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CasperLabs Partners with BitMax.io to Conduct Innovative Exchange Validator Offering (“EVO”)

CasperLabs, a next-generation, secure and scalable Proof-of-Stake blockchain, is collaborating with BitMax.io, a Singapore registered digital asset trading platform, to conduct its private validator t

The post CasperLabs Partners with BitMax.io to Conduct Innovative Exchange Validator Offering (“EVO”) appeared first on AMBCrypto.

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CasperLabs, a next-generation, secure and scalable Proof-of-Stake blockchain, is collaborating with BitMax.io, a Singapore registered digital asset trading platform, to conduct its private validator token sale in the form of an Exchange Validator Offering (“EVO”).

Private Validator Token Sale Opportunity

CasperLabs will conduct its validator token sale in collaboration with BitMax.io. The purpose of this Exchange Validator Offering (“EVO”) is to promote greater network decentralization by providing fair access to retail participants at the project’s earliest stage investment opportunity.

$3MM worth of CLX tokens, the native cryptographic token of the CasperLabs blockchain, will be available for sale in the EVO which will be divided into three rounds, with bonus tokens available in the first and second rounds. Registration to participate in the CasperLabs EVO will go live on BitMax.io at 10:00 a.m. EDT, March 26 and remain open until April 6.

The price at which EVO participants can purchase CLX tokens is $0.01. This represents a significant discount to the price at which CLX tokens will be distributed via an eventual public sale, where tokens will be auctioned at a minimum bid price of $0.02 per CLX.

CLX Distribution:

*Note: Public Sale distribution will be conducted via an auction with a minimum reserve price of $0.02.

All EVO participants will be part of the founding stake on the Genesis Block of the CasperLabs network and an integral part of the network launch and initial security.

Rationale for Underlying Sale Structure

CasperLabs has made no token offerings to date and all funding has been conducted via a standard Series A equity financing. The decision not to sell tokens was based on ensuring open access to the underlying system.

Since first introduced, Proof-of-Stake (“PoS”) blockchain networks have historically seen staking dominated by institutions and large token holders (“Whales”). Whales are often early stage investors of a given PoS project with large allocations of tokens vested at mainnet launch. Such concentration of staking power and “Monopolization of Consensus” is troubling because it consolidates control of the blockchain network to a small handful of validators. This can harm the project in various ways, including concentration of voting power, single points of failure for malicious network attacks, and network instability. This runs counter to the proposed aspirations of many PoS to be truly permissionless, decentralized, and secure.

CasperLabs, together with BitMax.io, is taking a novel approach to challenge the status quo of staking power consolidation amongst institutions by conducting the industry’s first EVO.

BitMax.io will operate a full-node at CasperLab’s mainnet launch to facilitate staking support for CLX on behalf of platform users at the “Genesis Block,” thus eliminating the need for retail EVO participants to operate as validators on the network.

While CasperLabs had significant interest from institutional investors to participate in the validator sale, the team insisted on providing open and widespread access to the underlying system at the same terms. Partnership with a top-tier platform like BitMax.io will be fundamental in facilitating that open access to a global user base.

Valuation: Given a total token supply of 10 Billion, the EVO price of $0.01 will value the CasperLabs network at $100MM on a fully diluted basis.

Validator Token Rewards

Three types of token rewards will be associated with the EVO: (1) early participation rewards, (2) staking rewards, and (3) transaction fee rewards.

Early Participation Rewards:

CLX tokens purchased in the EVO will increase by 15% per annum pro-rata (“APR”) of the quantity of tokens. Early participation rewards will begin accumulating from the date the CLX tokens are received by the EVO participant until the CasperLabs’ MainNet Launch, which is anticipated to be in Q3’ 2020. For example, assuming a purchase quantity of 10,000 CLX received on April 1, 2020, with a Mainnet Launch date of August 1, 2020, the EVO participant would see their token holdings increase by 500 CLX (+5%).

