Coreto, a reputation-based online social platform for crypto communities has announced the Alpha launch of its product. Set for release on April 12, 2021, the product will be initially tried and tested by a select group of 500 users with another 500 users to be added at a later date.
The Need for Community-Driven Crowdsourced Knowledge in Crypto Industry
The cryptocurrency industry is one of the fastest-growing industry segments. Since the introduction of Bitcoin, the number of cryptocurrencies, blockchain projects and their applications has increased at an exponential pace. Currently, the concepts of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs) take the top spot. In such a scenario, the vast crypto community is still playing catch-up as they try to understand the market and predict its future path.
The crypto community is made of enthusiasts, regular users, developers, investors, traders and decision-makers. The decentralized aspect of the technology makes it attractive and at the same time confusing as each participant has limited knowledge and there is no reliable platform where they can learn more from others while sharing what they know with the community.
Coreto Makes Crowdsourced Crypto Information More Reliable
There are many active online forums where the cryptocurrency community regularly interacts. While these forums and social networks have proven to be a great place for promoting cryptocurrencies and related projects, the authenticity of information available in such places aren’t always reliable. In case you are an investor or a trader who is new to cryptocurrencies, then such platforms are the last place to rely on for investment advice, or even to get in-depth knowledge about anything crypto-related.
Coreto solves this issue by creating a tokenized, reputation-based social platform where the crypto community can share knowledge and access information knowing that they are endorsed by the community. By using a unique Staking of Opinion Pool (SOOP) mechanism, the platform introduces a trust layer where the content creator stakes the platform’s native COR token to back the authenticity of shared information. Other users who believe the information to be authentic or trust the content creator’s expertise can endorse the claim by entering their stake into the pool. Based on the number of posts and received endorsements, content creators will earn a reputation which enables them to create subscription-based information sharing channels to monetize their knowledge while benefiting the community at large.
“The whole Coreto concept was built around the community from day one. We’ve always had in mind the final user, his experience and benefits using the platform. Our main goal is to build a fool-proof tool that people can use in order to find out who they can trust and follow in the crypto space.”, says Iustina Faraon – CEO and Co-founder of Coreto.
A Blend of Various Technologies to Create a Perfect Recipe
Coreto’s aim is to reduce the time taken to search for reliable information on the internet while rewarding those making worthy contributions to the community. To achieve its mission, the platform is designed to be as user-friendly as possible. The gamification element in Coreto ensures user engagement by incentivizing participation in the community. Meanwhile, the Machine Learning and Artificial Intelligence algorithms help recognize various market trends and investor interests to generate relevant metrics that are useful to the community.
The social platform includes an integrated DeFi solution complete with staking pool, lending, borrowing and automated payments for subscriptions and rewards for increased participation and efficient utilization of the COR token ecosystem.
The Road Ahead for Coreto
The Alpha release of Coreto is aimed at testing and improving the SOOP algorithms. With traders as the initial focus group, the platform will expand its offering to include the remaining stakeholders in the ecosystem.
Starting April 12th, Alpha users on Coreto can publish technical analysis for various crypto assets and build prediction pools using SOOP, thereby acquiring reputation scores based on the number of followers and supporters gained during this period.
In the long run, Coreto aims to strengthen its position in the market as the main information platform for the cryptocurrency field. The team intends to develop the platform on several levels, including options through which Trust and Performance algorithms can be implemented on other platforms where there are peer-to-peer interactions.
The whitelisting process for the second set of 500 users on the Alpha release is still open. Users can sign up and reserve a spot at – https://reserve.coreto.io/