Everything about Sologenic
Table of content:
What is Sologenic
The Sologenic ecosystem strives to build a modern, fast, and secure platform to enable billions of people to tokenize different non-blockchain based assets. The ecosystem tokenizes over 40,000 assets, such as stocks and ETFs, which are tradable on over 30 top global stock exchanges in Asia, North America, and Europe. Sologenic’s mission is to modernize the traditional functions of financial markets and open up the global market to everyone, no matter how much money they have, no matter where they live in the world.
Sologenic deploys SOLO coins for market-making and liquidity providing. These stablecoins are backed 1:1 with real-world assets. Each stablecoin represents the ownership of real-world assets. Once tokenized, the asset on the blockchain is tokenized with the suffix of “ƨ”, for example, a tokenized version of TSLA is TSLAƨ.
SOLO coins and subsequent stablecoins are issued on the XRP Ledger allowing liquidity to be moved almost instantly. This creates a dynamic bridge between crypto-assets and non-blockchain-based assets by being paired directly with fiat as collateral to settle with third-party brokerage firms.
"If you are talking about the mass adoption of cryptocurrency globally, I think it's essential to merge these two markets together. If you can build a bridge between these two markets, you are going to see more volume into the crypto markets, and that's the key." - Bob Ras.
Dividends are portions of company earnings paid to investors. Sologenic pays dividends, or fractions of profits, depending on the user’s holding, into their accounts in real-time as they happen. Whether assets are in self custody or Sologenic accounts, users who own tokenized assets can receive dividends just as non-tokenized asset holders can.
Sologenic is the most ambitious project ever built on top of XRP Ledger (XRPL).
The XRPL was chosen for the Sologenic ecosystem because it is the most scalable blockchain that offers the technologies and tools required. The XRPL provides features such as fast transaction times, low fees, and a built-in decentralized exchange, making it the essential blockchain for Sologenic.
Burn Amount: It is important to know that SOLO coins use a deflationary mechanism to bring the total supply down. For every transaction sent and received from XRP wallet addresses, 0.01% of that transaction is destroyed. For example if user A wants to send user B a total of 10 SOLO, your system will calculate 0.01% of 10 and deduct it from the amount to be sent. This is due to XRPL adding the burn fee on top of the amount that needs to be sent.
SOLO holders are eligible to obtain a free SOLO Card to spend their cryptos instantly anywhere in the world. SOLO holders have various benefits with SOLO cards, such as monthly cashback, airport lounge access, discounts on select hotels, and private events, plus many more benefits such as Netflix and Spotify rebates.
SOLO cards are available in four tiers: black plastic, black metal, black executive metal, and black prestige carbon fiber. Users will qualify for each level based on how many SOLOs they have in their wallets.
SOLO holders can voluntarily participate in the Liquidity Provider Reward Program (LPRP), and receive rewards of up to 20% annually. There are multiple time-based programs, with both weekly or monthly participation models. Some of these programs come with flexible withdrawal terms, whereas others come with a fixed time-based deposit model. There is a daily reward payout mechanism for flexible programs and a time-based payout for fixed-term reward programs.
The Decentralized SOLO Wallet allows users to manage multiple wallets and hold and transfer digital assets from a single wallet address.
The app allows users to add, activate, and manage multiple wallets, hold, and transfer digital assets from a single wallet address, receive live market price updates, track recent transactions, and much more. It is available to download on the App Store and Google Play.
Sologenic is a community-focused project, founded on the belief that cryptocurrency is used in any way imaginable, by anyone in the world. The Sologenic supporters all share this belief when participating in Sologenic's programs and community funds.
The Sologenic Community Fund (SCF) supports projects such as the Sologenic Developer Program to build exciting new projects on the XRP Ledger. SOLO bounties are awarded to developers who take part and complete tasks.
The SOLO Expansion Fund (SEF) goes towards the marketing and promotional activities for the Sologenic ecosystem including worldwide blockchain events that the Sologenic team attends to increase its global reach, and increase the long term value of SOLO to protect its investors.
Sologenic’s team consists of experts who excel in software engineering, research, and development (R&D), regulatory compliance, and banking relationships. The SOLO team aims to shape the world’s new financial future through digital assets and disruption of the traditional financial markets.
2020 is going to be an exciting year for Sologenic. Currently, in development for a Q2 and Q3 launch, the SOLO core team plans to release several essential products including Sologenic DEX, the SOLO Cards, then the securities trading platform and a demo platform where users can practice the tokenization and trading of assets will launch at the end of summer.
For more information about Sologenic, visit the ecosystem’s website www.sologenic.com