Month: November 2018

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Safe Exchange Coin

What Is Safe Exchange Coin?

The crypto sector is unfolding rather fast. Starting from 2009, when Satoshi Nakamoto created the first blockchain network, the developers have been toying with the decentralized technology and taking it to every niche.

But it is the online marketplaces that are helping to advance the concept of cryptocurrencies to the community for mass adoption.

One notable marketplace today is the Safe Exchange. The platform also features its native coin referred to as Safe Exchange Coin (SEC).

  • What is safe exchange Coin

Safe Exchange Coin (SEC) is a decentralized and peer2peer cryptocurrency designed for the Safe Exchange market. The exchange and the Coin were developed in 2016 by Daniel Dabek who wanted to provide the community with a flexible system for arranging and settling private or safe contracts.

During the launch, a total of 2.12 billion Coins were created. Note that though the tokens were meant to be the primary method of payment in the Safe Exchange system, they are also effective in sending value using the cryptocurrency exchanges.

  • A closer look at the performance of the Coin Safe Exchange Coin

After launching the Safe Exchange, the SEC tokens were also released into the market in February 2016. At this point, the value was $0.00021. The price remained within the range of $0.00021and $0.0007 until April 2017.

Starting from May 2017, the price took an upward trend and hit a peak of $0.01 in August before shifting downwards to $0.007 in early November 2017. In December 2017, the price took a sharp uptrend hitting the peak of $0.84 in January 2018. This was the highest mark in the coin’s history.

But this positive gain was short lived. The price started falling immediately after hitting the peak. By early February, the price had dropped to $0.01 before edging further downwards to $0.012 in April 2018.

Notably, the price of the Safe Exchange Coin (SEC) stabilized around April and has remained around $0.01 until the close of the third quarter of 2018. The early sign of recovery as other tokens continue with the downward trend is an indicator of the potential that SEC hold for growth.

What is the problem that Safe Exchange Coin Solves?

As the cryptocurrency niche continues growing at a fast rate, the crypto community, and blockchain experts are in agreement that the niche is faced by a plethora of challenges. To advance the blockchain technology, different parties propose new ideologies or execute them to demonstrate how the industry can benefit. The following are the main problems that the Safe Exchange Coin (SEC) solves.

  • Poor adoption of blockchain technology in the market

Though cryptocurrencies and new tokens keep entering the market at a rapid rate, the adoption and application into the society have been wanting. In many cases, it is the investors who rush to buy tokens when they are announced in an ICO.

As investors lock the coins awaiting the demand to go up and sell at a profit, the society is left with limited tokens to use in other operations. In some cases, the altcoins left in the market require a lengthy process to convert to the supported coins for purchase.

The adoption of cryptocurrencies has also been concentrated in the financial sector as other areas are left out. For example, the top three cryptocurrencies, Bitcoin, Ripple,  and Bitcoin Cash, are largely focused on the financial sector. Safe Exchange Coin (SEC) seeks to change this trend by targeting other niches.

  • Lack of privacy in the conventional

If you decide to send funds via the centralized financial service providers, the transactions are not secret. A wide array of people including cashiers and bank managers can access the finical records. This is not all.

The political leadership, development planners, and even courts of law can also ask for and get your financial records. This easy access to financial records can make you an easy target by lawyers or even cybercriminals.

 Safe Exchange Coin (SEC) seeks to address the problem through complete decentralization. The target is ensuring that only you can know the account balance and get access the financial history.

  • Negative perception about the cryptocurrencies

Starting with the launch of Bitcoin, the cryptocurrency niche has been associated with a lot of negative things. Many governments discourage their citizens from using digital coins indicating that they are high-risk undertakings and people should not shift to them.

Take the case of the European Union. The EU Commission together with EU Central Bank have been discouraging people from using crypto coins. The EU Central Bank argues that using digital coins raises the danger of total loss and could compromise the efficiency or different financial institutions to implement their mandate.

