In the past few years, a significant number of ICOs came up with ideas of building revolutionary ecosystems for cryptocurrencies and failed. Is YPTOSPACE any different? Seychelles-based, YPTOSPACE plans to launch a digital currency marketplace, an online shop, a crypto card, a banking system, a betting site, a trading bot, and many more services.
YPTOSPACE: A Financial Ecosystem Powered by Crypto
YPTOSPACE is an ambitious blockchain-based project that plans to build an ecosystem for all the major uses of crypto. Using the company’s token (YPTO), crypto investors can trade altcoins and bitcoins on a soon to be launched trading platform. They will also have access to a special trading bot that automates all their activities.
They can read crypto news and interact with other investors on the ecosystem’s news website and chat forums. Those who love streaming content will acquire news at the platform’s YPTO TV while the investor minded will get a special platform for trading ideas.
A unique banking platform known as BankYPTO will help the project’s investors hold their money in an account integrated with multiple wallets. They will also be able to send and receive money using fiat and most cryptocurrencies.
Like any modern bank, BankYPTO users, as well as nonusers, will have access to a debit card that lets you shop and withdraws money at any ATM machines worldwide. Card owners will top it up using crypto, euros or US dollars. Still on banking, investors will have access to PayYPTO, an e-wallet app that allows you to send and receive funds using either crypto or FIAT instantly.
The final component of the YPTOSPACE will be a shopping website where people buy and sell different products. Think of it as an eBay-like platform—only that it’s powered by the blockchain and crypto is the standard payment method.
A Detailed Whitepaper
YPTOSPACE details all aspects of its project in a clear-cut 31-page whitepaper document. It starts with a highlight of all the industries crypto has disrupted before delving into the YPTOSPACE ecosystem and how it is being built.
Everything YPTOSPACE wants its investors to know is intelligently documented. The ICO’s main goal of building a platform that connects real-world services with blockchain is explained in depth. The uses of the ICO’s token and the value investors get from it are properly listed. The technical aspects are explained in clear and concise words. What’s more, the whitepaper explains YPTOSPACE’s services and their benefits in a professional manner. There is no feeling of exaggeration and unrealistic promises.
Unfortunately, the whitepaper leaves out crucial details many investors would want to know. For instance, the document claims YPTOSPACE consists of qualified team members but it doesn’t list the names of any team member.
It also leaves out information on how funds raised will be used. The whitepaper mentions the ICO aims to mine 150 billion YPTO coins. 60% of them are already pre-mined. 30% will be sold during the ICO while the remaining 30% will be kept by YTPOSPACE. But other than that, it doesn’t mention for what purposes the money raised in the ICO phase will be used for.
YPTOSPACE ICO Video
Global Team Profile
Many ICOs share information about their team members and their credentials. For unrevealed reasons, YPTOSPACE only reveals details about their founder.
- Gregory STOOS—Founder and CEO. Gregory holds a background in software development. He’s founded several companies before and worked as a freelance web developer before starting YPTOSPACE. His educational background also relates to computer sciences, skills he hopes will help spearhead his crypto startup to global heights.
- Targets Services Proven to work in a Blockchain Space
Although blockchain is touted as having the ability to solve a wide range of real-world problems, it has succeeded more in some sectors than others. YPTOSPACE targets all the key areas blockchain has succeeded: banking, trading, gambling and online shopping.
If the ICO is able to build a functioning blockchain-based ecosystem, there is a high chance the project will succeed in all the sectors it targets.
- Leverages the Blockchain
The whole YPTOSPACE ecosystem will be based on the blockchain. That’s an important bonus for any ICO to succeed. From security to payment systems, the project will be integrated and protected by the secure and immutable blockchain project.
- Huge Market Potential
All the industries targeted by YPTOSPACE are billion dollar industries. The online banking and gambling markets have been growing ever since they were launched. Crypto trading is flocked by millions while shopping has been a global industry for decades.
Essentially, the ecosystem has a huge, ready market. All it has to do is to fulfill its promises and market its services appropriately and the YPTO coin could skyrocket in value.
Business Model: YPTO Token
YPTOSPACE plans to profit from its ecosystem by keeping a fraction of YPTO tokens and charging low trading fees for some of its services. To be specific, the company’s founders will hold 30% of the 150 billion YPTO tokens. 45 billion tokens will be sold during its ICO phases while the remaining 40% will be mined at a later date.
The company’s ecosystem will depend on YPTO tokens for almost every purchase. Whether it’s trading on its market place or converting money on its bank, the tokens will be used somewhere. Should the YPTOSPACE succeed, the company will also succeed. If it collapses, the company and all of the token’s investors will suffer.
To ensure the project succeeds, the startup’s marketing department is currently holding a referral program that rewards everyone who popularizes the YPTO token. The team is also active on social media channels, holding regular campaigns and other promotional methods.
Backing Technology: Testnet Launched
YPTO will work on a blockchain ecosystem built from the ground up and integrated with traditional software programs. The startup will use the blockchain to secure its ecosystem and support fast, low fee payments.
The company’s mainnet will be launched later on. It will be designed to handle the company’s expansion easily, integrate multiple currencies and inter-blockchain exchanges. This will further make it possible to YPTO ecosystem users to trade fiat and crypto efficiently.
KYC verification is mandatory for investors to participate in the YPTOSPACE project. However, there are also benefits of being an early investor. Those who buy YPTO tokens before March 25 will pay only $0.01 per token. Other investors will pay more. Investors can also earn more tokens by participating in the referral program.
YPTO has only mined 60% of its estimated 150 billion tokens at the moment. While it doesn’t show in detail how the tokens will be shared, it gives a hint of how they will be distributed. 30% of the pre-mined tokens will be withheld by the company, presumably to be shared amongst its staff. The remaining 30% will be sold during its ICO phases.
The ICO doesn’t say what percentage of tokens its advisors get and whether team members’ shares will be locked for security reasons. A lot of ICOs share such information for transparency reasons and to assure investors that the CEO won’t run away once the ICO is over.
The YPTOSPACE project is fresh off launching and is currently promoting its services on social media platforms. The company’s Facebook, Twitter, Instagram, and Telegram managers are all active.
- Project Stage
They have a professional website and a whitepaper that shares its vision, there are a few quarters from completing their services. At the moment, the company is at its ICO phase and plans to raise a hard cap of $1.05 billion in four weeks.
With the capital, the company will launch its mainnet platform in quarter 2 of 2019. The platform will include PayPTO, BetPTO, TradePTO, and CardPTO. It will launch its chat and idea platforms in quarter three and launch more services at the end of 2019 and in quarter one of 2020.
A Note to Investors
YPTOSPACE is an ambitious project that brings together many of the services crypto fans have been enjoying elsewhere. The ICO comes with the promise of lower fees and zero listing charges for its traders and partner altcoins.
With the addition of media channels, betting services, and banking systems, multi-language support, YPTOSPACE looks like an idea too good to happen. With time, it will become clear whether their aggressive goals will become a reality or not.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com