Para-crypto and social trading

Almost everyone in the crypto space yearns to be the expert, or at least to know enough to pre-empt market trajectory, to catch the pump before it pumps and spot the dump before it dumps. Who hasn’t? Who hasn’t thought, ‘if only I had made that trade 2hrs before, or hodled for a day longer I would’ve made more. We’ve all been there.

The original aim of Bitcoin was for currency transactions to be entirely in the hands of the transactor and transactee, cutting out the middleman. It doesn’t require a go-between (like a bank or credit card network), the exchange of personal information, or transaction fees.

Bitcoin couldn’t do it on its own, so alongside this pioneer of the crypto space came a whole bunch of other cryptocurrencies to further develop the ethos set out by Satoshi. 15 years on…here we are. Over 6000 coins, main-nets and masternodes, farming and mining, liquidity pools and airdrops.

In many ways the space has evolved to a stage that is almost unrecognisable from where we were, from pizza transactions to ETFs, crypto touches almost every part of life whether you are aware of it or not, and as a result, mainstream adoption is being talked about every single day on twitter, discord and the like.

What we want is fully anonymous, ultra-low transaction cost, transferable units of exchange. If we get that going… the banks will become the obsolete dinosaurs they deserve to become. (Adam Back, CEO of Blockstream)

With currencies that are harnessed by the power of the user and more importantly, the power of the internet/mass userbase, making the right decisions about when to buy, sell, trade and stake are tougher than ever. It was hard enough on the trading floor with traditional fiat currencies and commodities, but with virtual assets that are driven by popularity as much as they are scarcity who knows where a token price will go. This is where para-crypto analytics comes in. The best example of a para-crypto project is DeXe.Network.

What is meant by para-crypto?

Para-crypto is a term that brings together expert and amateur, the teacher and disciple, the professional and apprentice. The prefix ‘para’ refers to the accompanying element of every para-crypto project — to be ‘alongside’, ‘behind’, ‘together’ with an expert trader. A para-crypto project is inherently social, bringing people together, expert and amateur, either anonymously or with transparency to make successful trades. In its basic form it is social-trading, most notably championed in traditional markets by Etoro. In the defi crypto-space DeXe.Network is the best example of a para-crypto project in development.

The term ‘para-crypto’ for the more ruthless and impassioned trader is reminiscent of a ‘para’site. An entity that lives with its host for its own benefit. Social Trading aka para-crypto project enables anyone to ‘latch-on’ to a successful trader and earn the same benefits as its host without needing to do the work.

In recent months the team behind the new up and coming DeFi project DeXe.Network, based on DAO principles, has shown its full commitment to para-crypto philosophies. DeXe is grabbing a lot of attention in Eth ERC20 token community given its project aims to bring the community of traders, investors and hodlers together. For anyone new, getting to grips with the tenets and rules of decentralized finance can be a huge task. Social Trading, Copy Trading (para-crypto) gives the power back to the newcomer, and affirms the wisdom of the experienced.

The Ukrainian based project allows someone stepping in to the digital trading world and copy the best trading strategies. For ERC20 wallet holders the process is incredibly simple. Currently in beta you can connect your ERC20 wallet such as Metamask and input the ERC20 address you want to copy, and your are away — earning profits when your copied address earns profits.

The next level is on the way with the full Dexe Investments product just around the corner. Choose the best trades, lock your assets in the smart contract, creating your own token contract that represents your trading successes. Yes, that’s right, you can create your own personalised token, copy other wallet tokens/wallets and save and multiply your assets.

Your wallet tokens will be priced depending on the trader’s skill. There is already quite a substantial following behind the project, with a growing community on telegram and twitter . They already have a wallet 2 wallet copy tool on their website to try out.

For anyone starting out, particularly in the DeFi space the Dexe.Network is probably worth a sniff — obviously, do your own research, we’re not responsible for the decisions you make.

Over the next few weeks CryptoFly will be reporting on the development of para-crypto projects. Stay with us, and let us know your own thoughts and experiences.