The target of Safe Exchange Coin (SEC) with regard to this issue is portraying the digital coins positively. The focus is on demonstrating the coins being used securely and seamlessly in the market.

How Does Safe Exchange Coin Solve The Problem?

When Daniel Dabek started thinking of creating a decentralized exchange platform, he knew that success was only possible if he addressed some of the issues in the market. Here is a demonstration of how Safe Exchange token (SEC) solves the problems:

  • Safe Exchange operates as a decentralized marketplace

The decentralized exchange is the most crucial component used to address the outlined issues. As the name suggests, it is an open place that allows members to sell anything across the globe. The platform operates as a common marketplace which implies that any person can join and use the platform to sell or buy products.

The Safe Exchange has standardized agreements that can be purchased or sold just like stocks, bonds, and commodities. People on the platform can also perform complex operations such as real estate transactions and receiving dividends. All the payments on the network are paid using Safe Exchange Coin (SEC).

  • The Safe Exchange operates as a completely decentralized platform

Many challenges in the blockchain niche today can be addressed through decentralization. Safe Exchange operates as a completely decentralized system to improve efficiency. Decentralization of Safe Exchange system can be seen in two ways.

One, the Safe Exchange Coin is completely decentralized. This implies that sending value on the system takes place on a peer2peer basis without involving centralized third parties such as banks or credit cards. Payment made using the peer2peer system is cheaper and clears faster compared to the conventional banking system.

Two, the Safe Exchange platform is governed by a Decentralized Board of Trade that progressively monitors the system to ensure that the operational protocol is adhered to. To participate in the Decentralized Board of Trade, you will are required to be a member of the Safe Exchange network and own some SEC.

  • The application of Financial Information Exchange Protocol

This is an electronic communication protocol that facilitates the real-time exchange of information about securities and markets. The platform utilizes Safe Network’s privacy and security features to facilitate the exchange of value for prompt payment.

What makes Safe Exchange Coin better than it’s competitors?

When the Safe Exchange Coin was introduced into the market, the competition was already stiff. Therefore, the development team has to craft winning strategies to weather the competition. Here are some of the things that make Safe Exchange Coin better than competitors.

  • The coin and its platform are completely decentralized

Unlike the fiat currencies that are run in a centralized way, the Safe Exchange Coin is completely decentralized. This implies that users are able to bypass the centralized organizations. Therefore, transactions are fast and reliable.

  • It allows users to join, own and govern the platform

As a decentralized system, the platform is not owned by the creator. Rather, it is owned and managed by the nodes spread in the Safe Exchange network across the globe. For those who own some Safe Exchange Coins, they can become members of the Decentralized Board of Trade.

  • The cost of sending value on the platform is very low

The cost of sending value on Safe Exchange is cheaper compared to the conventional banking system. Because transactions are completed on a peer2peer basis, there are no middle-man charges. The only small cost involved is for helping to maintain the network.

Because the value of Safe Exchange Coin is still small compared to others such as Bitcoin and Ethereum, it implies sending value is also lower than them. However, the development team will need to relook at the charges for sending funds when the value of the native coin increases.

  • It allows users to buy or sell anything on the marketplace

Unlike most coins such as Bitcoin and Bitcoin Cash in the market today that only facilitate the sending of value, the Safe Exchange Coin is different.  The Safe Exchange provides a safe platform that allows traders and individuals to list and sell anything to people with Safe Exchange Coins.

How can Safe Exchange Coin be categorized?

Safe Exchange Coin is a decentralized and innovative coin that is helping to redefine the blockchain niche. The unique design of its native platform and impressive features such as the Decentralized Board of Trade and Financial Information Exchange Protocol has demonstrated that the blockchain can address the issues affecting it through creativity.

But the most impressive feature that has set the platform apart is the marketplace. This implies that people with native Safe Exchange Coins no longer need to wonder where they will use their coins. They only need to find the items they want on the marketplace.

