Satoshi Nakamoto is well-known in the blockchain and cryptocurrency space for creating the largest digital currency in the market at present, Bitcoin [BTC]. The inception of the coin led to the creation of several others alongside the creation of a decentralized ecosystem. The entire ecosystem now strives to take the power back from governments and financial institutions and return it to ordinary people.
Notably, the cryptocurrency is not the only greatest invention of Satoshi Nakamoto. The creator is well-known across the globe, especially the Fintech industry for developing the blockchain. The primary use-case of the technology was to serve as a public ledger for the currency’s transactions.
However, the vast use-cases of the technology were soon recognized by several people from various industries, with key factors such as transparency and security grasping everyone’s attention. The blockchain is currently hailed as a disruptive technology and is considered a revolution in the system of records. In the present scenario, the use case of blockchain technology is being tested in several industries including supply chain management, healthcare, and travel and tourism.
Once such industry that the technology has a massive impact on is the financial industry. Here, blockchain paves a path for increased transparency, faster payments, eliminates intermediaries – thereby by enabling peer-to-peer transactions and reducing counter-party risks.
PANTHEON X has stepped into the space with an aim to bring about all the best advantages to cryptocurrency investors and traders. The firms aim to build a blockchain-based open financial business platform, with a reliable network that allows everybody in the ecosystem to engage in a safe and transparent trade. PANTHEON X intends to build an ecosystem that defines decentralization at its best, wherein people will self-govern the entire system by transforming it into an efficient one.
In general, PANTHEON X is composed of three stages:
- Cryptofund Marketplace
- Knowledge Network
- 3rd party services/ PANTHEON Intelligence
This is essentially the front office service that raises existing cryptocurrency financial funds or new cryptocurrency financial funds. This window is managed by certified crypto-managers specializing in the cryptocurrency market. These managers operate and sell their crypto financial products, which is, later on, bought by investors. For an individual to become a crypto-manager, one will have to pass the minimum requirements laid down by the platform.
Much to the users’ delight, Cryptofund Marketplace has a very simple set-up, which can be very well understood even by a new investor in the cryptocurrency space. Crypto-managers, at first, are required to register on the platform. This will be followed by the managers setting up their wallet and launching cryptofund products that they consider is best suitable for the investors depending on market conditions.
The product will then be promoted by the crypto-manager, along with a marketer. And, at the same time, the product will be analyzed by a cryptocurrency analyst.
The analyst’s review on the fund is passed onto the investors through the firms’ Knowledge network.With the help of the intelligence function, managers can effectively manage their customers’ funds. With this set-up, managers will be able to focus on providing the cryptofunds that are demanded by the investors. For this, managers will receive rewards and management fees in cryptocurrency, when a certain amount of profit is earned.
This network is the knowledge centre that creates, distributes and consumes content pertaining to crypto-financial investment. This network also has all the data collected by crypto-analysts that details the various funds available on the platform and otherwise. The main agenda of this network is to create an active ecosystem, within which users promote trust by detecting system errors, verifying information and providing suggestions that would contribute to the platform’s improvement.
This network plays a vital role in creating content that focuses on cryptofunds, advertising and promoting these products. It also encourages healthy communication among the participants by providing all the necessary instruments.
In addition, this network also functions on a reward system. Here, the rewards are based on Appendix – The Reward System on the Knowledge Network. Users are rewarded in accordance with their contribution and reliability on the network. This is based on their participation, which is determined through the users’ social media activity and their projects.
This is the work that is managed by the middle office and the back office of the ecosystem. Here, the middle office is responsible for the market risks, credit risks, and most importantly, supervising the front office. On the contrary, the back office engages in operations such as confirming and processing a transaction and also settling payments.
Additionally, with all the data accumulated on the cryptofunds on the platform and with the internal infrastructure, the firm will later expand these services by collaborating with a 3rd party.
The platform will also have an authentication process, which will ensure that only the participants contributing to the healthy development of the platform can make transactions. PANTHEON X ensures effective asset management by providing infrastructure such as consignment and escrow.