Staking Rewards:

The CasperLabs protocol will target a 15% gross yield for the first year post-launch, reducing to 6-7% once CLX distributions are completed over the coming years. The Seigniorage rate to arrive at this will be calculated using the formula: Gross yield (Seigniorage Rate/Percent Staked)/Supply and will be in the low single digits. This means that CLX tokens staked on the CasperLabs network will generate passive yield for token holders in exchange for participation in various consensus mechanisms.

Transaction Fee Rewards:

CasperLabs validators will receive token rewards based on transaction fees collected on the network.

All three types of Validator Token Rewards will be paid out at the end of an era into a separate rewards wallet address that needs to be provided prior to Genesis. Rewards are tied to the finalization of proposed blocks according to two different (“short-run” and “long-run”) criteria and overall liveness conditions on the platform.

About CasperLabs

CasperLabs is building a fully decentralized, scalable, permissionless and highly secure blockchain. It is powered by Highway, an innovative, correct-by-construction (“CBC”) Casper-based proof-of-stake consensus protocol. By leveraging popular workflows, tools and languages, CasperLabs is making blockchain services easier to use, more upgradable and more predictable, thus removing barriers to mainstream adoption.

You can also check out the website, Technical Specification, Consensus Proofs, Explorer, Github, Medium, Youtube.

About BitMax.io

Launched in August 2018, BitMax.io is a leading digital asset trading platform with a broad range of financial products and services for both retail and institutional clients, with robust product design ranging from innovative volatility products to margin trading and other investment solutions.

Strategic Collaboration

CasperLabs, together with BitMax.io, is taking a novel approach to challenging the status quo of staking power consolidation by conducting an Exchange Validator Offering, or “EVO.” BitMax.io will provide technology and execution support while CasperLabs will be the legal issuer allowing BitMax.io users to sign a non-transferable Validator Future Token Agreement (“VFTA”) to purchase CLX tokens. The collaboration between CasperLabs and BitMax.io will provide hundreds of thousands of small token purchasers with fair access to the project’s EVO at the earliest possible opportunity and the most favorable token prices.

For more information, visit BitMax.io the Website, Twitter, Reddit, Telegram, Medium. And Contact here for more details.

Disclaimer: This a paid post, and should not be treated as news/advice.

Source: https://ambcrypto.com/casperlabs-partners-with-bitmax-io-to-conduct-innovative-exchange-validator-offering-evo

Blockchain

Blockchain and crypto will challenge current finance, Nigeria VP says

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Nigeria’s vice president, Yemi Osinbajo, delivered a speech at an economic summit on Friday in which he spoke positively of crypto and blockchain. 

“There is no question that blockchain technology generally, and cryptocurrencies in particular, will in the coming years, challenge traditional banking, including reserve banking, in ways that we cannot yet imagine,” Osinbajo said on Friday during the Central Bank of Nigeria, or CBN, Bankers’ Committee Economic Summit. “We need to be prepared for that seismic shift, and it may come sooner than later,” he said.

The Nigerian vice president also noted the broadness of the crypto industry, mentioning decentralized finance, or DeFi, in the mix. “Decentralized finance, using smart contracts to create financial instruments, in place of central financial intermediaries, such as banks or brokerages, is set to challenge traditional finance,” he said. 

Osinbajo’s speech, which included a number of other points, is posted on his YouTube channel. The Nigerian vice president also tweeted out a video clip highlighting of some of his crypto comments from his talk.

“The point I’m making, is that some of the exciting developments we see call for prudence and care in adopting them and these have been very well-articulated by our regulatory authorities,” he said, adding:

“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and in a position to prevent any of the adverse side effects, or any of the possible, even criminal, acts that may arise in consequence of adopting or taking any of these options.”

The comments come in contrast to recent developments in Nigeria. Earlier in February, Nigeria forbade banking interactions with crypto exchanges, as per a ruling from its central bank. The CBN’s governor also called crypto assets illegitimate. Bitcoin recently traded at a significant premium in the region.

