Whitepaper

WHITEPAPER

WHY BLOCKCHAIN IS CREATED?

The world’s economic crisis that took place in 2008 showed the unreliability of centralized financial systems and served as an incentive to create a new form of digital money that would not be controlled by any central party. As a result, Bitcoin was created.

Blockchain is an innovative technology that was first proposed by an anonymous group of developers under the nickname of Satoshi Nakamoto in 2008. The initial white paper described Bitcoin as a peer-to-peer version of electronic cash enabling users to exchange value directly without having to rely on centralized financial institutions. transactional data and is linked to the previous block in the chain by a cryptographically secured hash.The creation of new blocks is guarded by a consensus that all participants have to agree upon. The key goal of consensus is to provide all participants with the same set of data. Thus, for a transaction to be finalized, the information about it should be recorded in the majority of blocks that make up the system.

PROBLEMS

OF TRADITIONAL FINANCIAL SYSTEMS

The prerequisites of the crisis emanated from the inefficiencies of centralized financial institutions. The problems were indeed aplenty:

Long and costly transactions. Credit cards are convenient for small purchases in local shops. But if you want to send a big amount of money between different bank accounts, let alone overseas operations, the transaction costs would take away a lion’s share of the initial sum.
An excessive superstructure of intermediaries. In most cases, when you buy some products or services, you operate with people you don’t know in person and therefore you can’t trust. To ensure the fulfillment of obligations, a whole superstructure of intermediaries has been created, each of them requiring additional expenses for their services.
The lack of transparency. Banks and other centralized financial institutions make use of opacity which is an inherent feature of their businesses. This creates fertile ground for different manipulations and enables them to deceive end-users.
The lack of control over your own funds. The possession of money stored in a bank is just an illusion. As long as you store your money in a bank, it belongs to the bank.
Your account can be blocked at any time for no reason. Your funds can be blocked for no reason at any time with no clear guidance on how to get them back.

The overall complexity of the banking structure has not appeared out of thin air. It has been built over the last few decades with every new twig trying to solve other problems that existed in the past. Now thanks to blockchain, there is a technological solution to all of these troubles.

BENEFITS

DOES BLOCKCHAIN PROVIDES?

The technical capabilities of blockchain make it a good alternate system for transferring value and storing funds. The list of its key features includes:

Near-instant transactions. Transactions get recorded on the blockchain immediately after confirmation. Although Bitcoin due to its network limitations can’t boast of instant money transfers, 1 hour that is usually required for the money to reach the recipient is still a much smaller timeframe than traditional systems offer to international money senders. For those who seek instantaneous payments, there are other platforms available.
Low transaction fees. When sending money via blockchain, you only need to pay a small network fee.
Reduction of intermediaries. Smart contracts that represent self-executable programs running on the blockchain can stand in place of middlemen. The conditions of deals can be defined by the code which releases the funds instantaneously once they are met at a very low fee.
Transparency. Since transactions are recorded on a public ledger, they become accessible for anyone to review which eliminates the ways to cheat your opponent.
Full control over your funds. With cryptocurrencies, you are the only one in charge of your own funds. You may keep them on your personal wallet and there will be no authority to block them or to take them away from you.

Blockchain cannot solve all the problems of the traditional financial world. Smart contracts have their own limitation as they can only operate with the data that is generated and accessible online. Nonetheless, it is a step in the right direction.

NFTs

WHAT ARE NON-FUNGIBLE TOKENS?

One more area that 808blockchain wants to develop is related to non-fungible tokens. These are the crypto assets with unique characteristics that can be registered, stored, and exchanged on the blockchain.Most of the cryptocurrencies represented in the market today are fungible tokens. Their key characteristics are interchangeability and fungibility, i.e. divisibility. Bitcoin, Ether, Litecoin, XRP – the coins that fuel these networks are fully identical to each other and can be divided into the smallest fractions. This contributes to their liquidity and makes them an ideal tool for payments.Non-fungible tokens, on the contrary, are unique and cannot be changed between one another. Combined with the technical capabilities provided by the blockchain, NFTs can become a ground-breaking technology to improve many aspects of traditional industries.

