What Is Basic (BASIC)?
Basic (BASIC) is a crypto-finance platform that seeks to allow lenders and borrowers across the globe to manage their digital assets with enhanced capital efficiency. The platform aims to accelerate the world’s transition to digital currency. Users can seek to earn yield, borrow, and manage cryptocurrency easily using the Basic ecosystem.
The Basic ecosystem seeks to comprise five elements: Identity and Reputation, Capital efficiency, Oracle, Network, and Regulation. Besides, BASIC aims to serve as a decentralized application, i.e., as the gateway for users to engage with the crypto-finance ecosystem and build a credit history over recurring. Moreover, the platform also seeks to build the Basic ecosystem on only three participants: borrowers, lenders, and Basic Oracle. In the case of borrowers, participants are borrowing for three reasons: leveraging, arbitrage, and tax deferment. Meanwhile, lenders can earn yield by lending assets in the Basic wallet through the Basic ecosystem. Lastly, Basic Oracle handles real-time volatility, accounts, loan, data, lending, credit, and notification management.
Furthermore, the features of the Basic ecosystem aim to be:
A Smart Loan Manager – every aspect of managing a loan is automated to process the loan requests.
A Leading Custodian – securely stores collateral with insurance protection.
Globally Compliant – a know your customer (KYC) verification compliance developed according to Financial Action Task Force (FATF) recommendations.
BASIC is the ticker name used for the Basic ecosystem. The asset is an ERC-20 compatible token which defines how the token is transferred between the traders and how traders can access data. Thus, the Basic token can seek to access members-only products available on the platform that are governed by a relative number of tokens. Moreover, lowering yield rates on loans and replay low-yield rates can be done with the help of transacting and staking Basic tokens. Users can aim to stake the Basic token even for earning higher yield rates and as loan collateral to borrow stablecoins at a price rate.
History of Basic (BASIC)
The Basic platform was founded in March 2019. The company is based in Singapore with teams in Singapore, Switzerland, and South Korea. Sven Moeller is the CEO of the company.
According to the whitepaper, the Basic ecosystem feature of Custodian is backed by BitGo Trust Company, where BitGo powers each wallet created by the user. Meanwhile, the global compliance feature of verification is addressed and partnered with Sums and Substance to run KYC/AML verification on each user.
