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Syscoin’s Smart Contract Chain Is Live

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The best of Bitcoin & Ethereum is now together in one place.

Eindhoven, Netherlands–(Newsfile Corp. – December 6, 2021) – Phase One of the NEVM launch is complete! The Bitcoin-secured Layer 1 for EVM smart contracts reached mainnet on block 1,317,500, December 6th, 2021. With this upgrade to the Syscoin network, users can simultaneously enjoy all the benefits of Bitcoin’s POW security and the flexibility of smart contracts on a modular chain built to remain indefinitely decentralized, scalable, and affordable. Phase One has effectively laid the world’s most secure foundation for supporting all the best EVM Layer 2 advancements.

Syscoin

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Syscoin’s unique approach to infrastructure has addressed the greatest criticisms aimed at Bitcoin and Ethereum alike. Thanks to merge-mining, POW security is effectively a green energy solution, which recycles resources already being spent on Bitcoin’s gold standard security. Thanks to the company’s Solidity and full EVM-compatibility, they have set the stage for all EVM-based projects, including Ethereum itself, to be able to take advantage of Syscoin NEVM’s scalability and low fees. In this manner, they have effectively leapfrogged the promises being offered by Ethereum 2.0 and solved the trilemma facing blockchains.

This is significant because it means projects running on Ethereum can migrate to the Syscoin Platform and immediately save nearly 100% of their transaction fees, and in turn those savings can be passed on to their user bases.

“Syscoin will utilize the best features of the top two cryptocurrencies, namely Bitcoin and Ethereum. Hence, Syscoin will provide the security offered by Bitcoin while maintaining the programmability of Ethereum. Scalable applications will be mounted on this system via ZKPs which will introduce our proposed decentralized cost model on Ethereum gas fees,” said Jagdeep Sidhu, Syscoin’s Lead Core Developer.

As mentioned, the Syscoin NEVM going operational is only Phase One of their grand strategy to offer the world’s first mature blockchain capable of running the metaverse, smart cities, and hosting both the needs of public and private institutions. Phase Two brings ZK-Rollups and their incredible boost to speeds of up to 210k TPS in Q1 of 2022, followed by Phase Three in Q3 and the implementation our proprietary Validium technology, which is projected to achieve 4 million TPS, guaranteeing the long term viability of the Syscoin Platform.

Since 2014, Syscoin has been continuously evolving in scope to anticipate and address the greatest challenges facing blockchain technology. The company’s NEVM is the culmination of these years of effort and a novel solution they are incredibly proud to make a reality. Many new partners have already started onboarding, with the majority looking towards leveraging ZK-Rollups on Syscoin NEVM.

Thus far, these NEVM partners include Luxy: a powerful and user-friendly NFT marketplace, Gold Standard DAO: a decentralized reserve currency backed by gold, Pegasys: the first DEX & AMM built on Syscoin’s NEVM, Mute: a DeFi suite dedicated to ZK-Rollup scalability, Equalizer: the world’s first dedicated DeFi flash loans platform, Orai: the world’s first AI Oracle blockchain, and many more will join the Syscoin ecosystem. More information is available at Syscoin.org.

About Syscoin:

Syscoin is a decentralized and open-source project founded in 2014 whose NEVM upgrade combines the best of Bitcoin and Ethereum in a single coordinated platform.

Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true L2 scalability via ZK-Rollups taking place on a singular platform, Syscoin will usher in the next step in the evolution of blockchain technology.

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Media Contact

Michiel
Email: [email protected]

PR: Cryptoshib.com
Email: [email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106813

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Fintech

How finance brands can drive the ROI with content creators

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The FinTech industry is highly competitive. In 2017, global FinTech industry revenue was approximately $90.5 billion, and it has grown by over 100% by the end of 2023.

Finance brands are constantly seeking innovative ways to connect with their target audiences, as a result, their marketing channels have also changed. The once-traditional financial sector, often associated with formal advertising, such as billboards, TV commercials, and print advertisements, now commonly uses influencer marketing. 

