Learning the friendly way

MKR, the governance token fueling the network, comes from the same platform that created DAI, the algorithmic stablecoin soft-pegged to the US dollar. MKR serves both the decentralized autonomous organization, MakerDAO, and the software platform, Maker Protocol, both built on the Ethereum blockchain. These two platforms generate DAI and allow users to issue and manage the DAI stablecoin. 

What is Maker (MKR)?

Developed in 2015 and officially launched in December 2017, Maker is a revolutionary project that was built to host and generate DAI, a community-managed cryptocurrency that has its value soft pegged to the US dollar. The MakerDAO forms part of the larger Maker Protocol which allows DAI to maintain its value and operate without the need for a third party. The Maker Protocol requires both tokens to operate: DAI and MKR. 

To understand MKR, one must first be familiar with the DAI stablecoin. DAI serves as a loan option for borrowers, with the platform allowing users to take out a loan in DAI tokens by locking another cryptocurrency, such as ETH. When the borrower pays back the DAI that was borrowed, they are able to reclaim the collateral used for their loan. However, if its value drops below a predefined level it could automatically be sold off.

The Maker ecosystem is one of the first DeFi projects to enter the market, years before the movement took off. The DeFi sector revolves around providing decentralized financial products powered by smart contracts to the masses. 

Though the DAI stablecoin is best known as a service offered by the Maker Protocol, the MKR token is actually the crypto asset that secures changes to maintain its functioning. The governance token MKR gives holders voting rights over the Maker Protocol's development, such as what cryptocurrencies can be accepted as collateral and the price at which these assets will be sold if liquidation is to occur. The MKR price appreciates in value based on the success of DAI. 

The Maker protocol accepts a range of cryptocurrencies, including ETH, MANA, and BAT, as collateral.

Who created the Maker platform?

Established in 2015, the Maker Protocol was developed by a team of tech-savvy developers spearheaded by Rune Christensen. As time progressed, this collective eventually organized and formed into an official entity known as the Maker Foundation, a corporation located in the Cayman Islands.

In 2017, the Maker team raised a remarkable $12 million in funding by selling MKR tokens to some of the most influential venture capital firms at the time including Andreessen Horowitz, Polychain Capital, and 1Confirmation. A year later, another $15 million worth of MKR tokens were bought by Andreessen Horowitz, who expressed the intention to help govern the DAI system by participating in the MakerDAO. 

In 2019, the project raised another $27.5 million from venture firms Paradigm and Dragonfly Capital Partners for expansion to Asia. 

How does the Maker Protocol work?

When the Maker Protocol launched, 1 million MKR tokens were created. These tokens gave holders voting rights on key decisions through a process called Executive Voting.

First, the sentiment of MKR holders is measured on a new proposal through Proposal Polling before committing any changes to the software. The Executive Vote then takes place, and once the highest amount of MKR token holders commits to a proposal and the vote is passed, the winning proposal is implemented into the Maker Protocol. The number of tokens holds more president than the number of token holders, i.e. 10 holders with 1,000 tokens each will outvote 100 token holders with 50 tokens each. 

Non-MKR holders also have the opportunity to participate in the vote via threads in the MakerDAO forum however the MKR holders have the final say.

DAI Savings Rate

MKR holders also have a say in how much DAI holders can earn if they save DAI tokens on the platform, known as the DAI Savings Rate. In previous years this amount has varied between 0% and 8.75%. Following the recent market crash, MKR holders voted to make the DAI Savings Rate zero to encourage holders to sell their DAI and bring the price back into equilibrium.

When the DAI price drops below $1, MKR holders can vote to raise the DAI Savings Rate to encourage more users to hold DAI which increases the price.

What is MKR?

MKR is an ERC-20 token and acts as a governance and utility token to the Maker Protocol with no fixed supply. The token gains value as the use of the Maker Protocol increases as the supply is reduced when the Protocol is working effectively and increased when governed poorly. MKR tokens are created or destroyed through surplus auctions and debt auctions.

Surplus Auctions

The Maker system holds a Surplus Auction when the fees collected exceed an amount decided by MKR holders. DAI that surpasses this threshold must be purchased with MKR in order to settle the auction. This MKR is then destroyed reducing the total supply and thus increasing the token price.

Debt Auctions

Conversely, if the Maker system is underperforming its locked coins are sold for a lower value than before, causing it to raise capital via a Debt Auction. Through this process, new MKR tokens are created and auctioned for DAI. This in turn increases the MKR tokens and reduces the price. 

In this light, MKR holders are incentivized to keep the platform performing optimally in order for it to generate more fees and thereby reduce the MKR supply.

How can I buy Maker (MKR) tokens?

Anyone looking to add Maker MKR tokens to their crypto portfolio can securely purchase Maker tokens through the Tap app. The mobile app allows anyone with an account to conveniently and safely purchase cryptocurrencies through an effortless trading experience. 

