Daily Archives: June 8, 2021

Phemex Is Adding Bitcoin Offering to Its Earn Crypto Product

The digital asset industry has gone on a blistering rally over the last year. The once-obscure technology has now seeped into regular dinnertime conversation among the young and the old alike.

Cryptocurrencies have come a long way, from being known as havens for criminals and money launderers to paving the way for the democratization of finance. Today, “Blockchain” and “Bitcoin” tops the list of social discourse. Beyond the buzz, however, the financial industry has transformed into a robust and respected realm. 

To put numbers into perspective, the total valuation of the collective crypto market reached a whopping $2 trillion market cap this year. Hence, it can be stated that blockchain technology has emerged as, perhaps, even more, disruptive to the banking and investment sector than any other groundbreaking advancement in recent times. The concept of money is constantly evolving. Thanks to some of the most brilliant minds, the cryptocurrency industry has carved a niche to become a unique instrument in the investing world. It does not only share characteristics of traditional currencies but also acts as a more sophisticated financial product.

Enter Phemex

There is a need to cater to the rising demand. Therefore, Phemex, Singapore’s most popular cryptocurrency exchange, announced its Earn Crypto program in December 2020. This program is essentially a cryptocurrency asset management service that aims to accommodate all kinds of investors in the digital assets space. Rolled out on the 18th of January this year, the Earn Crypto program sprung up as a highly lucrative opportunity for traders looking to earn attractive interest rates on stablecoins.

Phemex’s Ambitious Earn Crypto Program

The main objective behind Phemex’s launch in late 2019 was to offer its users a flexible and robust infrastructure to trade digital assets. Its team of experts consists of former Morgan Stanley veterans. The platform also boasts a solid user base of more than a million.

Phemex caters to all types of investment products. In addition to the basic spot market trading, it also offers trading services for derivatives contracts such as options, futures, and perpetual swaps for its users. Moreover, the exchange also facilitates offerings such as gold contracts.

Hence, Phemex had conducted a lucky draw contest of the first thousand participants to celebrate the launch of the Earn Crypto platform. The platform offered $500 in trading bonuses in addition to a new PlayStation 5 to one lucky winner.

This competition enabled market participants to earn attractive interest rates on stablecoins as well as crypto-assets. The two methods that Phemex has unveiled for its users are – Flexible Savings Account and a Fixed Savings Account.

While Flexible Savings Account offers 7% APY on a daily basis, Fixed Account, on the other hand, provides 10% APY on a weekly basis.

The minimum deposit required for a fixed account is 100 USDT. It also features an auto-renewal system that helps traders stake over more extended time frames to set up back-to-back deposits. One of the significant value propositions of a fixed account is that the weekly payout is incorporated into the initial deposit, which then gets compounded the following week.

Phemex distinguishes itself from its rivals based on transparency and upholds the security of assets offered on the exchange. All this is done by leveraging the real-time monitoring systems, third-party audits, and other tools that contribute to a professional risk control ecosystem.

Phemex traders can open multiple accounts to distribute funds. The cryptocurrency platform also does not plan to modify the interest rates on Earn Crypto on the grounds of the performance of its internal investment strategy. These factors give Phemex an edge over its peers since traders always receive the advertised interest.

Bitcoin support on Earn Crypto

Earn Crypto platform first started as a stablecoin-focused service. However, Phemex is now all set to add support for Bitcoin [BTC] on the 7th of June, 2021. The latest move is a part of its expansion plans to foster different kinds of assets, irrespective of volatility.

Here, the Flexible Account offers 2% APY for Bitcoin. The Fixed Account, on the other hand, offers 4% APY on the cryptocurrency. Besides, Phemex allows its users to buy assets directly through its fiat payment gateway on the Earn Crypto platform. These purchases can be made via VISA, Mastercard, and even ApplePay, etc.

With these unique offerings, both in Tether and Bitcoin, Phemex has managed to cut above its rivals and is way ahead of its game.

Phemex now joins the likes of industry behemoths such as Binance in leading the wave of financial democratization by offering incredibly profitable interest rates on crypto deposits for its users while keeping in mind the security and safety of the funds.

Tribute to the Bitcoin Pizza Guy

The exchange had recently announced its plans to commemorate Bitcoin Pizza Day that marked its 11th anniversary on the 22nd of May this year. For the uninitiated, it all started when a Florida-based computer programmer and one of the early adopters of the then newfangled Bitcoin, Laszlo Hanyecz, bought two large pizzas for 10,000 BTC. The rest is history. A decade ago, the value of the entire transaction cost him $41. Today, however, the asset spent on the two pizzas would be close to a massive $400 million.

