What You Need to Know About Blockmason Credit Protocol Cryptocurrency
A relatively unknown cryptocurrency, Blockmason Credit Protocol, has been trending after more than doubling in price in just one week. BCPT coin, which was trading for an average BCPT to USD price of $0.50 in prior weeks, surged past the $1.00 mark this week.
What exactly is this crypto? And why is the BCPT price surging? If you’re seeking answers to these questions, you’re in the right place.
Quite simply, “Blockmason” is the team of developers building the “Credit Protocol” technology on blockchain. Join the words and you get the name of the cryptocurrency. The concept behind this technology is simple.
Blockmason wants to decentralize credit contracts. These contracts could be as petty as one friend owing another friend money for buying him beer, or as considerable as a mortgage.
What Blockmason Credit Protocol will provide is a platform where all sorts of credit-based transactions will be recorded on a distributed ledger that will ensure reliability of the transactions, security from third-party intrusion, and permanence of all records.
One particular reason why this crypto is turning heads is that Blockmason Credit Protocol has been built on Ethereum (ETH). Yes, BCPT is an Ethereum initial coin offering (ICO) project. With the burgeoning popularity of ETH, it’s easy to guess why this ICO is drawing interest.
Even though ICOs have earned notoriety in recent months—largely because most ICOs have turned out to be nothing more than false promises made on fake projects—a handful of promising ICOs are still fetching smart money.
BCPT may be one such ICO that has managed to pull in investors because of its transparency. First, investors are able to put faces to the names of the developers behind this project. Second, the project is backed by an Ethereum co-founder. Third, it’s not just an idea in a whitepaper; the Blockmason team is turning it into reality. This is one reason why the BCPT coin price recently shot through the roof.
Why the BCPT Coin Price Surged
The BCPT coin price skyrocketed this week after developers announced that their decentralized application (dApp) “LNDR” passed its final phase of testing. The LNDR app encapsulates Blockmason’s complex Credit Protocol concept and lays itself out as a seamless smartphone application that’s simple to understand and use for average Joes.
“LNDR,” which we assume derives its name from “Lender” by dropping the vowels, is now approaching its final day of release. The app created for smartphones (“Android” and “iOS”) has been in the beta phase since December.
But this week, the team of developers posted on BCPT’s subreddit that the testing is finally complete, which means the app is ready to be released sometime later this year.
With LNDR, users will be able to keep track of their debt and credit balances and settle in fiat currency or ETH. The app would put Blockmason’s crypto project into second gear, which possibly explains why speculators are beginning to hoard the coin ahead of the app’s release.
Investing in ICO projects is likened to taking a shot in the dark. There’s no plausible way to gauge what an ICO project is actually worth. Until it’s fully developed, it’s just an idea on paper. Since the ICO market is unregulated, there is no guarantee that the purported developers behind an ICO will deliver on their promises and not run away with your money.
BCPT coin’s total supply is a little over 45 million and, at the price it’s currently trading, its market cap of $37.0 million is measly, which is why it’s nowhere to be seen in the top 100 cryptocurrencies.
Having shown both sides of the coin, we advise you to do your own research before putting any money into it.