The cryptocurrency market has matured to a certain degree, but it is still far from reaching a point when people find digital currencies useful for regular payments. The main purpose of crypto investors is to speculate and save value in the long-term rather than benefit from their functionalities. Even though Bitcoin was launched as an alternative currency and payment system, few people use it to buy goods and services online. Many cryptocurrencies start with a goal but eventually end up in being used for the sole purpose of generating profits based on the price surge over time.
LAPO, a blockchain-powered ecosystem that is about to be launched soon, wants to address the mentioned problems by providing a cryptocurrency that is stable over time and may be adopted for everyday business.
LAPO Coin (LAX), as the digital currency is called, will be part of the LAPO ecosystem, which is aimed to become a link between the traditional financial space and the cryptocurrency market.
LAPO Ecosystem Components
The LAPO ecosystem will revolve around the LAPO ePlatform, which will include a multi-currency wallet, payment processing functionality in multiple currencies, real-time decentralized trading, private transactions, and smart contract layer with the option to create new tokens, which will be linked to the LAPO Bank – another key element of the ecosystem.
Here are the ePlatform’selements and features with their short descriptions:
- LAPO Trading Platform (LTP) – this will be a decentralized exchange where users will be able to trade LAPO tokens, LAPO coin, altcoins, and fiat currencies.
- Merchant Portal – a crypto wallet designed to provide businesses with intelligence capabilities and reporting features. Merchant customers will be able to download it on a mobile device and enjoy functions like LEG, LSP, LDM, and LPP (described below).
- LAPO eGateway (LEG) – user-friendly API to help third parties like online shops integrate payment requests in any digital currency;
- LAPO Sale Point (LSP) – this feature will help business users accept LAX and other cryptocurrencies. The app will be compatible with any smartphone or smart device;
- LAPO Direct Marketing (LDM) – this features will allow businesses to create tailored promotions that will push into the LAPO wallet holders;
- LAPO Payment Protection (LPP) – the system is meant to protect clients from fraud, scams and stolen items;
- LAPO Foundation – the team will have the mission to support the education of children around the world through the implementation of innovative technologies.
- LAPO Stability Fund – the fund will be used to keep the coin away from pump and dump schemes and other artificial means to push the price up.
The stability fund will be the key element that will ensure the LAX has a stable price and is not misused or exploited by scammers. This, along with other features and options, will make the ePlatform safe and user-friendly, enabling business and individual customers adopt the technology for everyday operations.
How Will the Stability Fund Influence the Price?
To make LAX feasible for businesses, the fund will be used to keep the price stable by ensuring the protection against pump and dump schemes and other types of scam methods. Previously, cryptocurrencies like BitShares or Stablused different ways to keep the coin’s price stable, but they involve collateralized obligations or long/short positions on an underlying asset.
Elsewhere, USDT, a token issued by Tether, maintains a stable price by pegging the coin to the US dollar. However, such a coin doesn’t have other functionalities other than being a dollar-backed digital asset.
LAPO’s approach will be entirely different, as it will address the volatility challenge with the implementation of Seigniorage Shares, a concept introduced by Robert Sams of Clearmatics back in 2014.
Here is how Seigniorage Shares work:
- Let’s say hypothetically, on day one, the total supply of LAX is 100, and each coin is worth $1.00.
- The next day, each coin increased in value by 10% to $1.10.
- The Stability Fund will now have to sell 0.1*100 new coins via an auction to users who hold shares, immediately destroying the shares it buys.
- After the auction, the LAX coin supply will increase to 110, pushing the price down to $1.00.
- On the third day, the value of each LAX drops to $0.90.
- To stabilize the price, the fund now sells shares via an auction process to coin holders until the LAX supply drops to 0.99*100 via a buy/burn process.
- After the auction, the LAX price will bounce back to $1.00.
With the implementation of Seigniorage Shares, the LAX price will be maintained in a narrow range so that businesses and individuals taking part in the LAPO ecosystem could enjoy stability. Otherwise, no company will be willing to risk with its goods and services by linking them with an unstable coin.
LAPO Coin is the central currency of the LAPO ePlatform, and its price will be stabilized without the need for other assets. The initial Presale has already started on May 1, and investors have the chance to buy coins at a great price until June 1. The ICO will start the 15th of June 2018.
