DEAPCOIN

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Discover DEAPCOIN's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is DEAPCOIN?

DEAPCOIN (DEP) is a utility token used on the blockchain-based entertainment platform "PlayMining," where users can earn DEP by playing games and reading manga. The token is used for transactions, purchasing NFTs, and fees for processing transactions within the platform. It is an ERC-20 token with a maximum supply of 30 billion and is traded on various exchanges, including OKX, BingX, and HTX.

How is DEAPCOIN used?

The crypto DEAPCOIN (DEP) is used primarily within the DEA Project, a blockchain-based NFT DeFi platform. The main uses of DEAPcoin include:

  • Purchasing NFTs: DEAPcoin is used to buy NFTs on the NFT Marketplace by DEP, enhancing gameplay within the platform.
  • Transaction Fees: DEAPcoin is used for processing transaction fees on the platform.
  • DeFi Services: DEAPcoin is used for DEA’s DeFi services, which include various financial applications built on the blockchain.

Additionally, DEAPcoin can be earned by users through gaming and manga reading on the PlayMining platform, which is part of the DEA ecosystem.

How do I store DEAPCOIN?

To store DEAPcoin (DEP) tokens securely, you should use a cryptocurrency wallet. There are two types of wallets: software wallets (also called hot wallets or digital wallets) and crypto hardware wallets (also called cold wallets). Software wallets are less secure because they are connected to the internet, while hardware wallets are more secure because they store your crypto keys offline. Ledger is a highly recommended crypto hardware wallet for storing cryptocurrencies.

When using a hardware wallet, you will receive a seed phrase, which acts as a key to unlock your wallet. It is recommended to store the seed phrase in a physical form, such as metal seed phrase storage solutions, to protect it from being lost or destroyed.

Additionally, you can use digital wallets like the NOW wallet, which is accessible online and allows you to store your tokens.

How to buy DEAPCOIN?

To buy DEAPCOIN (DEP) tokens, follow these steps:

  1. Choose a Reliable Exchange: Select a trustworthy and user-friendly cryptocurrency exchange that supports DEAPCOIN (DEP) purchases. Consider factors such as ease of use, fee structure, and supported payment methods. Popular exchanges include OKX, gate.io, and MEXC.

  2. Create an Account: Register on the chosen exchange's official website or app. Provide the required personal information and set a secure password. Enable two-factor authentication (2FA) for added security.

  3. Verify Your Identity: Complete the Know Your Customer (KYC) verification process, which typically requires a government-issued identification document. This step is crucial for accessing more features and services on the platform.

  1. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment methods. The information required may vary depending on your bank's security requirements.

  2. Buy DEAPCOIN (DEP): Use fiat currency to purchase a popular cryptocurrency like USDT, ETH, or BNB. Then, exchange this cryptocurrency for DEAPCOIN (DEP) on the exchange's spot market.

  3. Store Your DEAPCOIN (DEP): Transfer your purchased DEAPCOIN (DEP) to a secure crypto wallet to store and manage your tokens.

  1. Monitor Your Investment: Keep track of your DEAPCOIN (DEP) investment performance and adjust your strategy as needed.
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History of DEAPCOIN

DEAPCOIN (DEP) is a utility token used in the DEA Project, a blockchain-based NFT DeFi platform focused on digital entertainment. The platform, launched in August 2019, features NFTs, games, and various other forms of entertainment. DEAPCOIN is used for purchasing NFTs, processing transactions, and accessing DeFi services within the platform.

The DEA Project aims to address issues related to intellectual property rights and royalties in the secondary market for individual artwork. It rewards original creators with a portion of the sales as royalties. The platform, known as "PlayMining," allows users to play games and read manga for free while earning DEP cryptocurrency. As of April 2021, the platform had over 1 million registered users, primarily from Indonesia, Vietnam, the Philippines, and Taiwan.

Historically, the price of DEAPCOIN has fluctuated significantly. It launched with an initial price of $0.00957 and reached its highest price of $0.0674 in November 2021. The lowest recorded price was $0.000704 in October 2023. The token's market capitalization and trading volume have also varied over time, with a current market capitalization of around $40 million and a 24-hour trading volume of approximately $1.17 million.

DEAPCOIN is listed on various cryptocurrency exchanges and can be stored in wallets such as Coinbase Wallet, although it is not available for trading on the Coinbase Exchange. The token's popularity is ranked based on its relative market capitalization, currently placing it at 776 among all known cryptocurrency assets.

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How DEAPCOIN works

DEAPCOIN (DEP) is a cryptocurrency that operates on the Ethereum blockchain as an ERC-20 token. It is primarily used within the "PlayMining" platform, where users can earn DEP tokens by engaging in various activities such as playing games and reading manga. These tokens can then be used to purchase digital goods and services within the platform, including NFTs (non-fungible tokens) that enhance gameplay.

Earning DEP Tokens

Users can earn DEP tokens through several methods:

  1. PlayMining Platform: Users can earn DEP tokens by participating in games and activities on the PlayMining platform. This platform offers a variety of games and manga that are free to access, and users are rewarded with DEP tokens for their engagement.

  2. Digital Art Auction: DEP tokens can also be earned through the Digital Art Auction, which is a marketplace where users can buy and sell digital art. This marketplace uses ERC-721 private blockchain to manage transactions securely.

Consensus System

DEAPCOIN uses a unique consensus system called Proof of Play (PoP), which is designed to ensure fair distribution of DEP tokens among users. This system has three stages:

  1. Launch Day: Immediately after the launch, the model is not activated, and DEP tokens are released from the minable reserves following the release of new IPs.

