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Paymon – Dark Horse in the ICO Space

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Paymon

Year-to-date, the blockchain-oriented startups have already raised over $1 billion through initial coin offerings (ICOs), which is an impressive achievement. For comparison, in the first two months of 2017, ICOs raised less than $50 million. There is a project that distinguishes itself in the multitude of options – Paymon, as the startup is called, aims to create a blockchain-based exchange platform where users could trade currencies and share messages in a secure manner.

Paymon’s platform will be powered by a blockchain infrastructure called Hive. The platform will represent a decentralized exchange where users would be able to trade different cryptocurrencies through atomic swaps, i.e. the exchange process will be carried out in a direct manner without any third party involved.

Today, the greatest crypto trading volume is traded via centralized exchanges like Coinbase, GDAX, Kraken or Binance. However, this kind of monopoly is a problem given that this contradicts the very nature of cryptocurrencies, which tend to be fully decentralized. Thus, the emergence of a genuinely decentralized blockchain-based exchange is more than welcomed, and Paymon wants to fill this gap with a game-changing product. Here are some aspects of the upcoming Paymon system:

  • It will be a commission-free and super-fast platform for the exchange of cryptocurrencies between them and against fiat money. It is infinitely scalable and can be expanded on multiple levels.
  • It will host secure wallets;
  • It will represent a decentralized and secure messenger where users will be able to chat and use advanced messaging features.
  • It will apply atomic swaps for the exchange process, so there will be no need to go through multiple conversions in order to buy Bitcoin with Ethereum for example.
  • It will allow smart-contracts. Users will be able to set contracts with ready-made contents that would be automatically triggered.
  • Paymon will allow users to create their own tokens and conduct ICOs based on its platform.
  • It will have a special rating system that will allow users who are engaging in managing the network to get rewarded through the so-called Proof of Me (POM) system.

The mentioned points are only the essential characteristics of Paymon’s system, which will use the Directed Acyclic Graph (DAG) algorithm and will be encrypted with Diffie-Hellman and AES algorithms.

Another important aspect is that the system will use its own cryptocurrency called Paymon Coin, with the ticker PMNC.

Paymon ICO

To distribute its token among users worldwide, Paymon decided to conduct an ICO with pre-sale rounds.

The Hive-based Paymon platform will operate with Paymon Coins (PMNC), but now investors are available to buy ERC20-based Paymon Tokens (PMNT). Once the platform goes live, users will be able to easily convert PMNT for PMNC with the fixed rate will be 1:1.

The whole ICO event has three stages, with the first stages providing more generous bonuses for investors. Here is how the token sale event is organized:

  • Stage 1 – 400 million tokens will be distributed, and 150 million tokens will be reserved for the Paymon team, Bounty participants, advisors, and media campaign.
  • Stage 2 – 250 million tokens will be available for sale.
  • Stage 3 – a set of 200 million tokens will be sold in the final stage.

As you can note, Paymon will distribute a total of 1 billion tokens seeking to raise about $50 million during all three stages.

At the time of writing, investors can participate in the first stage of the ICO and can enjoy an advantageous price until March 5. The token price, for now, is $0.015.

Paymon is open for investment funds as well. For example, blockchain venture fund Finshi Capital has already shown interest in the project and invested in PMNT tokens. Several other funds allegedly expressed their interest as well.

Is the Project Real?

The full project is yet to come, but Paymon has already a working product.

The Russia-based team has been working on the platform since 2016, and the mobile app for Android and iOS is ready for trial. The Web is currently in development.

At this point, the mobile beta version supports Ethereum and Bitcoin and has the messenger system with the basic features.

In conclusion, Global Coin Report can declare that Paymon is currently an underestimated project given that the team hasn’t focused on an excessive marketing campaign. This is a dark horse in the ICO space, and investors have to be ready to record generous gains.

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.

Image courtesy of pixael.com

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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