Cryptocurrency has come a long way since inception, and even though it was met with a lot of resistance, the emerging technology has continued to surmount challenges and perform beyond the expectations of critics. With the diversity in available cryptocurrencies, a lot of people have begun to opt for crypto investments, and it has proven to be a profitable venture.
Perhaps you have seen or heard about “Dow Jones Industrial Average (DJIA),” a benchmark index that is used to monitor companies that are publicly owned in the U.S. and are trading on the NASDAQ and NYSE, there is something similar for cryptocurrencies called the Crypto Price Index (CPI).
Crypto Price Index (CPI) is a project created to provide users with a plethora of options needed to get insight about crypto indices and assets. It may interest you to know that this is a token ecosystem like no other because it provides users of the CPIX tokens with access to a wide range of diversified assets in different crypto markets.
The CPI infrastructure is created on the tested and trusted Ethereum blockchain, and this will help facilitate flexibility, stability, security, and decentralization of the CPI framework. Furthermore, there will be a deployment of enhanced technical frameworks that will provide a collection of assets for every minted CPIX token.
CPI Delivers Index Price Based on 200 Top Coins on Crypto Market
CPI works based on artificial intelligence. It leverages an algorithm that delivers instant single index price for the top 200 coins on crypto market. For example — most other indices take only 10–20 assets. One of the main advantages of the index is that it enables very high-speed transactions. It also provides multiple options for users.
As a way to ensure that the CPI ecosystem stays functional and healthy, there are two major products offered by the platform:
Basically, this functions as a governance token, and it is used to drive the functionality of the CPIX token. It is important to note that at the core of the CPI ecosystem is the CPI coin, and it is not a standalone form of investment, rather it will be used for penalties or rewards of participants within the CPI network.
Holders of the CPI coin will get incentives for participating in the ecosystem’s governance, and this will happen via coin burns.
Component assets are the life force of the CPIX tokens, and with the aid of smart contracts are held in escrow. Users will be able to mint the CPIX tokens after depositing ETH or BTC.
There are four major elements that make up the CPI platform:
Real-time data is collected from connected crypto exchanges.
With the aid of the API, the CPI platform will provide crypto asset prices based on calculations of the average cryptocurrency price index.
In order to ensure data security and promote transparency, the CPI blockchain is the perfect place to store the price history.
Connected crypto exchanges would be used to collect and aggregate price indexes.
Presale registration of the tokens began in the fourth quarter of 2019, and an IEO will happen on July 15, 2020. The third quarter of 2020 will see the implementation of Proof of Concept (PoC) CP12 on testnet. Furthermore, there will be a production of a decentralized application (DApp) with CPI100 in the third quarter of 2020 and will get deployed in the fourth quarter of 2020.
The future of cryptocurrency looks bright, and CPI intends to play a major role that will drive the mainstream adoption of cryptocurrency for different investment possibilities.