Experience Decentralised Banking With XOV
What you need to know about the XOV project and the XOV token
With the printing of fiat money brought about the centralisation of finance as we know it. Due to this centralisation, corrupt officials that are at the top of the financial hierarchy have brought about devastating financial catastrophes, most recently the 2008 recession.
This has brought about many calls for transparency in the financial sector, but little was actually done. Bitcoin was then introduced to the world as a a means to bring transparency and decentralisation to the world of finance. However, Bitcoin has been the subject of scrutiny in many different jurisdictions, hindering its adoption by the masses.
With XOV they are working towards an ecosystem where financial products are decentralized and users transact with each other on a peer to peer basis. In addition to decentralisation, XOV is working to be compliant with regulatory bodies to avoid obstacles in the financial sector, something that is lacking in many projects. Read on to find out more about the XOV project.
Decentralised Asset Management Platform (DAMP)
Trading of assets will be done on the Decentralised Asset Management Platform (DAMP) built on top of the BitShares network, which has fast network transaction speeds, according to the XOV whitepaper. Operating in the UK, XOV has stated that they are compliant with the UK Financial Regulatory Conduct Authority, reducing the risk of the project closure due to regulations.
Initially, the platform will start by offering the revenue sharing security token for trading with eligible customers. In subsequent versions of the platform, identity management systems (KYC, AML) will be implemented to ensure compliance with regulatory bodies.
According to XOV, a full suite of financial products will be released subsequently, such as options trading, bonds, insurance, and investment accounts. The difference being that users have full ownership of these assets instead of it being held in custody, as with traditional institutions. This, if executed properly, will facilitate real peer to peer transactions.
4 Different Tokens
Besides facilitating peer to peer transactions, the XOV ecosystem will include other features such as revenue sharing and an XOV stable coin for use as a currency. The XOV ecosystem itself will include 4 different tokens that each serve different purposes. The 4 tokens are namely as follows:
- XOV ERC20 utility token
- Bitshares based utility token
- Bitshares based security token
- Asset backed stable token
Based on the plans for the ecosystem as shared by the diagram above, the XOV ERC20 token (XOV.ETH) will be the gateway into entering the XOV ecosystem. The XOV.ETH token can be exchanged for the three other tokens, depending on the intention of the user.
Firstly, users can register for the XOV stable coin if they do not want the prices of their token to be subject to external market forces. Secondly, users that want to take part in the revenue sharing of the platform can trade their XOV.ETH tokens for the XOV Bitshares security token. Lastly, users also have the option to trade for Bitcoin and Ethers on the Bitshares network after acquiring the XOV Bitshares utility token on the platform.
In Summary
Through the offering of four different tokens, if executed properly the XOV ecosystem will be a robust one, as trading of different assets are carried out simultaneously. Furthermore, as more users join the platform, there will be greater demand for the XOV ERC20 token that is listed on the exchanges, given that this token is the entry point to the multitude of financial products on the platform. Once this happens, the value of XOV will increase and users can look forward to a decentralised financial service offering.
Disclaimer: The above article is a brief overview of the XOV project and is in no way an endorsement of XOV from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.
Where Can I Get XOX Tokens?
To celebrate XOV listing, we are hosting a giveaway campaign! Win up to 1,750,000 XOV. The more you trade, the more you win! XOV/BTC trading pair is available for trading. Giveaway campaign is from Feb 18 to Feb 27. Terms and conditions apply.
Follow Us For More Project Summaries
Website: https://abcc.com
Twitter: https://twitter.com/ABCC_Exchange
Telegram: https://t.me/abcc_en
Facebook: https://www.facebook.com/ABCC-Exchange-558472047871367/
Reddit: https://www.reddit.com/r/ABCC/
Email: contact@abcc-inc.com
