A lot goes into creating a good crypto brand; you need a unique and eye-catching logo, wallet and platform design, not to mention a well-managed community. However, this is notoriously difficult for projects to get right the first time, leading to a growing trend of rebranding. Early rebranding has shown to be very effective for cryptocurrency projects, with notable names including NEO, Nano, Lisk and Verge all gaining new investor attention as a result. These examples underline the importance for savvy investors to keep an eye out for any project that has recently staged a major re-branding effort.
One such project is CazCoin, a new cross-border e-commerce platform built on the blockchain, which made the decision to rebrand from ‘Copico’ prior to the launch of its platform. Self-dubbed the “Crypto Amazon,” CazCoin is building a marketplace platform devoid of fee-gouging middleman, enabling suppliers to sell directly to consumers via a decentralized blockchain exchange system. CazCoin strives to be a more inclusive platform, capturing a larger demographic of merchants, specifically in ex-US emerging markets, including India, Asia and Africa.
CazCoin’s marketplace is fueled by its native coin, CAZ, which offers unique benefits, including reduced transaction fees, near-instant transactions via InstantX, and private payments via Darksend (PrivateSend). InstantX and PrivateSend are both well-known features of the Dash project.
In addition to CAZ, users of the platform may also leverage a number of other cryptocurrency payment options, including bitcoin and Ethereum. Currently, there looks to be a number of shopping categories available to users, ranging from clothing to technology, and CazCoin is actively looking to onboard merchants, according to its website.
With the re-branding, CazCoin has swapped blockchains and released an updated wallet. CazCoin has also improved upon its reward structure for both staking and masternodes, which are full-nodes that enable faster and more anonymous transactions, as well as a system of voting and governance. Currently, each block rewards 40 CAZ, found every 90 seconds, paying out ~34 CAZ to masternodes and ~6 to stakers. These rewards will decrease as a function of the block number, as based on a pre-determined schedule that is outlined on the CazCoin website.
CazCoin is a micro-cap project, with a market cap of only $2.3 million as of early May. However, it is notable that unlike other projects of its size, and many much larger, CazCoin will soon have a fully-working product with its platform release slated for June 8th, 2018.
The e-commerce industry is not an easy one to enter, and CazCoin will need to focus on the markets it has initially defined in order to compete with larger blockchain e-commerce projects, including Shop and Particl, as well as the established centralized players.
With rebranding now complete, the India-based team will likely look to further differentiate itself from these other platforms, perhaps focusing on ways to leverage its system of masternodes or finding unique approaches to further build out anonymity in transactions.
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Disclaimer: The author(s) of this article may have a position in one or more of the securities mentioned above. One or more of the projects mentioned in this article paid to be included in SludgeFeed’s writing queue and all content was written following unbiased, independent research. The article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.