Most importantly, the platform employs an Artificial Intelligence Engine, which provides automated services that are determined on the data collected on Cryptofund Marketplace, Knowledge Networks, and PANTHEON Intelligence. But, the key role of the AI engine is to detect fraud, enable automated compliance, maintain the reputation of the marketplace, and act as an evaluator of the platform on a constant basis.
The platform also provides support to the users’ activities that take place in the ecosystem. This is achieved by collecting users’ information, analyzing their activity on the platform, and studying their financial records. All the information is encrypted and stored in the platform’s Inter Planetary File System [IPFS].
Along with its mind-boggling concept, PANTHEON X has decided to adopt the double token economy. The platform will have a utility token, XPN token and a token for internal operations, XPW [Xpower]. The utility token will be used to participate in the cryptofund marketplace and the other tokens will be used to reward users on the knowledge platform. This token can immediately be swapped for XPN tokens on the platform.
Unlike most of the projects in the space, PANTHEON X aims to give a part of its revenue back to its community for contributing to its development. The team has decided to allocate 40% of its revenue for all the XPW token holders, a reward for staking and actively taking part in the knowledge network. More so, once the revenue is distributed, the users get to chose the token they want to collect their reward. The rest of the token is divided into 40% and 20%, wherein 40% will be considered as the profits earned by PANTHEON X after the expenses are deduced from this and the rest is going to be reserved for unexpected costs.
AMBCrypto reached out to PANTHEON X to clarify doubts about the project
What drove you to create PANTHEON X?
Finance is one of the most important and sophisticated industries and can utilize the technical advantages of blockchain technology including the prevention of forgery of transaction history, automation of related procedures and P2P payment. Also, the issuance of security tokens that use securities like stocks and bonds but also actual assets like real estate and precious metals as their underlying assets, is significantly increasing. Therefore, the need for crypto finance that uses cryptocurrencies as an underlying asset is on the rise.
Unlike the existing financial system, the crypto financial service has a self-regulating system and bare minimum guidelines. It not only enhances the transparency of transactions through a distributed ledger system but also lowers the transaction costs by minimizing the role of centralized financial intermediaries. Moreover, it can reduce the processing time through automated systems like Smart Contract. The crypto financial service also has a high-security level because it is impossible to counterfeit and forge information on the blockchain.
Why is PANTHEON IPFS required? Isn’t collecting and storing information of users activity on the platform and breaching privacy to a certain extent?
PANTHEON Intelligence is not to record all user activities but to detect abnormal behavior of fund managers. We store the data but sort out the ones that may be the basis for investors to make an investment decision and only expose those data. We do not disclose data that may infringe the privacy of other individuals to other users. Furthermore, the collected data will be used as resource data for internal AI engine only and does not breach by public disclosure.
Will PANTHEON X seek data collected from other platforms apart from its own AI engine to ensure the well-being of its users?
We will use the information gathered from PANTHEON X and will use the resources of the partnerships to the extent that personal information is not infringed.
Why did PANTHEON X choose a dual token economy?
We chose a dual token system because each token serves different purposes.
XPN is listed token on exchanges. XPN is used when fund managers build crypto funds, pay a performance fee when XPW holders exchanging to XPN to cash out when users purchase contents from Knowledge Network.
XPW is a non-listed token and used within PANTHEON X platform only. It can be a compensation or purchase method on Knowledge Network for ads, content creation, sharing, and reporting, etc.
What is the key milestone PANTHEON X is planning to achieve this year?
The main sale is expected to be on March-April, Cryptofund marketplace MVP this mid-Feb – March, PANTHEON Protocol test-net Q2, main-net Q3, and Cryptofund Marketplace official launching Q3.
Crypto Wallet & Visa Card Spend.com launches Apple Pay & Google Pay on iPhone and Samsung Devices
Spend.com announced that the Spend App is now integrated and compatible with both Apple Pay and Google Pay, available on iPhone, Samsung, and other Android devices.
