Image by Stefan Schweihofer from Pixabay
We all have our own idea of the monstrosity that is loosely called "Metaverse". So why not design your own Metaverse and work out the ambivalence?
Bit.Country offers us a kind of MaaS, Metaverse as a Service. Anyone, without technical knowledge, and as if they were designing a web page with WordPress, can with Bit.Country develops their own Metaverse, with their friends, with their family, with the fans of their club, with their students, without depending on third-party platforms that invite you to build your Metaverses but in a more or less centralized way. With Bit.Country your Metaverse depends on you, not on third parties. You could even go ahead and deploy decentralized applications that deliver experiences never before possible with collectibles, smart contracts, and NFTs designed for varying purposes, including e-commerce, gaming, social media, and more. All this is what Bit.Country and Metaverse.Network Pioneer (NEER) proposes. The NEER token was listed by KuCoin in August 2022 and has been part of its crypto market ever since.
But before we get into today's potential gem, NEER, I'd like to show you the performance of the gem I covered in the previous post, FT Fracton Protocol.
As you can see, the project grew since listing by 955%+, peaking at 1000%+ last week, and looks very strong. Everything seems to indicate that FT is a gem. Surely FT is going to have notable participation in the NFT ecosystem.
If you are curious and looking for new business opportunities in the crypto market, I invite you to investigate the market for potential KuCoin gems.
KuCoin new listings in August and September are:
SKALE Network (SKL), Number (NMR), Ndau (NDAU), SingularityDAO (SDAO), Tellor (GRT), IXSwap (IXS), Gitcoin (GTC), dYdX (DYDX), iExec RLC (RLC), EQIFI (EQX), Mechaverse (MC), Saddle DAO (SDL), ThunderCore (TT), NFT ETF – hiSAND33, Bit.Country Pioneer (NEER), Ravencoin (RVN), Sweat Economy (SWEAT), NFT ETF – hi0DBS, Caduceus (CMP), Pixie (PIX), and Metaplex (MPLX).
I chose Bit.Country Pioneer (NEER) for this post because it seems to me that it can cause a great disruption in the crypto ecosystem, especially in the vaguely called Metaverse, by allowing any person, brand, or company to design their own Metaverse without much technical knowledge.
Bit.Country is a dApp that is built on a blockchain built solely and entirely dedicated to the design of Metaverses. This blockchain is called Metaverse.Network and it is built as a parachain on top of Kusama, Polkadot's Canary network.
The Bit.Country & Metaverse.Network is unique in many ways. It is the world's first blockchain for Metaverses and dApps. It has already raised over $20 million and has a strong community backing the project, with big-time industry VC firms such as Animoca Brands, Walsh Wealth Ventures, and Hypersphere Ventures backing the project. The Bit.Country & Metaverse.Network project provides a Metaverse-specific blockchain that is scalable, user-friendly, affordable, and secure. The community hopes that the relationship between Metaverse and Web3 will be encouraged in this way.
Bit.Country & Metaverse.Network, has announced an official partnership with KuCoin, which consists of the creation of KuCoin Metaverse, which will surely be a vibrant digital community for the more than 20 million registered KuCoin users. KuCoin Metaverse will be hosted on Bit.Country Pioneer and built collectively by the KuCoin community.
Allow me a brief digression before continuing with NEER, since I find it interesting to have at hand some definitions that, although they are well known by most of my followers, can be useful to have at hand to fully understand the project.
1> L0. Layer 0 refers to the protocols that allow Layer 1 (L1) solutions that are built on top of them to interact on the same network. They are the foundation of blockchains and allow multiple L1s to be interoperable with each other. Arguably, the L0s provide the infrastructure for the L1s to interconnect and become more efficient and secure. Polkadot and Cosmos are examples of Layer 0 protocols.
2> L1. Layer 1 refers to solutions designed for specific purposes and as main blockchain networks in a decentralized blockchain ecosystem. Bitcoin, Ethereum, Cardano, and Solana are examples of Layer 1 blockchains. These L1s are independent and have their own ecosystems that allow dApps to be built on top of them. The big problem with L1s is scalability, which has, as its main consequence, the sometimes uncontrolled rise in gas to operate.
