Full description of Sologenic
SOLO is a utility
Token (?) and backbone element of the Sologenic ecosystem that was created by a team of
Crypto (?) specialists and passionate supporters of blockchain. It was launched in April 2018 by a Canadian Coinfield
Exchange (or Cryptocurrency exchange) (?) based in Vancouver. The ecosystem was developed to provide users with the capability of tokenization of non-blockchain based assets, for instance, stocks and ETF from more than 30 global exchanges.
Sologenic generates stablecoins supported by real-world assets with the 1:1 ratio. This is an appropriate solution for those who are afraid of volatile cryptocurrencies and want to rely on more trustworthy assets. SOLO helps to reduce the cost of cross border transactions via
Cryptocurrency (?) payments.
In 2019, Sologenic was nominated as “DeFi Project of the Year” at the AI &
Blockchain (?) Summit in Malta. The core values of the ecosystem include compliance, enabling adherence to law and international regulation, asset security meeting the demands of cybersecurity protection, and transparency achieved by the use of the PoS mechanism, which allows members of the community to audit assets when they wish.
The mission of SOLO
The team includes blockchain advocates who are dedicated to what they do trying to facilitate the mass adoption of cryptocurrency. The platform aims to bridge the gap between the world of traditional finances and cryptocurrencies. The platform also tries to cultivate the active community of crypto enthusiasts for the encouragement of cryptocurrencies’ adoption.
The ecosystem develops technology for cross-asset trading. Actively introducing tokenization, Sologenic helps to unlock the economic value of assets and create the global market for assets without numerous intermediaries. The project also removes the limited access to global assets as any person can invest in companies located in other parts of the globe.
SOLO ecosystem
The Sologenic ecosystem consists of 5 main components that simplify the process of on-demand tokenization of real-world assets and trading against cryptocurrency assets. These are the Coinfield platform, XRP Ledger, Brokerage Gateway, XRPL Native DEX, and Open SDK suite, which enables interaction of external exchanges with XRPL. The Coinfield platform plays an essential role by connecting all these components.
Sologenic protocol is based on a specific algorithm for analysis of the community feedback to the events and providing a certain degree of governance authority depending upon the volume of SOLO coins held.
Over 40k stocks are offered on the market. Sologenic uses external top brokerage firms to buy and sell stocks or other types of assets. Employing third-party FIX APIs offered by brokerage companies, Sologenic conducts the operation, carrying out tokenization of assets and burning instantly upon the completion of trading.
A multi-layer security approach is used for the cold storage of digital assets. It helps to protect the assets from cyber-attacks and security breaches. The members of the ecosystem should undergo KYC/AML verifications.
Sologenic products
The products of the platform include the centralized exchange with the highest level of security, advanced trading options, and wide assortment of trading pairs available around the globe, an OTC desk for institutional clients, and individuals who trade high volumes, mobile apps for iOS, and Android-based devices.
The ecosystem expands the line of its products, adding debit cards, savings accounts, and
Decentralized (?) exchange for operations with tokenized assets. The benefits of the platform are the speed of operations with the capability of tokenization of assets using the XRP ledger and instant trading.
Sologenic’s SOLO Cards allow spending money in stores all over the world without additional operations. There is no need to convert tokenized assets to pay for commodities. It can be done directly without the liquidation of tokens. The company offers cards with four different tiers in 193 countries.
The team has also developed a
Fiat (?) and crypto
Wallet (?) that features a state-of-the-art management system for efficient and secure interaction of user accounts and corresponding blockchains. The wallet system was created on proprietary infrastructure with the use of ACID technology preventing the interference of numerous transactions with each other. The wallets are connected to the blockchain with nodes. CoinField's private servers are employed for hosting of wallets. The platform partners with BitGo Enterprise that provides custody service as a third-party company.
The platform also offers a white label exchange solution for companies planning to run a digital asset exchange. The package of services includes an intuitive dashboard and extensive functionality.
SOLO tokens
SOLO coins were issued to provide liquidity for market making. These are stablecoins issued on the XRP Ledger that enable instant movement of liquidity. The platform creates a dynamic bridge for the exchange of crypto assets and non-blockchain based assets. Burning is employed as a deflationary mechanism.
The company had a successful VIP Pre-Sale sending limited invitations to 50 000 participants in November 2019. Sologenic IEO that took place in February 2020 provided the last opportunity to buy SOLO at a fixed price of 0.25 USDT before the public trading went live.
The SOLO holders can take part in the SOLO Savings Program (SSP) to obtain
Staking (?) rewards. Membership in the SOLO ecosystem brings a lot of benefits that surpass the rewards of customers using the services of traditional banks. The APR rewards of the ecosystem may vary from 6 to 20% delivered to users daily. SOLO can be purchased on the XRPL DEX, HitBTC, BitForex, Bilaxy, Probit, WhiteBit, Systemkoin, Hotbit, Changelly, and some other platforms.
Sologenic team
Professional and energetic members of the team are aimed at a better financial future with digital assets as a part of the environment. The team includes experts in software engineering, regulatory compliance, banking relationships, and R&D spheres.
Bob Ras, CEO, and founder of Coinfield has established numerous ventures that specialize in tech, manufacturing, and marketing. His businesses with more than a hundred outlets are scattered throughout the world. After switching to the cryptocurrency sphere in 2018, Bob Ras focused his efforts on the development of a new financial ecosystem.
Reza Bashash, CTO and founder of Coinfield, is a highly experienced engineer who worked with AI and fintech spheres for over a decade. The key figures of the platform also include Dmitri Litvinovich, CPO, with extensive experience of work with securities and derivatives trading platforms.
- Exchange symbol (?): SOLO
- Cryptocurrency type (?): Token (?)
Sologenic for developers
Sologenic social sites
Source: NOMICS