Users can buy /sell Maker MKR tokens using both crypto or fiat currencies, and safely store the tokens in the unique crypto wallet integrated into the app. Download the Tap app today to tap into the Maker ecosystem today.

A platform every sports fan needs to know about, Chiliz is the number one place to go for sports-related fan tokens. CHZ is the token behind the platform, and the platform is the gateway for fans to tap into unique experiences with their favorite sports team. 

What Is The Chiliz Network?

Chiliz is the company that owns Socios.com, CHZ is the token that fuels the platform. Through the Socios NFT marketplace, traders can buy their favorite fan tokens, using CHZ to facilitate all transactions. 

Built on Ethereum, Chiliz provides users with an opportunity to buy branded NFT tokens using the ERC-20 and BEP-20 CHZ tokens. Fans can also earn NFTs through contests or exchange them for team-specific merchandise and benefits. Some fan tokens reward fans with access to meet the players and vote on club decisions. The platform currently supports over 50 different sports and entertainment-specific fan tokens.

Leveraging blockchain technology, Socios directly engages fans with the team/entertainer, a step up from just watching games or buying team merchandise. Chiliz allows each team that partners with them to design unique experiences for their Fan Token holders. These Fans Tokens also give the holder sway over decisions usually left up to the team, like what songs play when a goal is scored, new uniform designs, and even which players start in some games.

Additionally, Chiliz helps sports franchises make money from fans in new ways, while providing unique experiences to their most loyal supporters.

Who Created The Chiliz Network?

Chiliz was founded in 2012 by Alexander Dreyfus, its acting CEO. The company falls under the Mediarex Group, an international sports and entertainment organization, and holds esteemed partners including Sam Li, former Vice President of the NBA, Nicolas Maurer, CEO of esports team Vitality, and Dr. DisRespect, one of the world’s largest video game streamers.

In 2018, the blockchain-based Socios platform was launched, alongside the CHZ token. Following funding of $66 million by Private Placement in 2019, the platform launched its website and app. Today, the company also has offices in France, Turkey, Spain, South Korea, and Brazil.

How Does The Chiliz Network Work?

The CHZ token can be used on both the Ethereum blockchain as an ERC20 token and on the Binance Smart Chain as a BEP2 token. Fans looking to engage on the platform can buy CHZ tokens from Chiliz.net, the platform's own exchange, or from other cryptocurrency platforms like Tap.

Users can then purchase Fan Tokens using CHZ from the Socios marketplace. The platform supports a wide range of sporting teams, from Formula 1 teams to FC Barcelona to Golden State Warriors basketball team. Each team that partners with the platform can dictate the fan tokens prices, distribution and supply as well as unique opportunities they wish to give to fans. Based on the token's performance, they can be burned in order to make a winning team's tokens more valuable. 

As an example of the privileges offered with fan tokens: for eight years, the Juventus soccer club played Chelsea Dagger in the stadium whenever the team scored a goal. Recently, however, fan token holders chose Blur's Song 2 as the new victory song, and Juventus made the switch. The more fan tokens one holds, the bigger their vote.

The blockchain network is built on Ethereum and uses a Socios sidechain to create and verify all fan tokens. This process utilizes the Proof of Authority (PoA) consensus mechanism which relies on a small group of authorized verifiers. This consensus model leans towards business structures looking to be scalable and efficient.

Chiliz is also partnered with the decentralized oracle network Chainlink, through which it creates unique non-fungible tokens (NFTs). These NFTs are used to celebrate special events such as championships or player milestones.

What Is CHZ?

CHZ is compatible with both the Ethereum and Binance Smart Chain platforms. The token is used as a medium of exchange on the Socios platform, allowing fans to buy Fan Tokens. 

There is a maximum supply of 8,888,888,888 CHZ in existence, and at the time of writing roughly 70% are in circulation. 

Where Can I Get CHZ?

Users can simply buy /sell CHZ through the Tap app, one of the most secure solutions in the crypto space. Using a range of cryptocurrencies and fiat currencies on offer, users can exchange any of the supported currencies to build a healthy portfolio that can be safely stored in the unique wallet linked to the account. Find links to download the app from the Tap website.

The Sandbox is a pioneer in the movement to incorporate blockchain technology into the gaming sector. Created in 2011, The Sandbox is an play-to-earn game that allows users to be both creators and players, with the ability to monetize their in-game assets and earn SAND tokens.

Powered by the SAND token, the Sandbox’s native token serves as the foundation for all transactions and interactions. SAND tokens can be obtained by playing games, selling digital assets on the Sandbox Marketplace, participating in competitions, or buying it through a reliable exchange. 

What is the Sandbox platform?