  2. Growth Phase: As more users and third-party IP creators join the platform, the number of auctions and PlayMiners increases, allowing part of the DEP tokens to be distributed to players via the approval of the DEA.

  3. Final Stage: Once there is a balance in the distribution of DEP tokens, the need to supply tokens from the Minable Reserve is canceled.

Security

The DEAPCOIN network is secured through various measures, including regular source code safety audits by a trusted external auditing organization. This ensures that the network remains secure and free from breaches.

Wallet Support

DEAPCOIN is supported by several cryptocurrency wallets, including PTPWallet, which offers a simple and interactive interface for users to manage their DEP tokens.

Market and Price

The market capitalization of DEAPCOIN is calculated by aggregating data from multiple exchanges and markets. The price of DEP tokens can fluctuate based on various factors such as market trends, announcements, and technological advancements. Price predictions for DEAPCOIN vary, with some experts expecting growth and others predicting a decline.

Founders and Development

DEAPCOIN was founded by Naohito Yoshida, who is also the CEO of GLAMS Co., Ltd., an anime company. The project aims to address issues related to IPs and copyrights in the secondary market transaction of individual artwork, ensuring that original creators receive royalties from sales.

Overall, DEAPCOIN is a cryptocurrency that operates within a unique ecosystem focused on gaming, manga, and digital art, with a consensus system designed to ensure fair distribution of tokens among users.

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DEAPCOIN's strengths

The token DEAPCOIN (DEP) has several strengths that contribute to its potential value and utility:

  1. Limited Supply: DEAPCOIN has a maximum token supply of 30 billion, which can help maintain its value by limiting the amount of tokens in circulation.

  2. Utility in PlayMining: DEP is the primary token used on the PlayMining platform for purchasing in-game items, participating in events, and unlocking features. This creates a consistent demand for the token, especially as the platform expands.

  3. Stabilization Efforts: The DEP Buyback Program, funded by DEA sales, helps to curb price fluctuations and maintain a stable price growth. This program also ensures that bought-back tokens are used to reward stakers or are burned, further stabilizing the economy.

  1. Staking Rewards: DEAPCOIN offers staking plans with attractive annual percentage rates (APRs), incentivizing users to hold and stake their tokens. This can lead to increased token retention and a more stable market.

  2. Security: The DEAPCOIN network is secured through measures such as external auditing and the use of the Proof of Play (PoP) consensus system, which ensures fair token distribution and minimizes the risk of theft.

  3. Wide Availability: DEP tokens are available on multiple exchanges, making it accessible to a broader user base. Additionally, the token can be stored in various wallets, including the PTPWallet, which supports multiple cryptocurrencies.

These strengths collectively contribute to the potential value and stability of the DEAPCOIN token.

DEAPCOIN's risks

DEAPcoin (DEP) is a high-risk investment with significant volatility. The future value of DEAPcoin is uncertain and speculative, influenced by factors such as project updates, advancements in blockchain technology, and market conditions. It is crucial for investors to research DEAPcoin thoroughly before making investment decisions, as its success depends on market demand, user adoption, and competition from similar platforms.

Market Risks
  • Scale: DEAPcoin's rapid growth in market capitalization and trading volume can lead to unforeseen risk conditions, making it challenging to adjust risk models to the new scale before unforeseen risks appear.
  • Complexity: The increasing complexity of DeFi protocols, including those similar to DEAPcoin, makes risk modeling more difficult. This complexity can lead to unforeseen risk conditions that are hard to predict and manage.
  • Interconnectivity: The deep interconnectivity of the DeFi ecosystem means that risk conditions in one protocol can rapidly permeate through different key building blocks, making risk models incredibly challenging to build.
Investment Risks
  • Risk Tolerance: Investors should estimate the level of risk they are ready to take before investing in DEAPcoin. It is essential to conduct thorough research and never invest money that cannot be afforded to lose.
  • Market Sentiment: Market sentiment can significantly impact DEAPcoin's price. Bearish sentiment can lead to price drops, while bullish sentiment can drive price increases.
  • Regulatory Risks: Regulatory news and changes in the overall health of the cryptocurrency market can also affect DEAPcoin's price and investment potential.
Technical Risks
  • Price Volatility: DEAPcoin's price can fluctuate rapidly, making it essential to monitor market trends and technical indicators to make informed investment decisions.
  • Risk Analysis: DEAPcoin receives an average risk rating from InvestorsObserver analysis, indicating that it is susceptible to market manipulation due to limited trading and recent changes in volume and market capitalization.

In summary, DEAPcoin is a high-risk investment with significant volatility, influenced by various market, investment, and technical risks. It is crucial for investors to thoroughly research and understand these risks before making investment decisions.

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Did DEAPCOIN raise funds?

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DEAPCOIN’s team

  • Naohito Yoshida: Founder and CEO of DeapCoin, established the network at the age of 28 alongside an anime company called GLAMS Co., Ltd. He is a pioneer in the animation industry in Japan.
  • Shigeru Shiina: Co-founder, known for his AI research at NEC Central Research Laboratories.
  • Shinya Kiriu: COO, attended the University of Tokyo.
  • Taishi Sato: CPdM (Chief Product Development Manager).
  • Kozo Yamada: Co-founder and CSO (Chief Strategy Officer).

Whalee AI

The fundamental analysis assistant for crypto value investors.

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