Personal data is incredibly valuable. Why, though, aren’t the people who own that data making money from it?
The Facebook-Cambridge Analytica scandal earlier this year revealed the misuse of data without user consent. For many it was a wake-up call that people need to reclaim back control of their own data, deciding on who can and can’t use it.
With the introduction of the European General Data Protection Regulation (GDPR), though, how will companies such as Facebook be able to make a profit if the old system of providing services in exchange for information is removed? How are companies still able to gain access to user data without breaking the law?
That’s where BIGtoken comes in, which has launched in beta, and will reward the three most active beta testers.
Created by the founders of Social Reality, inc. (SRAX), a digital marketing and consumer data management and distribution technology company, the BIG platform is aiming to give users’ control of their data.
Built on the blockchain by SRAX, everyone in the ecosystem will have choice, transparency, and compensation to manage and access verified data. Not only that, but consumers will be rewarded when they own and sell access to their data, giving media companies and advertisers access to verified consumer data that will better reach and serve their audiences.
The BIGtoken system, when connected to a user’s social media and other applications, will automatically collect information and use it to determine how much it’s worth, based on current market rates. The more information the user provides, the more tokens they receive.
The user can then sell these tokens to businesses for cash or to buy tokens themselves. According to BIGtoken, it’s an open market that rewards transparency, guaranteeing honesty by making it impossible to trick the blockchain.
During the beta phase, the top three most active users will be rewarded with Bitcoin for their participation. At the end of the beta phase, the most active beta tester will receive five Bitcoin, the second most active will receive two, and the third most active beta tester will receive one. The end of the beta is scheduled for the 31st January, 2019, which is when the three users with the most points will be announced and rewarded.
To join, consumers can go to BIGtoken to sign up. They will then receive an “invite code” to activate the BIGtoken app. This is now available to download in the Apple App Store and Google Play.
Up to 10,000 initial beta testers will take part, which will see them completing various actions after they sign up. These include, but are not limited to: referring friends and family, checking into locations, answering questions and surveys, connecting social accounts, and allowing the tracking of mobile location and transaction history.
“Claiming your data is the goal of BIG,” said Kristoffer Nelson, COO of SRAX and principal of BIGtoken. “As consumers, we are a commodity that generated billions of dollars last year alone. None of that went to us, and BIG is going to change the consumer data ecosystem forever by improving the online experience for all interested parties by providing choice, transparency, and compensation.”
The world of finance is changing, interest in cryptocurrencies is growing and new opportunities are being presented. This includes the number of crypto exchanges seen on the market.
Yet, what makes one exchange different from another? And how can a person be sure that they have the best security in place for traders to exchange their digital assets?
In order to take the guesswork out, theProBitcrypto exchange is aiming to distinguish itself away from the numerous platforms already on the market.
According to itswhitepaper, it has sought to build an exchange that will be “the most global, professional, and secure digital asset exchange for traders.” It states that 95 per cent or more of digital assets on ProBit will be stored in a cold wallet. Data is stored with the strongest encryption algorithm and is supports FIDO U2F hardware security keys and software-based two-factor authenticator (2FA).
ProBit, which states that it can handle up to 1.5 million transactions per second, will support five crypto assets as base currencies: Bitcoin, Ethereum, Tether (USDT), EOS, and its native ProBit token (PROB). In total, though, the ProBit platform will support 150 or more cryptocurrencies and several hundred trading pairs when it launches.
To see a demo of how the platform works, see this link here.
ProBit is currently undergoing its pre-sale, which is due to finish the 30th November. The main crowdsale will proceed from 30th November to 30th December. Those interested in taking part, first need to open an account before making a deposit, which they can do sohere.
The main usage of PROB is to pay for fees on the ProBit exchange. There will be a limit of 200 million PROB tokens issued: 20 million (10%) will be allocated to the private sale, pre-sale, and IEO; 100 million (50%) is for trade mining; 40 million (20%) for the ProBit team (with a long lock-up); and 40 million (20%) for strategic reserves. Strategic reserves require majority motion by all PROB token holders to be unlocked.
After the launch of the ProBit exchange, PROB will enter the trade mining period. The whitepaper states: “During this period, for qualified transactions at ProBit, PROB worth 80% of the trading fee based on the market price of the PROB will be mined and issued to the trader as a reward.”
Following the launch of the exchange there will also be a repurchase program of the PROB tokens. ProBit will use 20 per cent of profits to repurchase the tokens at the exchange. The frequency of this will be announced on the exchange’s website. However, it will continue until 50 per cent of the total number of PROB tokens have gone through the repurchase program. Stored in a cold wallet, they will be used as insurance in case of situations that are out of ProBit’s control.
According to the ProBit team, they are not using their own PROB tokens for the bounty and marketing spend, but rather USDT ,EOS & XRP. By purchasing the PROB token, a user has access to a number of benefits. These include trading fee discounts, voting rights for listing new tokens, increased referral bonus, and early new features.
