When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance. Cryptocurrency trading can be challenging but the ability to bounce ideas off other traders could make a significant difference.
When looking at new opportunities, it’s always important to look at the existing industry issues and determine whether the new technology/platform is making things better. In this particular case, the answer is a resounding yes.
There are four current issues with the cryptocurrency trading markets:
- Lack of trust and transparency
- Highly fragmented markets
- Information overkill
- Legacy platforms struggling to integrate cryptocurrencies
Aluna.Social has the following advantages as it relates to addressing the above issues:
- Transparency: Through the platform, users will be able to follow signals from signal providers based on verifiable trades and trading history.
- One-stop shop: The platform will manage trades through a single interface using its API trading execution engine.
- Sentiment Analysis: Social will access curated sentiment data based on the wisdom of the crowd.
- Plug & Play Integration: While legacy platforms continue having major problems integrating crypto, Aluna.Social will allow for plug & play integration with crypto platforms and markets.
Additionally, the company’s native token economy (ALN) will be interwoven into the company’s social trading platform to improve incentive mechanisms.
ALN Native Token Economy
The real goal of using this platform will be for traders to use the provided tools in order to become better traders. And, this will be taken to the next level with gamified social trading. Users will be able to earn ALN, by building reputation through frequent contributions. Once earned, users will be able to spend their earned ALN tokens through the platform in order to get discounted or free access to premium features. Lastly, for those traders who are feeling uber confident about their predictions, they will be able to even stake ALN in a sort of “put your money where you mouth is” type environment.
Many traditional proprietary trading firms require traders to stake some of their own cash before they’re allowed to trade. It makes them more trustworthy. You can say the same about Aluna.Social as those choosing to stake their own tokens on their predictions will, at the very least, appear to be much more credible.
The Aluna.Social platform is both a compelling and intriguing option for those crypto traders who like to share ideas and information before placing trades. It certainly is advantageous in traditional markets so there is absolutely no reason why it shouldn’t be useful for crypto traders. The platform has done a solid job of addressing the weaknesses in today’s crypto market and even taken it to the next level with its native token economy. It will be interesting to see how this evolves over the coming months and years.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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