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Regulated Crypto Platform Plays By the Rules and Disrupts Trading Model

The massive hacking of tens of millions of Uber customers has highlighted why the shared economy needs to use secure smart contracts, such as a token payment system. Tokens provide a secure, anonymous way of paying for goods and services by using a number to represent an algorithmically generated virtual wallet ID.

The tokenization of the economy is accelerating as more commerce is transacted with tokens and digital money via transparent, cryptographically secure smart contracts. Consumers are quickly learning of the benefits of using smart contracts to buy and sell goods on the peer-to-peer network. Disintermediation of middlemen allows travel reservations to be made at 30 percent cheaper. Fractionalization enables art aficionados to buy shares in great works of art. Real-time asset and activity monitoring allows insurance contracts to assess damage and pay out on the spot.

Consumers will have to wait a little longer for instant gratification though. The financial system has failed to keep up with a tokenized commercial world. The tokens and cryptocurrencies used to access these smarter services lack the liquidity to provide sufficient trading and risk management opportunities.

Trade.io exchange

Trade.io’s solution is to develop an exchange platform for the sharing economy where traders can not only exchange tokens, crypto and fiat currencies and other assets but also share in the risk and revenue of the liquidity pool. To participate in the liquidity pool, members buy 2,500 Trade Tokens secured by financial assets in their trade.io wallets. Crypto and fiat currencies are accepted as collateral.

Trade Token owners share in 50 percent of the gains or losses of the liquidity pool, which are distributed to the wallets of pool participants. Besides trading fees and commissions, revenue is earned from investment banking and P2P lending fees. The revenues are allocated based on the level of token ownership, starting with a 10 percent stake for those who own 500-999 tokens. Over 5,000 tokens, a 10 percent bonus is added, resulting in a 110 percent gain to the investor’s wallet, as the case may be. Members can also use their wallets as collateral for other exchange participants through the peer-to-peer lending program, allowing members who require margin interest to borrow from peers at cheaper rates than exchanges typically charge.

Playing by the rules

Meanwhile, trade.io’s investment banking service is working hard to help more innovative businesses running on smart contracts enter the crypto economy. The management team is leveraging its strong experience in foreign exchange trading and investment banking, including  IPOs, to advise companies on token issuance and initial coin offerings (ICOs) on the more efficient digital ledger system. Trade Token holders can invest in initial public offerings (IPOs) and ICOs, as well as benefit from preferred access to ICOs, discounts and other market benefits. Pre-ICO, trade.io has a Seed & Venture Fund to support the development of Blockchain technologies. In a crypto economy in which many crypto exchanges are operating outside the purview of regulators, trade.io provides added security as a licensed bank and financial exchange. As China and Morocco outlaw unregulated cryptocurrency exchanges and other countries sweep them under the regulatory regime, the management team is applying its expertise in regulated financial services businesses to ensure the trade.io platform has proper compliance and risk management systems in place.

Trade.io ICO

The ICO launched on Dec. 7, 2017. Two-thirds of 500 mln Trade Tokens (Symbol: TIO)  will be available for crowd sale.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Monaco Prepaid Card Bins Asset Contract, Token Dives 40% in a Day

Bitcoin prepaid debit card operator Monaco’s token is plunging Wednesday after a code rewrite removed a key aspect from its roadmap.

At the same time it announced Visa as card issuing partner for its prepaid rollout, Monaco said its asset smart contract scheme would no longer feature in its future.

Holders of its MCO token, which launched via a 70,000 ETH ($2.1 mln) crowdsale earlier this year, reacted sharply. As of press time, its value was down over 37 percent in 24 hours.

In an explanatory video, CEO Kris Marszalek said that “legal” and “commercial” concerns had led to the decision.

“This decision is great for the long-term protection of value for all token holders,” he said in the company’s defence.

“We only wish we could have done this faster.”

Monaco had touted the asset smart contract as a key value feature to the same would-be token holders in the run-up to its ICO in May.

Perhaps unsurprisingly, community members reacted with mixed feelings as MCO continued declining from $10.50 Oct. 31 to $6 Wednesday. It had previously reached highs of $25.

