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Binance Smart Chain Partner Receives Funds From 16 Institutions

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Built on top of Binance Smart Chain, CryptoTycoon (CTT) is a monopoly game based on Binance Coin (BNB), Binance USDC (BUSD), and stablecoin Tether (USDT). With it, users can play to construct in-game buildings by rolling the dice. The game operates with a deflationary and dividend model, according to an official post.

The team behind the game recently announced the successful completion of their seed round of fundraising. Per their announcement, they have received support from 16 institutions from “different regions and backgrounds”.

In total, Binance Smart Chain’s partner was supported by HappyBlock, CryptoDiffer, R8 Capital, A195 Capital, 4SV, AKG Venture, PrimeBlock Ventures, Amplio Capital (BitMart Labs), T3E (MW partners), Infinity Labs, CatcherVC, BenMo Labs, BEST, Horizon Capital, Ternary Capital, and 7Star Capital. The team added:

In addition, we have recently received supports from many BSC community building participants, who provided a lot of valuable suggestions to CryptoTycoon and participated in CryptoTycoon’s seed round fundraising in a private form.

Binance Smart Chain’s Partner And Its Roadmap

The project will focus on “market building and user experience” for their next phase of development. They are currently taking feedback from the community. So far, they have divided their roadmap into two stages an initial stage and an early stage.

The former has been composed of game design, smart contract coding, legitimate subject and legal matters, participation from their American and European market partners, smart contract audit, official website (v0.1) launch, and other items related to community operations and media. Most of the first items have already been completed.

In their early stage, they will have a close beta of their game, a CTT release, an official website launch on their v0.5 launch, liquidity provider staking mining, game interactive contract audit, planning for their second iteration of the game, and much more.

CryptoTycoon’s native token CTT will have a burned mechanism, as two of the most important assets in the Binance Smart Chain ecosystem, BNB, and PancakeSwap’s CAKE.

BNB trades at $619 with a 5.7% profit in the daily chart. In the weekly and monthly chart, BNB has a 20.4% and 99.9% profit, respectively.

Binance Smart Chain BNB BNBUSDT
BNB with moderate gains in the daily chart. Source: BNBUSDT Tradingview

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/binance-coin/binance-smart-chain-partner-fund/

Blockchain

Bitcoinist Book Club: “The Bitcoin Standard” (Prologue and Chapter 1)

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To lay the foundation for everything we’ll learn in the Bitcoinist Book Club, we had to start with “The Bitcoin Standard” by Saifedean Ammous. A fair amount of experts in the field recommend it as the first Bitcoin book people should read. Does that mean it’s too basic for the Bitcoinist audience? Not at all. Our readers might already be familiar with these concepts, but seeing them used as building blocks to construct a case for Bitcoin is a thing of beauty.

Here’s an introductory deep dive into The Bitcoin Standard and the first iteration of the Bitcoin Book Club.

But first…

About The Coolest Club On Earth

The Bitcoinist Book Club has two different use cases: 

1.- For the superstar-executive-investor on the run, we’ll summarize the must-read books for cryptocurrency enthusiasts. One by one. Chapter by chapter. We read them so you don’t have to, and give you just the meaty bits. 

2.- For the meditative bookworm who’s here for the research, we’ll provide liner notes to accompany your reading. After our book club finishes with the book, you can always come back to refresh the concepts and find crucial quotes. 

Everybody wins.

That’s it. Let’s get into it.

Related Reading | Gold Begins Breakdown Against Bitcoin, Triggering 90% Decline On Per Oz Basis

“The Bitcoin Standard” – Prologue

The book is divided into three parts. The first one discusses the concept of money and everything it implies. The second part goes back in time and analyzes the use of “sound and unsound forms of money throughout history.” The third, finally, gets into Bitcoin and the possibilities it brings to the table, “and analyzes the possible uses of Bitcoin as a form of sound money.”

The prologue also provides a solid definition of what Bitcoin is: 

In essence, Bitcoin offered a payment network with its own native currency, and used a sophisticated method for members to verify all transactions without having to trust in any single member of the network. The currency was issued at a predetermined rate to reward the members who spent their processing power on verifying the transactions, thus providing a reward for their work.

That means Bitcoin is, “the first demonstrably reliable operational example of digital cash and digital hard money.” This is huge. This is what the world needs. And, as we go through this book, we’ll find out exactly why.

The prologue cannot end without a familiar disclaimer: “This book does not offer investment advice.” Of course it doesn’t, and everybody involved resents the implication.

BTCUSD chart for 05/15/2021 - TradingView

BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com

“The Bitcoin Standard” – Chapter 1: Money

The main function of money is as a medium of exchange. The second is as a store of value, and the third is as a unit of account. We need money because barter is not an efficient enough system for a complex society. So, “A good that assumes the role of a widely accepted medium of exchange is called money.” It doesn’t matter what it is and it doesn’t have to be “government paper.