THE EXPLOSIVE GROWTH OF THE NFT INDUSTRY

The first attempts to register unique assets on blockchain were made in 2014 with the Bitcoin network underneath. However, it’s become possible to fully make use of its potential only after Ethereum with its smart contracts was introduced.Cryptopunks with their unique cartoon characters registered and sold as NFTs became the first project that gained some massive traction in this area in 2017. The next big milestone was achieved by a famous online game CryptoKitties where players could breed and sell unique pets. The game quickly went viral but smashed into Ethereum’s limitations. The network was simply unprepared for such an explosive surge of users, the network fees spiked.

BitInfoCharts: network fees on Ethereum spiked from $0.025 to $1.45 in a matter of a few days after CryptoKitties were launched on November 28th, 2017Although Ethereum still struggles with scalability problems, the technology itself attracted the attention of investors which resulted in the parabolic growth of funds invested in this industry over the past years. Statista reports the following numbers:

2018: $40 million
2019: $141 million
2020: $338 million

This growing market opens numerous possibilities for capital gains. As the industry is still in its infancy, we expect the demand for related services that would facilitate the lives of its participants to grow. We consider this niche to be quite perspective, hence we want to develop a range of products to distribute on this market.

FRACTIONAL INVESTING IN REAL ESTATE VIA NFTs

Non-fungible tokens have numerous use cases as they can contribute to many different industries. Apart from online games, they can also help content creators register their copyright, universities and educational companies can verify their students’ diplomas, all kinds of documents with unique IDs can be registered as NFTs, etc. The range of options can really boost one’s imagination. Real estate, the industry that we at 808Blockchain want to focus on, can also significantly win with the introduction of NFTs.We’ve selected this industry for a number of reasons. For one, we’ve been working on this market long before we’ve decided to turn our attention towards blockchain. We have a solid team of experts in Hawaiian real estate who are well familiar with the local specifics of this business.Also, it is much more stable and predictable than digital items. The ROI in this niche may be lower compared to other industries, but since real estate tends to grow in price regardless of the economical situation, it represents a much more reliable tool.Finally, due to the complexity of the investment processes, this industry suffers from a huge number of intermediaries and paperwork that increase the length and cost of deals. Real estate like no other could win with the help of blockchain.

PROBLEMS OF THE TRADITIONAL REAL ESTATE MARKET

The real estate market has been around for many centuries. Over this period, many tricks have been invented with the only goal to help property owners protect their possessions. As a result, the market in its current state suffers from the following problems:

Long and complicated deals

In order to buy a real estate object, it’s not enough to find the item that fits your requirements and negotiate the price with the seller. To finalize the purchase and get the ownership rights, you will have to pass through a bit lot of governmental instances and sign a huge heap of papers. The same applies to the other side of the deal as well. The whole process may take from a few weeks up to a few months.

Fraud

The complexity of the process may really look scary for those who are not accustomed to processing such deals on a regular basis. Usual people prefer not to get too much involved in all this paperwork and leave it up to professionals to arrange. This creates a fruitful ground for fraudsters of all kinds that know their ways to exploit the inefficiencies of laws to get their dirty income.

High costs on intermediaries

To help the market participants avoid the fraudsters, a whole superstructure of intermediaries has appeared. Notaries, real estate brokers, banks, and other financial institutions – each of them requires payment for their services and thus drives the cost of deals upward.

No fractional ownership

The high price of real estate makes it available only to a small group of wealthy investors. The smallest fraction of real estate that one can buy is typically a single room, and yet, the savings are not always enough even for that. People with the funds that are insufficient for the purchase have to look for other less reliable options to invest their money.All these problems significantly cut down the audience that is capable of investing in such assets. Those who have sufficient money at hand have to bear high costs to provide the security of their deals and lose time and nerves for the whole procedure.808Blockchain aims to eliminate all these inefficacies with the help of blockchain and non-fungible tokens.

HOW THE BLOCKCHAIN CAN HELP?

Blockchain technology in general and non-fungible tokens, in particular, represent practically an ideal tool that can enhance the real estate industry by solving the problems mentioned above.Smart contracts can stand in place of intermediaries and help to conduct the operations and transfer funds between the parties practically instantly. The ownership rights will be registered on the blockchain in a fully transparent and immutable way as soon as the conditions of the deal specified in the contract are met. The immutability of data registered on the blockchain will reduce the amount of fraud.Finally and most importantly, the ownership rights for a piece of property can be divided into fractions and distributed via NFTs across all the interested parties. Token holders can easily sell their shares whenever they desire and avoid all the obstacles created by authorities.