With the launch of ProBit coming up, it’s hoping to change the way people access cryptocurrencies by offering an improved trading platform built for professionals and rewarding their users. Check out the site for yourself and read more about their crowdsale.
Social trading platform eToro released its cryptocurrency wallet on November 6, 2018, to much fanfare. The company, which only last month became the first platform to list Binance Coin (BNB) outside of the Binance ecosystem, has already promised to roll out additional features to the wallet, with the initial release coming with a few limitations.
The eToro wallet will give users the ability to transfer their Bitcoin tokens from the trading platform, and it also allows for transferring digital assets to other wallets (and even offline cold storages.)
To wit, we took a look at the wallet to see some of its features that might serve to attract people:
Registration on the app is easy. Users can register with their email addresses or use the Facebook or Google option to sign into the app. New eToro users will have to confirm their email addresses and phone numbers to trade on the platform. To get started, you can decide to trade with your cash (by depositing funds) or by trading with virtual cash. Real Portfolio allows you to trade with your money. Virtual Portfolio, on the other hand, will enable you to purchase assets with virtual money.
Once this is sorted, you can deposit funds through a range of options, from credit card to PayPal and wire transfer
The app’s menu options include:
1. Trade 2. Discover 3. More (Settings)
Contains everything required to purchase cryptocurrencies. There are three other sub-menu options here: a. Watchlist b. Portfolio c. News Feed
a. Watchlist: This section contains a list of assets that you are following along with their SELL and BUY prices. The default list includes commodities, cryptocurrencies, fiat currencies, ETFs, indices, and stocks. The new eToro wallet opens up a new world of possibilities to the trader. Users can trade ForEx like the EUR-USD pairs, Bitcoin and stocks from major exchanges around the world.
b. Portfolio: The portfolio section allows you to explore the investment opportunities of others by mirroring their moves.
c. News Feed: The News Feed feature has become a mainstay for eToro. Being a social trading platform, it was built around some of the features that make social media so unique. News Feed allows you to track what others are saying about assets they are monitoring or trading on.
Gives you a regularly updated diary of what’s happening in the market. With this option, you can check trade markets, copy the investment strategy of others or invest in eToro’s CopyPorfolios. CopyPortfolios is a portfolio management product that allows investors to copy other traders based on a predetermined strategy.
3. More (Settings)
This is the last section on the mobile app. You can invite your friends, check out the Help section, Withdraw Funds out of the app, change your Settings and Logout. For Support issues, you can chat with eToro’s customer care line from the app.
The eToro Professional Account eToro classifies investors into two categories: retail investors and professional investors. A retail investor, on eToro, can trade on the platform and access the Copy Trader feature, though there are restricted from accessing certain features on the app.
Professional clients, on the other hand, receive the full range of eToro advantages. From high leverage trading to negative balance protection and zero restrictions on using leverage, being a professional client is worth it.
To become a professional client, you’ll need to follow these steps:
Click on “Apply Now,” and put in your details.
A list of criteria will appear. Check the boxes near the requirements that apply to you.
Submit your application and wait or further instructions that will come later.
Also, note that to be an elective professional, you will need to pass a test to determine your level of suitability.
With the economic calendar, you will be able to take advantage of upcoming events that could as well have effects on some of the currencies, stocks, and commodities that you’re following. The market is always moving, and it is important that you stay up-to-date on the current events and happenings around you. With the eToro economic calendar, keeping updated is as easy as it gets.
To use the economic calendar, follow these steps:
Choose the dates and time zones that will affect your trades.
You get to see the events that could have a possible effect on your trades.
Watch the potential impact of each event on your trade.
Plan your strategy with this new-found information.
eToro Copy Trading
The eToro Copy Trader gives a trader an opportunity to mirror the moves and plays of the best traders. To make use of this feature, open the app, and search for a trader. When you get a top trader that you’ll like to copy, set some funds aside, and click ‘Copy Trade.’ If you’d love to trade like the pros without going through all the hassles, Copy Trading is what you need.
How to Deposit
Making a deposit is as simple as it gets. The eToro Wallet provides a wide array of payment options for you to choose from. Selecting your preferred payment option is easy. You can follow these steps to get started:
Log into your account.
There’s a section tagged “Deposit Funds.” Click on it.
Out in the amount of money that you’ll like to deposit.
Select your preferred payment method and make payment.
How to Withdraw
You can make withdrawals from your eToro Wallet anytime. When you request for withdrawal, your funds would be sent to the same account used to deposit funds into your trading account. The funds can be withdrawn up to the amount of money that is left in your account, but not that a margin used will also be deducted.
To sum it all up, the eToro wallet has much promise, with its standout feature being its seamless user interface that will prove interactive enough for newcomers and veteran traders as well. It allows for transferring digital coins to other wallets, and the platform also provides two-factor authentication for maximum security.
The major limitation is in the range of cryptocurrencies it offers. However, the company’s leadership is already exploring the possibility of adding more coins in the nearest future.