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CoinField introduces “SOLOGENIC”

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https://www.globenewswire.com/news-release/2019/10/15/1929657/0/en/CoinField-introduces-SOLOGENIC-built-on-XRP-ledger-to-issue-stock-and-fiat-backed-stablecoins.html

TALLINN, Estonia, Oct. 15, 2019 (GLOBE NEWSWIRE) -- CoinField reveals full details of Sologenic, a sophisticated ecosystem that facilitates trading of on-demand tokenized assets, including stocks and ETFs from 25+ global stock exchanges or fiat-backed stablecoins on top of the XRP ledger (XRPL).

Introducing SOLO Coins (Ƨ) 
Sologenic deploys SOLO coins for market-making and liquidity providing. Coins are issued on the XRPL allowing liquidity to be moved in a matter of seconds. This creates a dynamic bridge between crypto assets and non-blockchain-based assets by being paired directly with fiat as collateral to settle with third-party brokerage firms. SOLO will be available for trading on CoinField’s existing exchange, CoinField’s upcoming DEX, and major global crypto exchanges.

Tokenize, Trade, Earn and Spend
Sologenic is merging traditional financial markets with crypto by leveraging the XRPL to enable ultra-fast and efficient transactions in real-time. Users can invest, trade, and tokenize assets such as stocks, ETFs, and fiat on-demand. For example, a tokenized stablecoin of TSLA or USD is presented as TSLAƨ or USDƨ. These stablecoins are tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.

SOLO holders are eligible to obtain a free Crypto Card to use their crypto assets as collateral and spend instantly anywhere globally.

“We’re making it easy for people around the world to have access to different global stock exchanges via the blockchain. Imagine living in Tokyo and being able to trade assets from NASDAQ, HKEX, LSE, Deutsche Boerse, and major exchanges on one secure platform. This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere. Ultimately, Sologenic helps the mass adoption of cryptocurrency by allowing people to invest in stocks. It’s a WIN-WIN for everyone!" Said Bob Ras, CoinField CEO.

SOLO Community
Sologenic is a community-based ecosystem where users can participate in different decision making events and benefit from the SOLO Community Fund (SCF) and the SOLO Expansion Fund (SEF). Developers are encouraged to contribute to the Open Source SDKs and other decentralization initiatives. Users can voluntarily participate in multiple time-based reward programs and receive up to 20% rewards annually.

It's time for the world to #GoSOLO and create a new financial ecosystem for the modern era.

Learn more on: https://www.sologenic.com.

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16 minutes ago, Uloveme said:

These stablecoins are tradable and redeemable against XRP and SOLO on both CoinField exchange & XRPL DEX.

This quote is hopeful, but for now it seems most liquidity will flow into the brand new Solocoins I'm afraid. Too bad they opted for their own coin instead of using the already existing XRP on the ledger. Are they just greedy or am I missing the point?

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Quote

400,000,000

No additional tokens will be ever created

Is there a feature on the XRPL that prevents the creation of additional tokens?

I don't know about such a feature, If you trust an issuer of a token let's say 1 mio SOLO, they can sell you 1 mio SOLO. It's all about trust with these IOU tokens.

Did I miss something?

Edited by baggy23

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They could point the issuing account to a blackhole. There's no information in this press release about the technical background, so it is hard to verify.

I wonder why they "need" their own token just to issue IOUs for currencies and/or stocks on XRPL.

Edit:

From their whitepaper: This is their issuing address (I wonder if they want to only issue their "Solo" coins or also their fiat/stock IOUs from there) - https://xrpscan.com/account/rsoLo2S1kiGeCcn6hCUXVrCpGMWLrRrLZz

There are some crucial things missing for implementing the scheme from their whitepaper, but they are free to reach out to me to tell them in person what they are, I'm not going to do free work for them. At least until they implement a bug bounty program... They anyways have a developer who "is amongst some of the top programmers and best talents in the software world.", so maybe they already know about the issues they will face with their current setup.

Edit2:

But hey, at least someone still is really into launching a gateway (with some flashy marketing terms and a weird coin attached, but so what - if they are on XRPL, their IOUs can be traded anyways) instead of the n-th time where XRPL is marketed as "the ledger that sends XRP around".

Edited by Sukrim

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19 minutes ago, baggy23 said:

Is there a feature on the XRPL that prevents the creation of additional tokens?

I don't know about such a feature, If you trust an issuer of a token let's say 1 mio SOLO, they can sell you 1 mio SOLO. It's all about trust with these IOU tokens.

