Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
What prompted the idea of Tycoon & why is tycoon different from other social trading platforms?
At the end of 2017, we saw a huge market gap regarding cryptocurrency trading, especially for newbies. After searching for a solution, we came up with Tycoon, a social trading platform that can copy traders on existing exchanges. We want to make social trading accessible for everyone on ANY Exchange. For the last 2 years, we were busy developing this technology to solve the cryptocurrency trading industry’s biggest issue.
We are very proud to launch the Tycoon platform to all of you and build the biggest community in this space soon.
We are in the second half of 2020; what have you achieved so far? Is the product already launched officially?
In the upcoming weeks, you can already expect to use the first version of the Tycoon platform. We can’t exactly announce yet what we have to offer with our first release, but it will be a huge event, and we are going to reward the best traders as nobody did before. We also plan to release the Tycoon platform’s final version and already onboard the first users holding Tycoon Tokens until the end of 2020.
In Q1 of 2021, our onboarding process will continue for all whitelisted users who want to participate.
What assets will Tycoon support after its launch?
Tycoon offers to trade all available assets on the Binance Spot Market, which is more than 600 different trading pairs right now. We will add more exchanges to surpass 1.000 trading pairs by the end of 2021.
What about exchanges? Which ones are already embedded, and which ones do you hope to fix soon?
We already implemented Binance as the biggest and most used cryptocurrency exchange worldwide. Our roadmap plans at least 2 new exchanges, which will be implemented to Tycoon in 2021.
What discounts will you offer individuals wanting to purchase TYC today?
Every crowdsale participant receives a 10% Bonus on all his purchases right now. If they take advantage of our referral program, the maximum Bonus is up to 25% more Tycoon Tokens.
Tycoon Token holders will also receive early access to the platform, thus being one of Tycoon’s first. This is the link to our Tycoon Token Shop.
Are funds from the crowd sale locked already? If so, when will they be unlocked? What’s the benefit of locking TYC to individual holders?
Tokens that are sold during the crowdsale are not locked at all and will be available immediately with the listing on an exchange.
The Tycoon Tokens, which will be circulating supply after the listing, is tiny—40% of our max. Supply will be locked through different vestings, which you can see in the whitepaper. The other 60% reserved for the sale are a max. of 84 million Tokens. Through our minting functionality, we will only mint SOLD Tokens. This means if we sell fewer Tokens, there will be fewer Tokens in the Market, so the TYC Token will always be 100% distributed to investors. In addition to that, approx. 15 Million Tokens are locked through private sale vesting rules from that pool already.
As soon as Tycoon’s user base grows, more Tycoon Tokens will be spent on the platform, which will result in a decreasing amount of tokens in supply. We will provide solutions to distribute the incoming Tycoon Tokens back to the community at a later date. This strategy will result in a long term organically increasing demand and automated decrease in the Tycoon Token supply.
I noticed that you are not burning coins. Can you slightly explain why, and tell us what measures you set to ensure TYC remains a reliable store of value and medium of exchange?
The Tycoon Token serves as a utility token and can automatically pay for fees during copy trading. Using the Tycoon Token will immediately grant users a 25% discount on any fee on the platform. This means the Tycoon Token will have organic growth in value with the growing number of users on the Tycoon platform. Our goal was always to provide a Token with a real use case and not just speculative characteristics. This is also why we have not started our crowdsale earlier in the last two years but just now when our product is near to be finished.
We implemented a “minting” functionality into our smart contract, which is extremely useful for investors. This function allows us to only mint as many Tycoon Tokens as needed without going beyond the maximum cap of 140 million Tokens.
If we, for example, sell 50% of our 84 Million Tokens from the sale pool, this means we will only mint 42 million Tokens, and the rest stays unminted. So, there will be no Tycoon Tokens in circulation which haven’t been sold. This results in scarcity in the market as you can only buy Tokens from other holders and not from the free circulating supply. In addition to that, ALL Tokens outside of sale are locked with vesting periods from 6 months up to 15 months for the team Tokens.
So guide us through the whole process of trading on the tycoon. How do you invest? How do you identify a trader to copy?
If you are interested in investing, go to shop.tycoon.io and save yourself some Tokens.
For followers to obtain an overview of the traders more quickly, traders are classified into specific categories.
All other data such as profits, number of trades per week, profitable days, and number of followers are presented in an easy to read manner. This makes it very easy for the follower to search and select his favorites from all traders through the search & filter function.
Once a follower has selected the right trader(s), he can follow them with a few simple clicks. It’s just as simple as that. There is nothing more to do for the followers except for watching their accounts being automatically traded by professional traders. If the follower is not satisfied with the results, he may discontinue following at any time.
What stage are you at in your roadmap?
We already finished developing the first public version of Tycoon, which will go live in the upcoming weeks. Until the release, we are undergoing several security audits and optimizations of scalability.