What’s Safe Exchange Coin’s vision on Security

The Safe Exchange Coin’s vision of security is to become the most secure exchange in the industry. The target of the development team was to demonstrate that people can use their coins without worrying about attacks. Here are some of the methods used to keep the network secure:

  • The development team progressively reviews the system to identify vulnerabilities and address them to avoid attacks.
  • The platform operates as a completely decentralized system. This method helps to ensure that there is no single point of failure. It also facilitates even distribution of native coins to prevent the danger of 51% attack.
  • The Safe Exchange platform is fully encrypted. From user details to transaction info, all the details are encrypted to reduce the risk of successful hacking by cybercriminals.

Examples of Safe Exchange Coin’s use cases / applications

One method of gauging how valuable a coin is in the market is carefully reviewing the use cases. The following are the main applications of Safe Exchange Coin.

  • You can use the coin to pay for products and services on the Safe Exchange marketplace.
  • If you want to invest in the cryptocurrencies, it is advisable to select high potential tokens such as Safe Exchange Coin. Even though the coin was on a bearish trend just like other cryptos like Bitcoin between January and October 2018, it demonstrated early signs of recovery.
  • Use the Safe Exchange Coin to send funds on a peer2peer basis. As a decentralized network, users only need to have the public address of the payee to send value. Note that unlike the banking systems that close at night and weekends, you can use Safe Exchange Coin every day including holidays.
  • Trade Safe Exchange Coin in the markets. Like other cryptocurrencies such as Monero, you can join the market and trade the Safe Exchange Coin for optimal reward. Note that trading the coins in the market will require you to select an exchange such as Binance and create a trading account.
  • Use the Safe Exchange Coin to pay for taxes in your country. If your country allows residents to pay taxes using cryptos,  go ahead and pay with SEC. One jurisdiction that has recently passed a legislation to accept cryptos for tax services payment is Arizona.

In April 2018, the Arizona parliament passed Bill HB 1091 that requires the tax authorities to accept cryptos. When a resident pays taxes with Safe Exchange Coins, they are exchanged into USD and credited to your tax account. Other countries that support cryptos include Singapore, Switzerland, and Venezuela.

https://coincheckup.com/coins/safe-exchange-coin

https://coincheckup.com/coins/safe-exchange-coin/analysis

https://coincheckup.com/coins/safe-exchange-coin/purpose

https://coincheckup.com/coins/safe-exchange-coin/news

 

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Monaco

What is Monaco?

Monaco is a digital currency that is out to redefine the way money is moved, invested and spent. Monaco, abbreviated as MCO, has since rebranded to Crypto.com. the vision behind this project is to make cryptocurrency easily available in any and all wallets.

Upon rebranding to Crypto.com, Monaco consumer services such as MCO Wallet App, MCO Visa Card and the MCO Token were all rebranded to MCO.

In order to achieve the desired goals, Crypto.com aims to democratize blockchain technology as we know it, by coming up with an intuitive, beautiful and simple GUI that allows users access to financial services that they can relate to, and use on a daily basis. In so doing, Crypto.com is looking to add value into people’s lives, by providing cryptographic solutions to everyday problems, and leaving a lasting impact in their lives.

What is the problem that Monaco Solves?

Visa has been a constant in the financial markets for a very long time. However, even with the convenience that Visa brings to users and transactions, there is still so much that needs to be done. Most, if not all of the banks that offer Visa services charge very high fees for using their services. This has been prohibitive, and a lot of people only use their cards if they have run out of options. This makes it so inconveniencing.

There is also the problem of use across borders. If the Visa charges are very high, using your card in a different country will even attract higher fees. These are some of the challenges that people are suffering, which Crypto.com sets out to provide solutions for. Those who have to convert currency in their accounts when conducting transactions across borders are the worst hit, given that the banks take a sizeable markup for this.

How does Monaco Solve the problem?      

