From Cryptokitties to Axie Infinity: How NFT Blockchain Games Work

Игры с NFT обложка

In blockchain games users do not earn virtual points, but real tokens. Some players manage to sell their rewards for hundreds of thousands of dollars. This became possible thanks to NFT: non-fungible tokens. In this article, we will tell you how NFTs differ from conventional cryptocurrencies and where you can earn them. 

Why Blockchain Games Are Needed

Developers of online games earn money by providing entertainment services. They sell the functionality to use goods. This means that the developer always has the right to change an item or even remove it from the game. To understand how blockchain solves this problem, one must define the difference between fungible and non-fungible goods.

A product is interchangeable if it can be replaced with another one of the same kind. For example, one banknote of 1000 rubles is interchangeable with another. It is also interchangeable with two 500-ruble bills, ten of 100, or any other combination, in the amount equal to 1000 rubles. Similarly, you can exchange oil, gold, and securities. 

There is only one of every non-interchangeable product. These can be artwork, real estate, or game avatars.

Most often, some goods are only partially interchangeable. They are unique, but there may be several of the same type. An equivalent exchange can only be carried out with an exact copy. For example, it would be possible to exchange a diamond only with one that has the same cut.

fungible and nonfungible assets
Fungible and non-fungible assets

Cryptocurrencies are the digital equivalent of fungible goods. One bitcoin is no different from another bitcoin. And if a certain amount is transferred to a crypto wallet, it will not matter which particular miner mined this coin.

To create a digital analog of a non-fungible item, you will need a token that will be different from another similar one. Such a solution exists and is called a “non-fungible token”.

NFTs made it possible to transfer control of digital objects from developers to players. Only their owners can change or delete tokenized items. Also, players will be able to exchange their items without intermediaries.

How NFTs Work 

It seems to any player that they control their own items in the game. This is not possible in regular games. Imagine that you have a rare item – a yellow scarf. This means that your account has access to the line of code that describes this scarf. In any update of the game, this code may be rewritten: the scarf may become of a different size, change color, or disappear altogether. We only have to rely on the fact that the developers will not deliberately hurt their players’ feelings.

In blockchain games, the user themselves dispose of their items. This is possible because the code describing the yellow scarf is not written to the hard drive, but using a special token. The “drop” of an item means that a transaction has occurred and the token has been sent to the player’s crypto wallet. Only the owner of this wallet will have access to the yellow scarf.

Tokens in which unique information can be written are called non-fungible or NFT.

Tokens cannot exist independently but depend on the network of another cryptocurrency. The leading positions in blockchain gaming are occupied by Ethereum, Tron, and EOS. There are standards for each type of token in blockchains. Ethereum uses three ERC standards for NFT: ERC-721, ERC-1155, and ERC-998.


Each NFT is unique. At its core, NFT is a digital product. 

Cryptokitties – the first wave of popularity of NFT

The first successful project that involved NFT was the game CryptoKitties. At the peak of its popularity at the end of 2017, players overloaded the Ethereum blockchain due to high activity. In September 2018, the most expensive crypto-cat was bought  for 600 ETH, which at that time amounted to 172 thousand dollars.

CryptoKitties is all about collecting, multiplying, and exchanging CryptoKitties. Each such virtual pet is unique. It has its own color, fluffiness, and even mood.

CryptoKitties are non-fungible ERC-721 tokens on the Ethereum blockchain. They can be bought for ETH in the official catalog (you need to link the browser-based MetaMask crypto wallet to the site) . NFTs will be stored there.

Buying one isn’t the only way to get a crypto kitty. Another opportunity for obtaining NFT is hard-coded in smart contracts. If you already have two crypto-cats, then you can breed them and get another one. Each crypto cat receives a combination of different traits from their parents, such as breed or color. The goal of the game is to obtain CryptKitties with rarest characteristics.

Каталог Сryptokitties
Cryptocitties differ in appearance, price and generation

NFTs and games that work using them are created separately. Therefore, NFTs can exist outside the game as well. CryptoKitties can be brought into any other game that supports NFTs, and they will find new uses there. 

Third-party developers have created many such applications:

Kotowars is a collectible card game in the style of Hearthstone and Magic: The Gathering. In KotoWars, players can fight using their crypto cats against other players, complete campaigns, and receive rewards for their cats in the form of another ERC-721 token.

Матч в Kotowars
Kotowars gameplay
Карточки в Kotowars
Cards in Kotowars differ in abilities, health and damage

KittyHelper is a professional crypto cat exchange. The exchange significantly expands the functionality of the classic game: you can analyze price changes, create orders, and even search for crypto cats by color. You can link a Dapper or MetaMask wallet to the exchange and buy tokens directly.

Characteristics of cryptocitties
Search for cryptocitties by appearance

Wrapped Kitties is an application that allows you to split ownership of cryptocurrencies. If you can’t afford the expensive NFT, you can buy some of it. This is possible because the NFT-cat of the ERC-721 standard is tied to the usual ERC-20 fungible tokens.

CryptoKitties have become important to the entire blockchain industry. This game showed by example that blockchain can be used not only for the purpose of earning money but also for recreation and leisure. It became clear that non-fungible tokens are a promising technology. NFTs do an excellent job of digitizing property rights.

Axie Infinity: the second wave of popularity for NFT

The idea of ​​breeding crypto animals saw a second round of development in Axie Infinity. In 2020, this game became the sales leader: 20 thousand players make transactions worth $ 2 million every month. Let’s contemplate what caused such popularity.

Virtual pets are called Axie and look more like Pokemon than real animals. Once you buy an Axie, you don’t have to sell it or keep it as a collectible. It is useful for battles with pets of other players or for completing missions. Axie Infinity has a marketplace where you can purchase three types of NFTs: Axie itself, virtual land, and cosmetic items. The entire gameplay can also be divided into three modes: Animal Breeding, PvP Arena, and PvE Adventure.

Breeding animals. The bulk of the gameplay is Axie breeding. To create a new pet, you need a Love Potion. You can earn it in the PvE Adventure and PvP Arena modes. Like CryptoKitties, an Axie has external features inherited from its parents. One Axie gives offspring no more than 7 times. This way, developers manage to avoid depreciation of NFTs due to their large numbers.

