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Another Fan Token | WestHam Soccer Club Signs with Socios.com

Back in September, Juventus Soccer Club launched its own ‘fan token’. Now, the partner behind that token, Socios.com, is buddying up with West Ham United.

The Socios.com Fan Token

Socios.com is a “new app for football fans.” It allows its users to vote on club matters by collecting the fan token that is issued by the Socios blockchain and tradeable against the platform’s native cryptocurrency ChiliZ (CHZ).

As stated, Juventus signed up last September. Paris St. Germain soon followed, inking its deal two weeks later. West Ham is the first Premier League club to sign.

The CHZ fan token has already received significant investment from Binance and Bancor.

According to Alexandre Dreyfus, CEO and Founder of Socios.com:

“We’re building a strong eco-system of top-tier clubs from the best and most exciting leagues across the world and are very excited to have West Ham United as the first Premier League club to drive the evolution of football fan engagement.”

User-Base Potential

West Ham boasts a fan base of 40 million supporters. Should the ability to vote on club decisions and gain access to exclusive rewards whet their appetite, then the platform has huge potential ahead.

Further, the fan token has launched in time for the 2019/2020 season. Fans will be able to buy, collect, and “hunt” for them and the more tokens a user has, the more influence they have over club decisions.

Fans can also cash in their tokens for “once-in-a-lifetime experiences.”

West Ham’s official announcement described the blockchain initiative as:

“A first-of-its-kind mobile app for football fans, where fans acquire the ability to vote – by buying, earning or hunting for Fan Tokens – on selected club decisions, earn club rewards and compete for once-in-a-lifetime experiences.”

>> Bitcoin Price: Analysts Indicate BTC Could Drop to $4,000

The Takeaway

Another established football club putting its name to a blockchain and cryptocurrency venture only helps to increase adoption for the technology as a whole. As West Ham sits in the Premier League, it may entice other bigger clubs to follow in its footsteps.

What do you think? Do you think the Socios.com fan token will garner more teams? Will it take off?

Featured Image: DepositPhotos © Maxisports

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FBCoin

Facebook Set to Launch Its Own Cryptocurrency Coin

In 2018, and early this year, Bitcoin experienced a bearish market that riled the interest of several parties and social media companies such as Facebook. As a result, Facebook has since entered the blockchain space with its own cryptocurrency known as FBCoin.

FBCoin and WhatsApp Users

“FBCoin” is an unofficial name for the crypto asset that the social media giant has designed for its users. Facebook intends to unveil the technology to billions of its users, along with the real name.

Besides Facebook, several technology companies have acknowledged the potential and power of crypto technology to revolutionize economic and financial systems. Cryptocurrencies are decentralized in nature, and as a result, Bitcoin has become vital to fintech in recent years. Facebook’s token is looking to compete with the best, including Bitcoin.

According to reports, FBCoin has been slated to appeal first to WhatsApp users in India for purposes of satisfying the domestic need for digital payments that has grown to prominence in places like China. The FBCoin will be developed on the stablecoin-esque model, backed to the cryptocurrency industry through external assets. It is not yet known whether the FBCoin will operate on a blockchain but on a number of occasions Facebook CEO Mark Zuckerberg has alluded to distributed ledger technologies.

>> Bitcoin SV Delisted from Binance Amid Craig Wright Controversy

Facebook Could Reach $19 Billion Windfall

Most cryptocurrency analysts believe that the FBCoin could garner massive traction in the coming years. In a note, Barclays’ Ross Sandler indicated that the coin could reach $19 billion in revenue windfall by 2021. The decentralized nature of Facebook and the coin’s status has left many crypto enthusiasts with questions regarding its potential.

Interoperability of FBCoin with other crypto assets is vital for its success, but the coin is seen as an intranet of money while other assets use the internet of money system. FBCoin will soon be launched as the company has been in discussions with other cryptocurrency exchanges.

Featured image: DepositPhotos © BrianAJackson

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Bitcoin SV

Bitcoin SV Delisted from Binance Amid Craig Wright Controversy

One of the largest crypto exchanges in the world, Binance, has delisted Bitcoin SV (BSV), it announced earlier today. The move comes after a week of controversy surrounding the cryptocurrency’s founder Craig Wright.

Bitcoin SV

Earlier today, the world’s largest crypto exchange by market volume announced it will be delisting all BSV trading pairs on April 22nd. It will continue to support BSV withdrawals, however, until July 22nd.

Binance CEO, Changpeng Zhao (CZ), first threatened the move last week. It came after Wright attacked several Twitter users who said he is not the person behind the pseudonym Satoshi Nakamoto.

Nakamoto

Wright has claimed for many years that he is Nakamoto; however, his claim has been challenged many times over and is widely disputed.

For those who don’t know, Satoshi Nakamoto is considered the creator of Bitcoin. However, exactly who this person or persons is/are remains a mystery. Over the years, several prominent names have been suggested including Elon Musk—who denied the claim.