3> L2. Layer 2 solutions are built on top of a Layer 1 blockchain to help scale an application by processing transactions off the main blockchain Layer 1 while maintaining the same security and decentralization. L2s make L1s more scalable. An example of L2 for BTC is Lightning Network, and for Ethereum, it could be Arbitrum. Layer 2 has a cousin called sidechains, which are similar, but not the same. Sidechains are different blockchains linked to the main chain, and Layer 2 solutions are built as mainchain extensions and thus, rely on their security structure. Polygon is a sidechain for Ethereum and DeFi Chain is a sidechain for Bitcoin.
4> L3. Layer 3 is the great promise of conceptual modification of blockchain technology. They are solutions focused on improving communication between the L1 and L2, and they advance very ambitiously with very dynamic communities that push them relentlessly. If Layer 2 deals with improving scalability, Layer 3 deals with improving interoperability. Interledger Protocol (ILP) implements the web interconnectivity standards in the blockchain world, and ICON (ICX) aggregates all blockchain data into one layer to connect numerous chains under one unified web of interconnected networks. Both are good examples of Layer 3.
5> Kusama. It is a blockchain interoperability protocol that Polkadot launched as an experimental “canary network” in August 2019. Kusama is Polkadot’s sister chain devoted to innovations and early-stage deployments. It facilitates testing by supporting the release of unaudited codes right before they appear on the main network. (In software testing “canary testing” refers to testing a new software version or a new feature with real users in a live environment. It is done by pushing some code changes live to a small group of end users who are usually unaware that they are receiving new code). Polkadot or Kusama ecosystems have a canary network model allowing projects to have more flexible rules and try out their innovation using a smaller token generation event.
6> Parachains. A parachain is a secondary blockchain network integrated into the main blockchain network or relaychain. Not all blockchain networks support the existence of parachains, and, in fact, at the moment only one does, the Kusama network. The idea behind parachains is to turn the mainnet (Kusama, Polkadot, or whatever) into an Internet of blockchains, where programmers can create their own systems by relying on a larger network. Kusama makes slots for parachains available to developers, in order to make it easier for them to build new applications.
7> Gavin Wood. I'm not going to say much about Gavin Wood. That he is a co-founder of Ethereum, Polkadot, Kusama, Parity, and the Web3 Foundation, an organization that he currently chairs. "You will know men by their works," says the Holy Scripture. By the way, anything that is endorsed by this guy, I immediately follow. Kusama is one of them.
8> Web3. Web3 is an iteration of the Internet that is an improvement over Web2. Gavin Wood created the term Web3 in 2014. With Web2, you access information hosted on third-party servers. The "cloud" is actually a set of servers owned by corporations that handle the information of each of us at their sole discretion and benefit. Web3 promises users to develop and maintain dApps, that is, decentralized applications. The main feature of Web3 is data exchange, as an alternative to Web2's data ownership. Blockchain technology allows all users to verify the information and contribute to the information being stored. Web3 will play a decisive role in the Metaverse allowing 3D, AR, VR, and AI technologies to interact in a decentralized way. In addition, Web3 proposes the use of smart contracts, allowing a new form of Internet, without trust and without intermediaries.
Taking advantage of these concepts that I have just refreshed, then we are about to analyze the NEER token of a dApp called Bit.Country (L2) that is used to develop its own Metaverses, mounted on a blockchain dedicated solely to the development of Metaverses called Metaverse.Network (L1), which is mounted as a parachain in Kusama, which is Polkadot's Canary network (L0). NEER tokens can be stored in a wallet called Nova Wallet, which was created by Kusama Treasury, and supports 57+ Polkadot networks, and more than 110 tokens, being part of the new generation of Web3 wallets. All this, plus the name of Gavin Wood present in several of these nodes, make the project promise a great Web3-style decentralization. An intersection with L3 is expected soon, and I imagine that will be the current work of the developers.
