and Grin were both conceived as fair launch projects but did not fully achieve their stated goals. Despite the intentions of their founders, many fair launch projects still run afoul of information asymmetry and implicit valuations.
Unlike an ICO that aims to limit participation, fair launch can lead to too many participants. As anyone with the necessary token can participate in DeFi mining, many participants are merely incentivized to just stay in the loop of mine-sell-withdraw. The process has led to many buyers engaging in a low price war with sellers, which can crash several projects contrary to the goals of fair launch.
With the token so widespread, market sentiment has the potential to be severely depressed by negative market news or inflated by positive hype. The investors are mostly retail and can be easily influenced by market sentiment. Something such as a health scare for a founder can lead to severe price fluctuations. More sophisticated investors with control of information will end up dominating the course of the token.
While too many participants can be an issue that hinders fair launch from being the next major advancement in the crypto space, equally troublesome is the possibility of too few participants. Yield farming can also become a playground for whales, contrary to the intended purpose of the project’s founder.
For many DeFi projects, there is a huge amount of tokens to be mined or farmed through staking. However, many popular DeFi projects, such as Zyro.finance on OKEx Jumpstart Mining do not require lock-up, allowing participants to stake and unstake at any time during the mining period, with the yield calculated by the minute. There is also a limit on the amount of tokens that can be mined, reducing the opportunity for whales.
Fair launch, while promising, still has to work out these major issues before it can become preferred as a business model for token distribution.
To avoid common challenges and reduce the risk for fair launch projects, more has to be done. From a founder’s standpoint, a fair launch can be risky as it forgoes a major source of compensation. Actions that are in the best interests of the founders can also be for the best interest of the community at large. The actions of the communities in responding to the fair launch will be a sure signal of future growth potential. In return, founders need to be able to start fair launch projects knowing they can receive fair compensation.
Founders and the communities they rely on have to have better communication and collaboration to establish normative behavior for fair launch. Early on, allocation strategies should be agreed upon so there are incentives for future work. To ensure the integrity of the project, audits of the smart contract and possibly even project finances should be undertaken. Clear communication between the two sides is essential so the goals and visions are clearly articulated and can move forward.
As DeFi will likely capture the crypto space’s attention for the rest of 2020, the fair launch model has recaptured attention for its inherent symmetries with DeFi projects. EOS is almost three years old, BTC has been around for 12 years, and it took until 2020 for DeFi to accelerate its momentum of making an impact in the crypto space.
Similarly, most DeFi projects with fair launch are also new. New concepts will require both trial and error to find out what works before they can make an impact and increase universal adoption. Eight years from now, maybe a new advance could lead to an even fairer launch of a token that surpasses EOS or even BTC.
We believe that projects like Jumpstart Mining are invaluable incubators to test these new advances in cryptocurrency. Jumpstart offers one-stop mining for DeFi tokens, which makes DeFi mining a lot simpler. With many OKB holders now also possessing DeFi tokens, there is much room for experimentation to find what works in order to improve fair launch.
About the Author: Jay Hao is the CEO and Chief Customer Service Officer at OKEx, a leading crypto spot and derivatives trading platform.
This post was originally published on www.newsbtc.com
Pokket CEO Bill Dashdorj on Bringing Simplified Savings to Crypto
The worlds of traditional finance and cryptocurrency are coalescing. While banks in countries such as Russia and Switzerland have launched cryptocurrency services, and JP Morgan (NYSE:JPM) has developed its own digital asset for transfers between institutional clients, fintech startups are offering products typically associated with banks: loans and savings accounts to name just two.
Several digital banks have also started providing users with all-in-one wallets for both virtual and fiat currencies, with the ability to transfer one for another in real-time. PayPal (NASDAQ:PYPL), meanwhile, recently integrated with crypto exchange bitFlyer Europe to further bridge the gap.
Ultimately, the beneficiaries of such convergence are consumers, who can choose from a wider range of payment options and financial products.
Bringing Simplified Savings to Crypto
Of course, a significant percentage of digital asset holders – particularly bitcoiners – take the long view and HODL in anticipation of their portfolio rising in value. It is for such users that Pokket was created. Launched last year by a collective of professionals from the worlds of finance, software and web development, including alumni from Citigroup, Morgan Stanley and Microsoft, Pokket is ostensibly a savings account for digital assets, enabling users to earn high-interest returns on their cryptocurrency.
Pokket CEO Bill Dashdorj
“We developed our product in a way that is simple to use for everyone,” explains Pokket CEO Bill Dashdorj, whose background is in banking. “Basically we took a complex but commonly available product in traditional finance, structured savings, simplified it and brought it over to crypto. We also have an auditable cold wallet for collateral, verifiable by anyone, which provides total transparency compared to cefi blackboxes.