Twitter Attacks

In recent weeks, Wright has been attacking Twitter users. Amongst these is hodlonaut—the creator of the Lightning Network ‘Torch’. Specifically, Wright placed a bounty on hodlonaut’s identity after he claimed that Wright is not Satoshi.

Binance’s announcement earlier today said that the exchange “periodically review[s] each digital asset we list to ensure that it continues to meet the high level of standard we expect.”

Standards include a team committed to the project, developmental activity, network and smart contract stability, and public communication, among other things.

>> Bitcoin Remains Stable: Crypto Market Capitalization Hits New High

While the exchange alludes that delisting Bitcoin SV is a responsive decision for not meeting Binance’s standards, it is believed that this is only partially the reason. Many assume the coin is being delisted mainly due to Wright’s Twitter attacks.

Following the news, CZ has cemented the latter belief with a series of Tweets in which he refers to Wright as “a fraud.”

Hodlonaut has not been the only victim of Wright’s wrath. The latter has sent legal cease-and-desist letters to other individuals such as Peter McCormack for saying that he is not Satoshi.

Bitcoin SV: Price Plunges

The news has rocked BSV price, which has plunged only hours after the announcement was made. The coin has already shed almost $100 million from its market, with the price below $65 now, down from over $70 earlier today.

Whoever said the cryptocurrency sphere wasn’t a drama-fest?

Featured Image: DepositPhotos © maloha13

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Weiss Cryptocurrency Ratings

Weiss Cryptocurrency Ratings Places XRP, EOS, BTC, and BNB on Top

Weiss Cryptocurrency Ratings released its March 2019 “Weiss Cryptocurrency Outlook” report, with Ripple (XRP), EOS, Bitcoin (BTC), and Binance Coin (BNB) receiving the top four spots on the list of 122 cryptocurrencies. Weiss Ratings is the world’s only financial rating agency that provides grades on cryptocurrencies.

The report, which is called “Dark Shadows with a Bright Future,” examines the cryptocurrencies available on the market using two factors—the tech/adoption grade for long-term investors and the risk/reward grade based on short-term factors.

Of the 122 cryptocurrencies examined in the report, XRP, EOS, Bitcoin, and Binance Coin were given an overall B- rating, while none received an A rating, which is considered excellent.

Remarkable Growth in the Cryptocurrency Space

Authors Martin Weiss and chief cryptocurrency analyst, Juan Villaverde, start the report by noting that despite a sharp decline in the price of cryptocurrencies, “the industry’s network capacity and security have improved dramatically and underlying technology has evolved with new, more efficient ways to create digital assets.”

What’s more, leading cryptocurrencies are seeing three times more volume in user (on-chain) transactions than they did in early 2018. These improved fundamentals and lower prices offer new opportunities for investors, although this is dependent on whether or not they can “afford the risk, avoid the worst and invest in the best.”

Cryptocurrency Market Still Risky

Despite improvements to cryptocurrency fundamentals, the Weiss Cryptocurrency Ratings report authors still advise investors who cannot afford to lose money to be wary in the near term.

“Investors who cannot afford to lose money, the recent market declines and doldrums imply high risk and uncertain rewards. Crypto market liquidity is very thin. Trading comes in spurts. Relatively small infusions of new buying cause sudden price rallies. Equally small bouts of selling cause unexpected market crashes,” said the report.

>> Wuabit Service Means Users Can Send Crypto through WhatsApp

Cryptocurrency Trends to Watch

In the report, Weiss and Villaverde identified trends in the cryptocurrency space that investors should keep in mind. These trends include changes to the way cryptocurrencies are secured and some cryptocurrencies moving away from blockchain entirely, as well as killer dApps like decentralized, crypto-based social media, peer-to-peer lending, and fair and secure elections playing the biggest role in determining the future winners.

What do you think will happen in the cryptocurrency space moving forward? Which cryptocurrency do you have your eye on?

Featured Image: DepositPhotos © spaxiax

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stablecoin

3 Stablecoins Everyone Should Know

You may be familiar with the term stablecoin. But because it is a relatively new type of cryptocurrency, you may not be familiar with what it is.

So what is it? Why is there so much fuss surrounding these coins and what are the stablecoins you should know about?

Let’s dig in!

Stablecoins: What On Earth are They?

In its most simple terms, a stablecoin is a cryptocurrency that is pegged to a tangible, or stable, asset. Examples of a stable asset include gold or the US dollar. The idea of backing a cryptocurrency with a tangible asset is to reduce the price volatility associated with standard cryptocurrency. In doing so, digital coins become far more practical for everyday use, and it may encourage global adoption.

Cryptocurrency Volatility

Standard cryptocurrencies such as Bitcoin have high volatility. On any given day, the value can suddenly increase or decrease (often by significant percentages) for no apparent reason other than market hearsay or fear mongering. This is because the value of Bitcoin, and other cryptocurrencies, depends on what value is given to it by investors. It does not depend on a physical asset to determine its worth. Because of this, Bitcoin and most cryptocurrencies are inconvenient for daily transactions.