Did I miss something?

Nope you can even create your very own "SoloMio" token on the XRPL. Creating is one, finding buyers that trust you another and those who bought your token..... some other day they have to sell it again to another buyer (or victim). Trust indeed is key... always. The only token that has a level of trust that we all can see and control - globally counterpartyless - is XRP as for that you only have to trust the ledger and its trusted validators.

Remember lots of people a few years ago trying to sell their worthless USD.snapswap tokens after the SnapSwap pullback from the XRPL (some shady Baltic company took it over)?
Guess this is just another SOLO.coinfield story - explained different....

Edited by kanaas

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4 minutes ago, kanaas said:

Remember lots of people a few years ago trying to sell their worthless USD.snapswap tokens after the SnapSwap pullback from the XRPL (some shady Baltic company took it over)?
Guess this is just another SOLO.coinfield story - explained different....

Thanks for this explanation. I don't trust Coinfield.

Maybe I would trust the NYSE if they would issue stocks on the XRPL.

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3 minutes ago, baggy23 said:

Thanks for this explanation. I don't trust Coinfield.

Maybe I would trust the NYSE if they would issue stocks on the XRPL.

exactly.... seems nothing more than an unregulated marketplace with one simple goal: selling SOLO tokens ;-)

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Bla bla bla....

“We’re making it easy for people around the world to have access to different global stock exchanges via the blockchain. Imagine living in Tokyo and being able to trade assets from NASDAQ, HKEX, LSE, Deutsche Boerse, and major exchanges on one secure platform. This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere. Ultimately, Sologenic helps the mass adoption of cryptocurrency by allowing people to invest in stocks. It’s a WIN-WIN for everyone!" Said Bob Ras, CoinField CEO.

I have been trading on the international Lynx platform for 5 years now. Being able to trade in all stocks (NASDAQ, HKEX, LSE, Deutsche Boerse). I am definitely not going to buy/sell in Solo..... pff. Have they lost their minds. What an extremely weak usecase....

A lot of hype by Coinfield directors to sell 400,000,000 Solo coins. :bomb: (and get rich fast)

Edit: If I would use their system it would need to be 100 % XRP (trusted and adopted) and no other. This addition for the possible Coinfield director or employee who reads this post.

Edited by cryptoxrp

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The real question is that, by being the one backing a solocoin, are you in any way required by law to hold a portion of that backing as xrp (similar to banks and 🙄 supposedly 'stablecoins' institutions like tether holding about 33% USD)? 

If so, this is really really good news (dependent on adoption ofc) as people holding xrp in order to back their solocoin would put upwards pressure on xrp. If not.... well then... nothing to see here folks. 

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9 minutes ago, cryptoxrp said:

Bla bla bla....

“We’re making it easy for people around the world to have access to different global stock exchanges via the blockchain. Imagine living in Tokyo and being able to trade assets from NASDAQ, HKEX, LSE, Deutsche Boerse, and major exchanges on one secure platform. This platform tokenizes stocks on the XRPL as demanded, allowing you to trade it against any cryptocurrency and spend in real-time anywhere. Ultimately, Sologenic helps the mass adoption of cryptocurrency by allowing people to invest in stocks. It’s a WIN-WIN for everyone!" Said Bob Ras, CoinField CEO.

I have been trading on the international Lynx platform for 5 years now. Being able to trade in all stocks (NASDAQ, HKEX, LSE, Deutsche Boerse). I am definitely not going to buy/sell in Solo..... pff. Have they lost their minds. What an extremely weak usecase....

A lot of hype by Coinfield directors to sell 400,000,000 Solo coins. :bomb: (and get rich fast)

Edit: If I would use their system it would need to be 100 % XRP (trusted and adopted) and no other. This addition for the possible Coinfield director or employee who reads this post.

I personally like this. I have trading bots for 35 stock exchanges :D !!!!!!!!!!!

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The good news that I read into it, is that even though they're trying to push adoption of their solo coins, I believe that xrp will be the heavy lifter until, or even if, they're able to get solo liquidity (& trust) up to a sufficient level where it will actually be utilized to any significant extent. It's as if they know that they've gotta ride on the coattails of xrp to even have a chance to get their coin up and running. This ultimately may prove to be another positive development for xrp as the solo coin might never see any significant adoption, while xrp enjoys hauling some more traffic on the network. We'll see....but yes, a lotta hype by Coinfield.

 

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