Blockchain and similar technologies are gradually becoming the basis for future digitalization, the recent invention of technologies and the development of protocols like the XRP ledger on Blockchain technology is a great sign that traditional transactions and the financial market may soon become obsolete.
Sologenic is a sophisticated ecosystem based on the XRP Ledger, designed to facilitate low-cost and secured on-demand tokenization of non-blockchain based assets. The Sologenic ecosystem aims at bridging the gap between cryptocurrency and other asset classes like ETFs and stocks.
Also, the ecosystem focuses on removing all limitations faced by individuals and institutional crypto investors, this is in a bid to allow them to trade both crypto and non-crypto asset classes using a single cryptocurrency which is SOLO.
Introductory Guide to SOLO Coin
SOLO coin is the token deployed by the Sologenic ecosystem for providing liquidity in the market. It was built on the XRP ledger and trades almost instantly.
The SOLO coin dynamically bridges the gap between traditional finance and crypto market as it can be used to settle third-party brokerage firms due to its ability to be paired directly with fiat currencies.
The Sologenic Ecosystem Architecture
Sologenic ecosystem is made up of five major components that together facilitate the process of trading tokenized non-blockchain assets against cryptocurrencies. These components are:
Coinfield platform: unifies the liquidity pool to be used for settlements by allowing the SOLO holder to participate in a liquidity pool and earn rewards through the Liquidity Provider Reward Program (LPRP).
Brokerage Gateway: works with the top brokerage to facilitate buying and selling of different stocks. The third-party FIX APIs provided by the brokerage firms ensure that tokenization occurs immediately after trading.
XRP Ledger: An on-ledger decentralized exchange characterized with censorship-resistant transaction processing with modern features for smart contracts such as fast and efficient consensus algorithm, Responsible Software Governance, and Secure and adaptable cryptography.
Open SDK suite: an inter-ledger protocol for running connector nodes which will act as an intermediary for transfers of micropayments across exchanges and local wallets.
Where to Buy SOLO
SOLO coin is available for sale and could be traded on the XRP DEX and other major crypto exchanges across the globe. A few exchanges where you can get the SOLO coin are BitFlyer, Coinfield, Probit, Bilaxy, Bitforex, HitBTC, Changelly.
Where to Store SOLO coin?
The Sologenic ecosystem has a decentralized SOLO wallet app for storing SOLO, XRP, and other tokenized assets. The app is user friendly and designed with an inbuilt Sologenic decentralized exchange (DEX) to facilitate quick settlement of transactions and improve user security.
The app however is built with features that allow users to track transactions, receive live updates on market price, activate, and manage multiple wallets. You can get it downloaded on your favorite app store or iOS stores.
Interestingly, Solo Coin can be stored on Ledger Nano and Trezor Wallet.
Features of Sologenic
The following are some of the amazing features of Sologenic (SOLO) that makes it stand out among other coins on the XRP ledger.
Integration and Open SDK suite
As a means of strategizing for mass adoption, Sologenic integrated with other exchanges such as DEX.
Also in a bid to seamlessly integrate the process of transferring SOLO coins and tokenized assets into and out of XRP addresses, Sologenic is programmed to release a suite of open-source software development toolkits.
Custody & Proof of Solvency
For transparency, Sologenic allows an exposed endpoint that permits the public to view the inventory of real-world asset that is fetched through a third-party API and corresponding digitized assets on the XRP ledger. In addition to this Sologenic conducts third-party audits to introduce certification of the authenticity of assets.
Benefit of Sologenic
Sologenic DEX users can host private keys: The users of Sologenic’s DEX have the privilege to hold private keys of their wallets, this gives them the total ownership and authority over their cryptocurrency assets.
A major platform for SOLO trading: The Sologenic ecosystem is a significant platform for trading tokenized-blockchain assets and its SOLO coin. Aside from playing an essential role to move the market for SOLO coin, Sologenic provides enough liquidity for third-party exchanges to facilitate the trading of SOLO coins.
Liquidity Reward and Low transaction fee: The transaction fee on the Sologenic ecosystem is relatively low as it offers discounts on trading fees and the trading charges realized from the financial activity on the Sologenic DEX are used in its Liquidity Provider Reward Program (LPRP) for SOLO holders.
Ability to trade against other Crypto Assets: Among other notable benefits of the Sologenic’s native coin SOLO is its ability to be traded against other tokenized assets. In addition, Sologenic users receive a free crypto card for daily transactions and purchases globally.
History of Sologenic
The increased changes recorded in the business landscape and financial requirements by investors have called for swift global attention, with the aim of creating more reliable finance means that will safeguard the interest of investors, Bitcoin, and other decentralized protocols such as Ethereum network and XRP ledger was invented.
Building on existing blockchain was allowed, for the creation of different protocols to tackle different problems in the crypto space. Each development team member focuses on the functionality of the ecosystem rather than its underlying technology.
Sologenic ecosystem was launched in April 2018 by CoinField exchange on the XRP ledger, it was aimed at building a modern, secure and fast platform to enable the transaction of different tokenized non-blockchain assets against cryptocurrency in an easy and direct means.
CoinField exchange is a preeminent fiat-to-crypto trading platform. The exchange remains one of the most advanced fiat-to-crypto trading platforms, as it offers a wide range of digital assets in exchange with 6 different fiat currencies which include: AED, GBP (£), CAD, JPY (¥),USD ($) and EUR (€).
CoinField’s major goal is to make cryptocurrency become worldwide accessible. Today, CoinField is fully regulated by FIU and is operational in over 100 countries, where it provides exchange services to both institutional and individual investors.
The company has obtained both virtual wallet and fiat-to-crypto exchange licenses under license numbers FRK000941 and FVR001049 respectively.
Trading History of Sologenic (SOLO)
Precisely on the 2nd of June 2020, SOLO hit an all-time high of $0.347258, and on the 12th of March, Sologenic (SOLO) hit an all-time low of $0.128590.
As at present the Sologenic ecosystem boost of over 200,000 users from across the globe with a daily trading volume of approximately 20Million USD.
The Sologenic team is made up of experienced developers which include senior blockchain developers, frontend and backend developers with security analysts. Here is a list of the dynamic developers that made the Sologenic development team:
- Bob Ras – CEO & Founder
- Reza Bashash –CTO & Founder
- Mike Stephens –Securities Legal Advisor
- Mike Stephens –Securities Legal Advisor
- Virgi Nael –EU Securities Legal Advisor
- Wietse Wind –XRPL Advisor
- Eman Pulis –Marketing & Media Advisor
- Garrett Greenwood –Institutional & High Net Worth OTC Desk
- Roberto Valdes –Chief Compliance Officer (AML)
- Yaroslav Konoplov –Core Blockchain Integration Development
- Darren Amner –Marketing Head
- Bogdan Belomestnykh –Partnerships
Sologenic Future Roadmap
The Sologenic future roadmap shows innovations and burning desires for user satisfaction.
The Sologenic Ecosystem aims at achieving Sologenic Securities Tokenizing Engine and introduce Sologenic Securities Trading Platform by August 2020.
In addition to this, the Sologenic ecosystem proposes to launch the Sologenic Simulator Securities Trading Platform in August 2020, this is a practice and demonstrative platform for users without real money.
Other future plans of the Sologenic ecosystem are the proposed launch of the Sologenic Live Securities Trading Platform and Market plan, which will come to life after a successful issuance of MiFID License by FSA.