What is CPR and what does it solve?
Cipher ($CPR) is a digital currency developed by Cipher Crypto Technologies intended to leverage blockchain technology—specifically the Ethereum blockchain—to create and empower a digital economy. It solves several potential issues and aims to provide benefits in the cryptocurrency and blockchain space, as outlined in the introduction provided. Here are some key points about what Cipher ($CPR) is and what it aims to solve:
Digital Economy Creation: Cipher Tokens are intended to be a medium in the digital economy that the company is looking to build. This suggests they aim to facilitate transactions and interactions within a blockchain-based economic system.
Utilisation of Ethereum Blockchain and ERC20 Token Standard: By using the ERC20 token standard on the Ethereum blockchain, Cipher takes advantage of a widely-accepted framework for token creation which is known for its interoperability, security, and ease of integration with various wallets and exchanges. In the year 2021 Cipher token contract migrated to layer 2 on the Polygon PoS chain.
Avoidance of Initial Coin Offering (ICO): Instead of raising funds through an ICO, which has become a common yet sometimes controversial practice due to various scams and failures, Cipher plans to distribute tokens through its products and services. This could potentially solve the trust issue that is commonly associated with ICOs.
Cost-Effective and Efficient Transactions: The introduction mentions that the transactions with Cipher Tokens will be fast and free of charge, addressing common problems in the traditional financial systems such as high fees and slow transaction times.
Market Accessibility and Liquidity: Listing the coin on major exchanges aims to provide users with the ability to easily buy, sell, and trade the token, solving liquidity issues that can plague new cryptocurrencies.
Advanced Technology for Trading Platform: The development of the Cipher exchange with cutting-edge technology and advanced algorithms is designed to offer a unique and seamless trading experience. This could solve problems related to user experience on trading platforms, such as complex interfaces and slow transaction processing.
Direct and Swift Transactions: By eliminating intermediaries, Cipher aims to facilitate direct transactions between parties, which could solve issues related to delays, additional costs, and reliance on third-party services in financial transactions.
Token Overview
- Token name: Cipher
- Token symbol: $CPR
- Total supply: 10,800,000,000
- Total circulation Supply: 6,467,585,726
Coinstore Listing
- Trading pair: CPR / USDT
- Trade time: 16 Oct 2023, 11:00 (UTC+8)
- Withdrawal time: 16 Oct 2023, 11:00 (UTC+8)
What are the utilities of CPR?
- Trading Asset: $CPR tokens can be traded on various cryptocurrency exchanges, providing liquidity and opportunities for price appreciation to traders and holders.
- Medium of Exchange: The tokens may be used as a medium of exchange within the Cipher ecosystem and potentially with partners and merchants who accept $CPR for products and services.
- Access to Platform Features: Holders of $CPR tokens might have access to specific features on the Cipher platform, such as advanced trading tools, analytics, or exclusive updates.
- Discounts or Rewards: Users might receive discounts or rewards when using $CPR tokens to pay for fees, services, or products within the Cipher network or with associated partners.
- Staking: If the platform supports it, investors might have the option to stake $CPR tokens to help secure the network or contribute to certain processes, earning rewards in return.
- Governance: The tokens might provide governance rights, allowing holders to vote on important decisions regarding the development and policies of the Cipher platform.
- Risk Mitigation: As part of their goal to minimise market volatility, $CPR could potentially be used in financial instruments designed to hedge against risk or in other financial products that aim to provide stability.
- Initial Costing Instrument: As mentioned, the Cipher token is also an instrument for generating initial costs, which could mean that it is used to raise funds for further development or to cover operational expenses.
- Market Positioning: The ambition to be a market trailblazer suggests that $CPR tokens are intended to have a significant role in the cryptocurrency market, which may include strategic partnerships or integrations.
- Transparency and Security: The commitment to transparency and adherence to regulations could mean that holding or using $CPR tokens comes with an added layer of security and compliance for users.
The actual utilities would be detailed in the whitepaper or official documentation provided by Cipher Crypto Technologies Limited. The specifics could include further nuanced use-cases tailored to the unique features of the Cipher platform and its strategic market goals. To understand the full scope of $CPR’s utilities, one would need to refer to the detailed project whitepaper or official communications from the Cipher team.
What does the project ecosystem include?
- Cryptocurrency Exchange: A platform to facilitate the trading of cryptocurrencies for other assets, such as fiat money or other digital currencies. This includes the provision of wallets for storage and transaction purposes.
- Cipher Zap: An on-demand electric cab booking application that connects passengers with drivers using GPS technology, offering convenience, time savings, and safety features like an SOS for emergency situations.
- Cipher Games24: A fantasy sports platform where users can participate in various sports-related contests using their knowledge and skills to win real money.
- Cipher Wellness Lifestyle Change Program: An app-based vegan diet program supported by the crypto community, focusing on promoting a plant-based diet to eliminate lifestyle diseases. It includes a network of local merchants where users can purchase vegan meals using CPR tokens.
- Cipher developed 16 Apps for the utility service as follows, 6. Cipher Lifestyle, Cipher Swap, Cipher public ledger, Cipher GoGreen, Cipher Casa, Cipher Holiday, Cipher HD, Cipher Talks, Cipher Eats, Cipher Meeting, Cipher News24 and Cipher NFT.
The ecosystem is tied together by the use of the Cipher token ($CPR), which is likely to be the central medium of exchange and could also be used for incentives, rewards, and access to special features within each component of the ecosystem. This multifaceted approach suggests that Cipher Crypto Technologies Limited is aiming to create an integrated network where blockchain technology is not only a financial tool but also a facilitator of lifestyle, entertainment, and transportation services.
CPR Official Media
About Coinstore.com
Accessibility. Security. Equity.
As a leading global platform for cryptocurrency and blockchain technology, Coinstore.com seeks to build an ecosystem that grants everyone access to digital assets and blockchain technology. With over 3.2 million users worldwide, Coinstore.com aims to become the preferred cryptocurrency trading platform and digital service provider worldwide.
Coinstore Media Contact
Pei Shan, Marketing Executive | peishan@coinstore.com
Jennifer Lu, Brand Ambassador | Jennifer.lu@coinstore.com
Coinstore.com Social Media
Twitter | Discord | Facebook | Instagram | Youtube |
Telegram Discussion | Telegram Announcement
