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What Is EthBay Cryptocurrency?

In the world of online marketplaces, there is a notable lack of competition. For most people, eBay is the default marketplace. Other than a few localized efforts around the world, alternative platforms are in short supply. EthBay may offer a solution in this regard, as it will serve as a decentralized peer-to-peer marketplace solely focused on Ethereum payments.

The Idea Behind EthBay

For the EthBay team, the objective is fairly simple. They want to build a new peer-to-peer marketplace where Ethereum payments play a very big role. It is very different from existing projects such as OpenBazaar, but it provides an interesting alternative. So far, there is no evidence decentralized peer-to-peer marketplaces will ever become a big success, even though there is some promising progress being made.

How Does it Work?

EthBay will allow users from all over the world to register on the site. A centralized platform is not necessarily truly decentralized, but it remains to be seen how the EthBay team will decide to tackle that issue moving forward. There is no need to submit any specific personal information, although an account ID will be generated on one’s behalf.

Passwords remain integral on EthBay, and they will be protected by a 12-word mnemonic seed. Buyers can add an email address to receive notifications, but doing so is not a requirement. For sellers, it is important to provide an Ethereum address to receive payments. It is a bit unclear if this address can be changed to avoid blockchain analysis firms from uncovering one’s identity. Such a functionality would certainly be appreciated by a lot of potential EthBay users.

The EthBay platform works similarly to eBitsin some respects. There is an auction and bidding option, which tends to make things a bit more exciting. All platform transactions are protected by escrow, which ensures sellers can’t scam buyers and vice versa. This system is quite common when it comes to cryptocurrency-oriented marketplaces, but it is unclear if EthBay will come up with a way to decentralize this particular aspect in the future.

The EBY Token Explained

Most people would expect EthBay to issue its own token. That is exactly the case, as the project will use the EBY ERC20 token. Its exact use case remains a bit unclear, since the platform will mainly involve completing transactions with Ether, rather than EBY tokens. Even so, the token will play some role of importance in the future.

The Road Ahead

There is still a lot of work on the horizon for the EthBay team. For the time being, the main focus is on preparing the beta launch of this platform, which is scheduled to occur in November. An alpha main launch won’t happen until February 2019, with the mobile apps following a month later. By July of 2019, the EBY tokens will be fully integrated.

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Blockchain Guides

What Is Proxeus Cryptocurrency?

With the advent of blockchain technology, digital startups have started to create a network of value that provides customers with a unique method of transferring ownership and recording the settlement of real-world assets.

Proxeus can be thought of as a new workflow engine and platform that can be used by tech-driven individuals to generate documents which can in turn be used to make new DApps using blockchain technology.

This platform was the winner of the 2018 Swiss FinTech Early Stage Award. When using Proxeus, users will possess the ability to create new digital solutions by putting information into the network and building new workflows without having to spend time learning a brand-new programming language like Python or Rails.

The aim of this service is to help bring traditional companies and blockchain technology together. This is achieved primarily by rebuilding blockchain systems for traditional businesses so that they can be fully integrated into existing enterprises or layers of a program.

Lastly, this platform also serves as a proxy between the traditional business space and the crypto domain. Proxeus gives users of all knowledge levels the ability to create blockchain applications that are affordable and can be used in conjunction with existing enterprise systems.

Overview

  • Proxeus provides customers with a series of building blocks that can help organizations add extra value to their existing services.
  • The system focuses on creating digital documents that can be read by humans (PDF) as well as by machines (JSON).
  • Documents can be verified and notarized within the native blockchain. They can also be stored as encrypted files off-chain.
  • The service is presently compatible with the Ethereum and Hyperledger blockchains.
  • It has a highly simple user interface that can be used by novice as well as experienced blockchain operators.

