What is Tenset (10SET)?

Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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      What is Tenset (10SET)?

      Tenset is an Ethereum blockchain-based project built to connect the traditional and cryptocurrency market. The project’s native token is 10SET, a new generation ETF 2.0 which is a deflationary coin that uses a smart staking system

      Who is the Founder?

      Tenset was founded by Jonasz Miara (CEO and Founder) and a team of others including Michal Badhor (CMO and Sales Manager) and Michal Pomykala (CTO and Project Developer).

      Jonasz Miara has over 10 years of experience in the business and leadership space and ventured into blockchain and crypto in 2014. Before joining the Tenset project, Pomykala was working as the CTO at Eloom for more than 3 years. Pomykala was also FuerteCoin’s former CEO. 

      Tenset also has a partnership with Robert Gryn (Everdome) as its angel investor and strategic partner. 

      founder tenset 10set

      How does Tenset (10SET) Work?

      The Tenset platform’s native token, 10SET has 3 characteristics that define its working:

      • Staking
      • Deflation
      • Smart Backing

      We’ll look at each one to see how each aspect contributes to the working of the token. 

      Staking

      In the crypto world, staking occurs when token holders lock their coins on a platform in exchange for rewards. 

      However, with 10SET, users don’t have to lock their tokens. The platform uses Reflex Finance (RFI) technology. Here’s how the technology works. RFI charges users a 2% fee on every transaction and then splits 1% of that fee among all users holding the token. This is an automated technology that does not require additional actions on behalf of the user.

      Deflation

      As previously mentioned, 10SET is a deflationary token. This means that it reduces the number of available tokens to boost its value. It achieves this by burning half of the 2% transaction fee it charges thereby reducing the number of circulating 10SETs.

      Smart Backing

      Every 10SET token is backed by crypto or stock market assets, just like how stablecoins or wrapped tokens are backed by an asset. So just as with its deflation mechanism, some of Tenset’s profit is used to purchase several 10SET tokens back from exchanges. The acquired tokens are then burnt to boost the value of the token – the 10set price.

      Key Features

      key features tenset

      Tenset Wallet App

      Tenset has a built-in mobile app that is available on both Android and iOS. This special wallet was specifically designed for 10SET tokens but it can be used to store any BEP-20 and ERC-20 token. 

      The Tenset wallet app also enables users to quickly swap 10SET and other ERC-20 tokens through the inbuilt Uniswap interface. Wallet users can also view their 10SET staking rewards, notifications for staking profits, and 10SET network statistics.

      Tenset Incubator

      Tenset Incubator gives Tenset the avenue to make a long-term investment and provide initial support to high-potential crypto projects. This is aimed at facilitating the rapid growth of the Tenset portfolio. 

      The portfolio is how the Tenset project generates profits, and funds the buyback. This makes the portfolio a core aspect of Tenset. The faster and bigger Tenset’s ETF 2.0 portfolio grows, the higher the profits it can generate. This will in turn enable Tenset to buy more 10SET tokens in circulation and burn them to cause deflation. 

      The projects for the Tenset Incubator program are carefully selected and vetted. Extra precaution is taken to ensure that the security of Tenset’s funds is protected and also to ensure that Tenset’s reputation is not affected.

      Tenset Infinity Airdrop

      Tenset Infinity Airdrop is a new utility introduced to the 10SET token. The platform enables investors to lock up their 10SET tokens for about 6 to 24 months and earn daily rewards from 10SET and all the different crypto projects participating in the Infinity pool. 

      Users have the following options to choose from when joining the Infinity program 

      • Bronze: Users in this category can lock a minimum of 100 10SET tokens for 6 months. 
      • Silver: Investors can lock a minimum of 500 10SET tokens for 9 months. A 10% bonus is attached to this category. 
      • Gold: Users get to lock a minimum of 1,000 10SET tokens for 12 months, for a 15% bonus. This is the highest category in the Infinity program. Diamond-level investors lock a minimum of 2,000 10SET tokens for 20 months. A 20% bonus is automatically distributed to investors in this category. 

      Investors can lock more than the minimum amount of tokens for each level. There is no maximum number of coins for each level, only the duration of the locking of the token is fixed. A 5% bonus is automatically distributed to all investors who lock their 10SET within the first week, this is done to encourage 10SET holders to join the Infinity program. 

      The reward for the locking of 10SET in the Infinity program is dependent on the amount of 10SET a user locks, the total 10SET tokens locked, and the number of tokens offered by the project to the Infinity program. The rewards are calculated on a weighting system. This means that the amount of 10SET a user has locked, as well as, the bonus they will receive is considered. 

      To participate in the Infinity program, 10SET holders are expected to lock their 10SET tokens from an external wallet like Trustwallet. The tokens are transferred from the external wallet to a secure smart contract address till the lock duration expires. A 2% transaction fee and standard network fees apply to all assets locked. 

      Tenset Gem Launch Platform

      The Tenset Gem Launchpad Platform is an exclusive launchpad that enables 10SET token holders to invest in projects with huge potential at the presale. Tenset also invests in the projects which allow the ETF to grow rapidly. 

      The first Gem to be enrolled in the Tenset Gem Launch Platform is Matahero. This project grew 170 times bigger in the early months after its launch. Subsequent projects in this program also fared very well. 

      To be eligible for the TGLP, users must have an active TGLP subscription. Subscribing to the platform can be done by locking 10SET tokens for a minimum of 365 days. This subscription gives the users access to all gems launched during the period.