For more information regarding the LAPO Ecosystem, check the official website and subscribe to get the whitepaper.
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 and read our full disclaimer.
Image courtesy of Pexels
The Pros and Cons of an Ethereum Casino
Keeping an eye on the price isn’t the only way to see your Ethereum wealth grow. With Ethereum betting, those who enjoy the online casino can experience even more cryptocurrency excitement. Here are the pros and cons of doing exactly that.
Pro: Faster Than Bitcoin
What’s better than winning a bet? Getting the money instantly. And while BTC transactions are still far and away faster than centralized currencies, ETH puts it to shame. As in twelve seconds per transaction versus ten minutes per Bitcoin transaction. That’s not even close!
Pro: Unrivalled Privacy
Ethereum’s privacy level is downright exceptional. For players who don’t like their online gaming on display for unwanted eyes, cryptocurrency, in general, solves that issue, and Ethereum more so than the rest. While most legitimate online casinos require basic information for their security and the safety of their players, the amounts you win from Ethereum gambling can’t be scrutinized.
Con: Inconsistent Transaction Fees
One of the biggest benefits of cryptocurrency gambling is the lack of extra costs. And with currency exchanges and banking fees, centralized currency can take a big chunk of your winnings. That’s why Bitcoin is such a popular choice for online casino players – with a fixed fee, you won’t be hit with something substantial because you received a huge payout. But such is not the case with Ethereum betting, where the more you’re…
Buttrfly Pioneers Influencer Marketing on the EOS Blockchain at Art Basel 2018
Buttrfly achieved a major milestone at Art Basel Miami 2018 by inaugurating a live test of its decentralized application (DApp). It is believed that this is the first ever influencer marketing campaign to utilize the EOS Blockchain. Buttrfly’s proprietary platform utilizes smart contracts to automate the contracting, verification, and payment settlement processes for influencer marketing.
The Fly App created an Instagram campaign that was broadcasted by Michael Terpin, a blockchain industry thought leader, and influencer Naeem Al-Obiadi, CEO of Traders Profit Club. Buttrfly enabled the creation, verification, and automatic settlement of the campaign, and concluded with payment in EOS tokens to both Mr. Terpin and Mr. Al-Obiadi. The campaign was designed to promote the Fly App party at the world famous Nikki Beach Club in Miami on Saturday, December 8, 2018. Buttrfly used the EOS Testnet for the campaign, details of which can be seen here.
Jim Sellers, Co-Founder/CEO of Buttrfly stated, “I am excited to introduce Buttrfly’s proprietary platform on the world stage, and believe that Art Basel was the perfect venue to unveil the future of Influencer Marketing as it is at the nexus of Influence, Art, and Technology.”
Nathan Chandra, Co-Founder/CSO went on to add “To successfully pay an influencer in real time in EOS to post on their Instagram profile is a huge accomplishment for both Buttrfly and the Influencer Marketing Industry.”
FOTON Bank Is Launching An All-in-One Crypto Banking Service to Process up to 500 Transactions per Second
The decentralized FOTON project is launching its next-generation crypto-bank ecosystem to stimulate and facilitate the use of cryptocurrency payments worldwide, as stated in the official press release published by the company.
The statement issued by the FOTON project on December 3, referred to the launch of a decentralized crypto-bank designed for multi-currency transactions featuring a built-in fiat and cryptocurrency exchange system and instant contactless payments for goods and services worldwide. The system is intended to become a stable and flexible ecosystem that will enhance scalability for services related to financial assets, exchange solutions, cards, accounting, and business/customer services.
The technology being employed in the design of the ecosystem was specifically created to tackle some of the most critical issues facing the modern banking system, as well as the widespread adoption and application of cryptocurrencies in routine business transactions. The issues the FOTON project’s ecosystem seeks to solve include overregulation, bureaucracy, centralization, system faults, volatility, legal constraints and complications related to practical use.
“We are creating the ecosystem that will prove to be the impetus and basis the crypto market needs to make the effective transition to becoming the next global banking system,” as stated by Andrey Pashkevich, CEO and Co-founder of FOTON.
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