This digital currency, which tries to find its place in the national as well as the international market, wants to earn it's place as popular token
05.10.2018 • 09:51hs • Digital money
Digital money
What is Inbest, the cryptocurrency that celebrities use but is questioned by the community?
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The use of cryptocurrencies is increasingly popular. In total, it is estimated that there are around 1500 cryptocurrency in the whole world. However, this market has its specific niche and, although there are widely used cryptocurrencies (with Bitcoin and Ether at the helm), there is no consolidated "national and popular" currency. With this panorama in mind was born Inbest, a token of Argentine origin that wants to capture the excluded segment of the new era of digital money.
"Our idea was to create something for everyone to access, generate a quick payment tool that can move with liquidity," said Kevin Bootz, the company's head of strategy. This firm seeks to create an "inclusive" scenario, where anyone can acquire currencies in an agile manner, including by text message: "In Latin America, half of people are not banked, but 95% have mobile telephony."
Like all digital currencies, its objective is to create "financial freedom", without intermediaries and that works quickly and free of charge, but with a view to conquering an audience outside this world. For that, the company seeks to build credibility thanks to the transparency of blockchain technology. This proposes a necessary scheme of liquidity. But trust is not built from one day to the next, especially by the speculative and volatile concept of this financial system that still scares many.
Today, in Buenos Aires you can see posters of the diva Susana Giménez, the tennis player Pico Mónaco and even the comedian and influencer Chapu Martinez promoting the token. Inclusively, Susana uses it in her program El juego del millones as part of payment for the winners. What are these public initiatives looking for? For its creators, it is about "generating empathy". The strategy incorporates recognized figures from different areas to achieve "certain closeness to potential customers of the currency".
"We want to create a community; In this concept there is no frontier ", adds the founder and strategy leader, Leopoldo Simini. Therefore, the idea of the company is to provide an environment for developers focused on building new applications for the token, regardless of their geographical location.
But its creators are Argentineans and they do not lose they forget their roots: "The focus is placed in Latin America because we want to create a marketplace referring to the region". Faced with an economically beaten market, people distrust any possible solution. Despite this cultural backwardness and delay, and the fact that the market is not the most attractive to start this kind of operations, from Inbest they rely on the consolidation of their product in the next 24 months.
Financing and credibility
For a currency to have a credible market, it must have the support of people who trust its potential. Therefore, the company launched an Initial Coin Offering (ICO), where, according to their figures, they raised more than 120 million dollars. Today, in Buenos Aires you can see posters of the diva Susana Giménez, the tennis player Pico Mónaco and even the comedian and influencer Chapu Martinez promoting the token. Inclusively, Susana uses it in her program El juego del millones as part of payment for the winners. What are these public initiatives looking for? For its creators, it is about "generating empathy". The strategy incorporates recognized figures from different areas to achieve "certain closeness to potential customers of the currency".
"We want to create a community; In this concept there is no frontier ", adds the founder and strategy leader, Leopoldo Simini. Therefore, the idea of the company is to provide an environment for developers focused on building new applications for the token, regardless of their geographical location.
But its creators are Argentineans and they do not lose they forget their roots: "The focus is placed in Latin America because we want to create a marketplace referring to the region". Faced with an economically beaten market, people distrust any possible solution. Despite this cultural backwardness and delay, and the fact that the market is not the most attractive to start this kind of operations, from Inbest they rely on the consolidation of their product in the next 24 months.
According to other data provided by the company, the ICO left 17,656,263,110 IBST tokens issued, with 100% of them assigned. Likewise, its report reveals more than 20,000 coin holders, 18 national and international investors, more than 300 wallets validated for the distribution process and more than 2000 audited lines of code.
But its launch was not without controversy. After Susana Giménez delivered part of the prizes in these coins, the local crypto community criticized the token. Even a reference from Argentina's bitcoiner community, Franco Amati, accused them of "delivering tokens of a crypto scam".
Also, one of its founders and business director, the crypto influencer Joan Cwaik, resigned his position in May. Although he did not make his motives clear, he assured that it was "a strategic professional issue, of values and focus".
As if this were not enough, a user looked for the currency (IBST) in EtherScan, which indicates where the 17 billion tokens are in the same direction. Because of this, the actual price of the token can not be determined. Also, it is not listed in CoinMarketCap, in GitHub it only has one publication and it has a small amount of followers in all its networks. All these incongruities raised suspicion in the community.
That a crypto company hire Susana Giménez to try to make sure that they buy it is the only thing I need to know to not invest a penny in that! Very little serious ... pic.twitter.com/8b9Y86OVhR
- Santiago Bilinkis (@bilinkis) September 14, 2018
Faced with these accusations, Simini defends his project and alleges: "This type of comments arise from the ignorance of the project and the negative impact that some cases that have resonated in the community during the last months have had for this industry". In addition, he adds that the key is to provide the greatest amount of information and transparency, in addition to showing concrete results of the progress, having external audits and berar the source code to the community.
Next steps
"Trust is built by keeping promises," says Simini. But they do not have a simple way to go. The speculation and the large number of "shitcoins" circulating on the internet generates an ecosystem in which it is very difficult to trust.
With the recent launch of its app for iOS, Inbest routes its roadmap for what remains of this 2018. However, they do not conform and believe that "they will be much stronger in the two years".
What is coming? "Give the tools to the community of developers to integrate their apps with Inbest and, on December 1st, release the tokens to use them freely and interact with other apps."
Although your wallet only accepts your currency, in the future you will have a multi-currency model to be able to manage all currencies from one place. Despite the controversy, the "Argentine Bitcoin" wants to earn its place in the community.
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