Mintbase is a platform that allows users to create and sell NFT-backed digital assets. Users can “mint” different types of digital assets as unique, non-fungible tokens.
Blockchain technology has so far become a sensational development in the history of human civilization. Starting with bitcoin’s digital currency model, the world has so far seen more spectacular applications of this wonderful new thing. From cross-border payments to unique voting mechanisms, the decentralization and trustlessness afforded by the blockchains and smart contracts have proven to improve, simplify, and secure every process it has been applied to.
Now, fresh out of Portugal is a new blockchain application that seeks to protect digital ownership and ensure the scarcity of digital assets. The platform takes advantage of Ethereum’s ERC-721 token standard to instantly mint Non-Fungible tokens (NFT), which are unique, scarce, and transferable.
Mintbase was created by a couple based in Lisbon, Portugal, known as Nate Geier and Caroline Wend. The project started officially in October 2018.
Nate Geier had previously worked as a programmer for Nike, before going on to participate actively in major roles in several startup endeavors. He currently serves as the CEO, making major decisions and steering the company towards greater heights.
His partner, Caroline is in charge of operations, serving as COO. She is able to bring her extensive background in business management and development to the table. However, the company is run by a compact group of developers, scattered across Europe.
Thanks to the tenacity of the couple, the company was able to raise a sum of $1 million in a seed funding round in 2020, which was led by Sino Global, a Chinese venture capitalist with high investment in cryptocurrency applications. In addition to Sino Global, other VCs such as D1 Ventures, Block Oracle capital as well as angel investors contributed to the funding.
What is Mintbase?
Mintbase is a platform that allows users to create and sell NFT-backed digital assets. Users can “mint” different types of digital assets as unique, non-fungible tokens. Such assets could be tickets to events, songs, pictures, and any other crypto art.
Through Mintbase, nearly anyone can come online and make an NFT, as well as make it available for sale, either in their marketplace, or other NFT trading sites like OpenSea.
Each minter gets to create a smart contract where he can set and limit the transferability of the minted tokens. This would help prevent fraud, impersonation and illegal transfer of intellectual products and unique items.
As a company, Mintbase is dedicated primarily to developing a unique NFT creation experience for its users above being a marketplace. Therefore, the company supports different asset classes in contrast to competing products that focus on specific NFT categories instead.
In addition, the platform supports users with a variety of unique features that can be performed by minted tokens.
One of the incredible features envisioned for Mintbase tokens is spawning tokens. A user, the minter, would be able to make Spawn-able tokens. When a minter transfers a spawning token to another party, the other party can then generate more tokens from that single token he received.
The quantity and generations of spawning allowed would depend on the limit set by the original minter. Each of the spawned tokens would also be unique and non-fungible, as well as transferable to a third party.
The motive behind spawning tokens is to help brands and companies that use the Mintbase platform to generate tickets to market their events or services naturally.
Like the name states, self-destructing tokens would be able to redeem themselves and burn based on preset conditions by the minter.
This ability lets minters make tokens expire. If a minter, for example, sets a token to burn after a month it was allocated after the time has passed, the token would automatically be removed from the holder’s wallet through a series of blockchain-based protocols.
Embedded Value Tokens
Several hundreds of millions of dollars are left unclaimed every year through coupons, tickets, vouchers, and other redeemable items. With embedded value tokens, minters can retrieve unused tickets and either recycle the value or use it elsewhere.
This feature will allow companies and brands to reward customer loyalty without wasting the investment in producing these reward items when the receiver fails to claim ownership after a specific period.
Customer Reward and Ticketing
The two most important use-cases for Mintbase has to be for customer reward and ticketing. By encouraging brands and companies to mint and trade digital tokens freely, Mintbase has been able to carve out a small niche in the NFT-making corner.
The complications and expenses associated with creating loyalty reward systems cause inefficiencies that reduce the impact of campaigns. Many customers are not able to access reward points because they don’t use the brand’s preferred channel, prompting a feeling of being left out.
On the other hand, brands are not able to maximize the effectiveness of such programs either. Smaller brands cannot even embark on such programs because they are expensive and complex.
But with the Mintbase marketplace structure, any brand can develop reward programs on their smart contract. While using non-fungible tokens to transfer these rewards freely across cryptocurrency networks.
This feature would work better when cryptocurrencies are accepted and used more widely since customers would need a wallet connected to an Ethereum node to collect reward tokens.
Using Mintbase to make NFT tickets would solve a lot of issues currently faced by both ticket issuers and ticket holders. One of the most obvious would be the prevention of fraud. As NFTs are unique, and cannot be duplicated, issuers can keep track of their tickets without having to invade holders’ privacy by asking for intrusive personal details for verification.