Spend is now the first company in the world to offer this service tied to 16+ supported digital currencies. The Spend team has created innovative ways to transfer, spend and send digital assets and currencies. Spend users will be able to link their Spend Visa® Card and Spend Virtual Visa® Card directly to their Apple Wallet and Google Pay Wallet.
What does this mean? Traditionally, Apple Pay and Google Pay allow users to make secure purchases in stores, in apps and on the web, as well as send and receive money from friends and family [in Messenger]. Now, when linked to the Spend Visa® Card, users will be able to take advantage of all the supported digital and fiat currencies available within the Spend App anywhere Apple Pay and Google Pay is accepted. These features will be available on the release of Spend App v2.5.
The Spend App
With a quick and easy download from either the Apple App Store or the Google Play Store, the Spend App and Wallet will be the only digital wallet ever needed again. The Spend App allows users to store, withdraw, send, and spend more than 16 cryptocurrencies and 27 fiat currencies at over 40 million locations.
Spend users also have the ability to send funds around the globe and/or exchange various currencies all from their Spend App. Whether someone needs to send money to family in Europe or buy/sell different currencies, it can all be done from the Spend App, which currently supports:
- 16+ Cryptocurrencies
- US Dollar
- Canadian Dollar
- 24 Additional Fiat Currencies
In addition to being able to send, spend, buy and sell currencies around the globe, users will have the power of detailed analytics at their fingertips to track coins and currencies. Spend’s in-app analytics gives users instant access to the most up to date charts and figures on any currency or coin users choose to track!
- Currency Swap: Looking to exchange CAD to USD or XRP to LTC. Exchange any currency instantly with Spend, where applicable.
- Multiple Currency Support: Hold USD, CAD, EUR, and 24 additional fiat currencies and over 16 cryptocurrencies all within the Spend Wallet.
- Performance: 99.9% uptime with enhanced performance infrastructure in place.
- Compliance Built-In: Verify account identity instantly within the Spend App.
- Buy Crypto & Send Fiat: Users can purchase 16+ cryptocurrencies from their linked bank accounts, right from the Spend App, as well as transfer funds in over 180 countries.
- Secure Storage: Highest level of AES encryption with PCI DSS Level 1 Certification.
Connecting the Spend Wallet To The Spend Visa® Card
Once a user downloads the Spend App, they will be able to access and manage their funds anytime with the Spend Wallet & Spend Visa® Card. Once verified utilizing Spend’s in-app KYC system, users have the choice to immediately get issued a virtual card that can be used immediately at any merchant that accepts Visa® online. Users also have the option to order a physical card. In addition, Spend clients can earn up to 6% rewards back on all purchases. Cards are now available in the United States and Spend has secured issuers for its Visa® Card product in Canada, Europe, and Asia-Pacific regions.
Spend offers its users three different levels of cards, each with its own unique benefits:
- Spend Simple™ – Spend’s introductory Visa® card. Spend Simple™ gives users access to the platform and all the great features offered. Upgrades are always available to Spend Preferred and Black.
- Spend Preferred™ – Spend’s most popular everyday Visa® card. Spend Preferred™ grants users a flexible spending limit for use as an everyday card with access to the Spend VIP Program and enhanced rewards.
- Spend Black™ – Our exclusive Visa® card for elite users. With an optional sleek metal design*, Spend Black™ cardholders receive access to the highest spending limits, highest rewards, and Spend VIP Elite Program.
With all Spend Visa® Cards, users will enjoy advanced security features, an option of both a virtual or physical card, 24/7 support, as well as both card and wallet rewards, powered by Spendcoin [$SPND].
No matter what level of card users are looking for, Spend has the perfect card to fit their needs, when tied to the Spend App.
At no point can cardholders load cryptocurrency such as Bitcoin onto their Spend Visa® Card. All cryptocurrency will be converted to the appropriate local fiat currency first on the Spend Wallet and then that local fiat currency will be loaded on the Spend Visa® Card for use in purchase and ATM withdrawals.
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