The ecosystem of cryptocurrency and blockchain has been one of the most rapidly developing sectors in the 21st century. The concept of virtual assets and its worldwide adoption has slowly been on the rise and the digital currency based on a decentralized platform continues to gain more and more popularity and trust of the general mass.
However, the cryptocurrency industry is often criticized due to its volatile market and unreliable nature. The absence of regulations does not help their argument as part of the population remains highly skeptical about investing in them.
Hence, the adoption of crypto has not sky-rocketed as initially expected. The mass implementation had to take different paths such as online payment methods, domestic and cross border transactions, online gaming, etc.
Pokemon, the famous Japanese anime, was a big part of the current active millennial who invest a lot of time and effort in understanding the fundamentals of cryptocurrency.
In 2016, when Niantic launched Pokémon Go, it exploded in terms of popularity as users and Pokémon enthusiast got instantly hooked with the Augmented Reality based game. Keeping that in mind, a recently developed app took the initiative to combine the intriguing allure of catching Pokémon’s, but replaced the Pokémons with actual cryptocurrency.
Kenda Technology recently released My Wealth Map, a new Ethereum Geocaching application is looking forward to providing its users with a completely different pathway to earn Ethereum. The application is based on Augmented Reality just like Pokémon Go, and the users would need to move around various locations and spot the tokens in the map.
Once the users have arrived at the spot, they would need to play a mini arcade game attached to that spotted token. In order to receive the digital reward, the users would need to win the challenge presented with the recovered crypto. The only minor catch to the application is that the users would need to have a valid ETH address to play the game. The more often the users play the game, the higher experience points they will be able to gather and unlock a larger amount of Rewards.
The application is extremely user-friendly which includes a lot of important features.
1. Map Features:
In a similar fashion to Pokémon GO, the app consists of an active map where the users are able to spot the tokens in the nearby locations. The users usually have to option to play unlocking coins or improve their experience levels according to their need.
2. Geo Gems:
Geo Gems is a unique reward in the app which the users can acquire by getting their acquaintance to sign up in the application. The users can use the geo gems to promote themselves to the next level and also unlock coins or remove limitations.
The dashboard option displays the statistics, progress, and achievements of the user where the player is able to track his record and rewards gained. The user can also retrieve information on what level they are on and access Geo Gems View.
The transaction options let the users keep updates on all the receipts of the rewards won in terms of coins and gems coins so that there is adequate transparency in the application. The option also allows the person to check on the live status of the pending coin payout and each transaction associated with an ETH wallet has a unique reference number.
My Wealth Map has incredible potential which brings forward another path for adoption of cryptocurrencies in an intuitive way which includes the direct involvement of the users in the application itself.
We further discussed the functionality and objective behind the development of this app with the CEO of My Wealth Map, Azzan Tarik.
Author: My Wealth Map is an application which has ventured into the world of cryptocurrency. How did you get interested and involved in the ecospace of virtual assets?
Azzan: “In 2016 when Kenda Technologies was founded, the concept for MWM was originally designed to use existing e-vouchers/e-coupons as tangible digital assets. We soon found that buying bulk e-vouchers had a big limitation on the choice of retailers, the choice for users, and agility of the digital reward itself. Around the same period [early 2017], Ethereum began to show perfect signs of solving the problems we had with e-vouchers. It solved them, and also offered a whole and ready infrastructure for us to learn and adapt with MWM.”
Author: My Wealth Map has a similar concept to the popular game Pokémon Go. How did you come up with the idea of introducing cryptocurrency with an interactive game?
Azzan: “As mentioned in the first question, we wanted to use e-vouchers. However, we found that specifically, Ethereum was the best coin/platform to use. Why? Because unlike bitcoin, Ethereum’s micro-transactions are much quicker and are also cheap. More importantly, Ethereum smart contracts can be customized for our app. Despite PokemonGo’s success for geocaching, it fails to add tangible value to its digital rewards assets. Crypto-kitties is a perfect example of a platform setting a benchmark for animated digital assets of tangible value. And they also use Ethereum. To add real value, you then need real security which Ethereum smart contracts also essentially provide.”
Author: The application is basically a treasure hunt game for Ethereum coins and rewards. Why did you choose Ethereum out of all the top cryptocurrencies?
Azzan: “If you look at the majority of all blockchain apps you will notice that they are based on Ethereum, and are called DApps which stands for Decentralised Application. For our app, it is the perfect rewards currency as well as the perfect backend solution.”
