Meet Verse, the new product launched by the Bitcoin.com team
Before getting into what Verse really is, it is necessary to first understand and understand what Bitcoin.com is, a company founded in 2015 and whose Chief Executive officer (CEO) is the entrepreneur and entrepreneur linked to cryptocurrencies Roger Ver . Bitcoin.com is a conglomerate of enterprises that include, among many, a sector linked to the news of the crypto world as well as the development of applications that favor the expansion and storage of cryptocurrencies.
The company has a user-friendly and widely used storage wallet, using Bitcoin Cash, Bitcoin Core (BTC) Ethereum and various erc-2o and also SLP tokens, created on top of the Bitcoin Cash network. It has more than 29 million users who have created wallets on Bitcoin.com spread all over the world, it is a pioneer in introducing new members to the crypto world and among those who have already created wallets, 5 million actively use the application monthly.
All of this has led the company to consider a method to somehow reward its loyal wallet users who have been enjoying its services for almost 7 years, and that's where Verse was born.
What is Verse
Verse is a reward system carried out by the Bitcoin.com team to reward loyal users of their products, it is a useful token and is programmed to reward all those who actively contribute to the Bitcoin.com universe to flourish.
The token will be used to propel users of Bitcoin.com products to feel that they are recognized and that recognition will be in the form of Verse provision. The token will be issued in erc-20 protocol and also in Ethereum virtual Machine (EVM) chains that are cheap and have the ability to attract more users, will have an issue of 210 billion coins.
In short, Verse is a cross-chain token that aims to reward active users of the Bitcoin.com product.
How it works
For those who have used the Bitcoin.com wallet, you have already noticed that it offers several services included within it, among them the swap, buying and selling of cryptocurrencies, widgets dedicated to news, as well as the ease of spending crypto using it. It is possible, for example, to check where to use Bitcoin Cash just by checking the map included in the application and easily spend Bitcoin Cash in these establishments.
So Verse plans to reward users who actively buy, sell, use the swap services built into the app and those who like to stay informed about the crypto world using the Bitcoin.com app, and that's not all as Verse is a cross - chain token there will be a Dex where it can be converted, sold or even acquired, so it will also benefit all those who:
Provide Liquidity on Verse's Decentralized Platform
They stake on the Verse platform
They use of Verse as collateral for loans, those who earn Cash back paid in Verse as well as those who trade other cryptocurrencies using Verse as a base.
So in addition to users being rewarded in Verse for using the Bitcoin.com app to perform certain tasks, they can also earn Verse using Verse's Dex platform. This Dex platform by Verse will allow any user who does the above constant (provides liquidity, makes stakes, asks for loans and others) to earn remuneration in fees every time the trade takes place on the decentralized platform and this function will be available right at the beginning of the platform services.
And the winnings don't stop there, as it will also be possible to win some Verse whenever a crypto credit card is used in the various ATM points existing in the world as well as in merchant stores around the world. This service will also be available in the year 2022 in the Verse ecosystem, for more information, stay tuned to the official Verse media.
Curiosities about Verse
Verse is a cross-chain token that will be launched in erc-20 and SEP-20 (SmartBCH) format that has a supply amount of 210 billion coins and will be issued in seven years. It is a deflationary token and has buy-back mechanisms and also contains in its contract several systems for reducing its supply and the Verse protocol has already been audited by OxGuard.
The Verse product will not be available in the United States of America as well as in some areas where it is restricted. As for its allocation, it will be done as follows:
35% of the tokens will be allocated to LP rewards using yield farming, staking rewards, airdrops as well as a wide range of programmed incentives;
34% of the tokens will be allocated to APP development and infrastructure, community development, strategic partnerships and deflationary supply reduction mechanisms, and these tokens will be issued in phases that took a period of 7 years;
15% of Verse tokens will be channeled to fund team members as well as their collaborators and will be issued over a period that will last up to 4 years;
10% will be used to sell A Verse tokens, they will be unlocked within a period of up to 1 year and,
Finally,
6% will be used in the sale of tokens B and its period will run for an estimated period of one and a half years.
Summary,
Verse, being a Bitcoin.com product, will be a direct competition to platforms already known in the crypto world, such as crypto.com and others, but it will have a differential, as the parent company (Bitcoin.com) in its years in the market has always prioritized a world freer and more accessible app access and for this it does not require any KYC in its apps and has a portfolio with 29 million users around the world in which 5 million of them actively use the platform.
Verse comes from an ideology that is based on a world free from the use of money in a way that works for the individual and, for that it values the privacy of the individual, for that Verse Dex will certainly work in these molds and more, it will justify what Bitcoin.com has been doing for over 7 years gaining reputation and respect from its users and not being undaunted, the company decided to reciprocate by launching the Verse product.
If today the Bitcoin.com product already has 29 million wallets around the world where 5 million are actively exploiting it, with the introduction of the Verse cross - chain token this value will increase, for now taking an example from one of the product's social groups on Telegram has already reached the 8000 member mark and continues to rise, justifying that Bitcoin.com has a very strong community in the world crypto scene.
Find me at noise.cash, and for more information about Verse see, join the official channels and see the whitepaper:
I am still don't understand the terms but I am willing to read more articles about this cryptoworld. Information overload.