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Introducing Coreto: crypto’s answer to the industry’s lack of knowledge and trust

Introducing Coreto: crypto’s answer to the industry's lack of knowledge and trust | Fintech Finance

Only one in six investors sufficiently understand the value and potential of cryptocurrency, reveals a survey conducted by Cardify. In addition, a third of buyers have either zero knowledge about the space or would call their level of understanding “emerging”. Coreto tackles the problem of knowledge and trust in the cryptocurrency industry by introducing a reputation-based social platform that bridges the gap between blockchain retail investors, traders, influencers, newcomers and project teams looking to achieve funding goals. This enables users to monetise their knowledge and build a reliable reputation online.

The platform is a tokenised, secure environment for crypto communities, offering verified crowdsourced information thanks to its comprehensive trust and performance system. Coreto employs various technologies, including Machine Learning and Artificial Intelligence, to save users valuable time in the due diligence processes when making trading decisions. These algorithms help recognise various market trends and investor interests to generate relevant metrics that are useful to the community.

One of the platform’s main differentiators is the gamification system, which brings components of video games into a social network. This means recurring tasks, rankings, achievements, leaderboards and much more.

The first feature that has the gamification component is its  unique Staking of Opinion Pool (SOOP) mechanism. This is an innovative tool that encourages accountability, pledges and challenges, validates the legitimacy of shared information and records opinions through its native Community Reward Token (COR token), awarded by users who enter their stake into the pool. It’s designed to reward people who make significant contributions to the community, providing them with the opportunity to get closer to the level of “influencer” and generate additional income through subscriptions.

The staking pool and automated payments for subscriptions and rewards for increased participation and efficient utilisation of the COR token ecosystem is facilitated by an integrated decentralised finance (DeFi) solution.

Iustina Faraon, CEO and co-founder, says, “Coreto acts as a digital stage on which experts covering all the crypto fields showcase their knowledge and share new insights. It rewards content creators, allows them to communicate directly with their audience and helps them earn a reputation based on the number of posts and the endorsements they receive.”

The Cardify survey results also suggest that more than a third of respondents researched digital currencies for less than a month before buying.

Vlad Faraon, CBO and co-founder, adds, “Coreto will change the way people do their own research (DYOR), which is currently very time consuming. Sources such as social media, news outlets, Telegram or Discord groups, blogs and more need to be dug into for new possible investments, followed by research for market sentiment, community opinion and recent and future events. The decentralized aspect of the technology makes it attractive but at the same time confusing as each participant has limited knowledge and there is no reliable platform where they can learn more from others while sharing what they know with the community.

“There was an obvious need to protect people from the hype and so-called experts who were shilling projects to then delete traces of their online activity once their predictions were proven wrong. Through Coreto we aim for a healthier crypto ecosystem. With the help of aggregated news, tools and community knowledge, newcomers to the crypto space will better understand what projects are all about, who to follow and who deserves their trust, not solely based on the number of followers, but on a proven track record of their past calls.”

Registrations are still open so the early adopter community is invited to request access to the platform via https://reserve.coreto.io/ to reserve their username and test the Alpha version of Coreto.io while it transitions to the Beta launch. This way, they’ll gain a firsthand experience of what Coreto has to offer. They will be onboarded in multiple batches, enabling them to access all the latest features of the constantly evolving platform.

Coreto recently implemented Coreto Design Language (CDL), a design language system optimised for efficiency, cost, stability and usability of the platform. In the long run, Coreto aims to strengthen its position in the market as the main information platform for the cryptocurrency field. The team intends to develop the platform on several levels, including options through which Trust and Performance algorithms can be implemented on other platforms where there are peer-to-peer interactions. The final step will be the grand opening, which will focus on UX and scalability and will be ready to onboard thousands of people.

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