808BLOCKCHAIN EXECUTIVE SUMMARY

808 Blockchain aims to build a blockchain-based platform that will serve as a digital Ledger for financial record-keeping and both domestic and international smart payment contracts. By leveraging blockchain technology, we plan to combine its innovative features with traditional financial systems on a platform that will serve as a single-access point to startups and their users.To make the real estate market more efficient, we plan to develop a whole set of tools to enable property owners to register their assets as NFTs and get exposed to potential buyers directly.

MISSION

Create a limitless ecosystem to decentralize your future.

By developing the 808 Blockchain platform, we pursue two key targets:№1 Make blockchain technologies an integral part of business processes for startups as well as simplify the usage of cryptocurrencies for end-users.We strive to make blockchain accessible to everyone so that more and more people would appreciate the benefits it provides:

Full control over your funds. Cryptocurrencies provide their users with full control over their money without having to rely on any third party that can block them or reverse transactions at any time.
Security. Cryptography utilized on the blockchain makes the data prone to external attacks and protects end-users’ identities.

№2 Create a convenient NFT marketplace focused on real estate to facilitate the deals in this market. We believe that blockchain can significantly contribute to such an old and complex market as the real estate industry. A marketplace where apartments and whole houses can be registered and traded in a form of non-fungible tokens will provide its participants with the following advantages:

Faster deals. Reduction of intermediaries and eliminating the paperwork can positively impact the speed of the processes in this market.
Transparency. Blockchain makes it possible to track the history of ownership in a fully transparent and immutable manner.
Fractional ownership. Investors can buy only a fraction of the property they select in the form of NFTs.

In order to achieve our goals, we create a list of products hosted on a single blockchain-based platform aiming to cover different aspects of fund management.

PROBLEMS AND OPPORTUNITIES

Although blockchain technology has already been present in the market for a while already, it is still far from being adopted at scale due to a number of problems present in the industry. The key obstacles preventing blockchain adoption are:

Volatility

Most of the cryptocurrencies represent pretty volatile assets as their price may significantly change throughout the day. This provides incredible opportunities to traders but limits the usage of crypto in our daily lives.

The lack of security

Typically, those pieces of news from the crypto world that reach far beyond the geek circles and are actively discussed in the media are related to the hacking attempts that resulted in huge monetary losses. Such rumors make even the best advantages of blockchain look small compared to the security provided by central banks that everyone is accustomed to.

Complexity

Non-tech-savvy users find the concept of blockchain difficult to comprehend. Complex interfaces of trading desks, illegible wallet addresses, the fees one has to pay on every step, and other technical obstacles don’t make the mass audiences eager to explore the new technology.

Poor user experience

Most crypto startups operating in the industry can’t provide an acceptable level of customer support or at least make the interfaces of their applications convenient and easy to use.

No interoperability

There are numerous blockchain platforms, each of them operating in its own universe with no simple way to exchange value between one another.

Many startups struggle to resolve some of these issues, but there are hardly any that are capable of moving the whole industry ahead. We do not aim to provide the product that would fit everyone but instead focus on the areas where we have the highest level of expertise, i.e. on b2b blockchain solutions and the NFT market.

HOW 808BLOCKCHAIN IS GOING TO SOLVE THESE PROBLEMS

808blockchain aims to create a platform with the following key features to facilitate the usage of blockchain-based products and make all the benefits provided by this new technology available to a broad audience.

Stablecoins to remove volatility

808blockchain incorporates various stablecoins such as USDT, USDC, DAI, TUSD, PAX and many others into its products in order to stand against the highly volatile crypto market. With their help, users will enjoy all the benefits of decentralized finance while still being able to pay or get paid with coins of a stable value.

Third-party audit to avoid any money losses

All our blockchain-based tools are audited by third-party specialists in order to eliminate the risk of any hacking attempts and improve the protection of our user’s funds. In this question, we rely on our trusted partner ImmuneBytes, a leading smart contract audit company with hands-on expertise in various blockchains.

