Goooood Day Lions! I trust you are safe and well throughout this rollercoaster of a market, what a time to be alive as the market bounces into some serious gains only to constantly trade sideways.
But like always no doubt we will be through this rough patch in no time and we already know that Crypto Currency is here to stay which has pretty much been confirmed by the Securities and Exchange Commission (SEC) who has been hammering hard to pull in the sector and focus it on the mainstream.
We have no idea if this is a good move or not but it appears that they have finally given in and decided to support the new global financial system that is emerging in the current era. What the outcome will be and if investors will still invest in it is another thing to be seen.
But today, we're back for another Leo Learn which is something we haven't done in a while and it's good to have some new news to report on that isn't just about the current SEC battles. Because let's be honest that's really why everything is quite currently the market is quite spooked.
Today we're taking a look at BTC20
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What is BTC20?
BTC20 is if one can put it any other way appears to be a little bit of fun on the Ethereum Network and while it is called BTC20 it isn't Bitcoin but a project that aims to replicate the success of BTC from 2011 when Bitcoin was only USD1.
The project hopes to reignite the Bitcoin passion but on the Ethereum network as the token is an ERC-20 but it will replicate the path Bitcoin took with the initial launch consisting of 3 Million BTC20 token at 1USD.
Unlike Bitcoin which is mined and awarded for completing transaction this one is a little different in that it is a Proof of Stake network and people who stake their presale BTC20 tokens will be rewarded with more BTC20 tokens.
So you might be thinking this is just another Decentralised Finance (De-Fi) project and yeah you are right, except there are a few added twists that give it the Bitcoin kick.
Initially there is a soft cap of USD3 Million and once that has been reached the project team will flood the market with another 3 Million BTC20 tokens which will bring BTC20 in line with Bitcoin around the first few formative years.
This is where things get really interesting.
While you stake on the chain you won't be getting your gains any time soon, instead The BTC20 staking contract will provide tokens inline with the Bitcoin block schedule over the next 120 years.
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Ambitious
The project Whitepaper is quite ambitious as it claims it wants to give people who missed out on Bitcoin a chance back into it which is why they are offering the token at USD1 and why their current set up is the way it is.
It is looking at ways to expand the token's use in the broader Ethereum ecosystem and will seek project partners to work with and increase token utility and it does have a pretty active Twitter account with people following along for the ride. You can also check out their Telegram channel which is being used for promotions currently and there are a few users interested in how the project will turn out.
I think one thing that stands out a lot about this project is that it has decided to release tokens over 120 years which is rather a new concept and one many will need to trust that there is always going to be someone around to maintain basic infrastructure for the project.
The project is currently at presale stage and has managed to sell just over 184,000 of them at time of writing which seems to have still netted quite the nice income for the project owners regardless of the outcome.
Will this be something people ape into or be able to reignite the fire that was Bitcoin? Well it is still too soon to tell but the project has been getting a lot of attention and they haven't gone cheap on making sure influencers promote it so who knows.
What are your thoughts? Will you be aping in? if so let us know why
image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
