Hello friends…!!! Previously I thank you for going to visit my Blog site. Here I will discuss a blockchain project called SKRAPS, this blockchain is an ERC20 token established by Kal Mokhtar. They describe the project as "The Ultimate Cryptocurrency Micro-Investing App" and that they will make investments without effort because they have many cryptocurrency traders who have experience domiciled for decades. Of course the platform has its own satisfaction. Because of this project was created, well without long I will explain what is SKRAPS.
ABOUT SKRAPS
SKRAPS project combines the power of blockchain and smart contract to provide a decentralized next-generation financial service with opportunity for users to invest with each transaction they make in cryptocurrencies. SKRAPSis a micro-investing platform where users can invest in a portfolio of their choice based on their risk appetite. They can round off their transactions to a desired decimal value and invest the spare change in cryptocurrency portfolios.
Skraps wants to make crypto investment as easy as possible, So Skraps is a one stop versatile crypto investment solution that enables you to invest into a segment of a market, represented by a fixed set of derivatives a coin is linked to. The investment portfolio is managed by Skraps making the whole experience completely hassle-free for coin holders. The solution came on the basis of the volatile nature of cryptocurrencies and tokens, taking a disciplined approach to investing is of utmost importance. Rather than investing in the upswing, which makes the purchase costlier, one should invest in a systematic manner at regular intervals. We believe that the best way to get started in cryptocurrency investing is to invest spare change from daily transactions to a portfolio of crypto-tokens based on one’s risk appetite. The spare change from each transaction in fiat and cryptocurrencies will be invested through our platform in the risk adjusted portfolios of a user’s choice. These portfolios are managed by professional portfolio managers and which ensure the best return on investment for the chosen risk adjusted portfolio type
The advantage of the platform is that it is based on the blockchain technology, which has many positive factors, such as quickness, transparency, accuracy, reliability, security and decentralisation. Skraps token, is a currency controlled by the company. The Skraps platform will support state of the art BIP 32 compliant cryptography based on 12 word keys. For non-BIP 32 compliant wallets and platforms, the same 12 word keys will be used to encrypt using the AES-256 standard. The string with the coin wallet address and the private key will be encrypted with the above standard and sent to the user’s registered email and the Skraps backend. To clarify, the encrypted hash will be sent, not the actual wallet address and private key. The 12 word passphrase will only be shown in user’s frontend app. Since, wallet keys can’t be decrypted without the 12 word passphrase, the user will be in complete control of the transaction.
Before i go deep down into Skraps and how it works, i will quickly give an explanation of Cryptocurrency and Token for those that do not understand the what and hows of these terms. You can skip this part if you already do.
SO WHAT IS CRYPTOCURRENCY?
I first heard about Bitcoin in 2012 but i didn’t “get it.”
Terms like decentralized, distributed and blockchain catches my interest, but I lacked the technical understanding to really understand what I was looking at.
I started reading up a bit more in 2015. However, only after a deep dive over the last 1 year do I feel like I’ve even begun to wrap my head around it.
A cryptocurrency is a form of payment which is similar to the currencies commonly used such as United States Dollar or the British Pound. However, unlike these currencies, cryptocurrencies are decentralized. There is no central government to print more of them out to cause inflation. In fact, cryptocurrencies have been formulated to gradually decrease in production as time goes by. Bitcoin, for instance will never have over 21 million coins in dissemination.
WHAT IS TOKEN?
A token is a representation of value, a sort of digital asset (dasset). The Ethereum developers decided to standardize this process, and so the ERC20 ‘Token Standard’ was created. This templated-contract standardization contains a series of functions that enables the issuance, distribution and control of the assets in a formalized, standardized manner.
A token standard allows for the ease of interoperability between DApps (decentralized applications built on the Ethereum public chain) and the tokens built by the programmers.
SKRAPS PLATFORM AND HOW IT WORKS
Skraps platform combines the power of blockchain and smart contract to provide a decentralized next-generation and trusted cryptocurrency investment ecosystem. Skraps makes it possible for people to invest the spare change from their transaction. As the spare change is the round off amount from one’s daily transactions like buying a coffee, the amount invested is hardly even noticed. The transactions happen on a regular basis, so the investments are made at a regular interval and the small spare changes add up to a significant amount.
