Image © Provided by Singapore Business Review
Written by Lucia De Guzman
A person, in a room with nine other people, trades a ball with one of them. All ten of them in the room records this in their notebook before they go home. Everyone knows that the trade happened. The person who traded the ball can not take it back and trade it with anyone else.
This is how Technicorum CEO Daniel Daboczy explained the ever-mysterious concept of cryptocurrency in an interview with Singapore Business Review. Technicorum recently launched its Gennix micro-lending platform that aims to reduce financial inequality on the blockchain. The $GNNX token is currently listed on KingSwap and PancakeSwap, and runs natively on the Binance Smart Chain (BSC) with BEP-20 and BEP-1155 token standards.
Gennix addresses a pain point when it comes to cryptocurrency investing, borrowing, and lending: the risk of sudden and sharp price fluctuations due to investors who are always on the lookout for “The Next Big Thing,” as Daboczy put it.
“The Gennix platform comes with features meant to tackle problems in crypto lending. This includes, but is not limited to: over collateralized lending, and complicated financial instruments. Gennix utilizes TrustScore, which reduces collateralization ratios from the typical 200% to much less over time. The implementation of a binary options platform is targeted at users who wish to take on higher risks, in exchange for making a profit. It is a very simple to use platform, free of technical jargon,” Daboczy said.
As a decentralised finance (DeFi) instrument, Gennix does not rely on centralised authorities, such as banks, and is accessible to anyone who has an internet connection and a browser. Understanding that several DeFi platforms require excessive loan collateral and charge high platform fees, Gennix is planning to turn things around.
“Gennix is turning the tide by providing investors with seamless lending and borrowing tools with more equity and higher yields for investors new and old. The utility of DeFi and crypto will continue to increase, uniquely positioning Gennix in a prime spot to capture a large portion of market share,” Daboczy said.
“The Gennix platform aims to replace the pillars of revenue of the current financial system by charging significantly less interest than traditional banks with time-binding credit. This not only cuts out the middleman but allows investors in the Gennix ecosystem to use their capital for investments, rather than fees. The implementation of binary options aims to simplify seemingly complex options trading systems and allow users to generate more wealth while decreasing the exposure of their capital to the volatility of the crypto market,” he added.
This way, even small and medium enterprises can have safe and easy access to financing through cryptocurrency without having to break the bank. Using TrustScore, Gennix examines and assesses potentially fraudulent transactions and unscrupulous users, making it easy for users to avoid getting scammed.
Technicorum, as a company that specialises in digital assets, has been working with Binance in building this platform. Moreover, Technicorum has also decided to build its office in Singapore, seeing its potential as a cyrptocurrency hub, partially due to it getting regulatory support from the Monetary Authority of Singapore.
“Singapore is the Global - Asia Node of Technology, Innovation, and Enterprise that supports businesses at every stage and goal. Technicorum leverages government effort in providing enhanced support for its businesses. Technicorum is in an active partnership and continues to build capabilities with government agencies and associations to equip itself for future and new opportunities within Singapore and globally,” Daboczy said.
On Binance, he said that the increased activity on the BSC network over the past year was amongst the reasons why it became a good platform to launch Gennix. He explained that having built to be Ethereum Virtual Machine Compatible from the start, the BSC makes it easier for developers to migrate their applications from Ethereum.
“It implies that third-party apps may be made to function on BSC with little effort. Binance Smart Chain blocks are on average three seconds apart. Also, the implementation of a Proof of Staked Authority or PoSA consensus model is used. This allows people who join the validator pool staking BNB to become validators,” Daboczy said.
Without worrying about cross-chain compatibility, users can trade at a “lightning-fast pace” on Binance Chain, whilst allowing Dapps like Gennix to be constructed on the BSC. This gives users access to a broad range of options for a variety of financing needs.
“BSC makes it possible for assets from other chains to be integrated into the expanding DeFi ecosystem. As Gennix runs on the quick processing capabilities of the BSC platform, it will enable users to enjoy quicker transaction processing times, lower transaction fees and increased scalability,” Daboczy added.
With government support and innovations like the BSC, Daboczy has high hopes for the future of cryptocurrency in the Lion City.
“Cryptocurrency has continued to rise to new highs in the recent weeks and is gaining recognition and acceptance by Singaporeans. A recent study shows over 40% of Singaporeans own cryptocurrency, with 66% largely owned by the younger generation. The recent hike in the number of people trading and preferences to pay in crypto has driven banks, financial institutions, and the payment space to start accepting the global trend. This is an indicator for Singapore to progressively commit to mass adopting blockchain and cryptocurrency.”