“We believe that the Monaco card program lays solid foundation for Monaco’s growth, and we’re grateful to all partners for their support,” Marszalek meanwhile continued in a press release about the Visa reveal.

He added the debut was nonetheless “an important step towards Monaco’s vision to introduce cryptocurrency to the mass market.”

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Customer Confidence Is Suffering Due to Fake Reviews

Reviews shape our decisions in the digital economy. A report by the Spiegel Research Center titled ‘How online reviews influence sales’ reveals that the purchase likelihood for a product with five reviews is 270 percent more than a product that has no reviews.

The larger question then is how important the authenticity and veracity of the reviews are themselves? Are fake reviews a big no-no for consumers today?

Cointelegraph covered the Revain crowdsale, a while ago and now that the crowdsale period is nearing its end. We think that the emergence of the first unbiased review platform could add an interesting dimension to the problem of fake reviews and customer confidence.

Immutability equals trustworthiness

Today, we are facing a crisis of trustworthiness. Online reviews can be edited, reviewed or even removed by sites that host them. In some cases, businesses have taken the extreme step of using libel laws against reviewers to arm-twist them into removing reviews.

The Canadian Broadcaster CBC covered in an article about a student Olivia Parsons in Ottawa who was forced to delete her negative review of the company that managed her building after coming under legal pressure.

Immutability is the solution to all these problems and Revain have built their product on this premise.

Talking about immutability a Revain spokesperson tells us:

“Revain focus on immutability is the fundamental part of our project. As far as the problem of review and texts written by a reviewer has been a problem for a long time, Revain concentrated efforts on developing and offering a totally different approach to this problem. The solution has been found in review immutability.  Often many of application services are under attacks which lead to amendment of the text written originally. Coding of the text written by a reviewer helps us to preserve its authenticity which doesn’t depend on the behavior of the system and participants of the system.”

Fake reviews are a real problem

According to a paper authored by Michael Luca of Harvard Business School and Georgios Zervas of Boston University Questrom School of Business, nearly 16 percent of restaurant reviews on Yelp are fake.

Research by Gartner also showed that up to 15 percent of all online reviews are also fake.

It is also a fact that sometimes rival businesses use reviews to launch a triad of fake reviews against their rivals.

The BBC carried a story about how online reviews are being used as ‘Blackmail.’ They cited the UK’s Competition and Markets Authority (CMA) as having discovered that not only do businesses write fake reviews of themselves to elevate themselves in the eyes of their customers, but they also defame rivals by ‘commissioning fake negative reviews.’

Monetizing reviews and using a Blockchain to ensure that these reviews are verified and immutable is a solution that Revain is pitching.

They explain:

“Revain concentrated efforts on attracting more attention to the problem of user’s opinion about goods and services. Such opinions can reach out to a wider circle of other users as well as for companies. In the end, both, users and companies providing services or manufacturing goods can benefit from the authentic opinions.  

We believe that there is huge potential in online reviews. However, according to our research, there haven’t been any previous attempts of creating similar services. Revain has developed a totally different format of communication between a user and a company. The company is to reward users for reviews left on Blockchain given that those reviews are authentic and can’t be deleted or changed at a later stage.”  

Demo-version of Revain platform after the crowdsale

Revain’s crowdsale will end on Sept. 6, 2017, and it is a chance for investors to participate in the development of an unbiased review system. 

Reviews today are dominated by large companies like TripAdvisor, Yelp, Amazon and others.

Revain promises to be a game changer in this field and will add an element of transparency, immutability and monetization to reviews.  

At the time of writing, they had already raised 1,588 BTC through their crowdsale. Meanwhile, Revain is already gearing up for their post-crowdsale future. 

As their spokesperson revealed:

“The first demo version of the platform is to start functioning within a month after crowdsale ends. The platform release is planned for the fourth quarter of this year. The demo version will allow us to test the platform and the users can write reviews there. Thus, we are to do some training of AI (artificial intelligence). We will encourage users to write reviews about companies which have gone through ICO and cryptocurrency exchanges. We will cover ICO market this way. We keep bringing companies in our project. We have had negotiations with companies that are potentially interested in a partnership with Revain. Our goal is to constantly increase the number of the companies.”

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.