Its significance lies in the fact that the two overpriced [even at that time] pizzas initiated a conversation about Bitcoin. Although he must have lost out on his potential fortunes, the transactions demonstrated something more substantial – his contribution to the Bitcoin ecosystem in more ways than one. Hence, to pay tribute to one and only Laszlo and celebrate the first-ever real-world transaction with the cryptocurrency, Phemex devised a plan to offer him another chance to spend his 10,000 BTC. But this time, he would make a good profit.

The exchange also launched a Gleam campaign within its community to help spread the word to amplify the news. 

While Phemex couldn’t find the beloved Bitcoin Pizza Guy, the platform awarded $10,000 worth of crypto to 8 lucky winners.

Nugenesis Network – Build Crypto Dapps Seamlessly in More Than 29 Language Systems

After 7 years of R and D, the Nugenesis network is built and ready for launch. NuGenesis is a system of blockchain technologies that integrates blockchain load balancers and system validators to efficiently flow data into infinite parallel processing blockchains. The more users, the faster the transaction speed!

NuGenesis parallel processing blockchains are multilingual cross chains allowing dApps built on Eth, Substrate, Bitcoin and 29 other language systems to be seamlessly interoperable. The NuGenesis blockchain network configurations are complete and functional, and in-built in the code to constantly improve and innovate. It is entirely gas-less. It is zero-carbon emission, and totally Green.

Unlimited scalability for real world use

NuGenesis is designed to meet the expectations of mainstream society: unlimited scalability for real world corporate and government application; transaction speed in the millions per second; interoperability such that different blockchains languages can seemingly communicate.

In the same way that users expect their VISA or MASTERCARD transactions to be instant, or their wifi to connect in any country with any make or phone, NuGenesis delivers blockchain applications without the need for a central authority, that is immutable, uncorruptible and censorship resistant.  Artificial intelligence (AI) is used throughout the blockchain networks to underscore the integrity system.

Rather than reducing data on the blockchain to increase speed, we want more data.  Data is the new gold!  Storage chains keep that data for user analytics on the explorer. We integrate hybrid public and private networks allowing all users to allocate how to most efficiently manage sensitive data, balancing speed and security.

nucoin

The next generation in crypto assets are here

NuGenesis has allowed for the evolution beyond smart contacts and NFTs, into comprehensive dynamic Digital Notarised Contracts and Serial Notarised Digital Assets, to springboard the creation of a new generation of crypto assets.  Serialised assets allowing conditions to be placed, such as mortgages to raise capital, conditions to be met before release, multi-signature treasury wallets for the creation of global defi.  Lost or stolen crypto assets no longer have to terrorise new users: they can be restored with a technology revolution that provides necessary comfort for mass adoption.

Constant innovation rate: eye on future needs

The limitations of old tech have been surpassed. The NuGenesis governance system provides for the minting of coins and distribution into system treasuries to cater for an on-going rate of innovation. That means:

  • No sluggish inability to upgrade.  Instead there is forkless upgrades;
  • Treasuries fund investment in exploiting the opportunities of the future with core devs working on quantum resistance; zero-knowledge proof integration to protect privacy of data; satellite based off-line transactions and the virtual reality realm (‘parallel worlds’) where global interaction by avatars replace the keyboard;
  • Treasuries reward all the users in the system for their contribution to ecosphere, including all users who benefits from an airdrop of 10% of coins minted each month.

For the benefit of all participants

Unlike 99% of the projects to date, there is no pre-creation/pre-minting of coins with founders or a crypto aristocracy hording vast amounts of coin sold to the public on the promise of the blockchain.  We are the opposite:  the coins are minted by the system (miners and overseen by AI) and distributed according to the protocols for the benefit of the ecosystem as a whole.

Collaboration

Interoperability is now here!

As a layer 1 blockchain, we welcome new projects in a gas-less ecosystem with:

  1. the ability to customise their own version of the NuGenesis blockchain and either para-chain or better still, become a parallel processing network;
  2. the V2R launchpad to crowdsource and receive development funding; and,
  3. a Fully Fledged Market Exchange (Ledger X) to optimise its access to capital.