Маркетплейс Axie Infinity
Marcetplace Axie Infinity
Карточка NFT  в маркетплейсе Axie Infinity
NFT page on Axie Infinity marketplace

PvP Arena. The second feature of the gameplay is battling with real opponents. In order to win battles, players earn usual fungible AXS tokens. They will need them to purchase NFT in the game marketplace. At the same time, pets gain experience and develop. To start the fight, you need to find an opponent and choose 3 Axies. The fight takes place in real-time and resembles battles in Heroes of Might and Magic.

Сражение в Axie Infinity
The battle in Axie Infinity takes place step by step
PVP  в Axie Infinity
Each Axie has unique abilities

PvE Adventure. The Axie Infinity game world is divided into marked areas of land. These are also tied to NFTs, so they can be bought and sold accordingly. Plots of land are needed to build houses for pets and collect useful resources that will be needed in the game.

Земельный участок в Axie Infinity, саванна
Axie Infinity plot in savannah
Земельный участок в Axie Infinity, лес
Axie Infinity plot in forest

Most blockchain games still look raw: they have monotonous gameplay and simple graphics. Against their background, Axie Infinity stands out for its thorough elaboration of the game mechanics and the plot of the game. 

The developers work with experts from Ubisoft, the largest gaming distributor. Also, Samsung has added the game  to its official blockchain wallet. The attention of major market players suggests that the use of NFT in games has prospects.

Other NFT Applications

Tokenization of non-fungible in-game items has spread across genres. Cryptokitties and Axie Infinity attract a large number of users, but popularity is not always related to capitalization. The largest in terms of volume in dollar terms is the NFT real estate market in virtual worlds.

Let’s look at the most popular examples of NFT games.

Virtual Worlds:

  • Decentraland is a virtual world where users can view, buy, sell plots of land. Property is managed by the LAND token.
Decentraland обзор сверху
Land in Decentraland
Аватар пользователя в Decentraland
User avatar in Decentraland
  • Cryptovoxels. You can build your real estate in the neighborhoods and streets of this virtual world. For example, you can create a store or a museum.
Улица в Cryptovoxels
Street in Cryptovoxels
Музей в Cryptovoxels
Museum at Cryptovoxels

Collectible card games:

Партия в Gods Unchained
Battle in Gods Unchained
Карточки в Gods Unchained
NFT cards in Gods Unchained


  • My Crypto Heroes is a classic multiplayer role-playing game. In it, you have to develop your heroes through quests and battles with other players. The value of the ERC 721 token grows as you progress in the game.
Сражение в My Cypto Heroes
Fight in My Crypto Heroes
Страница с NFT в My Cypto Heroes
NFT hero in My Crypto Heroes
  • Neon District is a cyberpunk RPG in which you have to fight, complete missions, and develop characters.
Сражение в Neon District
Battle in the Neon District
Страница с NFT в Neon District
NFT hero in the Neon District

Sports games:

Машина в F1 Delta Time
Car in F1 Delta Time
Карта в F1 Delta Time
Map in F1 Delta Time
  • Sorare belongs to the fantasy league genre, familiar to many football fans. You have to search for player cards, assemble a team and manage it.
Маркетплейс c NFT Sorare
NFT store in Sorare
NFT-карточки с игроками Real Madrid
NFT cards with Real Madrid players

Tokenization of non-fungible goods has spread mainly in games. With the growing popularity of the blockchain industry, the scope of NFTs will also expand. Already, projects such as Rarible are emerging that allow creating, trading, and receiving royalties from digital art. In the future, non-fungible tokens may represent shares of real assets: real paintings, sculptures, inventions, real estate, cars, clothes, and tickets.


There have been no breakthroughs in the gaming industry for a long time. Blockchain allows you to take the next step. Thanks to non-fungible tokens, in-game items can not only be used but also physically owned. Using NFTs gives the player more freedom of action.

The first wave of popularity of NFT technology was brought about by the game Cryptokitties. You can create crypto-cats in it and exchange them for ether.

In 2020, the game Axie Infinity became popular. This is a large game universe in which you can fight with other players, create houses, and complete missions.

NFT technology has great potential not only in the gaming industry. In the future, not only digital objects will be tokenized, but also real ones.

P2P: Where Peer-to-Peer Networks Are Used

Что такое P2P обложка

Decentralized technologies have existed long before cryptocurrencies gained popularity. P2P networks are the foundation of modern blockchains. In the article, we explain to you what peer-to-peer networks are and where they are used.

What is network architecture 

Network architecture is the principle by which information is exchanged on the Internet. There are two main types of architectures: client-server and P2P.

When you communicate with someone in person, you exchange information directly. But if you chat on WhatsApp, the process turns into a long chain of actions. Two steps in this chain include changing the color and number of checkmarks under each message. The server here is a messenger that stores, processes and transmits information. And the client is the correspondent (s) who sends and receives information.

Communication in life and communication in WhatsApp
Communication in WhatsApp and communication in life

In the WhatsApp example, the architecture is called “client-server”. This is the most common type. Since the 1970s, all sites on the Internet have operated this way.

An alternative to this method is a network in which people communicate with each other without an intermediary. On the Internet, such an architecture was only implemented in the 1990s. Each device in such a network can simultaneously act as a server and a client. This architecture is called P2P or “Peer-to-Peer”. There is no central element and information is transmitted directly. Let’s take a closer look at P2P networks.

What does equality have to do with anything

If your friend needs to transfer things, but it is impossible to do so personally, you have to contact an intermediary. You pack your things and hand them over to the courier, the courier takes the things to the right address, and your friend picks them up. Each person in this chain has their function. If this happens on the Internet, it is said that each node in the network has its role.

Client-server and P2P file sharing
Client-server and P2P file sharing

P2P networks became popular thanks to the first file-sharing programs. The principle of their work is that users can share access to the selected files on the computer. Using search, any user can find the necessary files from another member of the file-sharing network and download them directly.

The most famous example of a file-sharing network are torrent programs for exchanging files using the protocol BitTorrent. The network differs from others in that files are transferred in chunks. Each client, downloading parts of files, at the same time uploads them to other clients. This reduces the load and relevance of each node.

But what about “without a server”

Now let’s imagine that a friend needs to send money. The modern payment system is centralized. Banks are involved in the processing and registering of all transactions. People pay banks to act as intermediaries and keep their money safe and secure.

Blockchain is being used to create a P2P payment network that can be regulated without outside interference. Each node stores a copy of the blockchain and compares it with copies of the rest of the nodes to ensure the data is accurate. Thus, the network responds quickly to any malicious activity or inaccuracy.