1) Fundamental analysis
1a- Description of the Bit.Country NEER project.
Metaverse.Network Pioneer & Bit.Country is a multi-metaverse L1 blockchain and smart contract platform on Kusama, which allows everyone to create their own metaverse, NFTs, and a Marketplace with no technical skills required. Metaverse.Network is a blockchain for Metaverses & dApps that supports WASM (Web Assembly) and Ethereum-compatible smart contracts for developers to build dApps and games to run on the network.
Metaverse.Network is a Substrate-based blockchain that is custom-made and open for metaverse projects. Substrate enables developers to quickly and easily build future-proof blockchains optimized for any use-case, and is the same technology that powers Polkadot and Kusama.
Metaverse.Network's vision is to become the Metaverse OS for a new Web3 internet. This will be done by making it easy for anyone to develop a Metaverse and deploy dApps without the need for expensive hardware or hiring skilled developers. It will be the first L1 Metaverse blockchain that focuses on providing Metaverse as a Service (MaaS) and Bit.Country will be the world's first dApp to facilitate interoperable and functional user-built Metaverses.
As an EVM-compatible blockchain, Metaverse.Network can support all Ethereum-based dApps and therefore can run on Solidity. This means that Metaverse.Network can act as a "sidechain" for Ethereum and process transactions at a much faster rate than Ethereum's mainnet.
In this YouTube video you can see a detailed explanation of how to build your own Metaverse using Bit.Country.
1b- NEER token infrastructure.
Bit.Country NEER was listed on KuCoin on August 30, 2022.
The Bit.Country & Metaverse.Network project uses the NUUM token which is the network's currency, and the NEER token which is similar to NUUM but only useful on Bit.Country Pioneer as a canary network for Metaverse.Network. The NUUM token is used to pay transaction fees on the Metaverse.Network blockchain. This token can be used as the universal currency for purchasing resources such as NFTs and Land Blocks on the Bit.Country marketplace.
The NEER token on the other hand operates on the Bit.Country Pioneer canary network where it operates as a smaller token with the same capabilities as the fully-fledged NUUM token. Users can use this token to test out Metaverse.Network's features and functionality before the mainnet launch.
According to the White Paper, NEER to NUUM is like KSM to DOT.
Total Supply: 100,000,000 NEER
Initial Market Cap: $6,840,000
Initial Circulating Supply: 22,800,000 NEER
Issue Price: $0.3
Consensus Protocol: PoS
Cryptographic Algorithm: sr25519
Governance: As stated in the White Paper, the governance mechanism is inspired by Polkadot governance, and their protocols are built using the Substrate framework.
Bit.Country Pioneer (NEER) ERC20 is implemented as ERC20 smart contract on the Binance Smart Chain Mainnet.
On Github you can see 15 repositories for NEER.
Coingecko shows today (Sep 18) a price of $0.422124 per NEER, which means a market capitalization of $9,624,427, and a volume traded in the last 24 hours of $1,390,450.
We can calculate the fundamental indicator NVT. Network Value to Transactions Ratio (NVT Ratio) is defined as the ratio of market capitalization divided by transacted volume in the specified window. NVT ratio is PE (Price Earning) ratio in cryptocurrency, evaluating its value by transaction volume. If the value is too high, it means the network is overvalued compared to the low ability to transact coins in terms of volume, implying the possible removal of the price bubble coming.
NEER Market Capitalization: $9,624,427
NEER Daily trading volume: $1,390,450
NEER TVN = 6.92
The NVT value of NEER is intermediate and does not seem to indicate a long-term overvaluation, but on the contrary, it could indicate that the price is below what the fundamental structure indicates. To get an idea of comparison, Bitcoin's NVT today is 9.23, and ETH's is 8.34. (remember that fundamental analysis is long-term and has nothing to do with the short term that is analyzed with technical analysis).