Skraps essentially works like Acorns but for cryptocurrency purchases. Users can invest their cryptocurrency or fiat spare change with the Skraps platform to earn the rewards of consistent investing. For investing cryptocurrencies, a user will need to link his cryptocurrency wallets to the Skraps platform. Whenever a user will make a purchase or do a transaction, a round off amount will be invested in the Skraps portfolio. The user can select the type of portfolio he wants to invest in based on his risk tolerance. For example, suppose Alice is purchasing a flight ticket in Air Baltic using Bitcoins. The price of the flight ticket is 12.98 BTC. She pays 12.98 BTC for the ticket. Then she goes to the Skraps app and rounds up the transaction to 13 BTC. So the .02 gets invested. The 0.02 BTC gets invested in a portfolio of her choice. Suppose Alice has selected to invest in the Conservative port-folio. Then the 0.02 BTC will be invested in the Conservative portfolio in the Skraps platform. Similarly, the spare changes after transactions in fiat currency will be invested in the selected cryptocurrency portfolio. The same scenario works for fiat. If Alice purchases a coffee for $3.75, she can round up the transaction to $4.00 and the difference (of $0.25) will get invested.
Skraps platform will initially offer 5 different portfolios:
- Conservative
- Moderately Conservative
- Moderate
- Moderately Aggressive
- Aggressive
CORE BENEFITS OF SKRAPS PLATFORM
- Ability to participate in the global financial markets straight from your cryptowallet
- Coin price is kept reliably tracked to corresponding shares or bonds index
- Transparent portfolio
- Low operational costs for investors
- High liquidity of the coins. CryptF guarantees unconditional coin buyback from investors either directly or on crypto exchange.
CORE FEATURES OF SKRAPS
Easy to invest: Anybody can begin investing in the Skraps platform by following three simple steps. Users first need to connect their cryptocurrency wallets or debit/credit cards which they use to make purchases to the Skraps platform, Users can then go on spending like normal. They can decide how much they want to round up to the nearest decimal point after they have made the transaction. For example, if someone buys a coffee for $2.75, you can round up that purchase to $3, and the difference ($0.25) gets invested in a portfolio of your choice. Invest Your Change, The spare change is automatically invested in their chosen portfolio. Users don’t need to do anything; they can simply watch their wealth grow
Low cognitive load: Since all the investments are made from the spare change of a transaction, users don’t need to consciously decide if they want to invest and how much they want to invest. All those decisions are taken care of. They just need to choose how much they want to round up to, and the spare amount is invested directly in a portfolio of their choice. Since the amount is very small, people don’t think twice before investing and it becomes sort of a second nature to invest with each transaction
Choose portfolio based on your risk appetite: In Skraps, users can choose to invest in a portfolio which suits their risk appetite. If the user is young and wants to take more risk, he can choose to invest in the Aggressive portfolio. This portfolio can generate a higher rate of return but is subjected to a higher market risk. For a retired old person, a Conservative portfolio would be more suitable as ze* would not want to risk zer savings. Ze would be OK with a lower rate of return, but one that is not subject to a high risk.
Create your own portfolio and share with the network: Initially, Skraps will start with portfolios created by experienced cryptocurrency managers as detailed above. But in due course, we plan to introduce features for users to create their own portfolio and share with the Skraps user base. Any user on the Skraps platform can choose to copy in a user-created portfolio and benefit from the expertise of other users.
Security: All of the users’ data is protected with 256-bit encryption and never stored on their devices. Customers’ peace of mind is our highest priority. At Skraps, we work hard to protect users’ information, prevent unauthorized account access and notify them of any unusual activity
SKRAPS PLATFORM ICO AND TOKEN (SKRP)
Skraps token (SKRP) will be released during the contribution period. Denaro will sell ERC-20 compatible Ethereum-based SKRP token. The aim of the token sale is to provide a discounted participation for the early adopters of the decentralized platform. By purchasing SKRP tokens, the early adopters receives a discounted price for using the decentralized platform. The ICO has been structured to give the best opportunities to anyone who would like to participate from the very beginning, providing maximum flexibility and control for the participants.
Skraps token (SKRP) will be used for secured and fast payment within the Skraps ecosystem. It will also be used to provide incentive for early adopters.
USE OF ICO FUND
70% for development
30% for Marketing
10% for Team Hires
5% for Legal
5% for other
Accepted Currencies: BTC, LTC, ETH, Dash, Ripple, and Bitcoin Cash
Hard cap: 66 million SKRP
ICO Start: January, 2018
ICO End: March, 2018
Roadmap and Team
FOLLOW SKRAPS PROJECT:
Website: https://skraps.io/
Whitepaper: https://ico.skraps.io/SKRAPS_White_Paper.pdf
Facebook: https://www.facebook.com/SKRAPSAPP/
Twitter: https://twitter.com/SKRAPS_IO
Telegram: https://t.me/SkrapsOfficial
ETh Address : 0x25301592D754301cCb878707Be589a8D7c820FA8
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