Hot on the heels of launching its crypto-powered crowdfunding platform in May, a blockchain firm dedicated to supporting R&D for hi-tech projects is entering the DeFi space with its own decentralized exchange.
The core of Tecra’s business is the Tecra Space crowdfunding platform, which supports start-ups focused on technology, innovation and sustainability. It supports them by tokenizing the intellectual property (IP) of these fledgling businesses for small investors interested in backing projects that can do well while doing good.
Each project supported by Tecra Space offers its own tokens, which can be purchased with Ether, Tether stablecoins and TecraCoin (TCR) and also by credit card, PayPal or bank transfer, a native cryptocurrency currently listed on the Hotbit exchange and Uniswap DEX. Now, Tecra has announced plans to launch its own Tecra DEX early next year, which will list Tecra Space project tokens as well as TecraCoin and popular cryptocurrencies.
Tecra has gained financial support — and credibility — from the EU’s Smart Growth Programme and Poland’s National Centre for Research and Development, as well as winning the Startup Grand Slam at the 2019 World Blockchain Summit Taipei. It was also a Singularity University finalist for the 10 best startups in Eastern Europe, awarded on Google Campus in Warsaw.
Curb your DOGE
One important feature that will set the Tecra DEX apart from other centralized and decentralized exchanges is that it will list “quality tokens of real companies,” with marketable projects, according to Przemysław Karda, CEO of Tecra.
That is a point core to the identity of Tecra, which uses the tagline “science, not fiction” — a swipe at what the company calls “the current trend of tokens with superficial value.” (Notably the canine-themed Dogecoin and Shibecoin, according to the Tecra whitepaper.)
To earn a spot on Tecra Space, projects must gain the support of the Tecra community and pass an expert evaluation. The first to do so is Expanse Plus, a Polish project to fund a pair of rooftop solar power plants totaling 1.4 MW — one of which will be among the biggest in the country. Other projects vying for a spot include electric bicycles, shipping container-mounted industrial 3D printers, an NFT-based platform for tokenizing real-world assets, and a Nigerian self-driving taxi company.
“There is also an important idea behind Tecra — a technological counter-revolution,” Karda says. “Tecra strives to bring improvement to everyone’s lives, instead of only benefitting the 1% of the richest and most powerful.”
Burn to earn
Investors have a number of ways to profit by backing Tecra Space projects, starting with the 7% commission levied on successfully funded projects. Of that, 3% will be distributed to project token holders, 2% burned and 2% kept as the Tecra Space fee.
In addition, funded projects must commit to buying back a substantial amount of their individual tokens with TCR over time. Expanse Plus, for example, issued 1.5 million SUN tokens to pay for its solar power farm. Some 80% of the farm’s revenue will go toward buying tokens from the market and burning tokens from the Tecra DEX.
The coin will soon be listed on another centralized exchange.
Crypto Newcomer Explodes After Abrupt Altcoin Listing on Binance
A small-cap altcoin is shooting into the stratosphere after earning support from the global crypto exchange Binance.
The governance token Tranchess (CHESS) officially began trading today.
News of the coin’s listing triggered a 185% rise in the price of the asset – from $2.77 to $7.91. Its value has since settled to $5.09 at time of publishing.
CHESS is listed in Binance’s Innovation Zone, a dedicated trading area where users can buy and sell newer tokens that are likely to have higher volatility and pose a higher risk to traders.
According to Binance Research,
“Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS.
The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.”
Tranchess recently raised $1.5 million from Binance Labs, Three Arrows Capital, and other crypto venture firms.
Binance proposes a real-time token burning mechanism to boost BNB value
- Binance has proposed the BEP-95 aimed to burn a percentage of transaction fees as a deflationary measure.
- BEP-95 will occur alongside the quarterly token burn and well after the 100 million token supply is achieved.
Binance Smart Chain (BSC) is taking further steps to incorporate an additional deflationary mechanism to increase token valuation. As announced today, Binance (BNB) is introducing a new Binance Evolution Protocol (BEP) known as BEP-95. The BEP stands out from the network’s occasional token burns since it introduced a real-time burning mechanism.