Imagine this: You are a vendor, and you sell a dress in exchange for 300 RPX. At the time of the transaction, 300 RPX could be worth $35 USD. However, the next day that same amount of RPX could now equal $23 USD. You wouldn’t be a very happy vendor. Further, you would be consistently aware of the ever-changing value to which your wares are a victim too.

Price changes like this are shocking for merchants and consumers alike. But the adoption of stablecoins may be a catalyst to the decentralized cryptocurrency system working mainstream.

>> Are Stablecoins the Future? The Winklevoss Twins Seem to Think So!

Stablecoins Offer an Optimal Currency

The goal is to create an optimal currency.

According to Forbes“an optimal cryptocurrency should have the following four traits: price stability, scalability, privacy, and decentralization.”

Price stability is the key trait, and this is what a stablecoin aims to achieve. As Forbes explains further, “Short-term stability is important for transactions and long-term stability is important for holding.”

So let’s look at some examples of stablecoin projects aiming to create the optimal cryptocurrency.

Tether: The Pioneer

You can’t talk about stablecoins without giving a nod to the pioneer. Tether is notable because it’s widely considered the first stablecoin.

1-to-1 USD

Tether claims it is 100% backed by fiat currency held in a reserve bank account. It is said to be backed 1-for-1 to the US dollar, with 1 Tether being equal to $1 USD. It will remain fully backed once all Tethers in circulation are less than or equal to all the fiat held in the reserve.

stablecoin

Most Established but Controversial

As it is the pioneering stablecoin, Tether is the most established and is well-integrated. However, Tether has faced controversy in the past, as its claims have not been legitimately proven. The company’s terms and conditions state that “Tether reserves the right to refuse to issue or redeem Tether Tokens.”

Some fear this statement gives the company credence to not redeem the currency at the 1-to-1 value it claims.

uBUCK: The All-in-One Convenience

uBUCK is a digital currency wallet that has fiat capabilities.

According to its website, uBUCK enables you to “pay people with uBUCK cash with lightning speed, make purchases online at approved merchants or withdraw cash at the ATM.”

With the ability to buy uBUCK Cash using either Bitcoin or Ethereum cryptocurrencies, a user is effectively “storing” their cryptocurrency in a stablecoin that is tied to the US dollar.

>> Circle and Coinbase Launch Their Joint Stablecoin USDC

How Does It Work?

It works like this: A user buys a prepaid uBUCK voucher from the uBUCK mobile application. As stated, you can use BTC or ETH to buy, but regular fiat credit and debit purchases are also accepted.

stablecoin

Users then load the uBUCK Debit MasterCard (linked to the uBUCK wallet) with their voucher credit, effectively converting the uBUCK Cash into dollars by doing so. This then means ATM withdrawals and regular shopping around the globe is possible with the uBUCK MasterCard.

Wallets

uBUCK comes with four secure wallets. These are the uBUCK Cash Wallet, a Bitcoin wallet, Ethereum wallet, and the USD Debit card. By having a multi-functional wallet, a user can manage their digital and fiat currency in one convenient place. Then, as stated, by using the uBUCK app, the wallet enables users to store, convert, and spend their fiat and cryptocurrencies.

Free Money Transfer

Another interesting feature of this platform is that users can send uBUCK vouchers to other recipients anywhere around the world for free. Essentially, the service allows free money transfers in only a few minutes.

MakerDao: Complex but Transparent

Maker is a decentralized autonomous organization, and its stablecoin is called Dai. Pegged against the US dollar, Dai operates on the Ethereum blockchain and, as such, it is transparent.

Asset Collateral

Each Dai is worth $1 USD, and the website states that “Every Dai is backed in excess by collateral at all times, so you never have to worry about its value moving up or down.

Further:

“Every Dai is backed by another asset of value. Our collateral portfolio is diversified, allowing multiple assets to guarantee the value of each Dai.”

stablecoin

Ethereum Blockchain

The system is said to be quite complex. To receive Dai, you have to first send your ETH tokens to the Maker platform where they will be “locked up.” Then using the Ethereum blockchain, Maker maintains stability by an autonomous system of smart contracts.

According to its website, Dai offers freedom from volatility:

“Dai stands to transform the financial industry by creating a stable and decentralized currency that will allow businesses to realize the future of money.”

>> Facebook Cryptocurrency: Is the Tech Giant Developing a Stablecoin?

The Takeaway

Stablecoins can bring stability to the crypto world and offer real potential for global adoption. The key is to create the optimal cryptocurrency inclusive of price stability, decentralization, scalability, and privacy.

The technology is still relatively young and will continually evolve, but it is clear that demand is there. People are looking for the balance between a decentralized payment network and stable value.

Everybody wants to feel secure in their transactions and know that they won’t lose value on their assets for no reason other than market hype.

We’ve mentioned only a few stablecoins here. There are more out there! Do you have any favorites? Do believe the technology will work and bring us towards that optimal currency?

Let us know below!

Featured image: DepositPhotos © zim90

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