The Sandbox is an Ethereum-based play-to-earn gaming ecosystem and metaverse that allows players to create, share, and monetize in-world assets and gaming experiences. The platform combines the powers of decentralized autonomous organizations (DAO), DeFi and non-fungible tokens (NFTs).

The Sandbox metaverse offers players a space to interact with one another and the games they have created.

The Sandbox is made up of three main components: 

1. VoxEdit, which allows users to create and animate 3D objects in the metaverse (i.e. animals, people, tools, etc). These are known as ASSETS and utilize the ERC-1155 token standard which allows both fungible and non-fungible (NFTs) to be minted at the same time. 
2. The Sandbox Game Maker, where users can create 3D games for free.
3. The Sandbox Marketplace, where users can sell their ASSETS for SAND tokens. 

Who created The Sandbox?

Initially developed as a mobile gaming platform by Pixowl in 2011, The Sandbox was intended to be a competitor to Minecraft. It quickly grew very popular and soon had more than 40 million downloads worldwide. However, in 2018, the co-founders Arthur Madrid and Sebastien Borget decided to explore the potential of creating a 3D metaverse on the blockchain.

The new and improved platform allows users to truly own their creations, in the form of NFTs, and earn rewards while participating in the ecosystem. The Sandbox team introduced the new Sandbox project in 2020 and it became one of the fastest-growing games in the cryptocurrency world, alongside Axie Infinity and Decentraland. 

The following year the platform raised $93 million and attracted over 50 reputable partnerships, including CryptoKitties, Snoop Dogg and The Walking Dead. 

How does The Sandbox work?

The Sandbox is a dynamic virtual world filled with user-generated content. Players can create and develop their own NFTs, including avatars, virtual goods, and even games, using the platform's VoxEdit and Game Maker. They can also interact with other players as well as monetize these NFTs by selling them on the Sandbox Marketplace, fueled by the SAND token.

The Sandbox's VoxEdit

VoxEdit offers artists and players user-friendly software to create, rig, and animate NFTs. The NFTs are in voxel format, square 3D pixels that look like lego blocks, which can quickly be edited to create different shapes. Users can design and create everything from animals and game tools to avatar-oriented weapons and clothing to any goods that you can use in The Sandbox. 

All these virtual goods can then be exported and traded as NFTs on the Sandbox Marketplace for SAND token.

The Sandbox's Game Maker

The Game Maker is designed to allow users to test their 3D game creations within the metaverse. With no prior coding experience needed, the program allows users to design and organize various objects and elements in a space called LAND (including the VoxEdit NFTs).

The Game Maker allows users to curate quests, place buildings, and characters, edit terrains, etc. Users can then share their designs with the greater community or sell them on the Sandbox Marketplace.

The Sandbox Marketplace

The Sandbox ecosystem has its very own NFT marketplace was launched in April 2021 and creates a space where users can trade ASSETS (in-game assets) with the native token, the SAND token.

The ASSETS (NFTs) can be anything from wearables to buildings to entities, and can then be used within the platform in the Sandbox game and incorporated into LAND to create unique games using the Game Maker. The Sandbox's marketplace is accessible to all users on the platform.

What are SAND tokens?

Sandbox, referred to as SAND, is an ERC-20 token with a supply of 3 billion. The token functions as a utility token, governance token, and can be used for staking.

SAND as a utility token facilitates all interactions and transactions within the Sandbox ecosystem. In order to take part in the activities available on the platform, from playing the games to buying LAND, trading ASSETS or customizing avatars, users will need to own SAND. The LAND tokens are ERC-721 tokens while ASSETS are user-generated NFTs.

The native token also functions as a governance token within the Sandbox ecosystem, allowing SAND token holders to vote on changes made on the platform through the Sandbox DAO (Decentralized Autonomous Organization) structure. 

Lastly, the token can be staked on the platform, allowing holders to earn rewards and a share in the revenue from all SAND transactions. Staking offers the bonus advantage of allowing users to increase their chances of finding valuable game resources designed to boost ASSETS' rarity, known as GEMs and CATALYSTs. These are valuable when looking to create assets and play games.

There are two ways to acquire SAND: either through playing games and contests in The Sandbox, or by purchasing it on a cryptocurrency platform like Tap.

How can I buy the SAND token?

For those looking to incorporate The Sandbox into their crypto portfolios, or simply enter the metaverse gaming sector, we have great news. The Tap app has recently added SAND to the list of supported currencies, allowing anyone with a Tap account to easily and conveniently access The Sandbox market. 

Users can buy SAND by using balances in either their crypto or fiat wallets or with your debit card, you can also buy the cryptocurrency with traditional payment options like bank transfers. Through the integrated wallets on the platform, users can also store and manage their SAND holdings easily and conveniently. 

We are delighted to announce the listing and support of Quant (QNT) on Tap!