What are some of the features promised in the whitepaper that you still haven’t embedded in your system?
We were able to embed most of the functions already. Some gimmicks like our mobile application will follow in 2021
Social trading is prone to severe insecurity and privacy issues; what privacy and security measures will Tycoon institute to safeguard investors’ assets?
Security is our highest priority. The assets of the investors will always be as safe as the underlying exchange, which in this case, is Binance. Our unique copy trading technology’s advantage is that users never have to send their investments out of their own exchange accounts.
The tycoon or the trader will never have access to the investor’s assets at all.
The platform itself is built on the highest possible security measures which are available worldwide. Our custody wallet provider will also ensure all internal and external assets of Tycoon up to 100 million USD.
Talking of market manipulation, social trading is not immune to manipulation; in fact, the big traders may manipulate markets to take advantage of their followers. What measures will you institute to cub manipulation?
Tycoon is using several self-developed algorithms to prevent market manipulations before they even happen effectively. These algorithms can also detect and sort out traders who try to abuse the platform by targeting to manipulate the market.
What techniques will you use to expand your reach? What are you planning in terms of marketing?
Many are talking. We are doing!
Our marketing strategy is different from most Crypto projects. We developed and innovated mostly under the radar in the last two years. We want to penetrate the market with a big BOOM, and we have everything in place to make this happen in the upcoming weeks.
We are in contact with different Influencers in the Cryptocurrency space, which are already working on their content to present Tycoon to their audience.
Moreover, we are running marketing campaigns throughout the biggest websites like Coinmarketcap. Furthermore, we have different Games and Challenges for our community to constantly improve Social Media reach and raise the engagement rates.
Last few weeks, we gave our cooperation partners interviews to introduce us and the Tycoon project in detail to their audience. We are also preparing short Videos for better knowledge of the platform and easily set up each user’s account, which should not take more than 4 minutes max.
How do the big traders earn profits from followers?
We are the only platform that provides maximum convenience for the Trader. Register, connect your Binance Account, and that’s it. Just go back to Binance and trade. As usual, Tycoon will take care of everything else. If you are profitable, you will get followed and earn an additional income with zero additional effort.
If the trades of our traders will result in real profits for the followers, the dedicated traders will receive between 10-15% of the profits which were made as an additional source of income, without doing anything else than before.
What about the fee payment, is there a fixed rate for the follower fee?
This is one of our biggest advantages in this space. Fees will only occur if the following results in a profit for the follower. To make the payment seamless and easy, Tycoon includes an own wallet to each user’s account, which supports BTC, ETH, and TYC.
Nevertheless, to prevent unnecessary traffic through following and unfollowing in short periods of time and thus slowing down or affecting the performance of the platform and producing unnecessary trading fees for the followers, Tycoon introduces a minor connection fee to connect to any trader who is about 5$ or 0.1% of the dedicated volume.
Using the Tycoon Token to pay the fees will grant every user a 25% reduction throughout the platform.
The trader ranking system, how does it help the followers and the expert traders?
Our ranking system is described in detail in our whitepaper. We invented our own rules to rank traders according to their trading experience, success, and popularity. This will make it extremely easy for all users to see which trader already built trust on the platform and are still becoming Tycoon. Let us explain why we take transparency so serious:
Transparency is something that is missing in the whole crypto space. Especially with trading, lack of transparency resulted in thousands of people being scammed the last few years. If you ask Cryptotraders how their portfolios are going, all of them will only tell you the good trades and never the losses. With Tycoon, we will provide a global platform where nobody can manipulate their profits or losses. All data will be automatically analyzed from the trader’s own exchange account and prepared for the user to see if a trader is really profitable or not easily. Tycoon will play a huge role in reducing scams in the crypto trading space. This is our biggest goal.
Convenience is the second problem we are solving. Until this day, traders are forced to switch their usual exchange to participate in social trading like Etoro or Naga. We know that traders want to trade on their own preferred exchange and not on the one given to them. Our one of a kind software solution enables traders to trade on their own exchange account like Binance. In the meantime, we are monitoring everything in the background without any additional effort for the traders.
On the user side, everything is fully automatic as well, which means, after following your desired trader, there is nothing more to do for the follower except for watching how his Binance Portfolio is magically changing positions according to the selected trader’s portfolio.
On community involvement, what role will the community play in developing the platform? Do they participate in any decision making? Will you be open to accepting community ideas?
We are extremely user-focused when building new features on Tycoon. We will introduce different possibilities for every user to suggest new functions and even to vote for the priority of implementing those.
So what’s coming next on Tycoon? After the launch of the Social trading platform? Will you be introducing more crypto solutions, or is social trading Tycoons end game?
The social trading aspect of Tycoon is just the fundamentals of everything yet to come. There are more products to launch on top of Tycoon in 2021, but we can’t disclose them yet, so stay tuned! 🙂