About Chimpion

Chimpion Coin Review: Mining Guide, Price & Analysis of Chimpion Cryptocurrency

Chimpion is a cryptocurrency that brings a new twist to finance. Chimpion prides seeks to provide the cryptocurrency community with a blockchain banking solution. The platform allows you to securely centralize all your crypto and bank accounts in one place.

It provides many functionalities. It acts as an exchange while also allowing users to pay for goods and services. Chimpion is working to ensure users can easily spend their cryptocurrencies. Therefore, they are making deals with merchants to support payments by cryptocurrencies. Users can choose their favorite coins to pay with i.e. BTC.

This is an appealing value proposition. Many cryptocurrency enthusiasts would get behind this project for its social and economic benefits. It gets rid of the middleman in transactions. This means that users can save on the fees they pay to centralized institutions. Moreover, users control their money. This freedom has a lot of social benefits.

To power its system, Chimpion uses two different coins. These include the Chimp coin and the BNANA coin.

How Chimpion Works

Chimpion implements a borderless bank system that is practical for everyday use. They do this using cryptography, blockchain and smart contracts. Smart contracts make a lot of things possible.

In traditional financial services, you need a middleman to facilitate transactions. This middleman can be an institution like a bank. However, with smart contracts, you do not need that. Users can fully trust the code of smart contracts to facilitate transactions.

Chimpion allows merchants to launch complete ecommerce windows while supporting cryptocurrency payments. Chimpion makes this possible through its innovative technology. To encourage companies to adopt Chimpion, they have an incentive program in place.

Traders using Chimpion will be able to upload their products like in traditional online stores. However, here, they can list the base currency in cryptocurrency. Chimpion’s advanced API updates prices in real-time depending on exchange rates. Additionally, payment processing is very fast. This means that merchants do not have to worry about chargebacks.

Dual Tokens

Chimpion utilizes two different tokens to power the network. These include the Chimp and Bnana tokens. You can use the Chimp token to pay for goods and services. This is the coin that supports transactions in the market. You only need to find a merchant that accepts cryptocurrencies as a mode of payment.

The second coin is the Bnana coin. This token powers the internal operations of the network. It is usable in the issuance of rewards. However, users can still use this coin in the market.

There is an advantage to using double tokens. Such a system allows developers and users to have full functionality from the system. They can enjoy this without disrupting the operations of the other sector.

Can Investors Mine Chimpion Tokens?

No, investors cannot mine Chimpion tokens. This is because Chimpion uses the Delegated Proof of Stake. Here, validators are a number of representatives elected by token holders. This system operates as a technology-based democracy. Token holders vote for validators. In this way, they use voting to protect the network from centralization and malicious usage.

Validators ensure the network remains at a consensus. They do this by confirming transactions on the blockchain. Positions on a DPoS system may change over time. Additionally, responsibilities change.

In any case, validators have the responsibility of validating transactions on the blockchain. Validators are not to alter any transactions or block transactions. If a validator misses a block, the next validator gets it. Each validator receives a reward for their work in keeping the network secure.

Validators cannot risk going out of line. This is because demotions are possible through active voting. Moreover, they risk reputational damage.

The DPoS has an advantage over PoS and PoW consensus methods because it supports high scalability. That is why some cryptocurrency enthusiasts prefer it over the PoS and PoW. Moreover, it is faster, and requires less computational power.

The Team behind Chimpion

Chimpion boasts of having the best team in the cryptocurrency space, and rightfully so. Most of the individuals on this team have over 20 years of experience in their respective fields.

The CEO and CFO of Chimpion is Igor Soshkin. Igor is serving many positions in different companies at the time of writing this. Moreover, he has tons of experience leading teams as a CEO.

Beside him is the CIO of Chimpion, Nick Soshkin. He has over 25 years of experience in software development. However, his LinkedIn page does not offer much information on the companies he gained his experience. The only listed company is Shopping Cart Elite, where he serves as the CIO.

Further, the team consists of experts with experience in their fields. Therefore, this is one of the most formidable teams in the market.

Privacy and Security

Chimpion promises users that they take security very seriously. Consequently, they have a comprehensive list of measures they have taken to protect their users against any hacking attacks.

One of the important measures they take is multi-sig wallets. This is a very common security measure in blockchains today. This is because it continues to prove that it is reliable and efficient. Additionally, they have 2-factor authentication.

Chimpion also protects users’ privacy. They enable anonymous registration and unconfiscatable accounts. This ensures that your data is always private. Moreover, they support private transfers and self-destructing history.

Our Take on Chimpion

Chimpion has a great mission behind it. The developers are dedicated to continued research and development to keep the system reliable and secure. If everything goes to plan, Chimpion has the potential to revolutionize markets. Moreover, it would stimulate the mass adoption of cryptocurrencies.

However, Chimpion faces stiff competition from better-funded projects. As such, its coins are not seeing much success in the markets. They sit right outside the top 250 coins in market cap share. As an investment, it may be better to go with competing companies.

Advantages

• It is very fast and secure.
• Chimpion has high scalability as it uses the DPoS consensus algorithm.
• Chimpion is an energy-efficient system.

Disadvantages

• The platform faces the risk of centralization as there are very few validators.
• Chimpion faces stiff competition from better-funded projects.

How to Buy Chimpion Coins

If you want to add this coin to your portfolio, you can easily do it. The easiest way to obtain Chimpion coins is by buying them. Some of the best exchanges to purchase the coins from include Sistemkoin, Mercatox, Poloniex, and Crex24. The price of one Chimpion coin currently stands at $1.76.

Over time, the value of Chimpion has generally risen. While it is impossible to tell where it will head in the future, this is a good trend. Consequently, you may want to store your Chimp coins to sell at a later date. You can use their native Chimpion wallet to hold your coin.

Final Verdict

Chimpion has the potential to revolutionize financial transactions. However, we can say this about almost all blockchain projects. The mission behind a coin is not all that matters. The coin has to prove its worth in the markets. As it stands, the coins are a mere average in market cap share. There are better cryptocurrencies offering the same services that are doing better in the market. It would be wiser to go with those.