There are several problems that have often been associated with the digital finance market. Those who use cards from time to time have experienced so many such challenges, especially the exorbitant fees they have to pay.

What Crypto.com is doing is building a platform that is defensible, outstanding and will help users solve some of these challenges. In the long run, Crypto.com should help redefine the financial services market and improve the lives of the customers. How is this possible? It all lies in the strategy path laid for Crypto.com.

MCO as a platform involves the use of the MCO Wallet App. Through this app, users are able to purchase, exchange, send and even keep track of cryptocurrency. Other than the app, the MCO Visa Card is another important part of this project. Through this card, users are able to send cryptocurrency in the normal fiduciary world, just as they would any other currency in their accounts.

Crypto.com is heavily leveraged upon the MCO platform. With this in mind, the project is building an investment product that is innovative (Crypto Invest). Through Crypto Invest, users are in a good position to purchase cryptocurrency for whichever reason they please.

The MCO platform also features Crypto Credit, a project through which users get the credit that they can spend on their MCO Visa Card. To use this credit, the user has to provide collateral. This is no different from any other credit facility that you might come across in the normal financial markets today. However, instead of putting up your car or home as collateral, Crypto.com allows you to deposit cryptocurrency.

This is a real game changer, especially given the fact that a lot of cryptocurrency projects have been actively exploring the option of introducing blockchain loans, given the benefits that are inherent to lenders and borrowers.

The aim of this strategy is to make use of the MCO Visa Card and the MCO Wallet App as the main distribution channels upon which Crypto.com will be accessible to users. By design, accessing credit facilities and the need to use Visa cards to pay for different items are some of the things that are common in the financial market today, and by launching Crypto.com under this pretext, it is the right stepping stone to success.

There are plans to keep reinvesting and innovating these two key products so that they can add more value to the lives of customers, and make them more attractive too.

What makes Monaco better than the competitors?

There are lots of crypto projects that compete against one another in different dimensions, and then there is Crypto.com, that is out to fight against established honchos like Visa. There is a lot of controversy around this. First, Crypto.com being a blockchain project, has been considered as a sellout, especially by those who are diehard crypto fans and users. The reason behind this is because essentially, Satoshi intended to have Visa replaced by cryptocurrency, not integrated into it.

But, this is where Crypto.com beats the competition. They are bringing the best of two worlds. It is no doubt that Visa already has an established system. Visa also enjoys an unprecedented market dominance. Therefore, a project that is full of promise like Crypto.com stands to gain so much by partnering with Visa, instead of waging an all-out war against Visa.

Besides, there are people who are fiercely loyal to Visa, and who might not be privy to cryptocurrency or relevant information. For such individuals, Crypto.com bridges the gap between the conventional fiduciary world and cryptocurrency. Therefore, this will go a long way in making blockchain projects and access to cryptocurrency more user-friendly, even to those who have little or no understanding of cryptocurrency.

Fees

This project is backed by cryptocurrency. Therefore, the cards are free from some of the bottlenecks that are associated with fiat currency, especially when conducting transactions across borders. What this means for users, is that they are free to use their cards wherever they are for shopping or anything else.

By default, the cards are designed to pick the currency of the country you are carrying out your transaction from. Therefore, if you are in Japan, your card will transact in JPY, and when you find yourself in the US, for example, it will automatically make transactions in USD.

Other than this convenience, it is also important to note that the fees that are incurred in the process are also low. All transactions are carried out at the rate that Crypto.com will receive as your institutional trader. This makes things easier, and cheaper for you. If you compare this with the experience of using debit and credit cards across banks in different parts of the world, you will notice that your bank will always levy a percentage on their exchange rate, or you might notice an unnecessary transaction fee.

Cash Back

The cash back feature is an innovative concept that was introduced for the cardholders. You have a 2% cashback and the rewards are credited to your account as MCO tokens. Therefore, you cannot automatically tell the value of the reward, because it will depend on the value of the token at the time. Other than that, the value of your rewards might increase or shrink depending on how Crypto.com as a company is performing.