Existing projects can readily bridge/cross chain with either the NuGenesis multi-language blockchain or with the Leger X exchange blockchain configuration to allow for gas-less interoperable exchange of crypto assets from different exchanges or to further access capital.

nucoin roadmap

A fully developed eco-system

Three essential ingredients:

  1. Actively engaging community  (Just Social)

To engage the user-participants we have the Just Social, decentralised Social media platform.  Interaction, critiques and reviews, exchange of services, access to opportunities and a dashboard of useful crypto metrics at their fingertips, are just some of benefits where the whole community is rewarded for every contribution: marketing, admin, sourcing a tech innovation, peer reviewing a collaboration etc.  A place to earn and learn, not just to invest. 

  1. Fully Fledged market Exchange (Ledger X)

The Ledger X exchange has all the advantages of a centralised exchange in terms of speed and convertibility to fiat to crypto/crypto to fiat, but without the central point of failure.  Data is decentralised through 11 witness nodes spread globally.  It represents the safest access to mainstream capital markets and fiat currency liquidity. 

  1. Synergistic relationship with legal systems (Crypto Codes in Special Digital Economic Zones)

NuGenesis has been working with number of jurisdictions developing their own CBDCs and seeking to integrate and provide legal certainty in regard to crypto assets.  Jurisdictions are planning a Blockchain Code to provide legal recognition for digital (non-human) estates and wills; DAOs; crypto payment instruments and arbitration of disputes.  Digital Passports, KYC/AMC verified by AI, will enable users to transact in recognition that they have identity integrity and even on a zero-knowledge proof basis thereafter for privacy.

The code will also offer (a) qualifications and accreditation with a Digital Commerce University; (b) duties on founders, developers and miners to users on standards of conduct; (c) voluntary disclosure requirements for registering projects regarding capital raising by prospective projects to provide the incoming mainstream investors sufficient commercial certainty and comfort.

Welcoming mainstream capital to fund the techno renaissance

The NuGenesis ecosystem is the most conducive interface to welcome mainstream capital flow. 

We cater for mainstream expectations by providing:

  1. new frontiers for the creation of crypto assets including beyond tokens and in virtual reality;
  2. a true interoperable experience agnostic as between blockchain assets and dApps;
  3. a decentralised, and safer, fiat-crypto-crypto-fiat exchange through which to invest;
  4. through serialised Digital assets, hack-proof confidence in building assets for personal and commercial use including multi-sig wallets and such conditions for mortgaging new and existing asset acquisitions in a modern real defi capital market;

(lost of stolen mnemonics, wallets and crypto assets can, subject to verification, be burned and true ownership restored).

  1. Off-line satellite payment systems and local remittance offices;
  2. legal and commercial certainty in the status of their crypto; identity integrity; duties and standards of conduct and disclosure and access to arbitration justice. 

Who are we and why this blockchain network system was developed?

The various founders and related parties have been working with Governments to develop Central Bank Digital Currencies (‘CBDC’s), and infrastructure investment platforms.   Remember that only 1/3 of the Central Banks are part of the Bank of International Settlement.  Most of world’s countries suffer the same asymmetry of power and access to global capital as those who propel the growth of the Crypto space.  They are equally desirous of open, neutral and permissionless access to global capital. 

Through this experience NuGenesis was developed to address the needs of real world scalability.  Countries cannot rely on human validators, inefficient or excessive resource use.  They require zero carbon emission. 

Countries require serialisation of crypto currencies and the most Advanced AI KYC/AML to secure the integrity of their economy and the uses to which it is put. 

It is from this use-case experience that NuGenesis realised the commercial applications that it now offers. 

SEE THE DETAILED WHITE PAPER

Please see our detailed white paper.  It differs from other projects because the focus is to describe the underlying philosophy and design principles that have guided the architecture and the inbuilt protocol for the evolution of the blockchain network system. 

It is divided in Parts.  Part A provides the overview and summary.  Part B, the technical overview.  Part C the driving philosophy to the design principles. 

Part D, the legal status of NuCoin.  Unfortunately, most of the existing crypto projects exhibit features such as pre-creation of large number of coins held by founder; and/or promises to build a non-operational blockchain where the informational asymmetry with the investor creates securities law concerns for regulators.  NuCoin, by contrast, is a fully system minted protocol on a fully built and operational blockchain structure.  No investors were ever sought to raise the funds to built it.  It is the system that mints and distributes NuCoin relative to the economic contribution the code expresses. Therefore, NuCoin does not risk the ire of Security Regulators. 

Part E discusses the risks and the volatility of the crypto markets cannot be understated.  Please carefully consider with your professional advisers the appropriateness of participating in the NuCoin ecosystem in your circumstances. 

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