Today, trust in traditional advertising methods has weakened, and consumers now are turning to sources they perceive as authentic and relatable. Influencer marketing, with its ability to build trust and credibility, has become a common strategy for finance brands aiming to enhance their ROI and their engagement with audiences. At the same time, 67% of brands are increasing their influencer marketing budgets that also proves the effectiveness of this channel. 

The rise of influencer marketing in finance

Influencers’ recommendations are highly effective, with 92% of consumers trusting influencers more than traditional advertising channels. Social media platforms have further amplified the impact of influencer marketing, allowing influencers to engage directly with their audiences and foster trust within niche finance communities. 

Influencer marketing is commonly used by such companies as Binomo, Olymp Trade, Ego, Klarna, Exness, Pay Senger, Capital.com, and many more. If you are interested to see the example of a strategy, here is how Famesters helped FxPro drive 18K+ installations and more than 18M views.

Trading services, especially those strongly connected with cryptocurrencies, get the largest influencer marketing budgets among finance brands. According to Famesters, in 2022 Binance was the top-mentioned finance brand on YouTube.

Choosing the right influencers

Selecting the right influencers is key to the success of influencer marketing campaigns in any business sector, and it is especially crucial for the finance sector due to its specificity. To find the right influencers with authentic audiences, you have to spend time and resources. But if aligned with a creative strategy, such publications can pay off greatly: brands can earn around $5.78 for every dollar spent on influencer marketing. Here are some key considerations to pay attention on: 

  1. Alignment with brand values. This ensures that the influencer’s content will reflect the brand’s mission, maintaining consistency in messaging.
  2. Target audience compatibility. Effective influencer marketing hinges on reaching the right audience. Finance brands should thoroughly analyze an influencer’s follower demographics to ensure they match the intended target audience. For instance, promoting credit cards to young adults may require influencers with a predominantly youthful and financially active audience.
  3. Domain expertise. In the world of finance, domain expertise is a significant asset. Influencers who demonstrate a deep understanding of financial matters and can communicate complex topics in a clear and accurate manner are considered to be the best choice to cooperate with. 

Not all financial products are best promoted by financial influencers. For instance, if you’re marketing a banking product designed for children, it’s more effective to collaborate with influencers who are able to reach the parents of potential users. Similarly, for B2B financial products like business bank accounts, it makes more sense to partner with influencers who cater to entrepreneurs rather than those focused on personal finance or budgeting advice.

  1. Engagement and trustworthiness. High engagement rates, authentic interactions, and a track record of trust-building are indicators of an influencer’s effectiveness in conveying messages and recommendations (that are crucial for finance brands). Besides, the FinTech creators market is full of fraud and scam, this is why it is worth taking time and ensuring the quality of potential partners.

Ask for a screencast of the creator’s statistics instead of a screenshot if you have doubts; a trustworthy creator would provide it, and if the statistics are fake, the influencer will likely refuse.

  1. Content quality. FinTech brands should assess an influencer’s content quality and relevance to ensure it aligns with their campaign goals. Consistency in producing valuable, informative, and engaging content is key. 

You can analyze around 10-15 of the latest videos on the channel, review the comments, and ensure that they have not been purchased from a shady website. For example, when you come across comments such as “Yes sir,” “Great video,” “Thanks!”, “Love you man!”, “Quality content,” etc., they should raise red flags, as these are most likely bot-generated comments.

  1. Past collaborations and reputation. Examine an influencer’s past collaborations and reputation. For instance, if a FinTech company partners with an influencer known for promoting risky investment schemes in the past, or associated with controversial practices, it could harm the brand’s credibility and integrity. 

Besides choosing the right creators for your campaign it is also crucial to craft a well-thought brief – a clear communication tool that helps convey your app or platform’s value. Provide influencers with guidelines on your brand message, goals, budget, and content expectations, including tone of voice and key messages. Trust influencers to communicate naturally while ensuring essential ad points are covered. 

