Coinomat paradigm shift.

Coinomat was started with the idea of providing instant Crypto to Crypto exchanges, which could reduce the overhead of jumping through the hoops of regular exchanges for users who just need to buy their crypto fast. Instant crypto to crypto exchanges is a nice idea which has also been picked up by other projects, but its time probably has not come yet. Crypto arena is experiencing some sort of post-bubble condition, similar to dot-com boom of the 90′s. To make crypto as successful as Internet itself we need to build bridges between crypto and “regular”, fiat currencies world.

We should not exclude any valid cryptocurrency projects, each coin with a sizable community is a part of crypto ecosystem and brings value to the table. Such projects as Supernet build bridges between different islands in cryptoland, we will be more focused on doing our bit in building the bridge between crypto and fiat archipelago.

To that end we’re going to start integrating as many val...

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CryptoFiat – the future of money.

If you follow Coinomat developments you must have heard about CoinoUSD, cryptotoken on NXT platform on NXT blockchain tied to USD. Currently it competes with similar projects such us Tether (Bitcoin blockchain-based), Nubits, BitUSD (projects on their own blockchains). You can trade CoinoUSD against NXT and against Bitcoin directly (at Poloniex.com), you can even withdraw it to your bank card. Also we launched CoinoEUR, tied to the single currency.

Within several days we will activate internal accounts at Coinomat.com, and CoinoUSD will become the official internal USD (and CoinoEUR the offical EUR). Coino tokens can be deposited and withdrawn to Coinomat with no fee. Cryptocurrencies can be exchanged to them in order to hedge against volatility. We will even pay interest to balances held at Coinomat, in order to incentivize users to maintain Coinomat balance and share with us profits from our exchange operations.

Projects similar to CoinoUSD start to appear on a regular basis, which ...

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What is SuperNET and why it’s cool.

supernet
If you follow our service developments you’ve probably heard that we are a core service of SuperNET. Currently we’re close to the first major release of SuperNET related crypto application – NXT cryptocurrency GUI client with Coinomat services integrated in it. So this is a good moment to discuss SuperNET and explain why this should and most probably will be a revolutionary achievement.

So what is SuperNET? In one sentence it is a bridge between different crypto islands which were totally disconnected before. Upon Bitcoin revolution hundreds and even thousands of cryptocoins have been launched, each having its own blockchain, completely disconnected from any other blockchain. Hundreds of islands around the huge Bitcoin archipelago appeared on Cryptomap having no connection to mainland and to each other. They were self-contained ivory towers, trying to attract as much user attention as possible and competing against one another. One coin had features the other...

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Decentralized stock exchanges – the future might be closer than we think.


Let’s continue our coverage of crypto securities, there’s some great news to discuss. Overstock.com, a major online retailer which started accepting Bitcoin several months ago, has announced its partnership with Counterparty developers – Crypto 2.0 based on top of Bitcoin network. Counterparty was one of the first projects (along with NXT) implementing a decentralized stock exchange based on Blockchain technology. Patrick Byrne, Overstock founder, plans to build fully compliant distributed marketplace on top of Bitcoin network. This is an epic endeavor, and may be a harbinger of tectonic shifts in future, and that’s why.

Most people involved in crypto consider it to be completely incompatible with current legislation. Using blockchain tokens as currency blows the state monopoly for issuing money, using tokens as company stock certainly seems to undermine current stock market compliance practices – there’s no underwriter bank, no market maker...

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CoinoUSD – USD on blockchain.

Using NXT cryptocurrency technology we have launched CoinoUSD – USD-tied cryptoasset which lives on NXT blockchain, here is the link to its NXT Asset Exchange listing: http://nxtreporting.com/?as=12982485703607823902.

Probably some background is needed. As you probably know, cryptocurrency is volatile, this is the direct outcome of its decentralized nature. Bitcoin price is determined through open market trading procedure. Due to the fact that trading volume of BTC is relatively small ,compared to traditional trading instruments, its price can vary 10% per day easily. Many people don’t like this fact, merchant acceptance is also hampered by this, you can’t sell a good for a currency that can lost 20% the next day.

So a lot of thinking was put into figuring out a way to issue a cryptocurrency denominated in fiat money such as USD. To keep its price stable probably some kind of market making is needed (although there are other attempts to tie ...

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Crypto securities experiments go on – decentralized assets at a centralized exchange.

We have finished our IPO part 2 at NXT AE, selling around 2,500,000 shares at a price of 2 NXT each. This could deserve a separate post in itself, but this is not the most interesting actually – we continue our experiments with emerging cryptosecurities markets, and list our asset on Poloniex.com, traditional centralized exchange.

You might ask so what’s cool about it? Is this a move in the right direction? Actually yes, this is very interesting and we’ll see more of that type of listings in future. The thing is we have listed a decentralized security at a centralized exchange: https://poloniex.com/exchange/btc_cnmt

How is this possible? Cryptocurrency magic enables this, our Coinomat asset exists on NXT cryptocurrency blockchain, and technically it is not that different from NXT cryptocurrency itself, meaning that you can send it as easily as you can send NXT. So it can be credited to your account at a “normal” cryptocurrency exchange such as Poloniex, ...

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NXT asset exchange IPO part 2.

As you probably know we had a successful crowdfunding campaign on NXT asset exchange platform. We received many requests to make a secondary issue, which we did, after we integrated NXT in our service.

Currently it is live, you can buy a share in coinomat.com and get weekly deposit payments. Please check our announcement at NXT official forum: https://nxtforum.org/assets-board/%28ann%29-coinomat-com/

You can also take a look at top trading assets at NXT platform: http://nxtreporting.com/

The asset purchase in quite easy, all you need is to install official NXT client and find coinomat1 in the asset list. You can buy some NXT using our coinomat.com service.


NXT integration; Vietnamese local exchanges

As promised we integrated NXT in our platform. All exchange directions are available, including withdrawals to bank cards. We really like NXT and do believe that it is the leading second generation cryptocurrency with great growth potential.

At the same time we’re launching local Vietnamese platform (available if you choose Vietnamese in the site language settings). Using local payment systems Sohapay and Webmoney Vietnamese users are able to buy and sell Bitcoin and Litecoin by fixed exchange rates and within minutes. This is one of the first services of the kind in Vietnam.


We’re going to integrate NXT in our platform.

As you probably know we had a virtual IPO at NXT distributed asset exchange. It turned out to be a success, all the shares were distributed within a day. NXT platform seems to be technologically mature, stable, and, the most important, it has a very active and responsive community. I must say that we are impressed.

We started integrating NXT in our exchange service, and plan to finish the integration within 2-3 weeks.


Bitcoin stocks follow-up: decentralized exchanges experiment.

This is a follow-up to the previous post dedicated to Bitcoin securities, here we’d like to give a short review of current decentralized exchanges and announce our plans to run some field experiments with them.

Actually my previous post was rather optimistic in regards to the prospects of centralized exchanges. I cannot say that I’m ready to dismiss it now, but recent SEC initiated trial against the issuer of Satoshidice stock at MPEX really makes you start thinking. They showed that they do care and will pursue their goals no matter in which currency the stocks are issued. There are some developments which could help Bitcoin stocks, such as crowdfunding legislation which is being developed by SEC now, but anyway probably the decentralized exchanges could have a brighter future. In any case, they are closer to the true decentralized nature of Bitcoin protocol, so if Bitcoin is successful they will be successful too.

Currently there are three functioning or about to be laun...

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