Beauty industry cryptocurrency gets a big boost
The beauty industry’s COSM token is being listed on the KuCoin exchange…
by Manoj Sharma for CNR
One of the world’s leading crypto exchanges, KuCoin, has recently listed another promising token, named COSM. And this one’s got an interesting background.
COSM is the transaction and native currency of Cosmochain, a blockchain-based solution aiming to revolutionise the beauty industry. The platform is a parallel B2C system that puts into contact cosmetics product suppliers and manufacturers with consumers and creators. All the data collected from platform participants is retained private in its customer-centred ecosystem.
Trading in COSM can now be done using KuCoin’s app and the deposits are now open with trading pairs, such COSM/ETC and COSM/BTC.
As for Cosmochain itself, its ecosystem is made up of two different tokens and one internal virtual index.
The first token, Cosmo Coin is an externally exchanged token, whilst the second token, Cosmo Power is utilised to make payment within the platform. Finally, the internal virtual index, Cosmo Level is a reputation index, designed to prevent abuse of power within the platform. If you don’t contribute, you won’t get much power.
The platform aims at addressing two fundamental concerns of social media based platforms, Specifically, the risk of inflation, and the risk of reducing the attractiveness of contribution reward after maintaining the inflation rate.
Also, Cosmochain intends to realise an upgraded tokenisation model, which allows users to redistribute the right to display ads in a user’s feed to enter the Marketplace. Furthermore, another earned benefit is the ability to share personal data to participate in a survey.
The listing on KuCoin is up and running now.