Cryptocurrencies keep on increasing due to the nature of innovation and our desire for constant improvement. One way of thinking of this, is to look at the example of the millions of apps that providers like Apple or Google have. Many of them do essentially the same thing, but we still end up having many of them. Imagine an app that streams music, for instance. There isn’t just one, but hundreds of them. We love some and dislike others. Still, many others keep on being developed, time and time again.
This is what cryptocurrency is like. For example, although we have cryptocurrencies with smart contracts that essentially work in the same way, more and more continue to emerge. What they do is tweak elements in the protocol, and promise the next revolutionary smart contracts platform. Think of Ethereum as the best platform for Smart contracts. Now there are numerous platforms with tokens that run the same type of network. NEO – the Chinese Ethereum, Cardano – the Japanese Ethereum, Stellar, EOS to name just a few, are all competing to catch up with Ethereum. If you are still wondering why there are so many cryptocurrencies, think along these lines.
With Bitcoin being so popular, many other coins emerged. The main aim of most cryptocurrencies is to provide a decentralised form of digital currency that can serve as the perfect alternative to traditional currency. Cryptocurrencies are built on a blockchain. This provides developers with a lot of opportunities to create different functionalities for different cryptocurrencies. Blockchain is a technology open for all, meaning; anyone can develop their own cryptocurrency if they know their way around the blockchain.
No one really controls blockchain technology. Anyone who has the knowledge about how the technology works can use it to develop their own virtual currency. Looking back at the development, Satoshi Nakamoto was the first to use blockchain technology to create Bitcoin. But soon after, other developers realized they too could exploit the same technology to develop a better “version” of the original.
It is tedious to research and monitor different coins or tokens at once and so many pumps and dumps that are happening. Especially if you do want another project to another and to another which is time-consuming.
Introducing Base Protocol
Base Protocol is a protocol that is also a digital asset wherein you as a cryptocurrency enthusiast and believer buys the $BASE token to track the entire cryptocurrency market and its market cap as a whole. It is on the BASE protocol website that the price of each BASE tokens is pegged to the total market cap of crypto capitalization with a ratio of 1:1 trillion. Meaning, that for every $1 USD worth of BASE, is 1 trillion in total market cap of the entire crypto market. Hence, if the entire crypto market capitalization goes 2 trillion USD, then each BASE will also become $2 USD each. On the other hand, if the market cap of the crypto is only 0.5 trillion USD, then the BASE token will only be $0.5 USD as well.
How its work
A designed asset is one whose properties have a comparative effect and impetus as another asset. BASE is a made asset intended to reenact the market instances of its central asset, every computerized cash. This licenses customers to reasonably speculate on every token, rather than just one or a select course of action of various.
BASE depends on an adaptable nimbly show which consequently broadens/contracts token deftly to achieve target esteem concordance. BASE’s target cost is one trillionth the full scale market capitalization of all cryptographic types of cash: (cmc) x 0.1^12. Right when BASE market cost (bmp) = (cmc x 0.1^12), BASE is at balance. Exactly when this equilibrium is upset, token nimbly is changed.
Rebases happen when bmp ≠ (cmc x 0.1^12). When bmp > (cmc x 0.1^12), advancement rebase occurs. When bmp < (cmc x 0.1^12), choking rebase occurs. Advancement makes new deftly, reducing deficiency and driving expense down its target. Pressure demolishes smoothly, extending lack and driving expense up to its target.
Customers will have the alternative to buy BASE at its Uniswap liquidity pool. The Base Cascade rewards customers who stake their BASE in the liquidity pool. The Cascade issues rewards reliant on how long a customer stakes their tokens in the pool, where the more prominent liquidity gave, and for additional, the more imperative part of the pool they get.
The main function of base protocol;
The Base Protocol acts as a comprehensive trading instrument that allows holders to speculate on all cryptocurrencies simultaneously, rather than just one or a selected portfolio of multiples. It allows traders to invest independently in the entire crypto ecosystem. This is its main function.
Base protocol token distribution;
Total Token Supply: 8,493,221 BASE
This is the total supply of BASE tokens at the time of launch.
Initial Circulating Supply: 1,859,548 BASE
Most tokens sold in the fundraising and allocated for the ecosystem are locked/vested, so the initial circulating supply of BASE is less than 25% of the total supply. The Base Protocol fundraise is set up to only allow investors who demonstrate strategic value and a long-term interest in the future of the project.
Initial Market Cap at List Price: $650,842
We’ve put a lot of consideration in structuring the project budget to keep the total raise limited and the initial market cap as low as possible, while still raising enough for a properly funded launch and at least three years of runway.
Initial Liquidity : 492,424 BASE
These tokens (5.8% of supply) are allocated for initial Uniswap liquidity. These tokens are matched with an equal value of ETH received in fundraising, equating to $344,696 in liquidity at launch.
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🔥🚀 ETH/BASE is currently the #1 most followed pair on @DEXToolsApp 💡
🦄 BASE is now a top 15 project for Uniswap volume:https://t.co/EaHKe4zCW3
— Base Protocol (@BaseProtocol) December 3, 2020