One of the driving factors behind the fast-paced growth of cryptocurrencies is their low entry barrier. Users can invest in cryptocurrencies for as low as $10 and they can do so without any previous experience or special knowledge by simply accessing a cryptocurrency exchange via a computer or smartphone.
As cryptocurrencies rally and traditional investors get on board, the crypto sphere continues to grow in popularity. In the midst of such an exciting market where volatility rules and exchanges are on 24/7, huge profits come as easily as huge losses. Sudden pumps, FOMO, FUD and panic sales are commonplace in the cryptocurrency space and often times, it can become overwhelming especially for entrant investors.
Trading and investment tools are a must in such a market, but due to its young age, quality tools and information hubs on cryptocurrencies and blockchain projects are scarce. While there are websites that can help you navigate the crypto world, such as CryptoCompare and others, having a fully-stacked “arsenal” is always a good idea.
That’s why the CryptoPing project comes as an interesting tool for those that are active in the cryptocurrency investment space.Taking the form of an IM bot, CryptoPing will be an assistant for traders, giving them signals interpreted from public information within the markets and from previous CryptoPing signals. The whitepaper reads:
“CryptoPing is an assistant bot that can hint that market situation changes and it might be a good time to buy a certain altcoin.”
CryptoPing takes the form of an IM bot as a means of reaching a greater audience. The bot looks just like another chat contact and has several commands. The information provided by the bot is based on volume, change to coin rate to BTC, a number of signals on the coin and coin market capitalization. The Telegram bot is already available in beta and the Slack Bot is currently in development.
The CryptoPing bot does not tell users what they should buy, but rather compiles information in a descriptive and meaningful way, facilitating your decision making process. Investment moves will ultimately still be up to you and the information provided by CryptoPing should always be complemented with extensive research on the projects at hand.
Further down the line, CryptoPing also plans to release a standalone app that will receive bot signals as well in order to gain independence from the aforementioned IM apps, while still maintaining accessibility through them. This app will allow the developers to build automatic trading functionalities and will also provide better security. CryptoPing algo plans to develop an auto-trading app.
As a means to launch the project, CryptoPing is issuing 10m PING tokens on the Waves blockchain. These will be used as payment for subscriptions. The team will burn 75% of subscription fees during 6 months after the subscription is introduced, and 25% of fees for a year after that, reducing the overall coin supply. These tokens will be available during a crowd sale that will last until June 25.