What the market looks for in potential money is salability. That is, “the ease with which a good can be sold on the market whenever its holder desires, with the least loss in its price.” If that characteristic persists across time, then the asset displays an “ability to hold value into the future.” So, it becomes a store of value.

It therefore follows that for something to assume a monetary role, it has to be costly to produce, otherwise the temptation to make money on the cheap will destroy the wealth of the savers, and destroy the incentive anyone has to save in this medium.

If it’s difficult to produce new “monetary units,” that’s “hard money.” If it isn’t, then it’s “easy money.” Over time, people who use hard money will tremendously outperform people who use easy money. A constant increase in the supply will erode the purchasing power of the easy money, it’s as simple as that. The law of supply and demand never fails.

The ratio between the stock and flow is a reliable indicator of a good’s hardness as money, and how well it is suited to playing a monetary role.

With flow being the “extra production that will be made in the next time period.” These core concepts are the basis for PlanB’s Stock-To-Flow model. And this is the main reason that model works, “The higher the ratio of the stock to the flow, the more likely a good is to maintain its value over time.” Or to, you know… augment its value. 

It’s time to talk about liquidity, “the more people accept a monetary medium, the more liquid it is.” And acceptance throughout a community is the characteristic that allows for pricing to be, “expressed in its terms, which allows it to play the third function of money: unit of account.

So, money plays “the roles of medium of exchange to allow specialization; store of value to create future-orientation and incentivize individuals to direct resources to investment instead of consumption; and unit of account to allow economic calculation of profits and losses.

So simple, and yet it eludes even the smartest of us. 

Related Reading | A new year – new opportunities in crypto

A Critique, Because It Can’t All Be Positive

This sentence should’ve been heavily edited, it sounds like a bad joke:

Producers can specialize in producing capital goods that will only produce final consumer goods after longer intervals, which allows for more productive and superior products.

Five product-related words in a row? Come on! And, as a bonus, in the same paragraph:

The production of these tools stretches the duration of the production process significantly while also increasing its productivity.

Three more product-related words? That’s a total of eight in the same paragraph. Too much.

*

Stay tuned for the next installment of the Bitcoinist Book Club.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/bitcoinist-book-club-the-bitcoin-standard-prologue-and-chapter-1/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoinist-book-club-the-bitcoin-standard-prologue-and-chapter-1

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Blockchain

Twitter CEO Jack Dorsey says he would forever work to make bitcoin better.

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Twitter CEO Jack Dorsey expressed his support for the leading cryptocurrency bitcoin on his microblogging platform Twitter, in response to a tweet by the Square chief financial officer, Amrita Ahuja. “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative,” Ms Ahuja wrote on Twitter. These comments came a few days after Elon Musk’s Tesla suspended bitcoin payments. 

Square’s Bitcoin asset is valued at $410m. 

Square is a digital payments company founded by Twitter chief executive and Jim Kelvey and launched in 2020. The company valued at over $100 billion in 2020 is evaluating Bitcoin as an investment opportunity. Square has purchased a total of $220 million Bitcoin to date. Its Bitcoin asset is valued at $410m. Bitcoin was trading at $48,523.20 on Saturday and is down 13 percent over the past five days since Tesla announced to drop the cryptocurrency as a payment method. “Square is doing exactly this for bitcoin with @SqCrypto,” Jack Dorsey had tweeted last year. 

Tesla suspends the bitcoin payment option citing environmental reasons. 

Less than two months after Elon Musk had announced to accept the leading cryptocurrency bitcoin payments for Tesla vehicles, the company discontinued its support. Elon Musk announced that the reason they are suspending bitcoin payments is because of environmental concerns. Bitcoin mining uses specialized computers that use massive energy for the process of mining. However, Tesla would continue to retain bitcoin holdings that it acquired sometime in January this year. The leading electric car maker had purchased $1.5 billion worth of bitcoins earlier this year, sending the price of the leading cryptocurrency to new highs. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/twitter-ceo-jack-dorsey-says-he-would-forever-work-to-make-bitcoin-better/

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Blockchain

What is Party Parrot Finance?

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Party Parrot Finance is a non-custodial lending market equipped with a Virtual Automated Market Maker (AMM).

From humble beginnings to today, decentralized finance (DeFi) has grown exponentially. Currently, billions of dollars of value are locked into numerous DeFi systems, which are being turned into different yield generating tokens, such as the Uniswap LP tokens, or the AAVE interest-bearing tokens.

For the most part, the values of LP tokens are locked in the many ecosystems that make up DeFi and are ultimately inaccessible to the crypto community. Unfortunately, the value locked in DeFi as LP tokens are unavailable to the larger blockchain community because their risks are non-transparent, and their units of account are unsuitable for human consumption.

Thankfully, The Party Parrot is fully equipped to deal with such inconvenience, and is supported by well-established networks such as Solana.