      Weaknesses of Tenset (10SET)

      Just like most cryptocurrencies, Tenset is highly volatile. In the last year, the price of the 10SET price decreased by about – 40%. Future predictions also show that the current price will still decrease by almost 50% in the coming months.

      How is Tenset (10SET) Created?

      Over 210,000,000 10SET tokens were pre-mined at its launch with a circulating supply of 33,983,524.162 10SET tokens. However, since its launch, it has had a total of 24,100,275.838 10SET tokens burned, creating its current circulating supply.

      Mining Tenset (10SET)

      Since all 10SET tokens have been pre-mined, users cannot mine new tokens. To get new tokens, users have to stake their tokens and they’ll receive new tokens as a reward.

      Which Blockchain does Tenset (10SET) Use?

      Tenset (10SET) uses the Ethereum blockchain

      How to Use Tenset (10SET)?

      10SET is the utility token of the Tenset platform. 10SET is an exchange-traded fund, this means that when you buy Tenset, you are buying a share from the company. 10SET holders are entitled to receive dividends. If the price of the coin goes up, 10SET holders can sell it for profit. 

      The main utility of the 10SET token is governance. 10SET holders can rule the platform and vote for changes in the Tenset platform. The token also gives holders access to Infiniti Airdrop and Tenset Gem Launch Platform.

      How to buy tenset

      How to Buy Tenset (10SET)?

      You can purchase 10SET just as you would buy Bitcoin or any other cryptocurrency. Tenset is available on top exchanges like Binance, PancakeSwap, and Gate.io.

      CoinMarketCap has a comprehensive list of all the exchanges that support the Tenset token. When choosing exchanges look out for trading volumes as their trading volumes let you know if you’ll be able to sell your token if the need arises after purchase.

      That said, regardless of the exchange, you choose to use, the step for purchasing 10SET on these platforms is similar. Below is what the process of buying 10SET on most platforms looks like:

      • Register on an exchange that supports 10SET
      • Buy ETH or USDT with the supported fiat currency using your preferred payment method
      • Transfer the purchased ETH to your preferred altcoin exchange. 
      • Use ETH to trade 10SET

      How to Store Tenset (10SET)?

      Tenset tokens can be stored on any wallet address that supports BEP-20 and ERC-20 tokens. Software wallets like Atomic Wallet, Trust Wallet, Binance, Coinbase, and Metamask wallet support the storage of 10SET

      10SET can also be stored in hardware wallets like Ledger Nano S and X and the Trezor hardware wallet. 

      Whatever wallet you choose to use, ensure that the wallet is secure. Hardware wallets are the best for storing a large number of Tenset tokens, as well as, tokens that you intend to store for an extended period. This will prevent any form of loss that can be incurred if the tokens are stored in a wallet that is not secure.

      Best Place to Stake Tenset (10SET)?

      You can stake 10SET on any wallet that supports Ethereum ETF 2.0 assets like the MetaMask wallet. That said, 10SET offers a custom app that provides staking reward notifications to keep you in the know.

      what is 10set

      What You Need to Know about the Future of Tenset (10SET)

      Tenset primarily works as an ETF 2.0 token. This means that the platform will invest user funds in a combination of traditional stocks and crypto. For example, they will buy shares of companies like Coca-Cola and AT&T.

      The outcome of this is that the platform gains a greater amount of exposure and achieves less volatility and risk when compared to only investing in crypto. This means that there’s a greater probability of Tenset attracting non-crypto enthusiasts, which can result in a widespread acceptance of the platform in the future. 

      That said, the project’s third phase will position them to integrate with traditional finance and the stock market completely. This will involve the platform building APIs to enable other similar projects to offer a bridge to their users.

      Their overall goal for the future is to completely bridge traditional payment tools like Visa and the stock market to the cryptocurrency world.

      Conclusion: Should You Put Your Money in Tenset (10SET)?

      Before investing in any cryptocurrency you need to know what its native platform (if any) seeks to achieve. For 10SET, its native platform, Tenset, seeks to be a bridge between the traditional financial market and cryptocurrency. So if you believe based on your own research that companies like Visa with a huge user base will adopt Tenset over time then the 10SET token would be an excellent investment.

      Risk Investing in 10SET

      As with any cryptocurrency, 10SET is an extremely volatile asset. So before investing your money into the project ensure that you have done personal research. You should also only invest money that you can afford to lose in the worst-case scenario

      Our extensive analysis of the different Cryptocurrencies doesn’t stop here. You can also check out our “What is Apecoin?” guide to know more about another huge project.

      FAQ

      Most frequent questions and answers

      No, 10SET is not listed on Coinbase.

      Tenset provides real-world value to users of the platform when they hold 10SET tokens. Tenset aims to finance itself using the 10SET token as it reinvests funds into traditional stocks and other cryptocurrencies. This helps to achieve their goal of providing a more stable investment opportunity for both individual and institutional 10SET holders.

      In general, Tenset stands out in the fact that it seeks to introduce conventional finance to the world of cryptocurrencies and the blockchain. Combining these two aspects could attract a broader audience into the crypto space.

      The total supply of 10SET is 210,000,000 10SET.

      Smart contracts are programs stored on a blockchain that run when certain conditions are met. Smart Contracts are used to automate the execution of agreements when the terms are met.

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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