BaseCore, a US-based blockchain project, reveals a new security token concept which allows investing in private IT companies, like Uber, AirBnB and Grab, among others.
According to the project’s whitepaper, the BaseCore token is backed by a portfolio containing the assets of private IT companies. These assets are impossible to purchase on the stock market, as the companies are not public. The paper states, “This feature of the token allows it to become one of the most stable digital currencies on the market.”
The BaseCore company aims to purchase shares from private IT companies and tokenize them by creating digital assets – the BaseCore security token. Additionally, the company has created its own exchange platform for buying, selling, and exchanging security tokens.
The BaseCore token is a dual-purpose investment tool: it will include investments in the asset market, in the form of private IT companies, as well as the potential growth of the largest cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). The financial model of the BaseCore business assumes a dollar-based system of payment when making financial investments in private companies.
“In practice, this means that unlike most of the alternatives proposed, buyers of the BaseCore token who exchange it for BTC and ETH are given an additional opportunity to invest in the private IT companies market. It also ensures retaining all the possible profit if the value of ‘dollar’ or ‘fiat’ invested in the cryptocurrency token grows,” reads the white paper.
Taking the Excalibur
The BaseCore platform works on the Excalibur exchange protocol which provides the exchange of ERC-20 standard tokens. Excalibur works as a decentralized open API exchange created with the implementation of a secure Inter-Planetary File System (IPFS) protocol.
“Currently, most decentralized exchanges are not completely decentralized and have basic problems concerning the security and availability of the interface on the server,” notes the BaseCore team. The team representatives point out that, for example, on the EtherDelta and TokenStore platforms, the interface does not correspond with UX trends. Furthermore, in the TokenStore, with certain skills, a user can place an order which exceeds the remaining balance on the platform, or execute an offline order (knowing the hash), even if it was previously cancelled.
In order to avoid such problems, BaseCore implemented a basic asset exchange algorithm taking into account all the flaws of other decentralized exchanges. For instance, the IPFS protocol allows any user to quickly access the interface, regardless of the server performance and so on. The IPFS also prevents DDOS attacks and similar actions that exchanges often face.
Each new IPFS release of Excalibur has a unique hash, which excludes the possibility of the source code spoofing. The community can verify the current hash or download the local version of the exchange. “In the future, we plan to abandon classic hosting and release versions only for local use and launch on IPFS,” states the BaseCore team.
The interface of the BaseCore platform features an intuitive, single page application and a mobile adaptive design. The company plans to add tools for working with portfolios and other security asset statistics. Among the upcoming updates is a dashboard with a detailed balance, the ability to make private exchanges using a hash, conditional execution of automatic orders, the ability to create fiat deposits through the creation of an inner stablecoin, and much more. Moreover, the BaseCore platform will include a verification mechanism ensuring compliance of token vendors and accredited status of token buyers, in addition to the standard Know Your Customer and Anti-Money Laundering procedures.
At this stage, Excalibur is completing registration, obtaining an EMI license and other necessary trading licenses.
As BaseCore reported to Cointelegraph, the Excalibur project is currently at the stage of closed alpha testing, though an invite can be obtained via their GitHub link, The local IPFS version at GitHub is available for download as well.
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