CRYPTOCURRENCYSep 9, 2019Rob Loggia
One of the distinguishing features of many of the players in the cryptocurrency industry is a desire to break away from the existing financial institutions and regulations that characterize the modern financial industry. While there are many good reasons for this, it is difficult to deny that this has led to a “wild west” mentality that frightens some people, existing businesses and financial institutions away. Burency is a platform that is seeking to target this market segment with a safe and comprehensive offering of cryptocurrency products and services.
What distinguishes Burency is not so much what they are doing, but how they are going about it. Products and services include a full-service cryptocurrency exchange, a mining operation open to the public, and a research center to help leverage smart contracts for start-ups and established businesses. All of the services will be driven by an ERC-20 utility token – BUY – that provides a baseline for exchange within the platform and a seamless onramp from fiat to cryptocurrency.
While all of these concepts are familiar ones within the cryptocurrency industry, Burency is approaching the platform design from the perspective of the existing financial paradigm. Rather than run from regulation and safeguards, Burency is embracing these concepts by pursing several avenues designed to make cryptocurrency attractive to more cautious types of people and to established businesses. To accomplish this, they are adopting a multi-faceted and comprehensive approach.
The most exclusive feature of this umbrella of protection is comprehensive asset insurance. The Burency exchange will be one of the first in the world to be fully insured against hacking, theft and other types of loss. Insurance will be provided by Regal Access and by Lloyd’s of London using the Nebbex Protocol, an institutional standard for insuring digital assets that allows assets to remain in cold storage in a deep storage vault while still having access for rapid withdrawals. The cold storage vault is 100% offline and cannot be accessed using the internet, meaning hackers cannot infiltrate it remotely.
In addition to the vault, the Burency is being built with security as a number one priority. Too many exchanges in the cryptocurrency ecosystem have put security as a secondary concern, and the results speak for themselves. Billions of dollars worth of cryptocurrency have been stolen or “gone missing” in the short history of cryptocurrency. This fact alone frightens many people away, and Burency wants to be part of the solution.
To further increase user trust, Burency is pursuing a strategy of proactive compliance with existing and future financial regulations, like KYC and anti-AML. They are also pursuing licensing and compliance in the manner of a traditional finance company. While this may rub some longtime cryptocurrency users the wrong way, there can be no argument that this level of compliance will be attractive to many potential new users and holdouts.
All of these protections will be inclusive of the entire Burency ecosystem. Aside from the exchange, Burency also plans to offer mining solutions that are safe to operate and protected from theft and hacking. The mining industry is plagued with ponzi and pyramid type schemes, and it can be difficult to tell just who you are dealing with when you “rent” mining power. By offering this within a trusted ecosystem, Burency will offer a safe alternative that focuses on renewable energy sources and environmentally responsible decision making.
Taken together, what Burency is offering is nothing short of a one-stop shop of assured services for the risk-averse. With their problem-solution approach, Burency seeks to address serious problems like asset liquidity on exchanges and the fiat-crypto onramp barrier. If they succeed, they stand to open the cryptocurrency marketplace to a new class of user hitherto scarce in the industry. And if this happens, the entire industry stands to benefit, even those not fond of regulated environments.
The Burency token sale will have three stages. The first two rounds are private sales, with the third open to the general public and open for 45 days. The target for the public sale is Q1-2020 and will be conducted through a third-party exchange. Buyers of the token, in addition to using it within the Burency ecosystem, can look forward to a buyback program that will extend to 1% of the outstanding supply at the end of each fiscal quarter. More information is available on the official website, along with platform updates and news.