Influencer fraud risks and how to reduce them

Influencer fraud is actually decreasing year by year as more tools to detect it appear and improve. But still, 64% of companies name influencer fraud an issue that worries them. And yes, there are significant risks that can be divided into two major categories: distorted ROI and brand reputation risks. 

 

Distorted ROI:

 

  • Brands engage with influencers expecting benefits like enhanced brand recognition, sales boosts, or greater audience interaction. However, influencer fraud distorts these projections. 

 

  • Investments in influencers who have artificial followers or engagement don’t deliver tangible outcomes, resulting in a reduced ROI.

 

Brand reputation risks:

 

  • In the finance market where authenticity is highly valued by consumers, the discovery of deceit by an influencer connected to a brand can breed doubt, not only about the influencer but also about the brand itself. This association can damage the brand’s reputation and weaken trust with its audience.

 

Influencer fraud in the FinTech sector doesn’t just affect individual campaigns; it threatens the integrity of influencer marketing as a whole. In an industry built on trust and precision, deceptive practices have far-reaching consequences, making vigilance and informed decision-making imperative for FinTech brands.

 

To avoid fraudulent influencers and reduce risks, finance brands should prioritize vetting influencers. To do so, brands can:

 

  • Review content history, engagement rates, and alignment with brand values. 

 

  • Look for genuine audience interaction and content that resonates with your brand’s message. 

 

  • Engage directly with influencers to grasp their audience’s age, gender, and location. 

 

  • Seek personal stories of audience interactions, indicating authentic connections.

 

Here are some FinTech brands’ self-audit tips:

 

  • Engagement analysis. Check the ratio of followers to engagement; low engagement with high followers is a warning sign.

 

  • Audience location. Be wary of influencers with most followers from regions irrelevant to their supposed base.

 

  • Content evaluation. Genuine influencers mix sponsored and organic content, showing true interest in their niche.

 

  • Feedback checks. Seek testimonials from other brands or agencies.

 

  • Consistency. Authentic influencers show regular posting and engagement patterns.

 

And last but not least: for brands venturing into influencer marketing, especially in sectors like FinTech where trust and credibility are essential, the importance of formalizing collaborations through contracts cannot be overstated. Contracts serve as a foundational safeguard against influencer fraud, clearly delineating expectations, deliverables, and terms of engagement. This formal agreement helps to ensure that both parties are accountable and that the influencer’s following and engagement metrics are authentic and aligned with the brand’s objectives. Contracts also provide legal recourse in the event of misrepresentation or non-compliance, significantly reducing the risk of financial loss and reputational damage. 

 

A well-structured contract is not just a formal requirement; it is a strategic tool in mitigating the risks associated with influencer fraud, ensuring transparency, and maintaining the integrity of the brand’s marketing efforts.

Conclusion 

You can see that the success of influencer marketing in the FinTech sector hinges on a strategic and analytical approach. Its key aspects include:

  • Selective influencer engagement. Choosing influencers with a deep understanding of financial products and alignment with brand values is crucial for effective audience engagement.

 

  • ROI and risk management. It’s vital to employ robust analytics for assessing influencer authenticity to mitigate risks to ROI and brand reputation.

 

  • Audience and content analysis. Detailed examination of the influencer’s audience demographics and content relevance is essential for ensuring alignment with the brand’s target market.

 

  • Adaptive strategies. Staying adaptive to the evolving digital marketing trends and consumer behaviors in the fast-paced FinTech industry is key.

 

Effectively navigating these elements can significantly enhance ROI and market positioning for FinTech brands in an industry that values innovation and trust.

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Fintech

Revolutionizing Play and Pay: Fintech Leader Ibanera Redefines Financial Dynamics for the Gaming Sector

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Ibanera, an online fintech institution, announces an exciting array of gaming-focused financial services- a fully optimised suite of applications designed to align with the evolving financial paradigms within the global gaming industry.

