Thursday, 29 March 2018

Vestarin - Worldwide Marketplace For Cryptocurrency

Vestarin - Worldwide Marketplace For Cryptocurrency

Vestarin is developing a platform with several different facets. They want for cryptocurrency professionals to use it for networking, connecting disparate programmers and marketers to collaborate on new projects. They also hope to feature a public forum where users can discuss the latest ICO news, which should allow new projects to forge a reputation and gain traction. They also mention allowing simplified transfers of cryptocurrency using smart contracts, and a public currency exchange, but this aspect of their business plan is mentioned only in passing. Lastly, they're issuing their own cryptocurrency, with a Pre-ICO sale beginning in late January.

Vestarin is a Russian company. Its 11-person executive team is relatively young, but their LinkedIn profiles suggest strong backgrounds in programming and marketing. This team is supported by a group of five advisors with very impressive careers in wealth management and blockchain technology. The company's whitepaper also mentions that its team includes “15-20 engineers”, but it doesn't name them, and this may refer to the executive team. Vestarin has not yet gained a major following on social media or coverage in mainstream news services, but it has been written about on several niche cryptocurrency-related websites. One of Vestarin's most important innovations is its emphasis on translating its product into many languages; its site is currently available in eight, and they hope to add more very soon.

The three primary sides of Vestarin's platform are their forum for investors and enthusiasts to discuss new ICO sales, their network for developers to recruit talent for new cryptocurrency-related projects, and the company's own ERC-20 currency. Vestarin's goal in creating a forum dedicated to ICOs is twofold: investors can evaluate the community's consensus about an ICO to gain confidence in their purchases, and legitimate organizations preparing for their ICO will gain a strong reputation. Vestarin's whitepaper mentions that charging companies to have their upcoming ICO discussed on the forum is their primary plan for income generation.

Offering a platform for professional networking in cryptocurrency-related industries is an interesting idea; Vestarin hopes to directly connect workers with the right skill sets and same passion for blockchain technology. Vestarin would ultimately like if this leads to collaborations that create important projects which could then be discussed on its forum.

Vestarin's currency, the VST, is entering its pre-ICO sale at the end of January 2018, and will be offered in a full ICO shortly afterwards. While many companies offering an ICO specify a role for the currency on their platform, Vestarin mentions only that it plans to steadily increase the value of existing tokens by purchasing them quarterly from the public market and destroying them.

However, there is no guarantee that this “buy back and burn” method will significantly improve the value, since decreasing the supply doesn't necessarily increase the demand. The VST is an ERC-20 compliant currency, and can thus be stored in wallets designed for Ethereum. Vestarin claims that the currency will be widely available on public exchanges following its ICO, but it does not identify which ones. But, Vestarin may provide an excellent networking opportunity for cryptocurrency enthusiasts, investors, and professionals, but it's too early to tell; the company's website and whitepaper describe its ideas in rather vague detail, without any thorough technical descriptions or even mockup images of their platform in action.


Vestarin's orientation towards social interaction means that the service's quality will ultimately depend on the crowd drawn there; if serious financial professionals use the forum, and experienced programmers use the networking service, Vestarin could become known as the starting point for important insights and million-dollar projects. However, if it attracts only casual investors and entry-level workers, the service will likely not be particularly important. Vestarin's emphasis on translation will probably be its most significant asset; even if it fails to gain traction in one market, it could be hugely influential in another.

As for Vestarin's currency, the VST, the company needs to significantly clarify and rethink its role in their platform. When companies connect their currency to their product, such as by offering equity or discounted services, it adds a level of stability to the investment, but it seems that the VST will be completely untethered. Thus, even if the Vestarin platform is a major success, there may be no demand for the currency. Investors interested in the VST should carefully watch its performance for some time before buying in.


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