Source: https://cointelegraph.com/news/blockchain-and-crypto-will-challenge-current-finance-nigeria-vp-says

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Blockchain

‘Bitcoin could reach $1 million or $1, and may do both of those’

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While many analysts predict that either Bitcoin could increase to a million or fall to a dollar, a popular businessman and investor based in the US thinks that the asset could do both!

In a recent interview with Joe Kernen at CNBC’s Squawk Box, Internet analyst Henry Blodget of the dot com era fame said: 

Bitcoin could go to $1 million… it could also go to $1. And in fact it may do both of those

In addition, Blodget, who also served as the head of the global Internet research team at Merrill Lynch, is unconvinced about the asset’s value proposition. He claimed that Bitcoin as an inflationary hedge and the narrative surrounding its value as ‘digital gold’ were “stories”. He further added: 

But the stories that we tell about why relative to the value of gold or other currencies, they’re ludicrous.

In his opinion, Bitcoin can trade just about anywhere because it does not have any fundamental backing. He said that unlike traditional stocks, “which usually does have some relationship ultimately to a fundamental,” of a company, “Bitcoin doesn’t, so that means it can trade anywhere.”

The entrepreneur thinks that crypto exchange Gemini’s CEO Tyler Winklevoss could eventually be “exactly right,” in his forecast that the asset could surge to a million. However, Blodget said:

If people were to decide that for the next couple of hundred years Bitcoin is where you park your money when you take it out of the fiat system, OK, it’s possible.

Interestingly, while crypto Twitter and Bitcoin enthusiasts, in particular, called out the analyst’s criticism, they commended the interviewer’s counter-argument. CNBC’s Joe Kernen seemed to even “speak the language” of the crypto space as one twitter user named @HodlBells noted:  


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Source: https://ambcrypto.com/bitcoin-could-reach-1-million-or-1-and-may-do-both-of-those

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Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

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NetCents, a cryptocurrency payments company, today announced it has signed an agreement with Vesto.io to pave the way for DeFi access in the NetCents platform.

Vesto, is a San Francisco-based company that has created a platform allowing users to choose from multiple DeFi protocols in a virtual supermarket. NetCents (with regulatory approval) intends on enabling a portal to the Vesto infrastructure from the NetCents wallet in order to facilitate user’s adoption of DeFi investing in an efficient and easy-to-understand interface.

“We have seen the DeFi space explode over the past year, but for it to reach the next level – the tools and the process has to be attainable by the novice crypto investor. We will be adding a layer of simplification to the process so that individuals can have their savings actually working for them without the complexity of the current platforms. Individuals have the right to lend their money at market-based rates instead of getting 1% interest on their savings that the commercial banks are offering.”
– Clayton Moore, NetCents Founder & CEO

LOI

The Letter of Intent  (LOI) contemplates a Joint Venture between parties and an option for NetCents to invest in Vesto and hold a significant ownership stake in the company at a future date.

Management of NetCents also informed investors that many of the concepts embraced by these DeFi platforms have not been vetted by the many authorities that regulate financial products. NetCents intends to work together with regulators to navigate this landscape and resolve it with a compliant product.

For Example: Fintech businesses seeking to bring a novel product or service to the market can seek regulatory relief through regulatory sandboxes such as the Ontario Securities Commission’s LaunchPad or the British Columbia Securities Commission’s SandBox.

Furthermore, businesses that distribute, trade, or advise in crypto assets that are securities are required to comply with securities laws (in particular, registration and prospectus requirements), which can be onerous. There are many exemptions for specific types of distributions, trades, and other activities and NetCents intends to research these exemptions rigorously. These exemptions, at a high level, may limit the types of investors that can participate or the investment amounts, or may require the preparation of disclosures to investors and filing of a disclosure document.

Source: https://www.cryptoninjas.net/2021/02/27/crypto-platform-netcents-to-offer-users-access-to-defi-protocols-thru-vesto/

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