Matchpool Is Continuing to Build Its Platform After Successful ICO

Social connections used to be with neighbors, at bars and dance clubs, or at work around the water cooler. But these days, social connections have all turned online. Matchmaking apps like Tinder, Bumble and others have grown massively in popularity.

In the business world, connections are made with sites like LinkedIn. These sites create a platform for employees to make business links with business people in a more formal and professional arena.

And yet, as human connections have increasingly turned online, troubles have begun to appear. A simple Google search reveals the huge number of problems that have popped up with online dating, with stories of patrons even being attacked.

Business platforms are no different. LinkedIn, for example, is helpful in many things, but at the same time, most profiles are puffed up beyond what is really accurate. Like a well-constructed resume, profiles on job connection sites are not usually reflective of reality.

Enter the Blockchain

Blockchain technology is beginning to be able to provide new platforms for online social interactions to function. The goal with all these connections is to create new relationships with users in order to find links in similar interests.

Links can be in a variety of areas – they may include hobbies, or business relationships, or even romance. But in all these areas, Blockchain provides a new and better way for digital interaction to take place.

Matchpool is a company that has started working in this space using blockchain technology.  After its very successful $5.7 million ICO, the company has not remained idle but has continued building real-world application connections in order to grow its platform. With new business relationships and upgraded incentivized users, the platform is promising to be a sea change in the online social networking world.

Matchpool has recently created a new upgrade to the incentivization platform on the Alpha version. The coins currently being used are Testnet coins created on the Ropsten testnet. The hope for Matchpool is to be able to encourage users to participate on the platform in order to gather feedback and suggestions from the wider social media community.

A Snip or Two

Snip is an up and coming way for consumers to find and digest news in simple and easy to read ways. As a news platform for concise news summaries, Snip makes it possible for readers to maintain high volume news consumption while making small time investments. On Snip, users can search for and build personal news feeds by evaluating the information held by a variety of writers who are promoted by the community.

Within the Snip platform, users from Matchpool are now able to refer and promote writers for Snip publication. When a writer joins Snip and has an article published on the platform, the one who referred the writer will receive a bonus in the chain token of either chain, whether Guppy Tokens from Matchpool or Snipcoins from Snip.

By partnering with Snip, Matchpool intends to drive new two-way traffic for both platforms. News readers will be able to share good content with their social pools on Matchpool, and vice versa.

Qtum partnership

Matchpool has also inked a new partnership with Qtum, the Chinese blockchain giant. Matchpool plans to build a social networking and connections Dapp. The technological cooperation provides Matchpool with new ways to access and utilize the Qtum Proof-of-Stake (PoS) UTXO model. The partnership with Qtum provides new technological platforms for Matchpool that were outside of its systems previously.

The QTUM Decentralized Governance Protocol also moves the vote for changes including hard forks and scalability into the hands of the people who use the chain. The community has a strong say in movements within the protocol regarding scalability, which results in fork protocol adjustments without a fork or divide – a solution that looks increasingly promising with the current SegWit2X debate over Bitcoin.

Matchpool continues to move forward, both technologically and with regard to business matters. The new partnerships mean a substantial improvement for Matchpool. The company hopes to have the beta up and running, allowing leaders and business persons the opportunity to create, maintain, and incentivize communities.

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Matchpool, the first community and incentive driven social network built on top of the Ethereum blockchain, has released its blockchain-powered matchmaking platform in alpha on July 11th.

The matchmaking platform is to be a working mixture of Slack, Facebook and Online Dating Apps using its ERC20 token, the Guppy (GUP). Matchpool is built to be a challenge to all these centralized competitors.

Matchpool’s recent crowdfunding campaign has been a resounding success and has helped the platform to raise $5.7 million in investments. Guppies, Matchpool’s native tokens, that will be used inside the social platform, remained tradable on exchanges and managed to accumulate liquidity with new investors.

The Alpha version that has been launched offers basic functionality of a social platform, including the option to create your own community pools (which are midway between Slack channels and Facebook groups), membership in a pool paid or free-of-charge, linking pools to geographic locations, instant messaging etc.

There will be many more options in the beta version which is tentatively scheduled to be launched in about two months as of the date of alpha’s release. Though, the exact date of beta release heavily relies on the results of the alpha version public testing.

Explaining the project, the founders Ben Shimon and Max Richardson stated that the pools themselves can be dedicated to virtually anything, and therefore, bring people together accordingly with their shared interests.

There will be many more features on the offer following the later stages of development. Matchpool members would be able to access Guppy tokens within the platform. GUP would be used to gain access or subscribe to pay-walled groups (pools) and purchase content created by pool owners.

The platform will later also offer developers the opportunity to develop custom DApplets, which will provide pool owners with add-ons for their communities further down the line. Developers will be able to earn from transactions via DApplets they create.

Matchpool’s incentivization feature gives pool owners the opportunity to receive payment when two members within their pool start privately chatting.

Matchpool’s business models have been appreciated by the investors, Youtube traders and even ex members of JP Morgan to start private membership and content creator pools on the platform. Matchpool Alpha version can be accessed at https://matchpool.org/.

The Ethereum ecosystem is home to many intriguing projects and ideas. Most of these concepts will often result in an ICO or crowdsale to raise additional funding. Unfortunately, not all of these projects will have a positive outcome. The Matchpool ICO may have been a scam from day one, as the CEO has apparently withdrawn funds from the mutisig account. A troublesome development, that much is certain.

[UPDATE} It appears the project CEO was just transferring some funds to a different wallet and no malicious activity is taking place. It is unclear as to why this is happening and whether or not all funds are accounted for, though. 

A lot of people have questioned the Matchpool ICO from day one. There are a lot of worrisome signs about this concept as a whole. That said, the team successfully raised US$5.7m in the first 48 hours. That is quite a significant amount of money, which undoubtedly will lead to greed and wrongful behavior. What is surprising is how the project CEO has been withdrawing a lot of money over the past 24 hours.

To be more precise, the mutisignature address used for the ICO saw 37,500 ETH being withdrawn. It is believed the Matchpool CEO is responsible for taking out the money, although no one knows why exactly. The CEO fails to respond to any questions asked about his behavior. It is evident this money is being used for some purpose, although it is anyone’s guess as to what is going on. Some people claim the project CEO is cashing out funds before disappearing.

What Is Going On With The Matchpool ICO?

Moreover, CEO Yonatan Ben Shimon claims he is working with Bitcoin Suisse. While that may be true, there is no evidence to back up these claims. It is of the utmost importance Matchpool ICO investors go after the project CEO to demand an explanation. The way things look right now, it seems evident the entire project was a multi-million dollar scam from day one. That does not bode well for anyone who invested Ether in this ICO, though.

Building a dating application on top of the Ethereum network seems strange at best. It does not appear there is a large market for such a project, despite what the project white paper may claim. Reddit users acknowledge the whole concept makes little to no sense whatsoever. However, a lot of people invested money in the hopes of securing cheap tokens before selling them at a much higher price. After all, that this what the majority of Ethereum ICOs is about these days.

To put this news into perspective, 37,500 ETH is worth 1,468,339 Bitcoin at the current exchange rate. More specifically, that is close to US$1.7 million being withdrawn for no apparent reason by the Matchpool CEO. It is possible this amount of money will be dumped across exchanges over the coming days. Seeing someone withdraw funds from a multisig account seems troublesome, though. It raises the question whether or not that multisig wallet was set up properly to begin with.

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