Strategic Management

It is very easy to look at some of the technical aspects of a project like Crypto.com and address them as the pillars upon which this project beats the competition, without looking at the element of management. Why is management important? Many are the projects that we have seen, which had some major promise but disappeared a few months or years down the line. This is where management comes in handy.

The team at Crypto.com has worked hard to grow it into a full-fledged and serious operation since the ICO. Contrary to what other projects do, the management team at Crypto.com are very communicative and responsive on social media. They also participate in discussions within different forums where they are members.

This is a good way to maintain investor and user confidence in the project. If there are any challenges the project is struggling through, they always discuss this. It is such a level of transparency that has a lot of people interested and heavily invested in the Crypto.com project, unlike other projects that are often shrouded in mystery.

How can Monaco be categorized?

This is a digital currency. The Crypto.com token is a cryptocurrency just like any other. However, what sets it apart from most of the peers is the presence of the MCO card, which is already a revolutionary product in the development line.

What’s Monaco’s vision on Security?

Some of the biggest challenges that competitors and any other project that deals with Visa cards experience are compliance and regulation. It gets even worse for those who are setting up cryptocurrency projects. What Crypto.com have done, however, is to work with partners who share a long-term vision as Crypto.com.

With this in mind, the project introduced a Visa compliant card. Other than that, some of the partners that they have brought on board are well-established in the industry, and this has not just helped in adoption, but also boost the security of the card platform.

Physical cards are produced by Gernalto. Gernalto is a recognized name in the industry, given that this is the company that has been manufacturing and producing Visa cards for so many companies in the past.

With respect to security, there is a need to establish clear and credible AML and KYC guidelines. Towards this end, Crypto.com partners with Thomson Reuters World-Check. For ID verification purposes and any other identity concerns, Jumio was brought on board. All processing transactions for the cards will be done with the help of a level-one PCI DSS-complaint card processor.

Examples of Monaco use cases/applications

The Monaco Card is an innovative approach to making Monaco easily accessible to users all over the world, and in different case scenarios. The following are some of the use cases where Monaco comes in handy:

Account Funding

For someone who wants to spend Bitcoins or Ether, Monaco is one of the most convenient and affordable means available. Users can load their Monaco cards with BTC or ETH in real-time and have funds accessible immediately. To make things easier, Monaco is also designed in such a way that you the card automatically tops up if the funds go below a set threshold.

When using the card for a transaction, the system automatically checks whether the available balance is sufficient, and only converts the amounts needed to complete the transaction. Transactions that are done with the Monaco Card enforce the best exchange rates. This is different from what banks and credit card companies usually do. They charge you cross-border fees when you are using foreign currency. However, with the Monaco Card, things are cheaper.

Cross-border Trips

One of the best things about using Monaco is that there are more than 30 million merchant locations all over the world through which you can use the card. Your card, therefore, is considered a local currency card. There are no mark-ups when using the card, no cross-border fees, or worries you need to be concerned about.

Online Shopping

Other than the convenience of using the Monaco Card for shopping online, you can also save a lot of money when using the card.

Bill Payment

The Monaco Card allows you to split bills with friends or family members where necessary. Upon doing that, you can easily reimburse them through a simple swipe, and through a Touch ID authorization.

Remittances

For those who work abroad and wish to send money back to their folks at home, it is up to 8 times cheaper to do that through Monaco than using the normal bank accounts and affiliated cards. Compared to the likes of MoneyGram and Western Union, Monaco offers the best rate for global remittances, allowing users to save up to 25% on transfers. Besides, Monaco is the future.

Company Payments

If you run a business, it is easier to make payments to suppliers, merchants, and contractors through Monaco, especially if you use foreign currency. Monaco has some of the best inter-bank exchange rates in the market, beating most banks and remittance companies.

Resources

https://crypto.com/en/about.html

https://medium.com/@crypto.com

https://help.crypto.com/