Metaverse.Network was created by Metaverse Foundation, formed and officially launched in March 2021, as a non-profit organization based in Singapore. It is completely dedicated to the development of the Metaverse and its ecosystem. The complete Core Team can be seen on the Metaverse.Network site. The most notable members are Justin Pham (CEO), and Shannon Christie (CTO). Justin has been a Senior Software Developer and Architect for many years. He was involved in many startups and turned the perception into a multi-million dollar business. Shannon has more than 15 years of experience in development, after starting at an early age.
According to the White Paper, the utilities of NEER are the same as NUUM. However, the token generation event is slightly different.
NEER Total Supply: 100,000,000 (non-inflationary), which is a much smaller amount than NUUM.
With the following distribution:
Crowdloan 15.56%, Early Backers 17.51%, Ecosystem (Reserved) 5.00%, Future Investors 6.93%, Reserved 8.00%, Marketing (Reserved) 5.00%, Founding Group 20.00%, Treasury Reserve 22.00%.
The word Metaverse is the most heard and read a word of the last two years. Virtually all crypto platforms claim to be working for the Metaverse. The noise is so great that it ends up causing confusion among all the operators. The diversity of proposals is enormous. Therefore, we could say that Metaverse.Network and Bit.Country have many competitors. But in reality, they are substitutes and not direct competitors, since NEER represents the first decentralized MaaS service (Metaverse as a Service). That is, NEER is a token of the web3 version of the Metaverse.
But it's not just startup platforms adding to the noise. Worst of all is that corporate brontosaurs like Facebook, Microsoft, and IBM, speak and intervene directly in the Metaverse since it is evident the influence that this philosophy will have in our lives in a very short time, and its corporate function is to encompass and devour.
The relationship between society and Technology has deteriorated to the point where large entities routinely stretch and overstep their Authority. (Read on the front of the Kusama site)
Interestingly, another new KuCoin listing in September is Caduceus (CMP) which claims the same argument as Metaverse.Network, presenting itself as “The world’s first blockchain dedicated to Metaverse development”, and also offering a modular framework for Metaverse development. We are undoubtedly celebrating the arrival of Web3 solutions for the fuzzy Metaverse. Regardless of who is the "first", it is clear that the solutions come from the decentralization side offered by Web3 against the corporate subjugation that we are going to have to endure, also in Metaverse matters.
Decentraland and The Sandbox were pioneers in providing tools for the development of Metaverses, although users are always trapped in the platform and depend on it to develop their creativity. Metaverse.Network and Bit.Country offer a MaaS for the user to create their own platform-independent Metaverse. It is the Web3 solution for the same goal.
1f- Hockey Stick.
On the PricePrediction site, you can see the price forecasts of all cryptocurrencies with a horizon of 10 years. These predictions are undoubtedly based on the hockey stick method, if only in part.
If we take the forecast price figures for NEER over the next 10 years on this site and plot the corresponding hockey stick, we have the following result:
2) Technical analysis
Unlike fundamental analysis, technical analysis looks for short-term results, sometimes in a few minutes. Technical analysis is very useful for people who want to make money in the crypto market by buying and selling a currency in the short term, as opposed to fundamentalists who are more inclined to invest in the long term.
On the KuCoin site, for each chart that represents the movement of orders in the market for a certain pair of currencies, we can find about 100 indicators, divided into the categories "trend", "momentum", "volatility", "volume", and “others”. Each trader, in addition to making his/her own drawings and interpretations, chooses which indicator to use and how to use it, according to his/her style or the need of the moment. But it should never be forgotten that it is very unlikely that a single indicator will give us exact information for decision-making. It will always be necessary to use and combine several indicators to have a more professional look, especially considering that we are working in the very short term with this type of analysis.
From KuCoin's main page, go to “Trade”, and there to “Spot trade”.
The chart shows support for NEER at $0.3658
Then click on the “Indicators” icon.
2a- Trend Indicator: MACD
MACD, short for moving average convergence/divergence is designed to reveal changes in the strength, direction, momentum, and duration of a trend in a cryptocurrency’s price.
When the blue line (MACD) crosses the red line (Signal) from top to bottom, as is our case for NEER, we are initially in a downtrend. However, to confirm it, we should wait for the confirmation of the histogram, which is still very weak.