Banks and Blockchain Transactions
Banks transactions and blockchain transactions

This technology was first described in 2008 when Bitcoin was created. Developers call their cryptocurrency “a P2P Electronic Cash System”. Sending bitcoins to another wallet means creating a record that the owner of the cryptocurrency has changed. For the entry to be considered correct, it must be confirmed by other network members. Thus, it is possible to do business without the intervention of an intermediary with a higher authority.

Where else is P2P used

P2P was invented by IT specialists, but economists also use a similar approach. In the field of finance, this term refers to the exchange of digital assets without intermediaries. P2P platforms connect buyers to sellers and lenders to borrowers. 

P2P exchange Bitzlato is a message board for buying and selling cryptocurrencies. Users find each other and determine the terms of the deal personally. For example, you can find a person who wants to sell bitcoin at the current rate and receive money to a credit card. Bitzlato will only help protect the transaction by blocking the cryptocurrency for the duration of the transaction. Regular exchangers are less profitable, as they overprice the charges and charge commissions on each transaction.


Peer-to-peer architecture is an alternative to the client/server model. This technology provides security, decentralization, and censorship resistance. P2P has served as the basis for the creation of file-sharing services, cryptocurrencies, and many decentralized applications.

What types of cryptocurrencies exist and what are their differences

Types of cryptocurrencies cover

With the development of blockchain technologies, cryptocurrencies themselves are developing. Emerging today are tokens, stablecoins and a separate DeFi industry with governance and synthetic tokens. 

In this article, we will explain how tokens differ from cryptocurrencies, what altcoins and stablecoins are. We will give you examples of the types of cryptocurrencies and tell you what they can be used for.

Classic cryptocurrencies: features and methods of use 

Classic cryptocurrencies include those coins that have their own blockchain. Blockchain is the technology using which cryptocurrencies work and record account balances and transfers in a chain of information blocks. 

The first and most famous cryptocurrency — Bitcoin — appeared in 2009. The rest began to be called altcoins, that is, alternative coins. Only those that work on their own blockchain are classified as classical.

10 examples of blockchain cryptocurrencies
Examples of classic cryptocurrencies

Initially, Bitcoin was created as a means of payment alternative to national currencies. 11 years have passed since its inception, and in 2020, cryptocurrencies have the following applications:

  • Means of payment. Bitcoin and other cryptocurrencies can be used to pay for purchases in services that support this payment method. You can also pay for the work of those contractors who accept cryptocurrency.
  • A tool for international transfers. With the help of cryptocurrency, you can quickly transfer any amount of money to another user anywhere in the world. Commissions will come to several dollars, and the transfer will take from several seconds to several minutes. 
  • A tool for trading on exchanges. Unlike national currencies, the value of cryptocurrencies is not guaranteed by anything. Therefore, the price can vary greatly. Users who trade cryptocurrency on exchanges make money both on the growth and fall of the price.
  • A DeFi investment tool. With the help of cryptocurrency, you can make deposits using special apps, take out loans or create derivatives.
4 ways to use cryptocurrencies
4 ways to use cryptocurrencies

Bitcoin has its drawbacks. For example, you cannot transfer bitcoin to another wallet in less than 10 minutes, and its blockchain cannot be used to create apps and smart contracts. Therefore, developers of other cryptocurrencies have included such an opportunity in their blockchains:

Ethereum: a cryptocurrency on whose blockchain you can create apps, games, tokens and smart contracts. Maximum transaction speed is 30 seconds.

Dash: a cryptocurrency whose creators originally set out to make a coin for everyday shopping. Therefore, they developed a two-tier blockchain system that confirms transactions in 5 seconds.

You can buy these cryptocurrencies for rubles, dollars or other currencies in our P2P exchanger.

Tokens: how they differ from cryptocurrencies and where they’re used

These are cryptocurrencies that do not have their own blockchain. They are created on the basis of blockchains of other cryptocurrencies. For example, OKB tokens of the OKEX cryptocurrency exchange and CRO of the cryptocurrency exchange work on the basis of Ethereum.

Examples of tokens from two different blockchains
Examples of tokens of two different blockchains

Tokens can perform different functions:

  • Usage within apps and platforms. Tokens are used for mutual settlements within cryptocurrency platforms and blockchain apps. For example, with the help of a token, you can activate additional functions in apps or pay commissions on exchanges.
  • Collectible items. There is a separate type of tokens, each of which is unique and gives the user the right to own a digital item: non-fungible tokens (NFT). For example, you can buy an item from a blockchain game or a digital painting. You buy a token and the blockchain writes it to your account so you can be sure that only you have this item and no one else can use it. At the same time, you still have the opportunity to sell this token.
  • A tool for trading on exchanges. Like classic cryptocurrencies, tokens are traded on exchanges. Traders make money on the rise or fall of their price.
4 features of tokens
Features of tokens

For the convenience of integrating tokens on different platforms, standards were developed according to which tokens are created. For example, ERC20 and ERC721 are popular when it comes to the Ethereum blockchain. Many cryptocurrency exchanges support the ERC20 standard. Therefore, they can quickly add new tokens of this standard to the platform.

Tokens have 2 subcategories that play a significant role in the modern crypto industry. Below we have written about each of them in more detail.

Stablecoins: how they are created and where they’re used

The value of such tokens is pegged to the value of another asset, for example, the US dollar or the Russian ruble. A stable price is achieved in two ways:

  1. Secured by national currency. These stablecoins are issued by companies who secure them with money in their bank accounts. For example, USDT stablecoins that are pegged to the value of the US dollar are issued by Tether, TGBP stablecoins pegged to the British pound are issued by TrustToken.
  2. Secured by cryptocurrency. These stablecoins are issued by special apps. The amount of cryptocurrency in such apps is always higher than the number of coins issued. If the price of the cryptocurrency starts to fall, the app has time to sell it. If the price of the cryptocurrency rises, the app destroys part of the stablecoins in its reserve. The Russian ruble MCR and USD DAI stablecoins are issued in this way. 
10 examples of stablecoins
Examples of stablecoins

Traders and users distinguish 3 areas of application of stablecoins:

  • Arbitration between cryptocurrency platforms. When trading on several exchanges at once, it is often necessary to transfer funds from one exchange to another. Initiating a transaction of stablecoins of the US dollar USDT is faster than a bank transfer of US dollars.
  • Deposits in stablecoins. DeFi apps need liquidity to function. Liquidity is user funds locked in the app. Therefore, apps reward those users who provide it.
  • Loans in stablecoins. You can issue stablecoins by collateralizing them with cryptocurrency. With the help of such loans, you can protect yourself from falling cryptocurrency rates. And you still have the opportunity to earn from increases in its price.
2 features of stablecoins
Features of stablecoins

We have written a separate article about how to use stablecoins. Learn how to earn and preserve your assets with stablecoins. 

