Coco Swap (COCO) is an attempt to cash in on the potential popularity of Web 3.0.
To explain, today’s internet, or Web 2.0, is a centralized system. For example, much of today’s web operates on centralized cloud platforms, such as Amazon Web Services (AWS). In contrast, Web 3.0 is a decentralized system in which the web will operate off a wide variety of devices. In particular, Web 3.0 will include both the blockchain and the Internet of Things (IoT).
For example, on Web 2.0 centralized platforms such as Amazon (AMZN) process most transactions. In contrast, on Web 3.0 transactions will be between individuals through peer-to-peer (P2P) swaps.
A Token for Web 3.0
The Coco Swap creators hope to build a swapping platform for Web 3.0 that will also operate on iOS and Android. Hence, they hope to build a sort of Pancake Swap for Web 3.0.
The Coco Swap Token (COCO) is a progressive deflationary token built with the latest DeFi (decentralized finance) protocol systems. To elaborate, a deflationary token is a cryptocurrency that decreases in Total Supply with each transaction. They decrease the supply by burning coins. The hope is to avoid inflation by limiting the supply.
They hope the COCO token will drive decentralized network transactions with a faster time and cheaper exchange fees than competitors. They admit Mr. Market will determine the Coco Swap token’s value.
I think swapping platforms offer true value. For example, CoinMarketCap estimates PancakeSwap (CAKE) had a Fully Diluted Market Cap of $4.614 billion,a Market Cap of $4.614 billion, a Total Value Locked cap of $7.104 billion, and a 24-Hour Market Volume of $203.415 million on 15 November 2021. They based those numbers on a Coin Price of $18.57 and a Circulating Supply of 248.540 billion CAKE.
PancakeSwap was CoinMarketCap’s 46th most valuable cryptocurrency on 15 November 2021. Thus, Swapping Tokens such as COCO can achieve true value. However, I think it will take time for Web 3.0 to develop and make money.
What is the CocoSwap (COCO) Token?
The CocoSwap Token (COCO) is a Binance Smart Chain cryptocurrency. The current version of the CocoSwap Token offers a liquidity option.
They plan to build CocoSwap platform farming options for Web 3.0 mobile apps into future versions of the CocoSwap Token. They will use 2% of COCO to reward token holders, burn 2% of the COCO, and use 3% of the tokens as project incentives.
The CocoSwap Token (COCO) trading began on PancakeSwap in May 2021. Development of the CocoSwap alpha began in the third quarter of 2021. They will announce exchange listings for announcements for the Coco tokens and beta invitations for CocSwap testing in the fourth quarter of 2021.
They plan to release the Coco Swap platform for Web 3.0 in the first quarter of 2022. They will start developing functions for in-app cryptocurrency purchases with credit cards in the first quarter of 2022.
As far as I know, CocoSwap has nothing to do with American comedy legend and former Tonight Show host Conan O’Brien. O’Brien sometimes uses the nickname “Coco.”
What Value does CocoSwap (COCO) have?
Mr. Market gives CocoSwap some value. For example, the CocoSwap (COCO) token was CointMarketCap’s Eighth most trending Cryptocurrency on 14 November 2021.
In contrast, CocoSwap was CoinMarketCap’s 3,229th most valuable cryptocurrency on 15 November 2021. CoinMarketCap gave CocoSwap a $0.0007258 Coin Price, a $104.520 million Market Cap, a $108.874 million Fully Diluted Market Cap, and a 24-Hour Market Cap of $1.13 million on the same day.They based those numbers on a Self-Reported Circulating Supply of 144.35 billion COCO, a Maximum Supply of 150 billion COCO, and a Total Supply of 148.424 billion.
In contrast, CoinGecko gave CocoSwap (COCO) a Coin Price of $0.000730034864, a 24-Hour Trading Volume of $240,500 and a Fully Diluted Valuation of $109.173 million on 15 November 2021.
I think CocoSwap (COCO) could be a successful cryptocurrency if we widely adopt Web 3.0 and Binance Smart Coin cryptocurrencies become popular on it. However, think it could take years for Web 3.0 to catch on and uses for cryptocurrencies on it become popular.
For instance, they could build CocoSwap into a vending machine that accepts Binance and Ethereum cryptocurrencies. In addition, they could build CocoSwap into an automatic teller machine (ATM) that converts Binance cryptocurrencies into fiat currency. An even more lucrative use for CocoSwap could be in a cash register or a point-of-sale (POS) system to allow retail stores to accept Binance Smart Coin (BSC).
Until such uses appear, I advise speculators to avoid CocoSwap (COCO). I think CocoSwap is a cryptocurrency for which they have not created use. Hence, speculators need to watch CocoSwap and not buy it.
Originally published at https://marketmadhouse.com on November 15, 2021.
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