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What is Sologenic (SOLO)?
Luis Clark
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Luis Clark
What is Sologenic (SOLO)?
A leader of the third wave of blockchain technologies, Sologenic aims to empower people with a truly decentralized, transparent network that stands at the forefront of the movement to bring the traditional financial systems into the folds of the cryptocurrency world. Let’s see how exactly Sologenic hopes to achieve this.
The saying “money makes money” could not more true, especially considering the times we live in. This statement is the reason why many economists argue against the financial systems that we have today. Because of the way things are going, the rich will keep getting richer, and the poor will keep getting poorer. To have a chance at reaching the top rungs of society, ordinary people need some agency over their future.
The cryptocurrency revolution seeks to give financial power back to the people, and there is no better example of this than Sologenic.
Sologenic Ecosystem
Sologenic is a sophisticated ecosystem built on top of the XRP Ledger blockchain technology. SOLO coins are the native currency of this ecosystem. Sologenic is backed by CoinField as the CEO of CoinField, Bob Ras, is also the co-founder of Sologenic.
Bob Ras is known as a serial entrepreneur with various successful ventures in marketing, manufacturing, and technology. Reza Beshash, the CTO of CoinField, is a co-creator of Sologenic. He is also a well-known entrepreneur who is very vocal about his support for blockchain-based technologies.
The SOLO Core Team
The SOLO core team consists of more than 30 blockchain professionals and experts with a highly diverse skill set, ranging from software developers and tech enthusiasts to marketing experts and lawyers. They are guided by the ambition of revolutionizing the current financial system, especially tokenized assets.
Sologenic aims to bridge the gap between traditional financial markets and cryptocurrencies. It is geared toward facilitating the global adoption of cryptocurrencies by the masses, making the use of cryptocurrencies in every facet of life commonplace. This would, in essence, tokenize the global economy and make the Sologenic ecosystem successful.
Sologenic Tokenomics
The tokenomics of SOLO tokens are quite interesting. In the initial token distribution phase, 400 million tokens were created and distributed. The distribution was carried out in the following way:
- 35% of the tokens were distributed to the team, with a 36-month lockup schedule.
- 5% of the tokens were sold in the VIP presale with no lockup.
- 10% of the tokens constituted public sale IEO with no lockup.
- 15% of the tokens were used for SOLO liquidity and operations with no lockup.
- 20% of the tokens were designated to the SOLO community fund with no lockup.
- 15% of the tokens were reserved for the SOLO expansion fund.
The VIP and public sales were open for people in 190 countries except for certain countries that restrict such sales, like the USA and Canada which have strict laws regarding crypto assets. This is just one of the entry barriers investors have to face in the US.
Proof of Solvency (PoS)
Transparency is an essential part of blockchain technologies. A decentralized financial institution simply cannot work without its assets being transparent. To achieve this, Sologenic uses the Proof of Solvency (PoS) mechanism. They are actively working to improve the system to make it more secure.
The Proof of Solvency mechanism allows any user to audit the true value of Sologenic’s assets. This enables investors to ensure that their investment is protected from any unnecessary risks. Sologenic achieves this while also providing complete security and anonymity to its users, a feat that most blockchain technologies out there have failed to achieve.
The liquidity provider reward program is maintained by the Proof-of-Stake system to reward SOLO holders, much like other popular blockchain systems out there. Proof of Solvency is a very attractive feature to have in blockchain technology. But apart from that, what does Sologenic have to offer users?
SOLO Decentralized Exchange and Wallet
The SOLO wallet is the latest addition to digital cryptocurrency wallets. Apart from storing crypto assets, the SOLO wallet will also allow you to store other assets that will be tokenized in the future (stocks, ETFs, and commodities). It aims to make trading non-blockchain assets in a digital scenario its prime achievement.
The SOLO wallet has biometric authentication and a secure enclave to protect your funds. It allows you to trade any asset that is currently available on its parent blockchain – the XPRL. The wallet has a built-in exchange known as the Sologenic DEX, which is a trading platform similar to the likes of Binance. Sologenic DEX allows you to trade solo tokens as well as other currencies inside and outside the Sologenic ecosystem.
A cryptocurrency wallet is not exactly about reinventing the wheel; there are many blockchain technologies out there offering their own wallets. But how many of those let you get a physical card?
SOLO Cards in Traditional Financial Markets
A lot of people still don’t see the appeal of investing in cryptocurrencies due to the fact that there aren’t many physical manifestations of them. That is understandable since cryptocurrencies are “tokenized assets,” but there is still some need for them to be able to interact with the traditional financial system more naturally.