Key Features

Proxeus’ unique work model combines three layers of services on top of the blockchain. They include:

  • Proxeus Core
  • Native operational modules
  • Third-party DApps

Key offerings of the Proxeus ecosystem

The DApps that can be created on the Proxeus core span a diverse range of use cases and can be implemented within niche areas such as:

  • Document certification and notarization
  • Tokenization
  • Reporting of blockchain events
  • Smart contract generation
  • Development of voting services

All of the aforementioned services can be used by network participants via either a web client or the company’s mobile application.

Visual representation of the core modules employed by Proxeus

For added context, Proxeus works in a way that is quite analogous to Outlook. For example, the platform deploys an SMTP layer on top of a TCP-IP protocol, thereby making interactions easier and more streamlined.

Other important advantages of Proxeus include:

  • The platform allows users to employ workflows, documents and IPs that have been produced by community members.
  • Customers have the option to store documents off-chain with storage providers that make use of the native XES token.
  • All stored documents are automatically notarized on the blockchain.
  • Users can build their own blockchain-based applications without needing to go through countless hours of coding.
  • Organizations using Proxeus don’t have to forgo the use of existing paper-based workflows.

How it works

Proxeus uses a foundational structure that incorporates the Ethereum blockchain. Ethereum currently offers blockchain enthusiasts with one of the most robust frameworks for constructing and developing novel decentralized applications. It also serves as an abstraction layer which is designed to deploy contracts on other blockchains as well — such as Hyperledger.

The structural outline of the ecosystem

The core components of this service are designed to allow for the quick creation of documents. Some of the primary functional modules of Proxeus include:

  • Form and document generator
  • Workflow builder and manager
  • Blockchain registry

Additionally, there are certain value-added services that users can deploy when making use of this platform. Those services relate to:

  • Data importation
  • External storage
  • Monitoring of blockchain events
  • Execution of smart contracts

Lastly, third-party users also have the freedom to build their own applications on this platform. Applications built on Proxeus can be monetized using payments in crypto or fiat currencies — depending on one’s particular needs.

About the team

Antoine Verdon is the co-founder and CEO of this venture. According to his LinkedIn profile, Antoine is also the founder of Sandbox, a global network of young entrepreneurs under 30. Additionally, he has been in the crypto domain for more than five years and was named one of the top 100 Swiss personalities by esteemed publications such as L’Hebdo and Bilan. Antoine holds a law degree from the Universities of Fribourg and St. Gallen.

Patrick Allemann is the CIO of this project. He has extensive knowledge of both data security and cryptography and has previously been associated with a host of ventures related to secure data storage.

Artan Veliju is Proxeus’ Chief Technical Officer. He has been in the blockchain domain for nearly a decade and has worked on technologies related to:

  • Merchant integration
  • Bitcoin ATMs
  • Blockchain-secured storage services
  • Mobile apps for the trading of tokenized assets

Lastly, Philippe Furter is the COO of this project. According to his professional bio, Philippe previously served as the CIO of an international shipping company where he helped digitize their business infrastructure.

Token Performance History

As mentioned earlier, all internal transactions taking place within the Proxeus ecosystem are governed by a native currency called XES.

XES token lifetime performance history (courtesy of CoinMarketCap)

Having been introduced to the market just over a week ago, XES tokens have remained quite stable in their value.

Initially sold at a rate of $0.25, the tokens are currently being traded at $0.177.

Final Thoughts

Proxeus delivers its customer base with an easy-to-use product that gives users the power to create blockchain applications that are affordable and compatible with current enterprise systems.

As a result of its unique technological offerings, it would not be surprising to see this service do well this year.

If you would like to invest in Proxeus, XES trading pairs are currently available on Qryptos, IDEX, and Radar Relay.

 

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Blockchain Guides

What Is ThinkCoin Cryptocurrency?

Various blockchain and cryptocurrency companies are looking to revolutionize the way in which people trade. Right now, trades occur through centralized platforms, which bring a lot of risks and problems to the table. TradeConnect is a venture designed to shake things up in the years to come.

