There is an ever-growing need for the way we can communicate online securely. In the UK, 99% of people older than 13 years old are using messaging apps. And according to researchers, buyers of cryptocurrencies in the UK are increasing roughly by 21% each year. Newcomer Secure Crypto (SCT) aims to fulfill this need by combining cryptocurrencies and messaging services.
So how does this beginner crypto compare with established decentralized cryptos already on the market?
While decentralized exchanges (DEXs) enable users to trade cryptocurrency similarly to centralized exchanges, they operate in a fundamentally different manner.
Many DEXs perform transactions on-chain. This implies that transactions take place on a single blockchain, such as Ethereum, Binance Smart Chain, or others.
Due to the open-source and public nature of blockchains, DEX transactions are transparent. There is no method to conceal or change transactions to carry out malicious acts.
On a DEX, because transactions occur on-chain, there is no centralized entity that makes changes to the account balances on its database. Instead, people use crypto wallets to do business with each other where they can’t see each other’s names and transactions.
On the Ethereum blockchain, Uniswap (UNI) lets people swap cryptocurrency tokens in a way that isn’t controlled by anyone else. To use Uniswap, traders don’t have to trust anyone else with their money. Users can also give their tokens to Uniswap’s liquidity pools and get paid in fees in return, as well.
Uniswap has developed its coin, dubbed UNI, which serves as a governance token in addition to its decentralized exchange. As a result, token holders can influence the platform’s future by casting a vote. Having more tokens gives a person greater voting power.
Uniswap’s (UNI) current market cap rank is number 33 according to coingecko.com and is trading at $8.55 at the time of writing.
PancakeSwap has an Automated Market Maker (AMM) design. This means that it doesn’t use an order book system, which is a feature of centralized exchanges. Instead, traders are matched with each other on the PancakeSwap platform.
In an AMM model, users trade against a pool of funds that other users have pooled together. The funds come from a lot of different people. When a user deposits their supported crypto tokens into liquidity pools, they receive liquidity provider (LP) tokens in exchange, which represent their share of that liquidity pool.
These LP tokens can be used to get back their share as well as make money when other people ask for transactions.
It happens when people add certain pairs of tokens, like BUSD-BNB or USDT-BUSD or CAKE-BNB. LP tokens are made when people add tokens in these pairs. CAKE is a BEP-20 token on the BNB chain that encourages liquidity provision to PancakeSwap.
A person who adds BUSD and BNB crypto tokens to the BUSD-BNB pool gets BUSD-BNB LP tokens in return. This is how it works: when people put in tokens, they get CAKE when they lock them up.
PancakeSwap’s (CAKE) current market cap rank is number 65 according to coingecko.com and is trading at $6.03 at the time of writing.
Secure Crypto (SCT)
Secure Crypto (SCT) is a newly emerging cryptocurrency that aims to provide blockchain technology in which users will have more control over their data, privacy, security, and utility. For them, the most important goal is to provide a safe and secure platform for people to interact, conduct their daily business, and prosper in the digital age.
Secure Crypto Tokens (SCT) will encourage people to use platforms that use Secure Crypto by letting SCT holders trade on the blockchain with Secure Crypto services. The Secure Cryptosystem could be used to make a platform’s communication network interoperable. In this case, a person on one messaging platform can communicate more securely with someone on another messaging platform if both of those platforms use the same type of protocol.
Their extensive roadmap has five stages and clearly shows how Secure Crypto can develop their crypto along with their protected app moving towards building their community.