What is Matchpool?
A Beginner´s Guide to Buying, Selling, Using, and Mining Matchpool:
An In-Depth Matchpool Guide by True Poker
Cryptocurrency Home | Matchpool (GUP)
The concept of matchmaking is not new in the world over. Separate people are brought together to create a relationship in a comfortable manner. It has become important in various facets of human existence.
What is new about the centuries-old practice is its being committed to blockchain. A new blockchain-based platform created an incentive and community-driven matchmaking network. Matchpool uses cryptocurrency payments to incentivise its users to provide value.
It seeks to disrupt the dating industry and modernize matchmaking. Built around exclusive dating communities called pools, Matchpool is a mixture of Slack, Facebook and Online Dating Apps using a token. It will facilitate connections among friends and niche communities. It covers several facets including business, professional, religious and romantic relationships.
Matchpool enables a matchmaker to identify shared common preferences. Its decentralized protocol enables the matchmaker to connect people to form real bonds in branded networks of mini-dating sites.
What is Guppy (GUP?
Guppy is Matchpool’s native tokens. It is the exclusive means of paying subscription fees for the various dating pools.
As stated earlier, matchmaking is a common phenomenon. It happens when two parties require a need and are introduced to each other to fulfil that need. Matchmaking helps break barriers between two people trying to get to know each other. It shortens and facilitates face to face interactions.
GUP serves to appreciate community owners and members for their efforts. It incentivizes content or actions that benefit others in the network.
During Matchpool’s crowdsale, target 125,000 ETH (about $6 million) was raised in 33 hours. If the platform gains wider adoption, the potential for GUP’s value to increase is huge.
The online dating industry is worth about $2 billion yearly in the US. About 15% of American adults use online dating services and/or mobile dating apps. However, despite the rate, statistics show that about 40% of couples still meet through mutual friends.
Matchpool can take advantage of the growing importance of matchmakers globally. Its platform allows for more specificity in dating communities. And since it’s crypto-backed, the use of a smart contract feature is enable, and it comes with increased security. It enables automated and trustless interactions without concentrating power in a central unit.
Matchpool’s blockchain adaption helps brings a new twist to the industry. It can aid its premise to be better than popular social networking sites such as Facebook. These sites help make acquaintances but not usually genuine interactions with someone. They also help post and share information to many people at once. However, they have been criticized more in recent years.
Social networks like Facebook and LinkedIn are considered to lack privacy. They operate as centralized systems which can be controlled at will. Also, user data is reportedly bundled and sold for marketing purposes. These issues have raised questions about relationships created in an online environment.
With Ethereum blockchain-backed Matchpool, users are in control of their data security, identity and community management. This gives greater level of trust. Blockchain’s transparent nature guarantees users of their privacy. The platform is also less likely to fail on a decentralized system as they are more expensive to attack, destroy or manipulate since they have no central points.
How do I buy GUP?
Currently GUP is listed on two main exchanges: Bittrex and Liqui. Others with less trading activities are HitBTC, Livecoin and EtherDelta. You can exchange Bitcoin and Ethereum with GUP.
You can also use Changelly to transfer most popular cryptocurrencies with GUP. It is also possible to buy GUP through Over The Counter deals within the platform and on Reddit.
How Do I Turn GUP into Cash?
GUP can be cashed out by exchanging the token for major cryptocurrencies like BTC or ETH. It will follow the process used to buy the coins but in reverse. The BTC or ETH could later be sold or converted into other currencies or liquidated into cash like USD or EUR.
Cash can be withdrawn at an automated teller machine (ATM) in two ways. One could be after the conversion to fiat and its transfer into a bank account. Some exchanges allow direct conversion to fiat currencies like USD or EUR. The other way is by withdrawing cash with a crypto-backed debit card.
How to use GUP
Matchpool operates on the belief that real friends can still be made online. Hence it creates ways to use GUP tokens to incentivise matchmakers as they match members together. GUP can also be used for any other kind of payment between members on the platform.
Matchpool’s algorithm rewards members with GUP automatically across the platform for matches. Users who fit a pool’s set up can join as subscribers using GUP. Pools are like Slack groups but with payment rules. Users can join many pools. Each pool charges varying fees based on several factors like interest and size.
GUP can be traded on exchanges and for accumulating liquidity with new investors. Members can exchange it as the platform’s currency. It can be used to gain access or subscribe to pay-walled groups or buy content created by pool owners.
Matchmakers define their business models to draw people into their pools. They can invite members to events relevant to the group’s common values. Pool owners can get paid when two members within their pool start private chats.
Developers earn from transactions on DApplets they have created for pool owners to use add-ons for their communities. DApplets work like Slack plugins but can enhance the experience in some ways.
How to Mine GUP
GUP cannot be mined. It has a fixed total supply of 99 million (75 million circulating presently). About 60% of tokens was released in the crowdsale and 20% issued for the team and advisors.
Irregular emissions of 18% of token supply will be made for new users in two years. The remaining 2% was distributed as bounties after the crowdsale.
How will Matchpool Scale?
According to ICOStats, Matchpool has gained about 101% as its return on investment since ICO. GUP plays a key role in the two-year roadmap to scale the network.
A list of milestones has been set in the smart contract. Only external advisor(s) will have voting rights to them to release funds from the core contract. The team and advisors’ tokens are not transferable for a year after the crowdsale held in April 2017. This will help avoid dumps and ensure incentives align with Matchpool’s long term commitment to viability.
The platform banks on its intermediary approach and blockchain use to meet the demands for growing transactions.