How tokens are used in DeFi

Such tokens are used in DeFi apps. These apps copy the functionality of banking instruments using blockchain technologies. In DeFi, one app has 2 types of tokens:

  1. Governance tokens. They give the user the right to vote for changes to the app. The more votes a user has, the more opportunities they have to influence the app. These tokens are traded on exchanges, their value changes. Also, in some DeFi projects, a deposit in governance tokens is available. Governance tokens can be bought or received for using the app. For example, if you often take out loans or make deposits, then these tokens will be credited to your wallet. Typically, apps regularly distribute tokens among all users in proportion to the amount of money they use in the app. Examples of governance tokens are COMP for Compound, LEND for Aave, and YFI for Yearn Finance. 
  2. Synthetic tokens. Their value is pegged to the value of another asset in a certain ratio. Unlike with stablecoins, this ratio is not 1:1 and is subject to change. For example, in the Synthetix app, you can create synthetic tokens, the value of which will rise in proportion to the rise or fall in the value of another asset. If the asset price falls by 10%, then the value of the synthetic token, on the contrary, will increase by 10%. 
10 examples of DeFi tokens
Examples of DeFi tokens

Synthetic tokens are also used to calculate interest on deposits. For example, you deposit USDT stablecoins using the Aave app. When you transfer USDT to a smart contract, it automatically credits you with aUSDT tokens. Their value increases with the percentage of profitability. If you earned 5% on the deposit, then the cost of aUSDT will be 105% of the value of USDT. All applications in which you can make deposits have such tokens. For example, Compound’s cTokens, Aave’s aTokens, Yearn Finance’s yTokens.

We have written a separate article about DeFi. From it you will learn what it is and how to make money in this area.


After 11 years of the existence of cryptocurrencies, they have appeared in several varieties. Classic cryptocurrencies work on the basis of their own blockchain. They can be used as a means of payment and international transfers, as a tool for trading on exchanges and making money on DeFi. Examples of classic cryptocurrencies: Bitcoin, Dash, Ethereum.

Tokens are coins that are created using blockchain technology, but which don’t have their own blockchain. They provide an opportunity to interact with cryptocurrency projects. Tokens are used inside apps and cryptocurrency platforms, and they are also traded on exchanges.

Stablecoins are tokens whose value is pegged to the value of a real asset at a 1:1 rate. Such a rate is achieved either by providing the national currency on the accounts of the issuing company, or by using a special algorithm and cryptocurrency. The former are USDT and USDC, the latter are MCR and DAI.

DeFi tokens are used in the field of decentralized finance. These are apps that run on the blockchain and emulate the tools of the banking system. DeFi apps use 2 types of tokens: governance and synthetic. The former give the right to vote for changes to the app, the latter are pegged to the value of the asset in a certain ratio. For example, the rate of synthetic tokens can take into account the percentage of return on deposits.

Crypto Casinos and Betting: types and features

Crypto Casinos and Betting Cover

The spread of cryptocurrencies has influenced the gambling industry as well. Online platforms have appeared where you can play for cryptocurrency, and not just for conventional currencies. In this article, we will tell you what is the peculiarity of such platforms and what types of gambling are represented on them.

We will also tell you about the project of our partners — Bitoto P2P sweepstakes.

Features of gambling with cryptocurrency

Cryptocurrencies solve a number of problems that online gambling websites have. First of all, there is an access problem. Cryptocurrencies are available anywhere in the world where there is internet. This expands the geography of users for the gambling platforms themselves and gives players more choice.

Benefits of cryptocurrencies for gambling

Unlike bank accounts, cryptocurrency wallets don’t collect users’ personal data. To create a cryptocurrency wallet, you only need to set a password; you don’t need to leave any passport data and phone numbers. Therefore, the anonymity of cryptocurrencies is higher. But in practice, cryptocurrencies don’t always guarantee players’ anonymity. Many online gambling platforms obtain a gambling license that imposes certain obligations on it. Depending on the license, gabling platform may introduce mandatory KYC verification. Therefore, users will still have to leave personal data, as they trust licensed platforms more.

Disadvantages of cryptocurrencies for gambling

It can be difficult for beginners to figure out how to buy cryptocurrency and transfer it to a gambling platform. Payment with fiat money using bank cards is more familiar to a wide audience of players. Creating a cryptocurrency wallet, finding a platform to buy cryptocurrency and then transferring coins can be difficult for new users.

You can buy cryptocurrency from our P2P exchanger. We have prepared an educational course for beginners, in which, in a few short video tutorials, we have explained how to buy and sell cryptocurrency on Bitzlato.

One of the problems of cryptocurrency gambling platforms is to wait a long time for the money to come to the platform account. Cryptocurrency transactions can take anywhere from a few seconds to several days or even weeks, depending on the fees and load on the blockchain network. If the user chooses a small fee for the transfer, then the transaction may take several hours, days, or even freeze. Online casino players with fiat currencies are used to instant deposits. And in a crypto casino, they have to wait for the opportunity to play, which negatively affects the income of the gambling platform.

A sharp change in the cryptocurrency exchange rate affects both platforms and players. The cost of cryptocurrencies can change dramatically, which affects the income of platforms and players. If the cryptocurrency rate falls, then the players will receive less income from the winnings in terms of fiat currency. And for the gambling platform, it will be more difficult to pay for contractors, such as game developers, if these contractors accept payment in fiat.

Types of gambling with cryptocurrency

In order to more accurately describe how cryptocurrencies and blockchain are used in online gambling platforms, we will divide them into types:

Types of gambling with cryptocurrency

Crypto Casino: analogs of conventional online casinos. They feature slots, roulettes, card games, dice and other typical casino games.

Crypto Casinos can be divided into 2 segments:

  • casinos that use blockchain in their work. In addition to the open source code of games on GitHub, the platform records all game data on the blockchain. Therefore, players can check the balance of the casino and the honesty of its work.
  • casinos that don’t use blockchain in their work, but accept bitcoin and other coins for payment. Such websites can simultaneously support both fiat and cryptocurrency deposits. 

