Cryptocurrency exchange CCEDK has officially launched Obits, a new currency, that aims to reward holders with a share of its revenues from transactions, referrals plus income from new bourse initiatives. Whilst at the pre-sale stage until a full public launch next month, Obits can be bought with Bitcoin and fiat currencies like US dollars.
Ronny Boesing, CEO and founder of Danish exchange CCEDK, announcing the launch of the new Obits token reveals that it will be used to reward holders with a "proportion of revenues from activity" on the exchange. Obits will be hosted on decentralized financial system OpenLedger, which is the de facto BitShares 2.0 platform.
Dubbed a "revolutionary fintech platform", OpenLedger aims to offer the advantages of decentralization and control over balances with the speed and capacity of regular centralized exchanges – claimed as having Nasdaq OMX-like throughput and execution speeds.
Specifically, it is run and operated as a collaboration between CCEDK, blockchain experts Cryptonomex and the developers of the Graphene toolkit, upon which the platform is powered.
Bitcoin Corp. signage displayed during the 2015 Consumer Electronics Show (CES) in Las Vegas, Nevada, US. (Photographer: Patrick T. Fallon/Bloomberg).
Obits, which are being traded privately between now until public trading commences, will provide holders with rewards based on trading commissions, withdrawal fees and referrals on OpenLedger.
Furthermore, over time new revenue streams are expected to be added as more elements are incorporated by the exchange. These include 'fiat' gateways, Ripple, PayPal and NanoCard integration.
"Obits is based on the fees of an array of profit centers from within OpenLedger and its many opportunities made available with the BitShares 2.0 decentralized trading platform," Boesing explains.
He contends too: "It's a token full of great stuff…only rising in value." But if anything is true, accessing an Obit unit is going to be way cheaper than Bitcoin’s current price at around US$327 a pop today.
Boesing’s expresses the hope that Obits will allow ordinary members of the public to profit from the wide range of crypto projects CCEDK supports, as well as the "signature volatility that more often puts off newcomers", without requiring a deep understanding of either the technology or the markets.
A total of 18,276,898 Obits are to be made available, with the bulk of these slated to go on public sale on December 1 2015. However, 20% of the supply has been reserved for pre-sale and managed by CCEDK, with this allocation earmarked for individuals who have previously dealt with or been in contact with the exchange.
Once purchased, tokens will be hosted on OpenLedger. And, as a decentralized autonomous exchange with balances always auditable and available in full.
During the pre-sale stage up to 1 December, Obits can also be purchased bought with LTC (Litecoin), BTS (BitShares), NBT (NuBits) as well as the Euro and Chinese Yuan (CNY) in addition to US dollars.
Aside from the new Obits, CCEDK offers their users the option of trading 14 different crypto currencies like Bitcoin, Litecoin, BitShares, BlockShares, NuBits in some 75+ trading pairs of their choice such as BTC/USD, BTC/LTC, NBT/USD, BTS/BTC, Qora/BTC amongst others.
Ultimately, the value of Obits will depend on the levels of activity within the OpenLedger and CCEDK systems, rather than being driven by speculation - as is the case with many other cryptocurrencies.
Buybacks funded by the exchange’s profits will be held on the first day of every month, providing liquidity for those parties who wish to cash out. These tokens will then be burned to increase the value of the remainder. Now this is where it gets interesting.
As Boesing puts it: "One could say that those sitting back at the end with the last available tokens will be sitting on a goldmine!" But clearly time will tell how it pans out and whether it will prove to be a Klondike strike. Tokens can also be traded 'peer-to-peer' just like other cryptocurrencies.
A total of 50% of Obits’ total supply will be offered at the December 1 public launch, thereby making 70% available at that point of time. Should all of this 70% get sold next month, the first buyback will occur on January 2, 2016. Otherwise it will take place on February 1, 2016 - no matter how much has been sold at that point in time.
According to Boesing the first buyback could well prove to be “the most important” and perhaps largest in terms of investor returns.
Profits included in a buyback on the first occasion will cover income generated from since launch of platform, meaning from October 13, 2015 and up until the day of buyback.
And, it will include the profits from referral income of OpenLedger as registrar with a total of 80% including transaction fees, while the remaining 20% are network fees. On top of that profits derived from trading fees as well as deposit and withdrawal fees.
Ownership of Obits will give holders rights like the shareholders of a traditional company, enabling them to vote on key decisions, with influence in proportion to the amount of Obits they have. For more information about Obits see their website.