Author: Augmented Reality is a huge part of the application and AR has a major drawback of being prone to cyber-threats or you can say cyber-initiated threats. How are you overcoming such conventional hacks, considering that the application involves virtual assets which have substantial value?
Azzan: “Because we are using Ethereum for rewards, the digital assets themselves are protected by a private key just like any other wallet. MWM is not a wallet and we encourage our users and all cryptocurrency holders to keep their details safe. In terms of AR being unsafe, I think you might mean, geo-hacking or location hacking. This is an issue for all location-based platforms and MWM has multiple layers on the backend to prevent and block users who attempt geo-hacking. “
5. My Wealth Map is still particularly new in the market. How do you envision the app’s development and its overall popularity in the forthcoming period?
Azzan: “Since going live in 2017, MWM has grown steadily and is now in version 2.0. MWM has always been a pilot platform for Kenda Technologies to develop a marketable/mainstream product which uses blockchain but only on the backend. The release of a mainstream version is just around the corner, but don’t worry, MWM has no plans of going offline and will continue to grow with the global Ethereum community. I think the crypto market needs another 10-12 months for prices to increase and the hype to be back for MWM to make any huge changes, but the AR will continue to improve.”
My Wealth Map has also released an opportunity for the readers of this article to receive Gold status in the My Wealth Map application. The readers just need to use the code: ambcrypto in the app and it would increase the chances of the users to win a larger amount of Ethereum per game.
About My Wealth Map:
Launched on August 23rd, 2017, My Wealth Map was created to help the general public and the high street through Blockchain. We are all aware of how high streets up and down the country, and throughout the world have been hit hard by the internet era through the loss of footfall. With My Wealth Map, Kenda Software hopes to help drive footfall to local towns and cities and help support local and international businesses alike. The general public is incentivized with free money through the extremely prominent cryptocurrency Ethereum and it encourages excitement via the means of AR [Augmented Reality] technology and exercise – which is always a positive thing.
To get more information regarding the application please visit our official webpage.
How to Buy BTC for Just 10% of its Value on YouHodler
As FinTech platform YouHodler expands it’s services to clients, users are unlocking new, creative ways to take advantage of the crypto market. Take the platform’s “buy crypto with fiat” for example. With this method, combined with YouHodler’s 90% LTV, a user can buy BTC for just 10% of its value. Here’s how it works in three simple steps.
HOW TO BUY BTC FOR 10% OF IT’S VALUE ON YOUHODLER
With YouHolder’s recently introduced feature, user’s can buy BTC, ETH, XRP, XLM, LTC, BCH, BSV, DASH, EOS, BAT, REP and more directly on the platform with fiat [USD and EUR with a credit card or bank wire]. Users can get large discounts on crypto purchases. For this specific example, let’s see how someone can buy 1 BTC for just 10% of its value using the following three-step method on YouHodler:
For this example, let’s say 1 BTC = $8000
Step 1: Use $8000 in cash to buy 1 BTC on YouHodler [Note: This is temporary capital that will be repaid in about 15 minutes]. Alternatively, you could borrow the $8,000 from your traditional business funds to use in this scenario.
Step 2: Use this 1 BTC as collateral on YouHodler. With 90% LTV, you get 90% of $8,000 sent to you in cash or USDT. Use this to pay back the $8000 to wherever you borrowed the original capital from.
Step 3: You now have 1 BTC sitting in collateral that you only paid 10% for [$800]. Now, simply wait for the market to rise again before repaying the loan and getting your 1 BTC. You are only responsible for paying back the 1 BTC at its value at the time of the loan. So if it rises to $9,000, $10,000 or beyond, you keep all additional profits.
Note: This can be a risky strategy if the market takes a rapid price drop.
CUSTOMIZE YOUR USER EXPERIENCE WITH MORE TARIFF OPTIONS
While the previous example focused on YouHodler’s 90% LTV tariff option, users should know there are a variety of channels one can access depending on their individual needs. Whether you want quick cash, 8-day loan term with 80% LTV for a long term 120-day loan with more flexibility, there is plenty to choose from to suit your strategy.
Customizable tariffs are also available upon request. Considering all available options is an important part of your risk management strategy. Hence, YouHodler always recommends a thorough due diligence process before pursuing any financial activities.
To see the full selection of tariff options and to take advantage of YouHodler’s crypto banking tools, visiting them here today.
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