Cryptocurrencies

What is cryptocurrency?

Cryptocurrency is the most well-known use of blockchain. It’s a digital currency that works on Blockchain technology, and it’s designed to work as a medium of exchange online to buy goods and services and to make payments. This means Person A can send cryptocurrency directly to Person B without an intermediary (e.g. bank or mobile money). Bitcoin is the first and most widely used cryptocurrency.

Why impactMarket uses cryptocurrency?

impactMarket works to bring financial inclusion to everyone securely and transparently, which is possible through crypto payments. Main reasons: - Cryptocurrency transaction costs can be very low (as in the case of Celo Dollar - cUSD) - Transactions are almost instantaneous - There is no limits to making transactions - 24/7 access to your money - No need to have documents to create an account. Is just needed a cellphone and internet connection - Every transaction...

Which crypto assets impactMarket use in their products/services?

- UBI (Universal Basic Income) is provided in cUSD (cello dollar), a stablecoin that operates on the Celo network and is pegged to US dollars (1cUSD=$1). These currencies can be converted, at any time, into dollars. - Donations can be made in cello dollars (cUSD) or in ETH. - Rewards are provided in $PACT token - impactMarket´s governance token.

What are Celo Dollar (cUSD) and CELO?

CELO and Celo stablecoins are assets supported on the Celo Network. The two main differences between these assets are function and price. Celo stablecoins track the value of their fiat counterpart. For example, the Celo Dollar (cUSD) tracks the US Dollar, and Celo Euro (cEUR) tracks the Euro. CELO is the native asset and core utility, governance, reserve, and staking mechanism for the Celo Network. When you own CELO, you can vote on how the Celo Network evolves and grows over time.

What is Swap?

Swap refers to an exchange of one asset for another. For example, you can use Libera Wallet to swap cUSD to Celo or Celo to cUSD.

What are APR and APY?

DeFi protocols use two metrics to represent returns of cryptocurrency investments (yield farming): Annual Percentage Rate (APR) and Annual Percentage Yield (APY). Annual Percentage Rate, abbreviated APR, is the annual rate of return expressed in percentages. Also called simple interest, this APR gives DeFi users a figure that can be easily compared to the rates of other protocols. Annual Percentage Yield, abbreviated APY, is the annual compounded return expressed in percentages. It is calculat...