Bincentive is a revolutionary idea that seeks to redefine not only the crypto trading environment, but fundamentally change the way investments are made. In order to better understand what we are trying to accomplish, it’s important to understand what a DApp is and where Bincentive fits in that definition.

What Is A DApp?

The term “DApp” is an abbreviation of “decentralized app.” Unlike other web-based applications such as Google Sheets or Google Docs which are managed by Google on centralized servers across their data centers

DApps run completely on a network of peer-to-peer computers.

The concept of DApps have been around for years now, starting with early person-to-person (P2P) file sharing programs such as BitTorrent and Napster. The difference between these applications and the modern usage of the term is the fact that now “DApp” usually refers to decentralized apps built on blockchain.

Decentralized applications built on blockchain technology allow for several notable benefits. Jyoti Agrawal summarizes these perfectly in her article on Entrepreneur: “8 Benefits of Blockchain to Industries Beyond Cryptocurrency.”

Of these 8, we’d like to highlight two described in her article — accounting and smart contracts.

Accounting Recording transactions through blockchain virtually eliminates human error and protects the data from possible tampering. Keep in mind that records are verified every single time they are passed on from one blockchain node to the next. In addition to the guaranteed accuracy of your records, such a process will also leave a highly traceable audit trail. Smart contracts Time-consuming contractual transactions can bottleneck the growth of a business, especially for enterprises that process a torrent of communications on a consistent basis. With smart contracts, agreements can be automatically validated, signed and enforced through a blockchain construct. This eliminates the need for mediators and therefore saves the company time and money. Today, blockchain solutions like CREDITS offer autonomous smart contracts paired with its own internal cryptocurrency. By consolidating everything into a single platform, businesses can integrate services without disclosing an excessive amount of proprietary information to third parties.

Three Kinds Of DApps

Ethereum’s white paper splits the definition of DApps into three categories:

1. Financial Applications — Apps that manage money

“financial applications, providing users with more powerful ways of managing and entering into contracts using their money.” 2. Semi-financial Applications — Apps that combine the management of money with external (outside of the blockchain) information.

Ethereum’s white paper uses the example of “self-enforcing bounties for solutions to computational problems.” 3. Non-financial Applications — E.g. apps which provide systems for “online voting and decentralized governance.”

Where And How Does Bincentive Fit In This?

Bincentive connects investors with financial experts, and automatically facilitates their trading strategies upon the users’ portfolios. In other words, we combine the management of investments with external expert advice. This makes our service fit perfectly as a semi-financial application.

Financial Management, Investment Advice, and Smart Contracts

Bincentive is a DApp that provides a platform helping users connect directly with investment experts. We aim to empower everyday people by giving them the tools they need to make smarter investment decisions.

We’ll provide some of our own funds to investment experts wishing to join our ecosystem to make some trades. By doing so, we’ll generate some investment data allowing users to see how well each individual expert performed across a specific period of time. In this way, they can gauge what kind of return they can expect by choosing to follow their investment strategies. Due to the decentralized nature of DApps, all performance data can be guaranteed to be accurate and traceable.

If a user feels comfortable with the payment terms and conditions defined by the expert, the two parties can enter into a smart contract. Once the contract has been signed, our patent protected Smart Trading Gateway will process the application of the investors strategies onto the users’ portfolio. Throughout these automated flows, neither Bincentive nor our partnered trading experts have access to investor accounts.

The Bincentive system completely removes the need for a middleman such as banks or other financial institutions ensuring that the investor’s best interest is always at the heart of every decision.

Bincentive — More Than Meets The Eye

While the actual usage of Bincentive’s service from the perspective of investors or financial advisors is extremely simple, the mechanisms behind the flow of information and money are quite complex.

Across the next few weeks, we’ll be continuing to shed more light on the revolutionary framework behind our platform.

For more details

Official Website: https://www.bincentive.com

Download the Whitepaper from our website!

This article expresses an independent view of Bincentive. Bincentive is not responsible for investment profits and losses, and investors should carefully consider various investment risks.