The SOLO cards were introduced to allow people to spend their digital assets anywhere where traditional credit cards are accepted. An initial batch of 5,000 cards has already been launched, with a lot of people in the community waiting patiently on the waitlist. The card allows you to convert your tokenized assets to any fiat currency on the spot to make purchases easy.
You can also use your cryptocurrency assets to open stablecoin credit lines, where the rates can be as low as 0%. The SOLO cards also come with other exclusive benefits like airport lounges access, cashback, and other to-be-confirmed perks in the Sologenic DEX.
Tokenized Assets On-Demand
What makes the technology at Sologenic truly special is the ability to trade stocks from more than 30 global exchanges. The Sologenic ecosystem bridges the gap between traditional financial institutions and blockchain-based assets, allowing you to trade your cryptocurrency for three different asset classes: stocks, ETFs, and commodities.
Converting real-world assets to cryptocurrency seems futuristic, doesn’t it?
There are currently 40,000 of these assets that you can trade, thanks to Sologenic’s technology. Furthermore, based on the value of the tokenized assets that you hold in the Sologenic ecosystem, you will get paid dividends by Sologenic.
How to Participate in On-Demand Tokenization
To protect users from volatility, Sologenic informs users of merges and buybacks so that they can exchange their tokens for the newly incremented ones within a 30-day period. To be eligible for on-demand tokenization, you need to pass a KYC verification process as well as deposit funds in your account to start trading in the Sologenic DEX.
The History of the XRP Ledger
Amazed by what Bitcoin was trying to do, three engineers David Schwartz, Jed McCaleb, and Arthur Britto set out to make their own blockchain in 2011. They wanted to create a better version of Bitcoin and remove various issues like use cases and energy efficiency.
The XRP Ledger was revealed to the public in June 2012. The trio was shortly joined by Chris Larsen, and the group started a company called NewCoin in September 2012. The name did not catch on, however, and the company was subsequently renamed OpenCoin. Currently, it is called Ripple. The founders of XRP gifted 80 billion XRP to the budding company to ensure that it could continue to work on the future of the XRP Ledger.
The native currency of the XRP Ledger is XRP, just like SOLO tokens are the native currency of Sologenic. At the time XRP were introduced, the name Ripple represented the company, the Ripple Consensus Ledger, the transaction protocol known as RTXP, and the Ripple network itself.
The XRP Ledger
The Sologenic system is built around a blockchain technology known as the XRP Ledger. The XRP Ledger, or XRPL, is a decentralized, public blockchain maintained by developers throughout the world. XRPL is known for being efficient, reliable, and fast.
It is especially favored by developers because it is very easy to develop your own ecosystems on top of this dynamic blockchain. XRPL prides itself on being energy-efficient and environmentally friendly.
The Speed of XRP Ledger
XRPL is capable of carrying out thousands of transactions in seconds. It is very low cost, with the cost of a single transaction being only a fraction of a penny. Due to its inexpensive nature, XRPL is suitable for a lot of use cases.
XRPL has been operating for more than eight years with over 63 million ledgers. The XRP Ledger has a decentralized exchange built into it, which allows users to partake in the peer-to-peer multi-currency exchange. The cross-currency transaction system can settle transactions spanning borders effortlessly. The payment channels are secured with XRP, with batched micropayments at unlimited speeds.
The XRP Ledger blockchain is a very fast and reliable tool. It uses a consensus protocol to secure its blockchain. How exactly does the XRP Ledger’s consensus protocol work?
The Future of Sologenic
The future of a cryptocurrency ecosystem is highly dependent on the success of the blockchain it is based on. The XRP Ledger is seemingly not very popular, especially when compared to other well-known blockchain technologies like Cardano, Ethereum, and Solana. However, the XRPL is almost as old as Bitcoin. Thus, it has the promise of consistency that these newer chains do not have yet.
Now for the main question, should you buy Sologenic, considering the current condition of the crypto markets? SOLO coins are currently trading on every decentralized exchange at roughly $0.15. According to SwapSpace, the price of SOLO can go above $1 in 2023, and having reached an all-time-high of over $6 in 2021, this prediction doesn’t seem to far-fetched.
The Sologenic ecosystem is perhaps the furthest in the race to reconcile the digital and physical worlds. Its many projects like tokenization of assets and the SOLO credit card are gearing toward pushing SOLO tokens to new heights. The Sologenic community is working hard toward ensuring the Sologenic ecosystem’s bright future. What are your thoughts on the future of Sologenic?
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