In the realm of electronic gaming, where a staggering $400 billion was amassed in 2023, poised for sustained growth, a transformative shift in revenue generation is underway. The prosperity of contemporary games is intricately linked to in-app purchases, compelling game developers and publishers to explore innovative economic models. This exploration extends into the realm of tokenized digital assets within games, tradable assets stemming from in-app transactions, and unprecedented opportunities for professional gamers to prosper through a sophisticated play-to-earn framework

Ibanera’s strategic initiative materializes through a portfolio of services, notably featuring the introduction of PORTL, a solution meticulously designed for buying and selling digital assets. Moreover, Ibanera extends white-label solutions to gaming entities, facilitating the seamless integration of embedded payment tools for web3 game developers. The compatibility with blockchain and provision of multi-currency accounts underscore Ibanera’s unwavering commitment to delivering a suite of services that transcend conventional financial norms.

This venture represents a substantial investment for Ibanera, propelled by the strategic vision of CEO Michael Carbonara. In his statement, Carbonara remarked, “We are addressing the pressing need for heightened functionality within gaming companies. The pace of evolution in the gaming industry has surpassed the capacities of traditional banking institutions.”

The company’s foray into gaming-focused financial services signifies a significant milestone at the intersection of fintech and gaming, positioning the institution as a vanguard in an industry undergoing unprecedented transformation. The suite of applications not only addresses current demands but also strategically anticipates and caters to the future financial intricacies that will define the gaming experience.

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Fintech

Fwd: Portuguese bank BPI, subsidiary of CaixaBank group, launches AGE Planet Craft Tycoon, a game developed for the Roblox platform

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Today, the bank BPI, Portuguese subsidiary of CaixaBank group, launches AGE Planet Craft Tycoon, a game developed for the Roblox platform, inspired by financial education and sustainability concepts, targeting young audiences. Roblox is one of the largest immersive gaming platforms in the world, with around 70 million daily active users. The game is available here: https://www.roblox.com/games/15042392733/AGE-Planet-Craft-Tycoon

The experience unfolds in a galaxy where players embark on a journey on a deserted planet. The aim is to make strategic investments in resources to develop the planet in a sustainable way. Players can interact, socialise and visit other players’ planets. The financial education component associated with the game features, among other concepts, a bank where players can exchange resources for their planet’s development or invest resources in applications that simulate, in a simplified manner, the behavior of financial applications.

According to Afonso Eça, executive director responsible for innovation: “Virtual worlds, whether on Roblox or other platforms, are increasingly popular, especially among younger users. With this launch, we aim to explore another channel for our customers to engage with the AGE brand.”

The game contributes to the expansion of the BPI AGE brand, aimed at young people up to the age of 25. Young AGEs have access to various financial services at no cost or bureaucracies and have a dedicated platform in the BPI App and a space in the BPI VR immersive shop.

This project was developed in partnership with Simple Magic, a videogame studio from Estonia, focused on designing and developing games on Roblox and bringing the best brands to Metaverse.

BPI strengthens metaverse/web3 holistic strategy

Over the past year, BPI has launched several innovation projects focused on metaverse/web3, addressing three dimensions: (1) immersive and augmented realities as a new way to interact with customers; (2) custody and transaction of digital property supported by blockchain technology; and (3) position the bank in virtual worlds, which are attracting more users worldwide.

According to Francisco Barbeira, BPI executive board member, “The game AGE Planet Craft Tycoon is the final component of a strategic learning path we are undertaking in the metaverse. In the three dimensions we consider relevant, we already have initiatives underway, and the learning process has been very enriching. As of today, we can say that BPI has indeed a holistic presence in what we call the metaverse.”

In 2022, the bank launched BPI VR, its immersive reality application where customers and non-customers can experience interaction with the bank through this technology. Last month, BPI launched D-VERSE, its digital collectibles platform where digital property can be transacted in Euros, with custody provided by the Bank itself. Now, the launch of AGE Planet Craft Tycoon marks the entry into virtual worlds.

 

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