Most crypto casinos don’t use blockchain in their work because it is more difficult to obtain a gambling license for it. In order to obtain a license, casinos need to go through technical audits. Not all license-issuing countries are able to conduct a technical audit of the blockchain. Therefore, crypto casinos operating under the license of these countries cannot use the blockchain.

Blockchain Lotteries: platforms that use cryptocurrency and blockchain technologies to conduct lotteries. In regular lotteries, participants cannot independently check the fairness of the prize drawing, and large winnings are paid in installments. Sometimes it takes years to get them. Blockchain solves these problems: 

  • Any participant can see what transactions take place on the blockchain, how the winnings are distributed and whether they are paid at all. Blockchain guarantees lottery fairness and transparency.
  • The funds of each participant are recorded in the blockchain and prizes are paid from it. This solves the problem of collecting money from participants and distributing winnings.

To participate in blockchain lotteries, users buy lottery tickets for cryptocurrency. Then it is added to a common bank — a blockchain smart contract. It automatically distributes the winnings among the winners. The smart contract code is open source, so you can study it yourself or read technical audits from independent companies. The code prescribes what percentage will go to the lottery’s organizers and on how will the drawing be conducted.

Crypto Betting: platforms where users can place bets on events. As a rule, bets are placed on sports, the rise or fall of the cryptocurrency exchange rate. But bets are also possible on events from other fields: for example, on the winner of the US presidential election. Just like crypto casinos, cryptocurrency betting platforms can work with or without blockchain.

Features of Crypto Betting platforms

Betting platforms that only accept payments in cryptocurrency are divided into 2 categories:

  • They work with cryptocurrency only. All operations on the platform such as deposits, bets and withdrawals, are possible only in cryptocurrency
  • They work with both cryptocurrency and fiat. On such platforms, you make a deposit in cryptocurrency, after which it is automatically converted to fiat at the current exchange rate. You place your bets in fiat currency, and when you withdraw funds, the system automatically converts them back to cryptocurrency.
    • On some platforms, you can make deposits and withdraw funds in both cryptocurrency and fiat. Cryptocurrency is only an alternative way of depositing and withdrawing for those who are more comfortable with this method.

Betting platforms that use blockchain in their work are divided into 2 categories:

  • They use common blockchain platforms such as Ethereum or TRON. Such blockchains are used not only for gambling. Depending on the platform, bets are accepted in the main blockchain cryptocurrency or in special game tokens.
  • They use blockchains created specifically for gambling. As a rule, these blockchains are developed for a specific betting platform and they are named the same as the platform itself. Bets are accepted only in special game tokens.

In the decentralized finance ecosystem, the results of such bets are used to assess the probability of an event occurring. For example, the probability that the value of bitcoin will rise by more than 25% over the next week. The community can see how many people believe in a particular outcome and take this data into account when making money in the DeFi ecosystem.

P2P sweepstakes: subcategory of crypto betting. On such platforms, users place bets with each other and the platform acts only as an intermediary between them. For example, two users place bets on two opposite outcomes of the same event. The platform fee is deducted from the sum of these bets and this amount is credited to the user whose outcome of the event came true.

What is Bitoto

Our partners’ project Bitoto is a P2P sweepstakes in which you place bets on the rise or fall of the value of bitcoin. Bitoto is an intermediary between you and other users against whom you are placing bets. Winnings are paid in bitcoins.

Technically, Bitoto works using a telegram bot. You only need a Telegram account in order to use Bitoto. You don’t need to go through verification by documents.

At Bitoto, you can place bets on one of 3 time intervals:

  • 30 minutes;
  • 2 hours;
  • 24 hours.

You are betting that the bitcoin rate will go up or down towards the end of the selected interval. When the time interval passes, the system determines the outcome and counts the users whose bet was played. Then telegram bot takes 10% fee from the winnings and sends it to the winners. Bitoto compares the bitcoin exchange rate for the BTC/USDT pair on the Binance exchange and indicates the time in UTC. If no one is playing against your bet, Bitoto will return your bet to you.

The platform has a two-level referral program. If someone signs up using your link, they become a first-level referral. You get 5% of each winnings of a first-level referral. When someone signs up using the link of your referral, they become a second-level referral for you. You get 2% of all these users’ winnings. Bitcoin referral rewards are paid daily.

If you have any questions about using P2P sweepstakes, Bitoto technical support works 24/7.


Cryptocurrencies have had an impact on the gambling industry as well. They solve the problem of player accessibility and security. But the use of cryptocurrencies in online gambling has its own problems, which also need to be solved:

  • difficulty of cryptocurrencies for beginners;
  • speed of cryptocurrency transactions;
  • volatility of cryptocurrency.

Crypto gambling platforms can use the blockchain to operate or only accept cryptocurrency deposits. They can be divided into 4 types:

  • Crypto Casinos: the games are analogues of the regular online casinos, such as roulette, slots, dice and card games.
  • Blockchain Lotteries: lotteries that use blockchain to collect and distribute winnings.
  • Crypto Betting: the ability to place bets with cryptocurrency on sports or other events.

P2P sweepstakes: platforms that act as an intermediary between users who place bets against each other. For example, our partners at Bitoto work this way.

What are cryptocurrencies for and how to use them

Как использовать криптовалюту обложка

Cryptocurrency’s ability to increase one’s fortune makes people consider it a tool for long-term investments. Short-term fluctuations allow traders to make money on cryptocurrency exchanges in the moment.

These examples of the use of cryptocurrencies are just a side effect of their popularity. If cryptocurrencies did not have a specific purpose, most likely they would not be so attractive to investors and traders. To understand the reasons for the hype around cryptocurrencies, we will answer the question of why they are needed and what is holding them back. In the following text, we will illustrate other ways to use cryptocurrencies, so that you can understand whether you need them or not. 

Why cryptocurrencies have not replaced money

The first cryptocurrencies were created to fully protect personal freedom. Cryptocurrency transactions are almost anonymous, so even government authorities cannot locate the wallet holder. This design feature soon began to be used for illegal purposes: trading illegal drugs, weapons, other people’s data. Such cases of departure from the law have forced many countries to take a cautious stance in relation to cryptocurrencies. 

In addition, if cryptocurrency replaces traditional money, many government mechanisms will stop working. The state needs to regulate the economy to prevent crises, monopolies and unequal distribution of wealth. For example, cryptocurrency will not be able to be used to effectively collect taxes required to form the country’s budget. 