User-friendly interface

We aim to create applications that are easy-to-use so as not to scare off our customers with complicated technical items. Paying with crypto through 808blockchain would be as easy as with any traditional bank or centralized payment service.

Cross-chain interoperability

To connect different blockchains and let users seamlessly transfer any data between applications, we integrate our platform with the Polkadot protocol that has been designed specifically for resolving this problem.

Thus, users of 808blockchain will get easy access to the world of blockchain technologies being able to enjoy all their benefits while remaining deprived of the key technological obstacles.

808BLOCKCHAIN PRODUCTS

In order to achieve these goals, we have developed a whole suite of blockchain-based products.

808blockchain DeFi wallet

In order to give users full control over their funds and help them store their money in a secure manner, 808blockchain DeFi Wallet has been created. The wallet is available as a desktop application that users can install on their laptops. Also, it has a mobile version to let users access their funds “on the go”.By leveraging blockchain technology, 808blockchain DeFi wallet provides its users with the following benefits:

Security. In addition to the standard encryption provided by the blockchain, 808blockchain DeFi wallet also comes with additional layers of security such as 2-factor authentication, a passcode, and biometrics verification.
Decentralization. Running on the decentralized system of nodes, the wallet is not governed by any centralized instance eliminating the risk of a single-point failure. End-users are the only ones who can access their own funds.
Accessibility. User can access their funds both from their PCs and mobile devices. The only thing required is an internet connection.
Convenience. 808blockchain DeFi wallet is connected with all other products offered on our platform facilitating the transfer of funds across all our financial services.

808blockchain DeFi Wallet combines all the best practices that have emerged in the blockchain industry over the years in order to provide users with a flawless experience and convenient interface. Customers who only start their journey in the world of cryptocurrencies will find a lot of tips helping them accomplish their first transactions while experienced users will discover many improvements compared to alternative wallets.The initial range of supported coins will include BTC, ETH, LTC, and XRP. As the product evolves, we are going to add more currencies to be stored on a single wallet.To start using 808blockchain DeFi Wallet, follow this step-by-step guide:

Set up a wallet in the mobile app by choosing one of the following options:
1. Create a new wallet.
2. Import the private keys of your existing wallet.
3. Connect the mobile app to your existing account on 808blockchain.
Accept our Privacy Notice and Terms&Conditions.
Set up a passcode, multi-factor authentication, and biometric authentication to improve the security of your wallet.
Create a copy of the seed phrase to be able to recover your wallet on another device.

Once you’ve completed these steps, the wallet is available for use.

808blockchain DeFi Swap

808Blockchain launches the next generation of cross chain DeFi swap. Which it enables its users to stake, farm, and swap cryptocurrency between each other in a fully decentralized manner at the best possible rate. By combining some of the most popular liquidity protocols we plan to provide many generous rewards to our user base.
Our AMM system provides users the ability to earn passive income on their depositsThe best thing about liquidity pools is that they make it possible to make money by staking a huge variety of different coins. However, to ensure their liquidity, it is also required to stake some of the most popular currencies such as ETH or XRP.This is what Liquidity Providers, or shortly LPs, can do with the help of DeFi Swap. For that, they get paid with a stable interest rate that is guaranteed by the smart contract. Note that it is possible to sake liquid currency only.With that said, DeFi swap provides the following benefits:

Stable APY. LPs get 6% for staking ETH, XRP, or MATIC in the liquidity pool.
Boost the interest rate. LPs can get higher interest for supporting pairs with higher risk.
Simple swap. End-users can easily exchange cryptocurrencies without having to pass the tiresome procedure of registering and verifying on centralized exchanges.
Full integration with 808blockchain DeFi Walet. Users can easily transfer funds from their wallets to DeFi Swap and back again within a single system thanks to the compatibility of our products.
Transparency. All withdrawals and deposits are recorded on a public ledger in a fully transparent manner.
Convenient analytics. The information about cryptocurrency staked and the interest earned can be viewed on a user-friendly dashboard.

For more information, please, check the DeFi Swap whitepaper.

