Currently, most of the meme tokens in the crypto industry are merely looking to address one issue or the other. There is absolutely no real value to users. This has become a huge problem for the market as it has now become a pool of tokens with zero real-world value to offer. Sauntering an untrodden path, Ginga Finance, a decentralized blockchain-based token with BUSD as a reward has been launched.
Pioneering the incentivizing of community members, Ginga Finance in addition to this has integrated a real-time use case for prospective users—the Ginga Mixer.
Ginga Mixer: A Real-world Use Case
Since the launch of Bitcoin more than a decade ago, the budding crypto market has been built on core principles like transparency, security, anonymity, decentralization, and privacy, thanks to the underlying technology, blockchain.
As the market continues to grow, we’ve witnessed the introduction of new and innovative concepts like wallet naming services. The idea behind this as the name implies is to turn difficult strings of data into simple readable addresses. Similar to the popular website domain names, users can rent a name for their wallets. Albeit an innovative and problem-solving concept, the sticking point, however, is the lack of security and anonymity associated especially with these naming services.
Blockchain transactions are not 100% anonymous, individuals with malicious intent, through forensic studies on transaction histories and addresses, can reveal the name behind the address. Via Mixer, Ginga Finance aims at improving the security of users’ identities by breaking the link between source and destination wallets to enhance security. When using this feature, a small fee is deducted and according to the development team, it goes back to benefit the Ginga community by buying back and burning a percentage of $GIN, the project’s native token.
Ginga Finance has streamlined the usage process, making it incredibly easy for anyone to make use of. To get started, prospective users will need to provide the destination address. Per the team, this address cannot be from an exchange of contract, it must be from a wallet. Setting a delay time is the next step. This is done to further increase the privacy level between the sending and receiving wallets. It has a base delay time of 5 minutes and a maximum of 1,440 minutes [approximately 1 day].
If available, users will be required to input the User Secret Code and a Discount Code. The secret code is part of Ginga Finance’s security to prevent returning users from getting back the tokens sent to the Mixer. Once all relevant data has been entered, the Mixer gets to work.
Once a token is sent to the Mixer, the job is started and the funds sent will be received by the destination wallet after the selected delay time. While this impressive feature is only available on the Binance Smart Chain [BS]], plans are underway to expand this service to other blockchains in a short time.
Rewarding Token Holders
Besides offering a real-world use case, Ginga Finance aims at also offering users colossal rewards for holding $GIN and becoming members of their community. According to the project roadmap, 6% of all BUSD transactions on the platform will be shared amongst token holders. Additionally, 1% will go to the PancakeSwap liquidity pool while another 1% will be placed in a marketing wallet. This will be used for all marketing developments and campaigns the project decides to carry out in the future.
Built on the core principles of cryptocurrencies, community members will have access to the spending reports.