However, it is difficult for them to completely abandon cryptocurrencies as they have a number of advantages. Blockchain transactions are safer, faster, and cheaper compared to traditional money transfers.

The benefits of cryptocurrencies are ambiguous, so countries do not have a clear understanding of how they should be treated. The use of cryptocurrencies is practically unlimited in countries such as Australia, Canada, South Africa and Libya. The opposite of this situation can be observed in Algeria, Afghanistan and Saudi Arabia – cryptocurrencies are completely banned there. In the US, the status of cryptocurrencies is vague. Different states and government agencies regard cryptocurrency as either property or legal tender. Most African countries do not yet have separate digital asset legislation.

Cryptocurrency Legality by Country
Cryptocurrency Legality by Country

The spread of cryptocurrencies is constrained by the lack of clear international standards for its circulation. Consider how, due to this complexity, cryptocurrency can be legally implemented in the real world.

Making purchases

Most countries in the world allow their own national currencies to be accepted. For example, Russian law only considers the Russian ruble to be legal tender. It is prohibited to pay for goods and services with anything else. Thus, cryptocurrency is equated to foreign currency – it itself can be bought, sold or exchanged.

There are states in which the use of the national currency is mandatory only for payment of debts and taxes, but not for goods and services. Among them are Great Britain, Canada, USA. In these countries, some large corporations accept cryptocurrency directly: Microsoft, Spotify, Burger King. In Argentina and Japan, you can even pay for public transport with Bitcoin.

But even if in your country you can pay with cryptocurrency, it will be difficult to find a place where it is accepted. According to Coinmap, there are only about 19 thousand institutions that accept cryptocurrency in the world. This is less than half the number of McDonald’s restaurants that accept credit card payments.

Карта заведений принимающих криптовалюту
All the cryptocurrency merchants and ATMs of the world in Coinmap.

To solve this problem, cryptocurrency holders use various intermediary services. The simplest and most commonly used way is a debit card with the ability to use cryptocurrency. For example, the Binance Visa Card is tied to the crypto wallet of the same exchange. You can use the funds wherever cards are accepted – in supermarkets, gas stations, restaurants and online stores. Automatic conversion will take place at the current rate.

Another cryptocurrency focused specifically on everyday purchases is Dash. Transactions are processed in 1 second and the commission is $0.01. In addition, the company develops applications for different platforms. Using these, you can quickly effect transfers, much like PayPal. You can buy Dash at Bitzlato P2P exchanger.

Accepting payments

Technological solutions in the field of finance are primarily aimed at business interests. Unlike ordinary citizens, companies have much more complex monetary transactions. It can be necessary to keep strict records, handle a large number of simultaneous payments, and automate customer relationships. Solving such problems using blockchain is often more effective than using a large team of accountants.

It can be beneficial for businesses to accept payments in cryptocurrency for various reasons:

  1. Low fees. For non-cash payment services, banks keep about 1% from each transaction. A cryptocurrency transaction does not need a third party, and therefore does not require significant costs. The commission for any transaction does not depend on the amount.
  2. Marketing reception. It is important for customers to understand that the company is keeping up with the times. Plus, a customer is more likely to tell their friends about your business if they find out that you accept cryptocurrency.
  3. Simplicity. It is enough to publish a QR code with a wallet number to start accepting payments in cryptocurrency.

There are many solutions to accepting cryptocurrency payments. For example, owners of any online business can use BitzlatoPay. The service provides all the necessary functionality for the client to click the “Pay” button and transfer funds to the seller in a couple of clicks. At the same time, if they do not have the required cryptocurrency in their account, it can be instantly purchased in any available way (Sberbank, QIWI, Yandex Money, etc.)

Bitzlato Pay 3 step
How BitzlatoPay works

To receive payments, it is most profitable to use cryptocurrencies with low rate fluctuations. It is worth paying attention to the stablecoins like USDT, USDC, DAI or BUSD – their rate is pegged to the dollar.

Transferring money to another country

The most famous advantage of cryptocurrencies is the functionality of  quickly and inexpensively transferring money to any country. For example, you can send any amount using ether and spend $2 and 1 minute on it. For bank international transfers, the commission would be about 2% of the amount, and the processing could take  up to 5 business days.

You can transfer money to another country by converting it to cryptocurrency: 

  1. The sender buys cryptocurrency in a P2P exchanger.
  2. The cryptocurrency from the internal wallet is sent to the recipient’s wallet.
  3. The recipient exchanges the cryptocurrency for local currency.

Using this method, the commission is lower and will not depend on the transfer amount. The whole process will take less than an hour.

Bitzlato and SWIFT comission
Commissions comparison

Litecoin, Dash and Bitcoin Cash have the lowest transaction fees. This makes them a great tool for international money transfers.

Using decentralized applications

Cryptocurrency can be used inside decentralized applications. Such applications differ in that all data is stored not on the developer’s server, but on the blockchain.

There are many decentralized applications out there, both geared for entertainment and social activities. You can find them in the Dapp Radar and OpenSea catalogs. Here are some examples of the most popular ones.

NFT-маркетплейс OpenSea
OpenSea is a decentralized marketplace for digital goods

Splinterlands. This is a decentralized collectible card game. The game world is a synthesis of Pokémon and World of Warcraft characters. The game was created on the basis of the Steem Blockchain, which allows you to own game cards, buy and sell them and not be afraid of an unfair ban or a server crash.

Rarible is a standalone platform for buying and selling digital works. Authors can create their paintings on the platform and sell them for ether. At the same time, copyrights are protected by Ethereum smart contracts.

Decentraland. This project was created on the Ethereum blockchain virtual world. In a vast universe, real estate is the main asset. You can visit different places created by other players: attractions, museums, galleries and concert venues. You can also buy a piece of land yourself and build, for example, a store.

Using the services of DeFi projects

These are the most common decentralized applications in the field of finance. Such services are even allocated a separate group – DEFI, which stands for “decentralized finance”.

All financial services can be divided into three types: banking, investment and  insurance. In each of these areas, DeFi projects can represent an alternative to the bank. You can find them on DeFi Pulse. Let’s look at some of the most popular examples.

Категории, которые входят в экосистему DeFi
The DeFi ecosystem consists of apps that duplicate the functionality of financial institutions and instruments

Decentralized exchanges. Unlike centralized exchanges, users retain complete control over their data and funds. This allows them to maintain anonymity and improve reliability.