The TradeConnect Concept

Competition in the financial industry often leads to innovative solutions. TradeConnect is designed to let traders exchange any financial asset instantly and without intermediaries. It is similar to a decentralized exchange model, although there are some key differences to take note of as well. Combining blockchain tech with financial trading seems like a powerful concept, assuming projects like TradeConnect can deliver.

Under the Hood

While TradeConnect mainly relies on blockchain, it is not the only technology to be utilized. As the project’s web page explains, there will be support for eBits, which is something we’ve been seeing more and more of in the financial sector. Using AI will, according to the team, lead to a higher degree of flexibility and personalized trading.

The removal of intermediaries is not just done for ideological reasons. In a practical trading environment, trades need to be executed immediately without a central point of failure. TradeConnect connects individuals and institutions with one another to create a balanced playing field. How this will play out exactly remains to be seen.

The trading aspect of TradeConnect will mainly rely on contracts. Said contracts will reside on the blockchain powering this ecosystem and can be verified at all times. It is this technology which allows for instant settlement. Although other projects are thinking along the same lines, TradeConnect can prove to be successful in its own way.

The Thinkcoin Token

A project such as TradeConnect seemingly cannot exist without its own native currency. This particular currency is aptly named Thinkcoin and will be sold through an initial coin offering. Users will be able to use ThinkCoin – or TCO for short – as a unit for all trades on the TradeConnect network. This applies to CFDs, Forex, commodities, shares, and so forth.

What’s Next for TradeConnect?

Although TradeConnect has a working MVP in the form of a mobile application for both Android and iOS, there is still much work to be done. The official roadmap does not include much information, other than getting the token listed on various exchanges by next month. Additionally, work on the mobile app, as well as the native technology, will continue behind the scenes.

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Blockchain Guides

What Is CryptoFind?

Getting more people excited about cryptocurrencies remains an ongoing struggle. A lot of everyday consumers do not see any merit in cryptocurrency, mainly because it is still a niche market. Developing applications which show people where they can spend cryptocurrency can certainly produce some interesting changes. CryptoFind is an interesting creation in this regard.

The Purpose of CryptoFind

As the name of this iOS app somewhat suggests, it is all about finding as many locations as possible which accept cryptocurrencies. So far, there is still no complete directory of such locations, even though wallets such as Edge make it a bit easier to spend cryptocurrency at businesses near you. It is somewhat surprising that there aren’t more efforts focusing on this particular aspect of crypto right now.

CryptoFind aims to change all that. The app, developed by GRAFT Payments, is meant to collect as many locations as possible for spending cryptocurrencies. With enough users submitting information, that shouldn’t be difficult. Users can mark places on a map within the app using their device’s GPS and include owner information.

Once the owner confirms that his or her location indeed accepts cryptocurrency payments, they will be listed in the CryptoFind app. Failing to do so will result in being delisted, although it is of the utmost importance for store owners to tap into this growing industry sooner rather than later. After all, there is no point in accepting Bitcoin or altcoins unless people know about it so that they can spend cryptocurrency.

When a listing is confirmed through the CryptoFind app, the user submitting the location will be awarded 100 GFRT tokens. Should the venue decide to accept this relatively unknown token, the person submitting the information will receive 500 GRFT tokens. It is an interesting way of incentivizing people to submit locations where cryptocurrency is already accepted. Additionally, it may lead to more locations eventually accepting Bitcoin and altcoin payments in the future. We all know that more of those locations are direly needed.

For those unfamiliar with the GRFT token, it is currently listed on CoinMarketCap.com as having a value of $0.017. This means that a successful submission will reward users with less than two bucks, but it’s an incentive regardless. More submissions will get users a lot more money, as there are bonuses for reaching a specific amount of submitted locations. Users can only submit a maximum of 100 locations per account, though, which is understandable.

Should any of the added locations stop dealing in crypto, they can be flagged by other CryptoFind users for removal. Moreover, the delisted venues will result in GRFT tokens being debited from the person who submitted the information. This is done to preserve honesty and maintain correct information at all times. Rest assured there will always be people looking to take advantage of such projects, as that is simply how the human mind operates.

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