Yesbit, the Derivatives DApp that connects digital assets to global markets - Reuters

 

Yesbit, the Derivatives DApp that connects digital assets to global markets

Yesbit, the Derivatives DApp that connects digital assets to global markets

Tue Feb 26, 2019 - 16:30pm UTC

Using cryptocurrency, Yesbit allows users to short or long assets that are traded in financial markets like Securities…

February 26, 2019

Using cryptocurrency, Yesbit allows users to short or long assets that are traded in financial markets like Securities, Forex, Cryptocurrency, Commodities & Indices. However rather than buying these financial assets, users are purchasing a short or long position in an Ethereum smart contract that monitors the value of the underlying asset. Our goal is to provide retail investors with more financial autonomy and a greater exposure to investment products.

To create a truly unique product, the Yesbit platform has captured traits from the Decentralized Application landscape’s three biggest markets; Exchanges, Games and Finance. In terms of adoption, these three markets are the most likely to achieve mass usage. These three DApp sectors alone have nearly double as many monthly active users (113,000) as all of the other sectors combined (65,000).

Yesbit is solving three key problems.

1.The fragmented investment landscape has made it difficult for investors to gain exposure into foreign markets. Countries like China have implemented domestic regulations that prevent their citizens from purchasing securities that are traded on foreign stock exchanges, and this is a problem that plagues investors on a global scale.

2.There are only a few cryptocurrency use-cases beyond simple trading available today. Yesbit will create added utility for users who want to do more with their crypto by allowing them to use their holdings to speculate on other markets and grow the value of their portfolios.

3.The data used by financial services is usually selected from an arbitrary data provider. This can sometimes result in the use of inaccurate data, relative to what is going on with the rest of the market. Yesbit will deploy a democratic approach to data harvesting known as ‘Proof-of-Data(POD)’ whereby the data feed used on the platform is voted by a group of validators, ensuring only the most up-to-date and accurate financial intelligence is used.”

“To build up this validator ecosystem, Yesbit has custom-built thousands of mining-units and is distributing them to a group of pre-vetted investors to help get the network started. Now, instead of relying on financial intelligence that is provided by a third-party, anyone can become their own ‘Bloomberg on the Blockchain’.”

Yesbit CEO Blues Qin went on to say:

“The Yesbit platform focuses on three pillars of value:
1.Security: The biggest risk with centralized exchanges is that you are putting your money in the hands of a third-party. There are numerous examples of businesses failing to perform their fiduciary responsibility and funds are misappropriated. This is an impossibility on the Yesbit platform because since it is decentralized, there is no entity responsible for maintaining the network. Thus, no third-party has control of your funds. When using Yesbit, you and only you, are the custodian of your holdings.

2.Efficiency: Centralized derivative exchanges require all deposits and withdrawals to be in fiat. Unfortunately, the centralized banking system can take days to give you your funds. Yesbit is decentralized so it does not touch any fiat. So, entering and exiting the Yesbit platform is much faster. This allows Yesbit users to exploit volatility in the market much quicker than on other platforms because users always have instant access to their capital.

3.Anonymity: The registration process on centralized exchanges require you to submit sensitive personal and financial information. Since Yesbit is peer-to-peer we will enforce no such requirement. All you need to access Yesbit is the Yesbit App or a Meta Mask wallet, making it a truly borderless financial tool.”

About Yesbit:
Yesbit is a Toronto-based blockchain startup that focuses on developing blockchain applications. Our mission is to expedite the development of the digital asset ecosystem by deploying applications that create tangible value for consumers and businesses.

For more information on Yesbit please visit: yesbit.io.
For downloading Yesbit App from Appstore, please visit: https://itunes.apple.com/us/app/yesbit-wallet/id1448907824?mt=

Contact Info:
Name: Sharon Yu
Organization: Yesbit Technology Ltd.
Website: http://yesbit.io/

Release ID: 485823

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