The innovative team behind the Recast1 Coin project seeks to create a decentralized ecosystem that incentivizes experienced users to share and teach other community members. The protocol combines an exchange, a new type of stablecoin, and an educational aspect to accomplish this task.
Recast1 is designed to provide a new avenue to investor learning. New investors and crypto users need more guidance to help them graduate to well-informed users. Recast1 introduces an educational twist that pays experienced users to help teach and service new users. The goal is to have a network full of expert economists.
A Social Experiment
Recast1 Coin seeks to provide new investors with access to unlimited information from experienced investors. Everyone who joins the Recast1 Coin project can start a profile. Users can subscribe and follow their favorite experts.
Once you earn 1000 followers, you gain extra features. Your account is automatically converted to an Economist status. This designation enables you to offer special services to users. For example, you can create and sell custom NFTs. You can also sell subscriptions to indicators and software. In this way, users can see a return on their time invested alongside their ROIs.
Earn While You Learn
One of the coolest features of Recast1 Coin is its staking option. Users can stake their coins to secure passive rewards while they learn from the community. Staking is the process of locking your cryptocurrency into a network smart contract. The longer you stake your tokens, the more rewards you receive.
According to the company's roadmap, this approach will include a news feed. This feed will enable users to stay up to date on all the newest developments in the market. Economists will also be able to pull from this feed to improve their offerings.
Recast1 Coin seeks to provide more transparency to the market. Entering the market can seem overwhelming for new users. For one, the overall volatility of most coins creates an added layer of risk. To combat this issue, the Recast1 Coin integrates a proprietary Value Control Mechanism that provides the token with price stability without requiring an underlying asset.
Eliminating Underlying Assets
There are some serious advantages gained when you eliminate the need to peg a token to underlying assets. If you look at most stablecoins they are pegged to the USD. To accomplish this task a third party holds a bank account with assets and funding in the amount of the tokens they have in circulation.
This bank account needs to be audited regularly which adds to the costs. There are also other fees associated with securing the assets and making the data available to users. It’s for these reasons, many stablecoins lack full transparency.
Stablecoins Checkered History
For example, Tether (USDT), the top stablecoin in the market in terms of market cap, originally launched as a 1:1 USD pegged coin. Eventually, after the issuance of billions of USDT into the market, it was revealed that the firm altered the disclaimer to state that the tokens were secured by USD and “other assets.” Tether remains a strong project in the market despite the change in backing.
A stablecoin that improved on its shortcomings could provide more transparency to the market. The Recast1 Coin utilizes an on-chain Value Control Mechanism that examines market pricing, number of transactions, and users to restrict the token supply to a 5% growth rate annually. In turn, this allows developers to keep the token's value stable.
The R1 exchange is where users congregate to plan and develop their projects. The Exchange enables startups to launch their tokens in a cost-efficient manner. Users can also develop and issue custom NFTs here. Non-fungible tokens are one of the hottest developments in the market at this time.
These tokens have risen in fame due to their ability to prove the authenticity of nearly any asset on the blockchain. Recent reports put the sales of non-fungible tokens at more than $2 billion in the first quarter of 2021. That was an increase of 20 times the volume of the previous quarter.
The Recast1 Coin project seeks to tap into this market. The R1 Exchange was built from the ground up to simplify onboarding into the NFT market. Anyone can effortlessly create and trade these tokens amongst the community using the protocol.
The R1 exchange will help to reduce investor issues further via its vetting process. According to company documentation, all tokens launched on the R1 exchange will undergo a careful vetting process that ensures that these projects remain free from speculation and manipulation.
If you have used the Ethereum network lately, then you can attest to what a headache high fees can be to normal users and Dapp developers. Recast 1 Coin doesn’t rely on Ethereum, so users can avoid all of the fees and delays associated with the network at this time. This strategy provides users with more flexibility and responsiveness as well.
Another unique aspect of the Rescast1 Coin platform is the fact that it utilizes TRON's advanced blockchain. TRON entered the market with high hopes and has since expanded its user base considerably. The network was developed to help usher in Web 3.0 integration.
The Recast1 Coin will enjoy low fees, near-instant transactions, and excellent scalability due to its technical structure. Tron users don’t experience high gas fees like Ethereum users because the network utilizes a Proof-of-Stake consensus mechanism. This system is more energy-efficient and faster than the Proof-of-Work system in use by Ethereum.
Recast1 Coin - A New Way to Provide a Stable Crypto Experience
Recast1 Coin introduced some new and interesting concepts to the market. The platform's educational approach is sure to interest new investors seeking more insight. When you combine these features with the R1 exchange and the NFT capabilities of the network, it’s easy to envision the project gaining popularity quickly.
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