QNT is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold QNT for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting QNT will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

The Quant Network was designed to connect blockchains and networks on a global scale, prioritising interoperability and trust functions between them using the Overledger operating system, the first OS built for blockchains. The Quant protocol was designed to remove barriers commonly encountered on blockchains in communication, interoperability and scaling.

QNT is an ERC-20 token from the Quant blockchain that provides digital access to a particular application or service and is used to access the Overledger network and validate transactions on the network.

All product users, developers, and gateway operators are required to purchase annual licences, used to maintain platform efficiency. These licence fees are converted to QNT and locked up in the Quant treasury. If a user does not renew their licence, they forfeit their fees, discouraging them from dumping tokens on the market if the price increases.

Get to know more about Quant  (QNT) in our dedicated article here.

With inflation rates rising across the world, many are naturally looking to regain control of their funds. Affecting everyone from business owners to retirees, and even governments, inflation is the silent killer when it comes to deteriorating personal wealth. In this article, we explore what inflation is exactly, and how you can protect yourself from it. 

What is inflation?

Inflation is a term used to describe the gradual increase in the cost of goods and services in an economy, which results in the reduction of the purchasing power of your money. As goods and services rise in price, each unit of currency becomes able to buy less, thus reducing its purchasing power. Additionally to this, the rise in the cost of living tends to result in a deceleration in economic growth. 

Inflation can be felt far beyond just household goods like food. It is experienced across the board, from services like entertainment, labour, and healthcare to metals and fuel even in transportation and electricity. 

Two indexes used to measure inflation are the Consumer Price Index (CPI) and the Wholesale Price Index (WPI). CPI examines a basket of household goods and compares the overall prices to the prices registered the year before. Inflation is noted when the same amount of money cannot buy the same amount of goods as previously recorded. 

The WPI measures and tracks the price of goods at the producer or wholesale level. This observes the increases in prices from the foundation up, looking at the raw materials instead of the final product.

Following the pandemic, inflation rates have increased around the world. In some cases, inflation rates are the highest they've been in 30 years, bad news for people's savings and salaries.

According to the U.S. Bureau of Labor Statistics (BLS), the Consumer Price Index For All Urban Consumers (CPI-U) recorded a 7.5% annual increase at the end of January 2022, the biggest increase to date since 1982. While, according to information available through the UK equivalent, the Office for National Statistics, a 12-month increase of 6.2% was observed in March 2022.

Inflation vs interest rates

Not to be confused with one another, inflation is the increase in the cost of living while interest rates determine how much money you can earn/pay as a lender/borrower. Inflation and interest rates typically rise and fall together, with an increase in one generally creating an increase in the other.

The different types of inflation

There are three main types of inflation which are categorised as demand-pull inflation, cost-push inflation, and built-in inflation. Below we outline the differences between the three.

Demand-pull Inflation

Demand-pull inflation is when an increased supply of money leads to an increased demand for goods and services at a pace faster than the economy's production capacity. The increased demand and limited supply result in price rises. 

Cost-push Inflation

Cost-push inflation is the result of increased costs of raw materials and production processes, leading to an increased price in the final product and other consumer prices. 

Built-in Inflation

Built-in inflation is created by a wage-price spiral where consumer prices rise leading workers to demand higher wages which in turn increases consumer prices. 

How to manage funds and navigate inflation

Inflation is an inevitable part of life, however, there are still ways in which one can protect their funds from deteriorating in value. 

Invest in stocks

Stock markets provide much better returns than traditional interest-bearing savings accounts. While managing the stock market is a relatively complicated endeavour and requires more energy, stocks, and ETFs can earn up to 7% annual returns which would both increase your capital and beat inflation.

Invest in property

Property prices tend to increase in value over time. While they require a substantial payment of capital, these can pay off in the long run. 

Invest in commodities

Precious metals like gold and silver, as well as agricultural products and energy resources, offer potential opportunities for preserving wealth during economic uncertainties.

In Conclusion

Managing inflation is integral to maintaining financial stability. Inflation is an inevitable part of the modern economy, however, there are ways to minimize its effects on your savings. Stocks, property, and commodities are all viable options to ensure your personal wealth is protected and growing. 

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We are delighted to announce the listing and support of Dai (DAI) on Tap!

DAI is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold DAI for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting DAI will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Launched in 2017, DAI is an algorithmic stablecoin issued by MakerDAO.  This stablecoin cryptocurrency is aiming to maintain a soft peg with the United States dollar. This goal is achieved through the use of smart contracts which incentivize participants to perform essential maintenance and governance functions.

Due to the coin’s soft peg to the US dollar, the DAI stablecoin not only provides a stable long-term store of value but also a strong medium of exchange.

Get to learn more about DAI in our dedicated article here.