Established lending platform Crowd Genie is expanding into the cryptosphere with their proprietary ERC-20 token. The CGC cryptocurrency will augment their preexisting Crowd Genie platform, adding additional functionality – providing a smart contract based reputation program that solidifies the trust between borrower and lender. Their currency based platform is already actively providing capital investment to what is referred to as ‘Small and Medium Enterprises’ or SMEs. These smaller companies often find it difficult or impossible to acquire the initial investments they require, due to a lack of established background or viable assets to borrow against.
Crowd Genie intends to use their new blockchain to alleviate this issue. The first step is to create a robust, international system for identity verification. They’re calling this a ‘Digital Passport,’ which will aggregate identification documents, background and even physical visits to a Crowd Genie site. As part of their ongoing compliance with the laws and regulations of the country of Singapore, this high level of verification satisfies the needs for Know Your Customer, Anti-Money Laundering and Foreign Account Tax Compliance Act standards.
Their eventual goal is to create a networked infrastructure that will allow borrowing across borders within Asia. The use of a smart contract capable token also allows them to deal in asset classes that are not traditionally considered viable for borrowing against. Crowd Genie is a rarity in the cryptocurrency world, where they are using existent technology in a unique way – no new technology must be implemented to bring their project to viability.
Integration of the CGC Token into the Crowd Genie Platform
Through a common tokenized economy, Genie will be able to offer options that would otherwise be unfeasible for a lending platform. The Digital Passport system ensures an immutable, public face is attached to each borrower and lender, using the blockchain itself to store the information in a way that cannot be altered. From there, a borrower can receive a number of tokens in return for their assets. This includes asset classes that the traditional lending industry would be unable to facilitate – items that cannot be shattered into fractions so that lenders can diversify. As the blockchain acts as an intermediary, the tokens bought by lenders will maintain their value.
The Genie platform, and by extension the CGC token within it, allow both smaller borrowers and smaller lenders to enter the game. As the cost of an individual token is fairly low, and the platform itself manages the assets within the blockchain, it is possible for lenders to purchase a fairly small amount of tokens. Those tokens will then earn in-system interest as the loan is paid back. As is the case with most cryptocurrency, the CGC token will also be available on multiple exchanges.
The Incentive for Using CGC Over Fiat
There are two large incentives that Genie is offering to their users who choose to use the CGC token. The first and most obvious is through lowered interest rates for borrowers and reduced administration fees for lenders.
The second is through the use of a CGC Credit sub-token. In combination with the Digital Passport profile system, users on both ends of a transaction will have the ability to earn CGC Credits. Borrowers who make payments on time and in full should be viewed as a reliable investment, and are rewarded as such with CGC Credits. Lenders that are engaged in the ecosystem and quick to close their deals will be rewarded as well. These credits are not a monetary asset; simply a means of measuring the reputation of actors within the ecosystem.
Genie ICO has a rare trifecta of positive indicators – they are a preexisting business that both understand how to operate within their industry, and has a proven record of success within. The way that they intend to integrate their new CGC token is novel – but not a new technology, which means that there is no need for extensive systems development. Finally, their use case for the new proprietary blockchain is legitimate and cannot be accomplished with another established cryptocurrency instead.
These factors make the CGC token a desirable investment, without even taking into account the ability to invest in the Crowd Genie platform. Unlike many of the current cryptocurrency projects that depend upon bringing new technologies and systems to fruition, the ease of integration suggests we should see an operating CGC token ecosystem in a reasonably short time span.
For more info, check out Genie ICO.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
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Launch of First Ever XDB/ZUSD Pairing Announced to Support Global Gaming Industry
The XDB Foundation has recently announced the first pairing of XDB with the new Zytara Dollar (ZUSD) on global cryptocurrency markets. The Biki cryptocurrency exchange will be one of the first platforms to provide access to the XDB/ZUSD trading pair.
“We are really excited to see the debut listing of the XDB/ZUSD trading pair,” says Michael Gord, the XDB Foundation’s Managing Director, “Asia-Pacific accounts for a significant portion of the global gaming community, almost 50%, and BiKi is perfectly situated to support this geography. We’re really happy to welcome them into our partnership ecosystem.”
The protocol layer blockchain DigitalBits is designed to support branded stablecoins and other branded currencies across a variety of use cases, offering crucial support to the global esports industry. The platform solves many of the issues involved in global tournament prize payouts, as well as enabling around the clock real-time payment transfers and global monetization of in-game currencies. Developers will also be able to create programmable incentives for gamers, therefore increasing fan engagement.
Issued by a regulated financial institution, the ZUSD is designed as currency for the future of the gaming and esports industry and beyond. The programmable dollar moves anywhere in the world at the speed of the Internet, and is redeemable…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…