2b- Momentum Indicator: RSI
RSI, Relative Strength Index, shows the price strength of a currency by comparing the individual upward or downward movements of successive closing prices. The RSI ranges from 0 to 100. Traditionally, the RSI is considered overbought when it is above 70 and oversold when it is below 30. The RSI can also be used to identify the general trend. What the RSI does is compare the recent gains in the price of a coin to its losses and convert this information into a concrete number ranging from 0 to 100.
The RSI for NEER stands at a value of around 50, which indicates that the bearish trend suggested by the MACD is not confirmed and that NEER is still being bought and, therefore, keeps its price stable.
2c- Volatility Indicator: Bollinger Bands©
Bollinger Bands© are two curves that wrap around the price chart. The distance between the upper and lower curves, equal to four standard deviations, is a measure of the volatility of the asset price. Normally, if prices exceed the bands, it indicates that the market is overbought (if they go above) or oversold (if they go below). If the bands narrow on the prices, it is indicating that the value is not very volatile, on the contrary, the bands widen if the value is volatile. Its joint use with other indicators helps to determine with high probability the tops and bottoms of the markets. Something very important that emerges from the practice of trading is that, in the short term, approximately 80% of prices occur within the Bollinger Bands©.
The NEER price is around the average, so we can expect a lot of volatility in the short term. We see the bands determining a very wide gap.
2d- Other Indicator: Ichimoku Cloud
The Ichimoku Cloud is a technical analysis indicator that defines support and resistance levels, determines momentum and provides trading signals. In Japanese, it is called “Ichimoku Kinko Hyo”, which roughly translates to “at-a-glance balance chart”, because in just a glance, investors receive a variety of information. It is an all-in-one chart.
The cloud could not yet be formed due to the short term of the market that NEER has (it needs at least 52 days). However, the green line below the red line indicates a downtrend, even though the price seems to want to go above the red line, i.e. above the future cloud, and then this would mark an uptrend.
What do you want me to tell you, I'm going to buy some NEER...
KuCoin is betting big beans on this project, as it is launching its own KuCoin Metaverse on Bit.Country, which makes me think of a very promising future for NEER. KuCoin Metaverse will be a digital community hub for its 20 million registered users. It will be hosted on Bit.Country Pioneer and built collectively by the KuCoin community.
KuCoin Metaverse will be built into a unique digital world for its community to enjoy. The metaverse will be created by deploying virtual land that can be subdivided into estates that can be bought or transferred to community members. Subdividing a land block encourages community co-creation and engagement. Virtual land titles are issued as NFTs and can be purchased from the local KuCoin Metaverse NFT Marketplace. KuCoin Metaverse virtual land-in Bit.Country will soon be programmable. Landowners will be able to write custom logic for their land to author minigames, marketing campaigns, and experiences for their visitors.
Known as the "People's Exchange", KuCoin is built for all classes of investors. KuCoin is the top 1 altcoin exchange, with 700+ assets and 1,200+ trading pairs. And a number of crypto gems like BLOK, CHMB, VR, KMA, and DAO had their primary listing on KuCoin. KuCoin currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to over 20 million users in 207 countries and regions around the world. According to CoinMarketCap and CoinGecko, KuCoin is a top 5 crypto exchange.
If you still don't have a KuCoin account for some strange and esoteric reason, I ask you to consider doing it with my referral link.
If you prefer, you can do it by entering my referral code: rJE8S2S
Thank you for reading! Decentralize yourselves as much as you can, and much more! Work for yourselves, not for others. When you work for someone else, they pay you what YOUR POSITION is worth, when you work for yourself, they pay you what YOU are worth. No one achieves financial independence by working as an employee. Live long and prosper!
As usual, none of the things written in this post are financial advice and are not intended to replace personal research. My sole intention in writing this post is informative. Several of the things discussed here could be wrong, so in no way can this post be construed as financial advice, and in no way should it replace your own research.
If you have any questions or comments, please feel free to leave them down below
You can also contact me at [email protected]
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