Why we are building Blockport.
In the coming months I would like to take the opportunity to tell our story and explain the why, how and what of Blockport. These stories will not be too long and are written in an informal, easy-to-read style, so that you can get a better understanding what drives us to do what we do.
Blockport is the first social crypto exchange that focusses on user-friendliness and building a knowledge-sharing community.
Everyone can use Blockport to simply buy, sell and store cryptocurrencies without having to deal with third party services.
Additionally, members can pay other members in Blockport tokens (BPT) to follow or copy their portfolio strategies and share market knowledge.
The cryptocurreny market
So far the year 2017 has been an exciting and interesting year for the world of blockchain, smart contracting and cryptocurrencies. Especially Ethereum made its rise as the second largest player in the cryptocurrency market.
Among other features, it facilitates a completely new model for raising online crowdfunding: the Initial Coin Offering (ICO), where it cleverly combines two very powerful technological concepts, namely: blockchain and smart contracting.
We will not elaborate on what blockchain or smart contracting is in this article, but if you wish to learn more about these technological concepts you can read that here and here.
The rise of Ethereum and smart contracting
Ethereum’s platform enables anyone with programming skills to create and deploy it’s own smart contract on the Ethereum blockchain infrastructure.
As a result, this cool new “smart contracting” toolbox built on top of the Ethereum blockchain increased the vast range of possibilities for safely transacting value over the internet, which in turn convinced many renowned organisations such as Deloitte, Accenture, Cisco, BP, Deloitte, ING, J.P. Morgan, Mastercard, Microsoft, Rabobank, Samsung, etc. to publicly support this new platform.
Alternative investment opportunities
Low European interest rates and an increasingly growing Dutch economy powered the popularity of investing in cryptocurrencies in the Netherlands.
Many Dutch people see the crypto market as an exciting investment vehicle to pick up on high returns. However, there are still some barriers to invest in cryptocurrencies for beginner crypto investors.
The world of cryptocurrencies is created by tech-savvy people and for tech-savvy people. You can see and feel this when you actually try all the different brokers, exchanges, wallets and support solutions that are available.
Most of these solutions do not yet meet the level of user-experience that the apps from Google or Uber provide.
Challenges that beginner crypto investors face today
Currently, if you want to invest in cryptocurrencies as a beginner investor you have to deal with these general challenges:
- What cryptocurrency am I going to invest in?
- What broker and/or exchange will I choose to buy or sell cryptocurrencies?
- What type of wallet will I choose to store my cryptocurrencies?
First of all, as an investor you need to do quite some research prior to investing in cryptocurrencies, which is a good thing. However, the challenges in step two and three are mostly based on figuring out how to use all the different third party services in order to buy cryptocurrencies or tokens.
Most crypto providers have different approaches but have one thing in common: their solution is fit for people that are tech-savvy and experienced in dealing with blockchain transactions and/or complex trading platforms.
They often lack the user-friendliness that is required to educate and on-board beginner investors, which is, in our opinion, the key to provide the solid reliability and trustworthiness that renowned financial institutions offer today.
To give a quick example, a blockchain based transaction forces you to deal with:
- Creating a digital wallet address that look like a code snippet from the Matrix.
- Safely storing your private keys. If you somehow loose them, you loose the access to your crypto funds.
- Lacking feedback on the status of your transaction.
- Waiting multiple hours (in fear) until the receiving party shows a transaction confirmation.
Blockport: simplifying the process of buying, selling and storing of cryptocurrencies.
Currently, the process of buying, selling and storing of cryptocurrencies may be a bit overwhelming for someone that is new to the blockchain and crypto paradigm.
With Blockport we aim to overcome the barriers that beginner investors face to actually invest in cryptocurrencies. We firmly believe that lowering these barriers is the key to the mainstream adoption of tokens and cryptocurrencies in our current society.
Blockport is the first social crypto exchange where everyone is able to buy, sell and store cryptocurrencies without having to deal with third parties such as brokers, exchanges and wallet services.
In our exchange environment we focus on social trading features (follow/copy portfolios of experienced traders) and building a knowledge sharing community.
In our opinion many established exchanges fail to address this effectively.
In the Blockport exchange environment, members can pay each other Blockport Tokens (BPT) to follow or copy their portfolio. This enables Blockport to bring together beginner and advanced traders to exclusively share knowledge, experiences and insights.
As an experienced crypto trader, you can earn extra revenue in BPT by sharing your portfolio with beginner investors.
Excited about what we do at Blockport?
We are happy to hear your thoughts!
You can read more about our future plans in the whitepaper on our website, or directly ask us a question in the Blockport Community at Telegram.
If you wish to participate in our Crowdsale starting 1st of February 2018, you can sign-up here for our whitelisting.
