While the vast majority of the cryptocurrency industry has been both chaos and turmoil in 2018, there is a hidden gem which has bucked the bearish trend. The project is Turtle Network, which forged its first ever block in April ’18 and managed to increase its market cap substantially and perform over one million transactions in under 8 months.
But you would never know any of this, because almost everything Turtle Network has done until now has been a quiet, grassroots effort. There are no paid employees, everyone who works on the project is either a volunteer or helping in exchange for bounties.
What is Turtle Network?
“It’s an open, trusted, secure and distributed Blockchain Network for everyone with a build-in Decentralized Exchange (DEX).”
Here are some current facts about the Turtle Network;
Over 30 independently run nodes support the Turtle Network security across 13 countries worldwide.
Turtle Network is based on a tech stack called scorex (funded by IOHK).
Turtle Network is the first successful fork of the Waves platform and supported by a number of key players from inside the Waves ecosystem.
Approximately 76% of the entire supply of TN is already staked.
There is a built-in Decentralized Exchange (DEX) inside the Turtle Network wallet able to handle over 100 transactions per second.
Turtle Network just completed its one millionth transaction.
ERC-20 gateways are live.
What is Turtle Network’s value proposition?
Open, transparent, and collaborative discussions and decisions.
Open developer-friendly environment.
Gateway Framework allows other network coins or tokens to utilize the Turtle Network, DEX, Telegram tipping bot & access to the strong Turtle Community. The Turtle Network utilizes Gateways for bi-directional token transfer on/off the network, in a quick and seamless manner.
ICO Due Diligence (IDD) framework to assist ICO holder with Due Diligence and investor with risk management.
Telegram tipping and instant trade bot.
We aspire to allow the community to be actively involved in binding decisions through blockchain voting (secure, transparent & fair)
With the main foundation now in place, the Turtle Network is looking to list coins/tokens from other platforms.
So, what additional reasons are there for you list your coin/token on Turtle Network?
Coin/token Gateway listing is inexpensive and includes self-managed options. There is a promotion running at the moment.
Listing a coin on Turtle Network helps support a grassroots project that has great tech and is not some blood-sucking for-profit corporation.
The Turtle Network telegram community is very tightly-knit has over 1,500 cryptocurrency enthusiasts, many of which are welcoming new projects with open arms and helping create exposure to those projects.
Every listed project gets access to the telegram tipping bot which allows people to easily tip and trade a coin/token from within telegram without having to go through technical setup of making a wallet.
Tip bot allows people to tip your coin/token. This gives you an opportunity to really spread the circulation of your token via community.
Trade bot allows people to buy and sell your coin/token without having to even leave the comfort and safety of telegram.
Binance, a leading bitcoin and cryptocurrency exchange today unveiled a preview of their new (DEX). In a few months, the community-driven decentralized exchange will launch and enable traders to issue and exchange digital assets without having to deposit onto the central exchange. Development has gone from concept to built interfaces, check out a sneak peek of how it works below.
Send tokens to others on the DEX, and receive some in return
Burn tokens as needed
Freeze some tokens, and unfreeze them later
Propose new trading pairs, with the whole community having a say on the merits of the pairing
Send buy and sell orders through trading pairs the community created
Binance DEX makes it possible for funds to be more ‘SAFU’ than ever before. Users can have their DEX funds secured through decentralized wallet applications like Trust Wallet, which will store private keys only on a user’s personal device, so traders can retain full control over their funds and private keys.
Binance DEX will be maintained as a community project and is expected to launch early next year, while details on when Binance Coin will transition from ERC20 token to native Binance Chain asset will be revealed shortly.
To see an earlier preview of the Binance DEX, which shows how the coding works for the decentralized exchange, see below:
TRON Network would soon have its first decentralized exchange (DEX) with TronWatch.Market!
SEEDGerminator, the seeding platform developed by the TRON Super Representative Sesameseed for projects working on the TRON network, now has another project in line to be seeded—TronWatch.Market. It is a decentralized exchange which charges a modest fee to carry out the transactions on the network. The aim of the project is to increase the popularity of the network.
The TWM tokens which aren’t sold during the token sale would be burnt, and so would 50 percent of the fees which it collects for listing and discounts. This would help them decrease the total supply of the tokens as the DEX becomes more widely adopted.
About the trading fees paid using TWM, this is what the official Medium blog has to say:
“We’ll be creating a not-for-profit contract anyone can use to buy and sell TWM tokens. This contract will automatically adjust price based on the current supply and demand. Our DEX will use this contract to exchange all trading fees collected in TRX for TWM tokens at the time trades are placed.
The value of this approach is that it drives volume for the TWM token. The TronWatch team and its affiliates will receive much of their compensation in TWM, and will need to trade that in the future. Arbitrage traders will purchase TWM (from our exchange or others) to sell back to the contract in order to keep the price stable.”
This is what they had to say about the listing fees:
“Every token on the TRON network may be traded on our DEX. There is no whitelist or approval required — it just works. In fact, we could not block a token from being traded, as we will be using decentralized and immutable smart contracts. However, there will be too many to show a list of every option for users to choose from. To address this, we charge a listing fee, paid in TWM tokens.”
Adding to it, the blog said:
“Listing a token costs 150,000 TWM. 50% of the listing fee is burned, reducing the total TWM circulating supply.
Token creators, including ICOs and Dapps, will want their tokens listed to help ensure adequate liquidity is available. This also creates demand for the TWM token and continuously burns TWM tokens, reducing the circulating supply.”
The best part of using the network is that the trading fees keep adding up so that at 5,000 TWM, you can trade for free—something which would help in the adoption of the DEX in the long run.
If you intend to stake TWM to feature a token on the DEX, here’s what the blog has to say about it:
“Our DEX will feature a few tokens on our DEX. This gives those tokens a prominent position so users take notice, perhaps visit the website for more information, and then consider a trade. Anyone can stake their TWM tokens to place a vote for which token should be featured. Staking does not cost users anything; it simply freezes the tokens until the user requests the tokens be returned. The token with the most votes ATM will have 0 trading fees for all users.
We believe this may be an attractive option for recent ICOs and token holders looking to get their name out there to grow their community, helping them build up liquidity so that future traders feel more comfortable considering their token. This gives groups reason to acquire TWM tokens and will temporarily take them out of circulation.”