Cryptocurrency exchange Digitex has announced a new social network on their platform called Blockster. This was launched through their IEO (Initial Exchange Offering) platform Blockfunder, which crowdfunded the project. This is also the first project on the platform to kick off with a token sale on June 7, 2021. Blockster’s native token BXR, will start at $1 per token. BXR sales will continue until a peak price of $2.25 is reached. At the end of the IEO, the tokens are distributed to buyers and listed on the Digitex and Uniswap exchanges. Other exchange listings will be announced soon thereafter.
According to Digitex CEO Adam Todd:
“The first project to be launched on Blockfunder will be the dedicated crypto social network Blockster, but it’s just the first of many projects that will be tokenized on here. Some will be in-house-built products like Blockster and others will be innovative external projects that we believe have great potential to succeed.”
Blockster plans to open to the public sometime in June 2021. The social network focuses on user-generated content about cryptocurrency trading and blockchain news. The aim of Blockster is to become “the social network” for the entire crypto industry. Users will have daily feeds on the latest cryptocurrency news along with a blog page for sharing information. There will be a mobile app version, so users never miss a beat while they are on the go. Users can network with other users, have access to different crypto marketplaces in DeFi (Decentralized Finance), including NFTs and money-making opportunities in trading.
Blockster helps build a community of like-minded users who can benefit from the social network. The social media landscape today is highly fragmented and full of unfiltered content. It is like that with apps that prioritize clickbait and trending topics but may not be related to cryptocurrency. Blockster provides the content specifically for cryptocurrency, allowing users to see the latest news and information. Users can then share information with their networks much faster and more reliably. This encourages participation with incentives that add value to the token.
The BXR token will be used within the social network’s ecosystem. It is issued on the Ethereum blockchain to be used for transactions. BXR serves as the medium for conducting business and earning rewards, for active participants on the network. Users can earn rewards from staking BXR tokens from swaps and liquidity provisions on exchanges. Advertisers can utilize the token on the platform for ads. Users will also be able to exchange the tokens with zero fees on Digitex.
The launching of Blockster was made possible with Digitex’s Blockfunder. The platform will be for IEO project funding. It helps to fast-track up-and-coming blockchain and cryptocurrency projects. This is also a way to reduce the risks from scams in line with regulatory compliance. A multitude of checks will be performed on the project before any token sale. Lessons from the past with ICOs (Initial Coin Offerings) show that fraud was rampant and it affected many investors. Overall, the utility this brings to Digitex is also beneficial for the exchange.
CEO Adam Tood stated that:
“We’re really excited to be launching our own IEO platform that will also introduce a new utility for our native DGTX token. As we raise funds for projects, partial payment will be accepted with DGTX, meaning a lot will be collected back from the total circulating supply.”
In order to provide a high level of quality to users, Blockfunder will look for the best and most promising projects. This requires the proper vetting of the project team, evaluating the technology, exploring their selling points, tokenomics, and the potential market demand for their application. Blockster is only the first project. More announcements to follow on the Digitex blog.
For more information on Blockster visit this link.
Disclaimer: This is not financial advice. The information is provided for reference and education purposes only. Do your own research always.