“With Pokket, retail investors can take advantage of market volatility from as little as $3. There are companies that started offering similar structured products in crypto, such as Binance, but only on BTC and ETH. In contrast, we offer interest earnings on over 65 different tokens including most of the top defi tokens and the major established assets.”
Taking advantage of market volatility might sound worryingly like high-level trading to some users, who are more accustomed to depositing fiat savings in their bank, or borrowing if times are tough. Not everyone, after all, is comfortable with the idea of playing the markets.
“For people who are not willing to take such risks, we’ll soon be introducing a simple lending product,” assures Dashdorj. “Of course, the interest earned by this new product will be lower than our current product, but we’ll do our best to price it competitively.”
Making the Most of Market Volatility
According to Dashdorj, users of Pokket’s flagship savings product can earn anywhere between 2.6% and 501% interest on their cryptocurrency depending on market conditions, with support for dollar-pegged stablecoins recently introduced. Little wonder the platform has witnessed $3 million of deposits in the past four months.
As has been seen in various countries, interest rates offered by banks can sometimes go negative, meaning customers – far from earning a passive income on their savings – pay for the privilege of banks holding on to their funds. President Trump has in recent times called for the Federal Reserve to lower interest rates into negative territory, a move he feels would boost spending. The logical question to ask, then, is how Pokket is able to offer such generous yields at all – the sort that puts fiat savings accounts and government bonds to shame.
“Our structured saving products are designed to offer higher interest with more market volatility,” explains Dashdorj. “By structured, we mean the outcome of the saving is tied with the price and volatility of the asset. Depending on the weekly price movements of the asset, the saving can mature in the original token you saved, or in the token pair you selected at the start of your saving.
“So the higher the risk of your saving not maturing in the original token you’ve saved, the higher the interest rates. The interest earning is paid no matter what, so the risk associated is mainly market volatility.”
Exploring Yield Opportunities and Appeasing Regulators
As crypto-based savings alternatives such as Pokket, BlockFi, and Nexo become more widely used, traditional systems that are experimenting with blockchain and digital assets may try to compete. Ironically, the structured savings product described above is “based on a commonly available structured product in traditional finance,” says Dashdorj. “We’re not really reinventing the wheel. We’re only making the wheel run smoother and faster.
“As the crypto space matures, we expect the yields to drop across structured products, as it is the very nature of markets to arbitrage returns. We see this as an advantage – our team is very well-equipped to design and release new products as the industry evolves, given our rich experience in finance. We’ve only scratched the surface of what is possible for unique yield opportunities.”
Pokket’s popularity stems from its wide range of supported assets and high interest rates, but there is another benefit for some users: the lack of Know Your Customer (KYC) implementation, a non-negotiable for privacy absolutists. As in the decentralized finance (defi) world, users don’t need to provide personal information to start saving – just an email address. That particular perk may only be short-term, though.
“Although crypto is attractive to many people due to its anonymity and simplicity, and we wanted to embrace this core concept and develop on it, the industry changes fast and KYC requirements are becoming the norm. So we are currently working to add KYC requirements very soon.
“I am sure that we will lose some of our existing customers, but I’m also confident that the majority will embrace the change, as the regulatory environment of crypto is continually changing. Coinbase, for example, recently had to lock clients out of their own funds due to an association with BitEX, and we want to prevent this control of capital when funds are moved beyond Pokket in the future.”
The Long Road Ahead
By bringing saving capabilities to crypto, Pokket is doing its bit to give digital assets greater utility and inspire confidence among users. Dashdorj sounds an optimistic note when reflecting on the recent past, and the challenges that lie ahead: “We’ve come a long way since the first transaction of Bitcoin a decade ago to creating various investment products with cryptocurrencies such as NFTs. But we still have a long road ahead of us to be able to do everything that is possible in traditional finance with crypto.
“We need to build more great products, and at Pokket we are doing just that by bringing new products to the market. But we must do more. If traditional financial institutions are able to do with crypto what they can do with legacy systems, there’s no reason for them to not start adopting crypto into their daily operations.”
Author: Insider Monkey Interviews
Crypto News Recap: Bitcoin Rising Steadily As Bulls Eye $12,000
Here are the markets highlights for the week
With each passing week, things continue to look more optimistic for the blockchain and cryptocurrency ecosystem.
Last week for example was quite positive for the crypto world as Germany is ready to embrace blockchain technology for the first time in the energy sector.
Bitcoin price remained above the $11,250 support level. Analysts say that the flagship cryptocurrency is ready to escape from this range to rally to $12,000.
Like always, most major altcoins followed bitcoin in outperforming this past week and gaining more and more.
Without further ado, let’s take a look at the major highlights of last week in the amazing world of crypto.
Germany to decentralize their energy economy Using blockchain
Germany’s federal energy agency, Deutsche Energie-Agentur (DENA) announced the country’s intention to decentralize the energy sector registry using blockchain technology.
