Chains- A project with an exciting value proposition and a solution for multiple problems currently riddling the cryptocurrency industry.
Blockchain was first popularized by Satoshi Nakamoto, the creator of Bitcoin, which is the first cryptocurrency to use blockchain technology. For those of you who don’t know what blockchain is, blockchain is a database that can store various types of data and transactions efficiently and cannot be edited. or commonly referred to as record-keeping technology. Blockchain is the technology behind the cryptocurrencies circulating in the market today. Blockchain technology allows cryptocurrencies to be able to store multiple transactions in a database, making it transparent, secure, and unable to be edited or intervened in by any party. This is the reason why blockchain technology is used by many cryptocurrencies today.
However, the use of blockchain is not limited to cryptocurrencies. Blockchain technology can be used for various purposes, such as agriculture, pharmaceuticals, logistics, and many more. Therefore, the development of blockchain technology is needed so that this technology can reach its full potential and solve various problems, especially in terms of data storage and exchange.
Speaking of blockchain technology, maybe you will be interested in this platform. This is where platforms like Chains come into the picture a fully-fledged ecosystem where users can earn, trade, and invest.
What is the Chains Platform?
The team behind Chains is working to deliver a stack of simple and interconnected products with the sole purpose of making cryptocurrencies and NFTs a lot more accessible to the new generation of users.
The company develops products that work in concert, naturally, and seamlessly. They are designed and intended to enable users to earn, invest, and also spend cryptocurrency on different services and products across multiple chains all via a single platform. The main purpose is to reduce the burden of having to learn the mechanics of the otherwise complex underlying technology as much as possible.
From a token launchpad to market research resources and a unified marketplace for NFTs, products, and services, Chains has quite a bit to offer. Some of the services that Chains plans to tap and offer include, but are not limited to:
- Single-account Earn — Invest — Spend experience
- Token Launchpad
- Services Marketplace
- NFT and Products Marketplace
- Payment Gateway
- Debit Cards
- Cryptocurrency Exchange
According to the official website, the platform has already seen a whopping 500,000 pre-registered users, and it aims to facilitate the setup of the accounts in a way that allows users to quickly and easily connect with the products deployed on the platform.
The Chains Launchpad is a built-from-scratch token sale platform that supports native and external payment gateways, vesting mechanisms, and multiple blockchains. Chain’s own native utility token, CHA, will be the first token to be made available for sale on the Launchpad. In terms of features, some of the key ones include:
- Accepting multiple cryptocurrencies, as well as Visa, Mastercard, and Coinbase.
- Integration with the platform’s account system.
- Clean and user-friendly design.
- Compliance with KYC and SEC 506c requirements.
- Custom vesting schedules.
- Mechanisms for presales and whitelisting
- Mechanisms for introducing bonding curves, tranches, and fixed pricing.
The main idea of the marketplace is to allow businesses to pay for both services and products using the cryptocurrency of their choosing. Meanwhile, service providers can define the types of services that they are willing to accept. The in-built native support of dynamic payment and pricing methods means that transactions can be settled in any currency that the parties have agreed upon.
Chains is developing a marketplace where businesses can pay for services and products using the currency of their choosing, and service providers can define the types of currency they are willing to accept. The Marketplaces natively support a dynamic payment and pricing method, where transactions can be settled in any currency agreed between the parties. The Seller may parametrically define premiums and discounts based on the currency utilised by the buyer. Businesses and Freelancers on the platform will be eligible for participation in a program providing Earned Income Credits (EIC), which is similar to EITC. The primary purpose of EIC is to assist market participants with surviving various shock scenarios and increase long term user retention. If a Seller experiences a significant reduction in their income, Chains will offset the drop in revenue via the Revenue Pool, subsidizing Seller earnings, thus increasing user long-term retention. The EIC mechanism provides Chains with a competitive advantage over other freelancing and marketplace platforms.
Omni-currency Parametric Matching Payments on the Marketplace can be executed using multiple payment methods, with the currency of settlement depending on the agreement between the parties participating in the transaction. When making an offer or offering a product, the Buyer and Service Provider can specify price in multiple currencies, predefining a respective discount & premium. The Chains platform will then match buyers and sellers based on their payment preferences which can include currencies parameters such as:
- Trade Volume
- Currency Age
- Listing on selected exchanges
- Privacy features
The team is working on a fully-functional cryptocurrency exchange platform. It’s designed and structured in a way that will make it accessible to users from permitted jurisdictions. Those who take part in the Marketplace or in token sales in the Launchpad will also be able to benefit from using the integrated Exchange. The main purpose is to allow users to transact seamlessly and navigate between buying tokens on the Launchpad while also being able to spend and earn crypto on the marketplace.
The ultimate goal is to make the transition from earning or spending crypto on the Marketplace to potentially trading on the exchange as simple and as seamless as possible. It’s also worth noting that the exchange will inject further utility into the platform’s native cryptocurrency — the CHA token — by allowing CHA holders to enjoy reduced fees and potential staking opportunities.
Chains Prism provides pricing data for cryptocurrencies, comedies, and equities and is designed to deliver analytical and portfolio tracking tools for Chains platform users. The goal is to reduce the need for third-party tools as much as possible and provide an encompassing cryptocurrency experience under one roof. The primary purpose of Prism is to enable users to monitor the historical performance of assets while also providing a more basic functionality like CoinMarketCap.
CHA is the native cryptocurrency of the Chains ecosystem. The CHA token is designed to be the default fee-settlement and payment token on the Chains platform, as well as providing holders of CHA with access to various benefits, usually proportional to their holdings. Both fee settlements and payments on the Chains platform can be made via any currency that the platform supports. However, incentives will be offered to members who pay in CHA as follows:
- 33% discount on fees when paid in CHA (compounds with holding)
- Payment in CHA will be subsidized up to 15% of their value when paid in CHA via the token revenue pool
- Stake based Launchpad participation
- Stake based trading fee discount
- Stake based Automated Airdrop eligibility
- Access to exclusive features and tiers based on the amount of CHA staked
It has the following token distribution:
It can be seen that the birth of blockchain marked the change and transformation of the world. This is considered one of the technologies of the future society, especially when the Internet and technology are developing more and more. The Blockchain is considered one of the most massive, digitized, and widely available data sets. Chains’ goal is not to attract as many investors as possible. Their primary content is users: small, medium, and large influencers, as well as anyone potentially interested in monetizing their communications. In fact, it is a narrow niche social network that users not only communicate with but actually benefit from. The approach to consolidating a key set of tools under a single roof is attractive and user-friendly, especially for those without significant experience in the otherwise challenging crypto arena. In fact, most products are still in development, so it will be interesting to see how they will shape up once delivered and used.
“A sponsored article written for a bounty reward.”