The most popular decentralized exchange is Ethereum-based Uniswap. In terms of aggregate trading volume as of November 2020, it is not far behind centralized exchanges such as Bitfinex and Kraken. 

Loans and deposits. There are many applications based on Ethereum that you can use to borrow money and make money by providing loans. By linking an Ethereum wallet, you can access all services without waiting for approval.

The Aave app supports 22 types of cryptocurrencies. Each of them can be borrowed, or deposited so that the owner acn receive interest.

Stablecoins. Such coins have a fixed rate and are secured by a collateral in cryptocurrency. The tool can be useful for those who want to insure their assets against market fluctuations.

Decentralized analogue of a reserve bank is MakerDAO. The platform has its own stablecoin DAI, which is collateralized in ETH and equals to one dollar.

Using tokens

Tokens and cryptocurrencies are often mixed up. The main difference is that tokens cannot exist independently, but depend on the network of another cryptocurrency. Tokens are often tied to a project and provide their holder with unique opportunities.

The Ethereum platform currently has the most tokens installed. The most popular of these are internal tokens of cryptocurrency exchanges, such as Binance Coin and Huobi Token. They can be used to pay commissions more profitably than any other currency.

TRON has a lot of tokens. One example is the BitTorrent Token, which can be used to speed up downloads over the BitTorrent file sharing protocol. 

There are also tokens that serve as internal currency in games. The already mentioned game Decentraland uses the token MANA. With it, you can buy cosmetic items for your avatar and land for future buildings.

At their core, tokens are the currency that the creators of the services issue and use themselves. They are less functional than cryptocurrencies, but they allow you to solve specific problems.


Despite the complicated legal status, cryptocurrencies are finding use in the modern economy. In the article, we considered several examples of how you can use cryptocurrency in practice:

  • make purchases,
  • accept payments,
  • transfer money to another country,
  • use decentralized applications,
  • use decentralized finance,
  • use tokens.

As technology advances, it is likely that the way cryptocurrencies are used will evolve as well.

Why buy Ether and what to do with it later

why by eth cover

Over $20 billion worth of Ether is purchased daily. To understand why demand is so high, let’s look at how it is used. In this article, we will describe the most popular examples of what you can do with Ether after purchase.

Use in financial applications

50,000 people use financial apps based on Ethereum every day, according to Dapp Review. In contrast to centralized apps, on blockchain-based platform users are in control of their funds and data. 

Loans. Lending services are traditionally provided by banks. Their customers often face difficulties: rejection due to a low credit rating, high interest rates, long registration periods. The economy always needs loans, so banks rarely have to think about easing their conditions.

Blockchain-based lending is a good option for countries with inefficient banking systems. Any user can make a deposit and, depending on its amount, get a loan in cryptocurrency. You don’t need to collect income certificates, tax returns, or other documents. You don’t even have to wait for approval, because when the smart contract conditions are met, the cryptocurrency is automatically credited to the account.

Example. Aave, an Ethereum-based application, allows you to take a loan. By linking an Ethereum wallet, you can borrow any of the 22 cryptocurrencies from the service. You will not have to risk your property, but the coins that you made a deposit with. 

credits and deposits of banks and defi
Differences between banks and DeFi

Holding. To issue loans and provide other financial services, banks attract funds using customers’ deposits. The profitability of such deposits is low. Deposits in European banks with the ability to top it up and withdraw funds bring up to 3% per annum. 

Decentralized Finance provides an opportunity for deposits in cryptocurrency. Users lend their funds to a project and make a profit out of it. Blockchain platforms are more transparent and easier to use than traditional tools.

Example. Compound is the largest cryptocurrency deposit platform according to the Dapp Review rating. By making a deposit in Ether, you will receive 4% per annum on average.

When working with Decentralized Finance, the risks will be higher than with a bank deposit. There may be a situation when the ETH deposit is devalued due to a sharp drop in the coin exchange rate. You should carefully approach the choice of cryptocurrency.

Purchase of a digital property

Most of the decentralized applications are related to Finance. But the Ethereum blockchain also hosts services for other purposes: from entertainment to art.

Copyright. Without blockchain, it is difficult to protect intellectual property in the modern world. Drawn images, research texts, or databases are easily vulnerable to illegal use or misappropriation. Legal registration of copyright for digital data involves a lengthy procedure and high costs.

Some blockchain companies already offer intellectual property protection tools. Any physical and digital objects can be assigned to the author. This allows users to transfer ownership in a cheap and convenient way. This is possible thanks to the use of non-fungible tokens — NFT. Unlike cryptocurrencies, where all tokens are identical, NFT is unique and can be linked to a specific object. 

Example. The Rarible service is an autonomous platform for buying and selling digital works. You have found an artist who sells his painting for 0.2 ETH. He set a royalty of 10%. After paying the required amount, you get the right to use this picture and can sell it at a higher price, for example, for 0.5 ETH. This is where the royalty system works: the creator will automatically receive 10% of this transaction.

types of assets
Examples of fungible and non-fungible assets

In-game items. Another popular use case of digital property rights is online games. Most of them work on a centralized model. This means that accounts and in-game items are stored on the server and are fully controlled by the game developers. Players do not buy the right of ownership, but only the right to use it. This leads to a number of unavoidable consequences: technical failures, unfair bans, manipulation of the game economy, etc. Developers can even abandon the project and the game will simply stop working.

Blockchain protects any type of digital data, including gaming data. All game items are linked to NFT tokens and the user can buy, sell and exchange them outside of the game itself. In addition, players can continue to play even if the developers leave the project. As long as the game is played by at least 1 person, it will work. In some cases, new developers can continue working on the game.

Example. Decentraland stands out among entertainment projects. This is a virtual world where the main asset is real estate. When registering, you link your Ethereum wallet, which later serves as a digital passport. In the virtual world, you visit places created by other players: attractions, museums, galleries, and concert venues. You can buy a piece of land in any location you like and build a store to promote your offline business.

Digital ownership rights transfer on the Ethereum blockchain makes life easier for both buyers and sellers. Musicians, video game creators, and artists can easily monetize their creativity. At the same time, smart contracts will provide automatic protection against piracy and plagiarism.

You can conduct international transfers

One of Ether applications is money transfer to another country. A transaction in the blockchain will be cheaper and faster than a bank transfer.

Fees. International transfers from card to card can usually be made for no more than $2,000. If the recipient has a current account or the sender has reached the limit on the card, a SWIFT transfer is required. SWIFT is an international interbank payment system. For this service, banks charge a significantly higher fee than for other operations.