According to a blog post by Energy Web, DENA partnered with over 20 crypto and blockchain entities to enable ‘energy assets in Germany, such as thermostats, solar PV systems, batteries, and electric vehicle charging stations to undertake automatic registration with a decentralized ledger of identities, allowing their utilization by the German grid for a range of services such as virtual power plants and frequency regulation’.
The project also hopes to control CO2 emissions by creating a CO2 mapping tool that is able to determine what are the next climate policies to be enforced based on a transparent database. The report adds: ‘The ideal case would be a city equipped with sensors that record current environmental values and CO 2 emissions. Such a city does not yet exist in Germany. With the already existing possibilities of digitization, however, it is possible to approach this ideal’.
Facebook’s Libra Hires former HSBC Veteran as CFO
Before joining, Jenkins worked as Deputy Group Finance Director and CFO for Europe at HSBC, CRO at Abbey National, plc, and Santander UK. As well as COO Asia Pacific at Credit Suisse, according to the announcement.
Trezor Announced New More Secure Wallet For Desktop
We are proud to introduce Trezor Suite public beta, an all-new desktop app for Trezor hardware wallets.
According to the website, the new Trezor Suite is a ‘new workspace where you can manage your hardware wallet and portfolio at once, with greater privacy and completely secured by your Trezor device’.
Trezor says that the desktop app would be in public beta until January.
Ripple Launches New Credit Service For Cross-Border Payments
Ripple, a real-time gross settlement system, currency exchange, and remittance network, launched a new beta service, Line of Credit. This new service designed to enable customers to benefit from its On-Demand Liquidity (ODL) service to source capital on-demand, and initiate cross-border payments with the use of the XRP token.
According to the statement, ‘Line of Credit aims to solve the barriers for customers by providing upfront access to capital for every market through one simple credit arrangement – simplifying access to financial solutions that accelerate business performance and scale’.
Crypto Market Cap:
Events to Keep An Eye On:
Blockchain Summit 2020 (Oct 20, 2020 – Oct 21, 2020) in London, United Kingdom
Future Blockchain Summit 2020 (Oct 27, 2020 – Oct 28, 2020) in Dubai, United Arab Emirates
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Author: Areej Salem
Brave’s BAT Token Now Supported By The Splinterlands Crypto Game
Brave, the crypto-friendly and privacy-focused web browser, has announced today that it has made a new partnership. This partnership is with none other than Splinterlands, a competitive card game based on blockchain technologies. These two parties will now collaborate on both integrations and marketing initiatives across both of their respective products.
As part of the partnership, Brave will become the official Splinterlands web browser, with both developers making plans to develop content explicitly showing the benefits of the browser, recommending the players playing it should make use of Brave to play the web-based game.
Brave, in turn, will start to advertise Splinterlands on its platform, but only to the users that have opted in to seeing ads on the browser. Alongside this, the built-in digital wallet of the browser can also be leveraged to purchase credits on Splinterlands, as well.
Alongside this, Splinterlands itself will integrate the Basic Attention Token (BAT), Brave’s flagship crypto. These coins are awarded to users that agree to view advertisements from Brave while browsing the internet. SPlinterlands players will now be capable of purchasing game credits with any earned BAT. These credits can then be spent on purchasing cards from players in the marketplace, or buying booster packs.
Boasting over 19 million monthly active users, it seems that Brave has seen significant growth throughout 2020. Back in June of 2020, the company revealed that 15 million monthly active users were recorded. This stood as a significant increase over the 10 million that was reported in December of 2019.
The man “schtick” of Brave is its automatic blocking of tracking and advertisements. From there, users can opt into ads from Brave itself in exchange for BAT. 2020 has been an extremely productive year for the browser, and has inked partnerships with major businesses, such as Binance and Gemini. Even Joe Rogan, the famous, and infamous, podcast star, stands as one of its users. The Google Play Store had even ranked Brave’s android version as the top-rated web browser on its platform.
Splinterlands, in turn, stands as one of the few collectible card games based on blockchain that are of note. The premise of it is based on Magic: The Gathering, and Hearthstone, physical and digital hits alike. Standing alongside its competitors in the space, SkyWeaver and Gods Unchained, the digital cards of Splinterlands stand as non-fungible tokens, holding provable scarcity. As such, it can be sold and traded to other users.
Author: FOLLOW ON
Crypto.com Integrates PayID Offering 5M+ Users an Easy and Unique Way to Send & Receive Crypto
Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.
Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.
PayID solves a key pain point in the crypto payments world, consisting of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open, and common protocol that allows interoperability between any payment network or currency.
Starting today, Crypto.com is offering early access to select customers to register their unique Crypto.com PayID. To be eligible:
On Nov. 2, 2020, all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.
Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP, and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other Open Payments Coalition members.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data, and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange, and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy, and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI: DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com
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