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The Importance of controlling your own money!

On Tuesday, 10 May 2022, Coinbase, the publicly listed cryptocurrency exchange, filed its 10-Q Quarterly Report with the SEC where it stated the following:

“Because custodially [sic] held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold (Coinbase) in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors,”

Clearly, this is a red flag when it comes to the centralised retention and protection of any assets held by third parties.

For centuries, people have trusted third parties to “safely” store and protect their assets with varying degrees of success. Financial institutions, like banks, have historically tried to help consumers by protecting their hard earned savings (with or without Government guarantees), undertaking transactions as specifically instructed and providing direct access to funds as and when required.

However, the harsh reality is that consumer reliance, faith, and trust in these third parties has been waning. Institutional global de-banking, unethical practices, illegal behaviour, and unilateral decision making against the consumer’s interests have simply eroded all confidence in centralised third parties.

However, the financial world is rapidly changing. With the invention and revolution of decentralised digital finance, people can now store and transfer digital value without ever relying upon third party trust. Algorithms are now the norm.

Decentralised finance, or “DeFi” for short, is the dawn of new digital trust that is punishing the inefficient layers of established middlemen. It is based on new technologies such as blockchain and cryptocurrencies, which allows for peer-to-peer transactions devoid of third party trust mechanisms, or any other central authority. Real, accurate, secure and uninhibited by any human intervention.

Since the first release of Bitcoin on 9 January 2009, many other cryptocurrencies have been created with differing features and functionalities.

We at Zucoins, truly believe in a decentralised network bringing together the power of direct financial interactions between Peers without third parties, reducing the risks as disclosed by Coinbase in its Q-10 Quarterly Report.

Built on the ground-up native Splitchain protocol, Zucoins is a next generation blockchain that has solved the Blockchain trilemma of security, scalability and decentralisation.

Splitchain is a truly distributed ledger technology, whereas traditional blockchains are incremental blocks that rapidly expand in an ever-increasing chain, awaiting a congested agreement consensus process with tons of competing nodes—a very inefficient process.  SplitChain however, utilises a novel approach of fragmenting the ledger across multiple peers on the network to maintain high throughput, security and decentralisation of data.

Essentially, Zucoins are the modern digital equivalent of cash. Allowing anyone to take control of their money and to be responsible as their own bank.

But why would someone choose decentralisation over centralised banking?

First, we’ll tell you why Zucoins provides some clear benefits.

 

  1. Users remain in complete control of their funds: 

With Zucoins, no one else has possession of your property. Only the owner controls it. Unlike banks or centralised institutions, which can freeze your funds or block transactions with no warning.

Best of all, Zucoins are accessible from anywhere in the world.

 

  1. Better security of data: 

When you use the Zucoin Wallet, you manage your own wallet’s data in our PWA app, on your phone. This is because the primary principle of Zucoins is the fragmentation of data through the network.

Each wallet can also be backed up and is provided with a unique public key so that your wallet is safe even if you lose or break your phone.

In contrast, banks and centralised services require a substantial amount of personal data which is stored on their servers. This opens up the potential for hackers to access your personal information or even your money.

 

  1. Wave goodbye to fees: 

Unlike other DeFi solutions, Zucoin transactions are completely free! Because the ledger is updated autonomously through a new, efficient P2P settlement method, there is no need for costly fees from Miners or third party verification.

However, this is not the case for banks and cryptocurrencies. The conventional blockchain approach needs enough willing participants to agree on each transaction, then retain copies of all other historical transaction data, resulting in slow network transactions and higher costs as the number of participants increases.

On the other hand, banks have high fees and overheads, which are then generally passed down to customers. Transactions also typically take days to settle.

 

  1. Minimal environmental impact: 

Zucoins are an eco-friendly crypto due to the minimal additional energy consumption due to the Peer-to-Peer fragmented storage and no mining process.

Because cryptocurrencies like Bitcoin rely on proof-of-work to validate transactions, they cause major harm to the environment due to the high energy consumption output used to validate a transaction.

It’s reported that Bitcoin mining consumes around 91 terawatt-hours of electricity annually. That’s more annual electricity consumption than all of Finland, which is a country of 5.5 million people.

—

These are just a few of the main benefits of switching to a decentralised solution and being in control of your money.

However, it is important to note that when using crypto, it can be held in both decentralised and centralised environments, with some blurring the lines between.

A common form of a centralised system in the crypto space is exchanges like Binance, Coinbase and Bittrex. Centralised cryptocurrency exchanges like these act as third parties between a buyer and a seller, holding a ledger, executing transactions, securing user data, and the other responsibilities that come with managing a financial system.

Decentralised exchanges, on the other hand, don’t rely on any bank, company, or other centralised authority. Instead, they are a system of users and their devices, distributing the network to each user without third party involvement, in an open marketplace.

Just like banks, centralised exchanges run the same risk of being hacked for data, collapsing or freezing assets. This removes a person’s own ability to manage and control their assets in these circumstances. Hence, Coinbase’s statements in their Q-10 Quarterly Report.

Luckily for Zucoins Buyers, we’re giving people their power back. As mentioned above, Zucoins is decentralised and enables users to hold their Zucoins directly in the PWA app on their own phone, not beholden to third parties or even app stores. So you’ll control your money, safely store your data and have the freedom to be your own peer bank.

But remember, digital freedom comes with much greater responsibility.

For any questions, suggestions, feedback or comments, please reach out to us here.
To stay up to date with the latest Zucoins and crypto updates, check out our news & blog page here and subscribe to our YouTube channel.

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© 2023 Zucoins™ and Zucoin™ are Registered Trademarks of Zucoins L.P. All Rights Reserved.

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Phillip Crosskell

Marketing

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Phil, a marketing specialist, joins the Zucoins team with over 15 years experience in the marketing industry.