Issuers can also limit the transferability of their tickets on their smart contracts to prevent the second-hand sale of tickets at inflated rates. Therefore, users can have absolute control over the economics of their events.
In due time, ticket buyers would also enjoy reduced credit card fees by using blockchains to carry out their transactions and enjoy nearly insignificant charges.
MintBase on the Internet of Blockchains
Minted NFTs on Mintbase would enjoy unprecedented transferability. The company is working hard to make its tokens verifiable on different blockchains and marketplaces.
In 2019, the platform started actively working with protocols other than Ethereum blockchain to support faster adoption, minimize gas fees, and give users a wider option for trading minted tokens. This was around the time the company started development on the NEAR protocol as well.
To this end, Mintbase is working actively to make their NFTs adaptable on cross-chain networks such as Cosmos while ensuring token integrity on the ERC-721 standards.
The idea of an NFT generation blockchain is by no means new in the cryptocurrency space, the need for them is just as apparent. But Mintbase has been able to carve a whole sector for themselves where they can attend to their customer avatar uniquely and effectively.
The simplicity afforded by the platform is a testament to their users. This is visible through the cross-platform support, API integrations and easy to use interface. For example, users can sell directly on Opensea’s network, in a two-click process.
All these, as well as the transparency on the platform, are more than enough reasons to see it compete confidently in the emerging market for NFTs in the nearest future.
Coinbase Pro Lists Tether as USDT Supply Approaches 50 Billion
In an announcement on April 23, Coinbase Pro stated that it had enabled trading for the Tether stablecoin. The move is huge news as previously the leading exchange would only support its own native stablecoin, USDC.
The announcement added that support for USDT will generally be available in Coinbase’s supported jurisdictions, with the exception of New York State. The only version of USDT available will be the Ethereum ERC-20 standard.
Trading will begin on or after 6 PM Pacific Time Monday, April 26, if liquidity conditions are met, it added. The following pairs will be available: BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD, and USDT/USDC.
Tether is not available on the regular Coinbase exchange yet and is limited to the Pro version which is more suited to professional and institutional traders.
Starting today, inbound transfers for USDT are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 6PM PT on Monday April 26 , if liquidity conditions are met. https://t.co/F5o73g8o4v
— Coinbase Pro (@CoinbasePro) April 22, 2021
Tether Supply Surges
The move comes as Tether’s circulating supply approaches a milestone all-time high of 50 billion. According to the Tether Transparency report, there are currently 49.58 billion USDT in circulation.
Of that total, almost half of it, or 24.4 billion is based on Ethereum while the majority of the remainder, almost 26 billion is circulating on the Tron network.
Since the beginning of 2021, the total supply of Tether has increased by 137% outlining the surge in demand for stablecoins in DeFi related activities.
Comparatively, there is currently 13.4 billion USDC in circulation according to the company that owns it, Circle. It has had an even greater increase this year with 244% since January 1.
The third-largest stablecoin is Binance USD which currently has a circulation of 7 billion according to Coingecko. The surge in supply for BUSD this year has been even greater at over 600%, largely driven by Binance Smart Chain and DeFi yield farms on PancakeSwap.
Crypto Market Correction Deepens
Cryptocurrency markets are currently correcting hard with a decline in total market capitalization of 20% from its all-time high of $2.3 trillion on April 16. Over the past 24 hours, $280 billion has left the space as Bitcoin and its brethren continue to pull back.
According to Coingecko, BTC prices have slumped 9.4% on the day dropping below $50K for the first time since March 7. It has now formed a lower low since the previous correction which could be a sign of a major trend reversal.
ORBS Is Now Accessible on Binance Smart Chain Via AnySwap
[PRESS RELEASE – Please Read Disclaimer]
The ORBS token is now accessible via the Binance Smart Chain. Hodlers can swap tokens to and from the Ethereum network. Exploring this additional blockchain allows Orbs to leverage BSC’s potential for speed, low costs, and DeFi purposes.
This integration of ORBS onto Binance Smart Chain is made possible through the cross-chain bridge developed by Multichain.XYZ – a platform co-developed by Anyswap and Andre Cronje. By integrating this functionality, holders can now move ORBS to and from the Ethereum and BSC networks at their own leisure.
Given the potential for BSC in the DeFi space, support on this blockchain can unlock new use cases for Orbs. As BSC is home to near-daily launches of new projects, products, and services, it is one of the more exciting blockchains in the industry today. It has a competitive edge over Ethereum – which remains the main ecosystem for DeFi – by providing faster transactions at a much lower cost.