For Ether transactions, the fee is always the same. It doesn’t matter whether you send 0.1 ETH or 100 ETH — you will have to pay 1-2 dollars on average. The fee is affected by the current network load. Up-to-date data on Ethereum fees can be found at ETH Gas Station.

Example. Let’s say you live in China and your family lives in the United States. You work there and periodically send the money you earn abroad. When transferring yuan to a United States card, you pay a fee for international transfers and conversion is done at an unfavorable exchange rate. The transfer with conversion to ETH does not depend on the amount and expenses will amount to a maximum of $2. 

card to card, blockchain, SWIFT
Three ways of international transfer

Speed. Another problem with international transfers using intermediary banks is transaction duration. A SWIFT transfer takes anywhere from 30 minutes to 5 business days. In addition, if you transfer more than $ 10,000, you will need to go to the bank branch to do paperwork in person and confirm the purpose of the payment.

When transferring cryptocurrency, there are no restrictions on the maximum amount. Just specify the recipient’s wallet address, the amount in ETH, and the fee. The processing time of the transaction will depend on the fee paid — the more you are willing to pay, the faster the transaction will be processed. If the default fee is chosen in the wallet, the transaction will take from 15 seconds to 2 minutes.

Example. You live and work in China, and your child is studying in the United States. You need to send him money to pay for the tuition. Since the amount is over $ 10,000, the bank will require supporting documents: the payment invoice, the tuition contract, and the birth certificate. In addition, the transfer will take up to 5 business days, you will need to spend time collecting documents and visiting the bank’s office. A transfer with conversion to ETH avoids unnecessary steps and takes no more than an hour in total. 

If the recipient’s address is specified correctly, the transaction will be successful. No one can block the transfer and the entire amount will reach the recipient.

How to buy Ether via a P2P exchanger

Ether is a multifunctional token that can be used both for decentralized applications and as an alternative to traditional money. Let’s look at how to buy ETH using Advcash in the web version of the Bitzlato P2P exchange. To do this, follow these steps:

Step 1. Registration and login. Click «Register» and enter your email address and password. After logging in, go to the «P2P» section.

Step 1. Registration and login

Step 2. Look for an offer. You can use the filter to find a suitable offer. Choose: buying — ETH, currencies — USD, payment method— advcash.

Step 2. Look for an offer

Step 3. Start of the transaction. When you have read the trade terms, select the desired amount of ETH and click on the «Start trade» button. Wait until the seller confirms participation in the trade and the page will display the details that you need to send funds to.

Step 3. Start of the transaction

Step 4. Transaction completion. When you send the funds and send all the necessary information, click on the «I have paid» button. When the transaction is confirmed, the seller will send the coins.

Step 4. Transaction completion


In this article, we have analyzed cases where it is easier and more convenient to use Ether rather than traditional currency. Make an international transfer, take a loan, make a deposit, buy a digital painting or a game item — all these tasks can be easily solved with the help of cryptocurrency. At the same time, Ethereum is a fast-developing project, so its scope will only expand.

P2P crypto lending: what is it and why is it needed

In this article, we will talk about P2P crypto lending. We will explain what type of lending is it and how it differs from conventional lending.

In P2P lending, loans aren’t issued by a legal entity, but by another person. Instead of a bank or financial institution, loan is provided by an individual. And the P2P lending platform acts only as an intermediary between the borrower and the lender: it sets certain rules of work and monitors these rules’ observance.

Types of P2P lending

The main difference between P2P lending and conventional lending is that the lender and the borrower are equal. These are ordinary users who conduct transactions with each other. P2P lending can work according to different rules, depending on the loan’s currency. It can be roughly divided into P2P lending for fiat currencies and P2P lending for cryptocurrencies.

P2P lending for fiat currencies: similar to bank loans. To receive such loans, you don’t need to secure them with a collateral, but you must go through a verification process. The P2P lending platform acts as an intermediary and helps the lender to collect the borrower’s debt in case of suspension of payments. More specifically, the P2P platform cooperates with repossession companies and provides legal support to the lender in court.

P2P lending for cryptocurrencies: crypto loans must be secured by collateral. To take out a loan, you need to leave a collateral in cryptocurrency, the amount of which will exceed the loan amount. If the borrower stops paying, the platform will take the debt and interest from the collateral and pay it back to the lender. So the lender will be insured against loan defaults. If the rate of the collateral cryptocurrency to the loan currency falls, then the lending platform informs both the lender and the borrower about it. Further actions depend on the rules of the specific P2P lending platform: for example, the borrower may have the opportunity to increase the amount of the collateral or return a part of the loan. Such platforms centrally store user funds. When a borrower takes out a loan, he takes the funds from the exact lender’s account, and not from the general account. Since P2P lending platforms have technical access to users’ funds, these platforms’ reputation is an important part of P2P cryptocurrency lending.

Lending secured by cryptocurrency in DeFi projects: loans must be secured by collateral. Lenders send funds to a smart contract, from which borrowers take funds. There is a separate smart contract for each cryptocurrency that is used by all lenders and borrowers of that coin. Since the DeFi lending process is fully automated, technical audits of smart contracts will be important for such DeFi projects.

Benefits of P2P crypto lending

Benefits for the lender:

  • The ability to invest in cryptocurrency under flexible conditions: for example, you can set the interest rate and the period for which you issue a loan.
  • Money Back Guarantee: either the borrower will return the debt with interest, or you will receive it along with interest from the collateral.

Benefits for the borrower:

  • The ability to use cryptocurrency as collateral. If you have cryptocurrency assets and you need money, then you can leave the cryptocurrency as collateral and take out a loan in stablecoins. Then you can exchange these stablecoins for fiat currency and use as you see fit. At the same time, you don’t need to sell cryptocurrency.
  • Simplified procedure for obtaining a loan. You just need to go to the website and register to take out a loan. At some P2P lending platforms, it will be necessary to pass a verification process. But you don’t need to go to the bank, stand in lines, provide your credit history and income statements.
  • Choice of a loan conditions: if there are several ads from several lenders, you can choose the loan that suits you best.


P2P lending is a type of lending in which individuals are the lenders and borrowers. And the platform acts as an intermediary that connects lenders and borrowers with each other, sets lending rules and monitors their implementation.

Lenders get another investment tool with cryptocurrency with a money back guarantee. Borrowers are able to use cryptocurrency to obtain a loan without having to sell it.