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- 1 Tenset (10SET) is a game-changing project bringing traditional finance with new technology together.
- 2 The overview of the Tenset project and the working mechanism of the 10SET token.
With the emergence of new technologies like blockchain, and decentralized finance (DeFi), many enterprises are wading into the crypto-verse to benefit their customers. Tenset, a unique blockchain-based project, aims to utilize these technologies and acts as a bridge between cryptocurrency and the traditional stock market. The platform works to accelerate the integration of crypto into the existing models of finance and offers new solutions to market volatility.
Tenset (10SET) and its Unique Features
Tenset is a fairly innovative project built on the Ethereum blockchain aspiring to connect the traditional and cryptocurrency market. It was launched by the current CEO Jonasz Miara and a team of others in 2021.
This emerging project aims to speed up the adoption of crypto and blockchain techniques by the financial sector. By sharing the benefits of these technologies with well-established traditional finance companies (e.g. Visa, Oracle), Tenset plans to bring conventional asset investment into the crypto space.
According to Tenset, although the crypto market is filled with potential, the traditional market also provides security and therefore, should not be overlooked. Hence, it endeavors to benefit itself from investing in both crypto projects as well as traditional stocks.
10SET is the native utility token of the Tenset platform. As per its official whitepaper, the Tenset project claims to be “the world’s first deflationary token that combines dividend stocks with cryptocurrency projects.” This deflationary token provides its holders with more profits over time. Moreover, 10SET token holders are bestowed with the ability to vote for the profound changes and decisions of the Tenset platform.
Tenset’s ecosystem consists of diverse services including a world-class launchpad, gaming system, airdrops, NFT marketplaces, and blockchain solutions that are powered by this deflationary token.
How Does Tenset (10SET) Work?
The team designed Tenset as an initiative that will provide its consumers with real-world benefits when they include 10SET tokens in their crypto portfolio. By just keeping the token in their wallets, investors can reap the bonuses and profit themselves. The working of the 10SET token features three major steps:
- Staking
In the crypto world, staking generally means users locking their coins on a platform in exchange for rewards. However, with 10SET, investors need not lock or freeze their assets in any special wallets.
The Tenset platform uses Reflex Finance (RFI) technology where the smart contracts charge users a 2% fee on every transaction. About 1% of this charge will automatically get distributed to 10SET token holders while the rest of the 1% will be burned or removed from circulation. This burning mechanism increases the scarcity of the tokens, profits the holders, and incentivizes HODLing.
- Deflation
As mentioned above, the 10SET token is deflationary, i.e., the supply decreases over time to boost its value. The smart contract designed by the Tenset team achieves this by adding a 2% transaction fee on every transaction and splitting it, thereby reducing the number of circulating 10SETS.
- Smart Backing
Each 10SET token is backed by cryptocurrencies or stock market shares and generates passive income via staking or loans. The profits gained from this are further used to purchase 10SET tokens back from the exchanges, which are later burnt for creating deflation.
Tenset is also an ETF 2.0 provider, meaning it works by reinvesting the funds it acquires from its investors into both crypto projects and traditional stocks. For instance, it will purchase the shares of companies such as Coca-Cola and AT&T, while also investing in crypto platforms like Polkadot and Bitcoin.
By launching the network and selecting the assets for generating passive income, the Tenset team has already completed the first and second phases of the project. The third and current phase of the project is to fully bridge with the traditional finance and stock market. The final mission of the Tenset project is to integrate and mix the new techniques of the crypto world with the stock market.
It is yet to be seen whether this platform will see some long-term success or face barriers to government regulations. However, its profound potential in bringing solid principles and interesting tools to the crypto space should be given due attention.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