“While the Ethereum ecosystem is leading the pack in terms of DeFi activity and public interest, in the last couple of months we are seeing more and more DeFi alternatives growing on BSC. Says Orbs co-founder Tal Kol. “We knew we had to be part of the opportunities and innovations happening in the BSC ecosystem” he continued.
As more and more DeFi alternatives launch on BSC, it makes sense for the ORBS token to be interoperable. As Orbs is a prolific decentralized finance project with unique advantages and multiple upcoming projects under development, both ecosystems will benefit from this compatibility. With the help of cross-chain bridges – such as multichain-xyz – the DeFi ecosystem can continue to grow and evolve into more encompassing solutions.
Moreover, Orbs and the Binance exchange strengthened their partnership in January to promote ongoing innovation in the world of decentralized finance. They were the first core sponsors of the DeFi.org accelerator bootstrapping new projects and DeFi protocols.
Other projects being worked on by Orbs include Liquidity NEXUS – to bridge the gap between CeFi and DeFi – and the Orbs DeFi Portal – an aggregation service for information regarding Orbs and decentralized finance. There is also the Orbs DeFi Grant Program which aims to foster ongoing growth among contributors developing the network and ecosystem.
Orbs is a public blockchain infrastructure designed for mass usage applications – offering developers a proper mix of performance, cost, security and ease of use. The Orbs protocol is decentralized and executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus.
Orbs Now Bridged to Binance Smart Chain (BSC) with Anyswap
Blockchain company Orbs said it is now available to trade on Binance Smart Chain (BSC). The move is yet another milestone in Orbs’ efforts to build bridges between complementary blockchains that will eventually bridge ORBS to multiple ecosystems.
With the release of this feature, ORBS holders will be able to leverage their tokens to participate in DeFi applications on the Binance network. At the same time, they tap into Binance’s ever-growing ecosystem that allows for cheap transactions and high scalability.
The BSC integration is also another step in growing token liquidity across multiple chains, while also preparing for the ability of other assets to live on the Orbs network.
ORBS, which has some $272 million in liquidity and around $1 million in 24-hour volume, was formerly only hosted on the Ethereum blockchain, which is currently suffering under increasingly high gas fees.
To kick-start this integration, Orbs is utilizing the cross-chain bridge infrastructure developed by multichain.xyz, which makes applications compatible with new and legacy systems. Effective today, ORBS tokens can be swapped from the Ethereum mainnet to the BSC mainnet and back.
Once the swap is complete, the ORBS token will be visible in the Binance Wallet connected to the service. From there, users can trade, swap, and interact with the associated token as they would with any supported asset in the Binance Chain.
The rapid rise of the Ethereum-based DeFi ecosystem has fueled the migration of many relevant applications to alternative blockchains. The trend has accelerated after the expensive gas fee on the Ethereum network has limited functionality and made many defi protocols barely usable.
Is BSC the Ethereum killer?
As the Defi ecosystem continues its boom, Ethereum seems to be losing its market to Binance Smart Chain (BSC). Binance’s native blockchain has become the go-to alternative for many traders, onboarding millions of users at an eye-watering pace.
As a result of BSC’s rising popularity, BNB token price has skyrocketed to become the world’s third biggest cryptocurrency, trailing only behind Bitcoin and Ether. Trading volume on Binance’s network has also outpaced that of Ethereum, a clear shift of the market to the new chain.
For Orbs, the main motivating factor for integrating Binance Chain is to give users new ways to use ORBS on various DeFi applications within the nascent ecosystem.
Orbs’ vision is to convert real-life businesses to blockchain at scale by turning the trust-enabling technology into mass-usage applications for many sectors.
The Israeli blockchain garnered attention earlier this year after partnering with Binance to fund a recently launched accelerator for decentralized finance innovation.
Named ‘DeFi.org,’ the incubator reviews submitted applications, even anonymous ones, and the one that fulfills requirements and receives approval gets the accelerator’s assistance.
Successful applicants receive many benefits and incentives including mentorship, funding from scratch and exposure to the DeFi community.
Upon receiving approval, they also get a “special consideration” if they apply to take part in Binance’s seed fund for Bridging DeFi and CeFi. In line with the sponsorship, Orbs also provides startups with a grant under the company’s Grant Program.
Meanwhile, Orbs has recently introduced a new liquidity-as-a-service application that makes access to defi easier for professional investors. Dubbed ‘Liquidity Nexus,’ the application provides a massive source of new liquidity for interested defi projects.
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