According to Binance, a fixed portion of gas fees collected by validators in each block will be sent to the burn address. The ratio initially set at 10 percent, is adjustable according to changes proposed by the Binance community. BSC validators get to vote on community proposals, where voting power is based on staked BNB.
For a proposal to be reviewed by the validators, it has to receive a minimum deposit of 2,000 BNB (mainnet). All BNB is returned to holders after the finalization of the voting process. A proposal that wins is that which gathers 50 percent of the total voting power on the mainnet. Binance notes that voted-upon parameters are implemented immediately.
Details of Binance BEP-95 token burning mechanism
BEP-95 became relevant as it speeds up the BNB token burn, and makes the network increasingly decentralized. The BNB supply cap is about 168 million tokens and Binance intends to burn until 100 million tokens remain in circulation. This will take about 5-8 years to complete, according to Binance. The network’s most recent quarterly burn wiped out over 1 million tokens, worth about $639 million, from circulation.
However, the latest update from its blog now says the BEP-95 burn “will continue functioning” even after the above target is attained. With the burn, Binance expects the intrinsic value of the BNB token to increase in tandem with demand. The network notes that validators and delegators may receive fewer tokens from staking, but the “fiat-denominated value of their rewards may increase.” Moreover, BNB has multiple use cases that benefit all holders of the token.
Currently, BEP-95 is in the draft stage and the network is yet to give a specific date for its implementation.
Several blockchains use the crypto-burning mechanism to create token scarcity and a subsequent increase in token value. Ethereum, for instance, uses the EIP-1559 for this purpose.
BNB price action
BNB, the fourth-largest cryptocurrency by market cap, was trading at $494 at press time, according to our data. The token has gained 0.8 percent in the day, and 4.8 percent week-over-week. Similar to other digital assets, BNB has rallied fueled by the Bitcoin-led gains. Crypto investor and YouTuber Lark Davis expects “good things” for the BNB price following its launch of a $1B growth fund.
Google warns crypto investors of Youtube scams amidst high hacking
- Google warn crypto investors to be weary of Youtbe scams.
- Google says hackers impersonate crypto influencers to run scams on YouTube.
- YouTube, a hotbed for crypto scams.
Google’s Threat Analysis Group has warned crypto investors to beware of cryptocurrency scams on Youtube as phishing and impersonation on the video-sharing platform surges.
The Google group noted that a group of hackers is taking over Youtube, rebranding popular Youtube channels of well-known crypto or tech companies. “The channel name, profile picture, and content are all replaced with cryptocurrency branding to impersonate large tech or cryptocurrency exchange firms,” the group said, adding that hackers would live stream videos promising crypto giveaways in exchange for “initial contributions.”
According to the Google group, if these hackers don’t rebrand, they sell pages to the highest bidder depending on how many subscribers the channel has. They note that fake Youtube pages sell anywhere from $3 to $4,000.
The Google group notes that a group of hackers recruited in a Russian-speaking forum are actors behind the campaign.
Crypto investors should be warned as YouTube remains a hotbed for crypto scams
The video-sharing platform so many times has been used as a tool to dupe unsuspecting crypto investors. In December, American crypto exchange Gemini exposed two fake YouTube channels that were pretending to be from the exchange.
“These scam accounts are not our company. We have reported these accounts to YouTube,” Gemini tweeted.
Funny enough, it was not the first time Gemini was being impersonated on Youtube.
Crypto scams have been well perpetrated on the platform that the video giants ban crypto content on its platform. Authorities in the UK also warned young crypto investors with campaigns on Youtube and TikTok against being victims of crypto scams.
The cycle of crypto scams across all platforms is one that may never end. As much as crypto exists, crypto scams would remain a thing. The rise in crypto scams recently has been attributed to the surge in price and adoption of cryptos globally. It is safe to say that with crypto prices going up and more people, corporate organizations adopting cryptos, more scammers will be threatening the burgeoning space.