Table of Contents

Background

Although not much is known about the Party Parrot’s team, it is fair to imply that the Parrot ecosystem was designed and built to be scalable. The team behind the platform has shown great enthusiasm and expects the protocol to be among the top crypto solutions of its category within the market very soon.

Additionally, the team has expressed its vision of a world with full-scale blockchain adoption, where all crypto or blockchain-related solutions ought to possess the following attributes, ensuring that as the world’s technology grows, the blockchain’s throughput grows as well.

Here are some of its perks:

  • Ability to process tens of thousands of trades per second and hundreds of thousands of orders per second
  • Ability to process 10 billion social media interactions per day, which is around 100k per second
  • Gas costs of less than $0.001
  • Scaling with the world
  • Ability to process all submissions on a human-reaction-time scale.

What is Party Parrot Finance?

Built on the Solana blockchain network, Party Parrot is a non-custodial lending market equipped with a Virtual Automated Market Maker (AMM). In general, the platform seeks to leverage locked LP tokens by making their value accessible through its highly efficient liquidity and lending network.

Additionally, The Parrot protocol is furnished with a margin trading algorithm designed to enable value locked within DeFi accessible. The protocol relies primarily on LP tokens used as collateral for all operations within its ecosystem.

The blockchain venture is an ambitious attempt to further the expansion of DeFi worldwide. The team behind its protocol aims to disrupt the worldwide DeFi ecosystem through its very first product, the stablecoin PAI, which will be backed by LP tokens as collaterals. In return, this will incentivize all LP token holders to trade with each other confidently.

Party Parrot is set out to create a margin trading product or virtual AMM, where the PAI token would be used as a tool to benefit the whole Parrot community.

Party Parrot Finance interface

Furthermore, through the Parrot lending market, LP token holders can enjoy the full potential of their tokens, as they are given the possibility to benefit from their locked value by borrowing against lender liquidity.

Overall, The Party Parrot financial venture is a for-profit project; so, all goods and services within the platform come with fees. But innovatively, the team behind the protocol will use the fees collected to purchase back the PRT token as protocol incentives.

Across the platform, the fees are collected from stability fees from the stablecoin PAI, as well as borrow interests on the PAI supply. Additionally, the blockchain ecosystem will be able to strive off borrow fees from the lending market, liquidation penalties, And trading fees for the vAMM.

The project is set to be following the roadmap below, ensuring a smooth implementation of all products:

  • 2021 Q2 April-June: Stablecoin with LP collaterals.
  • 2021 Q3 Solana DeFi Summer: Crypto lending with LP collaterals.
  • 2021 Q4 -2022-Q1: Margin trading with vAMM, using PAI.

PAI Stablecoin

Also built on the Solana blockchain ecosystem, the PAI stablecoin the Protocol’s very first product. Once fully operational, the token will play an important role within the platform’s ecosystem. Currently, the token is available on devnet for testing purposes and open to all crypto enthusiasts.

The PAI stablecoin will primarily be used to bridge LP tokens to Solana. It will also enable the staking of ETH and BTC tokens on an L1 swap where holders can earn LP yields. PAI holders will be able to also mint PAI, with LP tokens as collaterals, and buy BTC or ETH using PAI under the Serum ecosystem. 

Party Parrot Tokens (PRT and gPRT)

PRT is the Parrot protocol utility token, while gPRT is the platform’s governance token.

The PRT token is responsible for all operations and transactions within the platform and currently has a total supply of 1,000,000,000, where 35% is locked as protocol incentives, 17.5% control by the team, 10% as the reserve, and 20% saved for the platform’s ecosystem and partnerships.

As for the gPRT token, it is used as a tool to further long-term participation in governance within the system. gPRT tokens will be given to all individuals who lock up their PRT tokens, where the longer the lockup period, the greater the amount of gPRT tokens are minted for the supply locked.

For every gPRT in an individual possession, additional voting power and protocol incentives boost are granted. The lockup periods range from 1 to 4 years, guaranteeing various benefits depending on the number of years, which is as follow:

  • 1 year: 1x (gPRT1)
  • 2 years: 1.5x (gPRT2)
  • 3 years: 2x (gPRT3)
  • 4 years: 4x (gPRT4)

Conclusion

The Party Parrot protocol is a dynamic implementation and combination of already existing solutions powered by the blockchain. The growing DeFi ecosystem has revealed the need for such a solution within the market.

The blockchain solution not only empowers users and token holders but also enables them to benefit from all the services on the platform. Furthermore, through the PRT and gPRT tokens, users can potentially grow to become huge actors within the Parrot ecosystem, allowing them to take part in decisions and processes that affect the platform directly and indirectly.

Party Parrot is a unique protocol and is on pace to have an echoing impact within the blockchain ecosystem for years to come and eventually become a leader within the DeFi space.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.asiacryptotoday.com/party-parrot-finance/

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