Recently he worked for a marketing agency where he started out as the lead web developer, with involvement in client sales and the onboarding process. He established and maintained the Google advertising branch of the company. Phil transitioned into the head of the digital role overseeing all digital projects including web design, EDMs, Google Ads, Social Media Ads and hosting services. 

At Zucoins, Phil is helping the team across all areas in building the Zucoins and SplitChain brands in an ever-evolving industry. From marketing and brand strategies to web development, content creation, advertisements and Lottie animations, Phil is continually expanding his knowledge and skills. 

Outside work, Phil loves his motorsport, racing go karts and volunteering as a Flag marshal for Formula 1 and Super Cars.

Peter Allen

CSO

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Pete started with the Zucoins team in 2019 and now leads as our Head of Support. 

As the Head of Support, Pete is the first point of contact, providing the highest level of service to all Zucoins buyers and enquiries. His role is responsible for managing online email queries, coin purchases, wallet and coin distribution and, most importantly, guiding users and customers in using the Zucoins app to ensure they are comfortable accessing its features and capabilities. 

Pete also works closely with the development team, continuously improving his technical and product development to assist staff and users with the most up-to-date training and education. 

Before joining the team, Pete worked in a multitude of different roles, including several director positions, regional sales manager, corporate purchasing manager and a new homes advisor/area manager. 

Riely Redford

CFO

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Riley is Chief Financial Officer and brings vast experience across many fields, including customer service, account management and accounting with Cycling Australia and Energy Australia.

His solid skill set across these fields ensures his capabilities to further the growth of Zucoins and its partners in the future. In addition, Riley is passionate about engaging with people and building long-term and profitable professional relationships. As a believer in a busy yet productive lifestyle, he feels that you aren’t working if you love what you do.

In his role, he strategises, designs, and implements daily financial processes to increase productivity, achieve organisational objectives, and foster strong stakeholder management.

Georgia Tighe

Founder

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Georgia leads the marketing and brand strategy at Zucoins after switching roles from start-up AR marketing platform, Zukaz.

As the Marketing Manager, Georgia is responsible for developing and accelerating Zucoins’ global marketing strategy and brand awareness. She is focused on driving the company’s vision of creating an ecosystem where anyone, anywhere, can send or receive value in real-time with no third-party involvement.

Georgia has substantial experience across marketing and product development, event management, branding & design, lead generation, public relations, strategic planning and digital marketing. In addition, she continues to expand her leadership competency while effectively leading and managing a growing team.

Before joining Zucoins, Georgia worked in the marketing and communications field, specialising in the hospitality/gaming industry after completing her Bachelor of Business, majoring in Marketing and Management.

Outside work, she enjoys fitness, fine wine and food, and spending time with her family, friends and beloved animals.

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Sam Volkering

advisor

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Sam is the Editor for Exponential Investor (UK) a publisher of investment newsletters focusing on cryptocurrency, small-cap, microcap and technology stocks. He’s also the author of ‘Crypto Revolution: Bitcoin, Cryptocurrency and the Future of Money’. In addition to his editorial work, he’s an advisor to exciting, new crypto and digital asset projects, such as Zucoins.

He spends his time hunting down the most exciting crypto and stock opportunities on the planet which are potential-packed, risky, exciting small-caps or tech breakthroughs transforming our future through cutting-edge technologies. He is also a leading expert in the UK and Australia on crypto-assets and their future impact on the world.

Mate Tokay

advisor

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Mate is an entrepreneur at heart. After graduating from the International Business School in Budapest in 2012, he helped launch Superior14, a successful food supplement company. He then became interested in crypto after hearing about Bitcoin in late 2012 and began Bitcoin mining in mid-2013 using custom-built ASIC miners. In 2013 he founded the media company, Bitcoinist.com.

After a successful exit in 2015, Mate met Roger Ver and co-founded Bitcoin.com, one of the original and industry-renowned cryptocurrency resources. Mate focuses on a broader vision and communicating that vision to others while staying on top of industry trends. His goal and passion are to make cryptocurrencies as popular as possible.

Robert Zucoins

Robert Novak

cto

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Robert is the CTO at Zukaz and Zucoin and brings a wealth of knowledge and experience within IT, web and app development. Rob started out developing PC games during high school, having then use those 3D skills to design a car-of-the-future that was featured at the Melbourne International Motor show, 3 years running, even managing to take out the title. Amongst numerous other involvements, including having his photography featured at the National Gallery of Victoria, he spent the next couple of years coordinating with overseas manufacturers to import, develop and design software and support for GPS security trackers.

For more than the past decade, he has dove deeply into web systems, spending countless late-nights-and-next-mornings building, maintaining and providing support for hundreds of varying web systems. Those client contracts and projects spanned network, IT, server and application stacks, within industries such as agriculture, tourism, engineering, manufacturing, medical, finance, retail, beauty, among others.

Today, he is responsible for leading the overhaul of technical systems, processes and products inside the company and its two product divisons. He is leading the deployment of a new, ground-up, more efficient serverless infrastructure for web app development, built-in house, powering the future of our products and services.

Allan Zucoins

Allan Endresz

Founder

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As the Founder of Zucoins, Allan Endresz is responsible for running all facets of the business. Allan has a proven executive management track record and over 30 years of experience driving sales growth in the technology and payment industries.

Prior to starting Zucoins, Allan was heavily involved in Mergers and Acquisitions and other advisory roles.

At Zucoins, he has built a strong development team and holds a long-term vision for the company. Allan is a strong visionary that never gives up on his goals and dreams.

Allan and his team have developed SplitChain, a ground-up Next Gen Layer 1 network. SplitChain is solving the “Blockchain trilemma” of security, scalability and decentralisation.