- SerpentCoin subsidiary builds on smart contract system of Cardano blockchain protocol
- SerpentCoin’s three products establish exchange and stakeholder growth capabilities
- Banking industry’s cryptocurrency fears drive many buyers and sellers to P2P networks
Cryptocurrency trade this year continues to drive pioneering efforts in building a global marketplace free of big regulatory oversight from governments and banks. Peer-to-peer (P2P) network activity is flourishing as banks around the world limit or prohibit the use of their services for trade in bitcoin and other cryptocurrencies (http://ibn.fm/6wGae) through credit card transactions and other exchanges of digital coins, according to Bitcoin.com. Despite the fluctuations arising from the cryptocurrency bubble concerns this year, buyers and sellers exchanged bitcoin worth almost $76.5 million during the final week of the last quarter, highlighting the power of new P2P platforms in bringing together more crypto buyers and sellers, the article states.
Nevada corporation Uneeqo, Inc. (OTC: UNEQ) is building its own focus on diverse P2P crypto trade through a new United Kingdom-registered subsidiary named Serpentcoin, Ltd. that is built on the scientifically ordered blockchain protocol Cardano. Cardano is a smart contract-fueled decentralized blockchain startup helmed by the co-founder of Ethereum (http://ibn.fm/EArhL), and it is being developed to address “fixing the issues seen with Ethereum’s smart contracts,” and designing “other computational models that achieve similar ends without necessarily involving the complexity or cost of Ethereum” (http://ibn.fm/dsb2o).
SerpentCoin’s adoption of Cardano’s smart contract capabilities allows transacting parties to easily view and audit the blockchain ledger as part of what CCN.com describes as Cardano’s drive “to give this tool to people across the world so they can solve their own problems.” Cardano is a cryptocurrency technology stack of completely new design and code that will be completely decentralized to live in a mostly centralized world. SerpentCoin is currently developing three products to work in the blockchain arena — Medusa, a secure crypto wallet application that allows spending through a mobile phone or physical debit card at over 36 million points of acceptance online and offline; Temple, a crypto “treasury” through which stakeholders will maintain and invest profits; and Entwine, the unbreakable smart contracts protocol that eliminates the need for middlemen while upholding agreements between SerpentCoin’s stakeholder “Guardians” (http://ibn.fm/Uw6o1).
The SerpentCoin software is designed to connect mobile users and companies working in a secure, non-intrusive mobile environment, and it will be able to use a variety of cryptocurrencies. The token’s Guardians can exchange value, pay for goods or services, deposit funds on an exchange or enter an application. Their P2P nature makes them difficult to destroy, because even if one peer is shut down, the other peers continue to work and communicate because of the distributed ledger aspects of the blockchain system. Adding new peers is a matter of simple scalability because of the lack of a central server.
Two principles that attracted Uneeqo to Cardano were the budding platform’s efforts to build in the ability to upgrade post-deployed systems without destroying the network, and to find ways of establishing a “healthy middle ground” for regulators to interact with commerce without compromising core principles that the technology inherited from bitcoin. These efforts may help Uneeqo avoid the fate of fellow P2P exchange platform CoinTouch, which shut down this month citing concerns about its inability to comply with the European Union’s new General Data Protection Regulation (“GDPR”), which formally takes effect on May 25 (http://ibn.fm/KH7WH). The GDPR is the EU’s latest bit of legislation aimed at eliminating cybercrime such as fraud and money laundering (http://ibn.fm/kWnZx).
Uneeqo’s license agreement states, “We set out to make it easier to buy a diversified portfolio of cryptocurrencies. Right now, the process is incredibly long and frustrating: you need to set up multiple accounts, wait for multiple verifications, wait to get approved, lose money on transaction fees due to costly transfers between accounts, and on top of that, you also need to be an expert in ‘pair trading’. We don’t think it should be this hard.”
For more information, visit the company’s website at www.UneeqoInc.com
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