808blockchain Crypto Earn

The Crypto Earn tool enables users to make passive income on their crypto investments by staking them in the system while keeping full control over their funds. To achieve these goals, we integrate with Compound, Aave, Yearn.Finance, and 10+ more different platforms.In our app, it is possible to stake BTC, ETH, USDT, LTC, BNB, and many other coins. The full list of supported options is given below.The key advantages that Crypto Earn provides:

A possibility to make a stable passive income in cryptocurrency.
No lockup period, withdraw your funds whenever you want.
Immediate accumulation of interest after staking is complete.
Higher interest rates for the holders of our native token 808BC
Fully transparent earnings verified on the blockchain

The relevant rates for staking different coins are available in the Crypto Earn app.

808blockchain Crypto Credit

The Crypto Credit tool enables users to gain instant loans by pledging their digital coins as collateral without having to sell them. At the same time, users remain in full control over their funds.Borrowers can deposit any of the digital coins listed below and get up to 50% of the collateral in stable coins. It is possible to get USDT, USDC, DAI, TUSD, DGX, eUSD, Paxos, Binance USD, Palladium Coin, and Gemini Dollar.808blockchain Crypto Credit provides a number of advantages when compared to traditional loans that one may get in a centralized bank:

Get an instant loan with a few clicks of a mouse.
No check of your credit history is required.
Pay back according to your own schedule without having to follow the rules of any centralized institution.
Lower annual interest for the holders of our native token.
Select any limit that you want.

Once you pledge your digital coins as collateral, the loan will become available in your app instantly. Check the Crypto Earn app to get the relevant rates.

808blockchain Crypto Lottery & Sweepstakes

For passive entertainment of our user base or we will have a Crypto-lottery that is drawn once every 24 hours, 7 days, 2 weeks, monthly, and yearly. A percentage of every fee charged and every winning ticket will go straight into liquidity of our native token.

808blockchain Crypto Card

A plastic card issued by 808blockchain aims to assist those customers who want to use cryptocurrencies not only as investment assets but also to spend them in regular shops.Though Bitcoin was initially invented as a digital alternative to regular cash, it is still far from being adopted at scale. Cryptocurrency enthusiasts face a number of problems when they try to spend digital coins in their daily lives.For one, there is a lack of merchants accepting crypto. Though CoinMap reports on the ever-growing number of retail shops accepting BTC as a normal payment around the world, their number is still too small. A solution is needed that would enable crypto holders to pay with BTC and other coins in other shops outside of this list.On the other hand, there is a problem with traditional bank cards. The biggest issues customers face refer to really high fees when paying abroad and the necessity to pay annual fees for the cards’ maintenance.A prepaid 808blockchain Crypto Card resolves these problems by providing our customers with the following benefits:

No annual fees
Overseas payments at interbank exchange rates
Additional perks and bonuses for cardholders

The 808blockchain crypto card can be ordered and managed through the application on the website or on your mobile device.

DEVELOPMENT ROADMAP

Phase 1

Whitepaper and Landing Page launch

Phase 2

Auction Contract launch in BSC testnet
808BC Lending and Swap launch in BSC testnet

Phase 3

Security Audit for Auction, Lending, and Swap contracts
Deploy Auction contract in BSC mainnet
Launch Auction for 808BC ILO
Listing on BSCscan
Listing 808BC in CoinGecko
Launch 808BC Lending in Mainnet • Launch 808BC Swap in Mainnet

Phase 4

Listing 808BC in CoinMarketCap
808BC marketing in BSC news
808BC marketing in Yahoo, Bloomberg, CoinTelegraph, and CoinDesk
Start Auction service with multiple types
Launch 808BC governance
Launch 808BC NFT marketplace in testnet

Phase 5

Expand network in ETH and Polygon testnet
Launch 808BC AMM & Liquidator bot in mainnet
Launch 808BC NFT marketplace
Build 808BC bridge to support 808BC in multiple networks
Support ETH and Polygon network in mainnet
Listing 808BC in centralized exchanges

Phase 6

Build CoinWarp Chain to support multi-network swap & liquidity
Launch 808BC bug bounty
Launch 808BC bridge in mainnet

Phase 7

Launch CoinWarp Chain Testnet
Expand company in Europe and Asia
Launch CoinWarp Chain Mainnet

Phase 8

Support 808BC in banking & card services
Support 808BC in own sellers platform connected to Amazon Seller Center
Partnership with fiat institution

808BLOCKCHAIN TEAM

Co-founders

Luis Bustamante | Co-founder and CEO