1inch Network (1INCH)

The exchange rate of one 1INCH at 13:14 UTC is 0.3826$

Chart | Average rate

There are several hundred cryptocurrency exchanges in the world. Each of them offers its own price for a separate digital coin. The difference between them can sometimes be quite significant, especially given that some traders prefer to trade large assets.

Entering each individual crypto exchange and comparing the exchange rate of coins on it is a rather time-consuming and exhausting task. To make it easier, the developers of “1INCH” have created a quick and easy-to-manage platform that can automatically compare prices on trading exchanges.

1INCH features

The platform was launched in 2019. However, the 1INCH cryptocurrency itself was only released at the end of 2020. In the same year, it began to be managed by a decentralized autonomous organization. The main protocols were developed by Sergej Kunz and Anton Bukov. The idea of ​​​​creating visited them in 2019 during the “ETHNewYork” forum.

In the year of its release, the project attracted over $2.8 million in funding. And a year later, the team managed to raise another 12 million dollars. The investors were “Binance Labs” and “Galaxy Digital”.

The essence of the work of the aggregator is as follows. The user needs to set up an Ethereum-based wallet and run 1INCH. Using complex algorithms, the platform collects currently available information from various cryptocurrency exchanges and provides it to the trader. All he has to do is choose the best price and start trading.

1INCH is an internal platform token and is used to manage the system. users can vote for protocol parameter changes with its help. So each of them can bet a certain amount of their 1INCH digital coins. The more tokens, the more weight the user's vote will have. During the day, a special protocol counts all the votes and applies a weighted average to them.

You cannot mine 1INCH. Currently, they can only be bought on one of the major crypto exchanges such as Binance or exchanges. And before that, some users received a part of these coins if they made at least 4 transactions on the site before September 15, 2020, and the total volume of transactions was at least $20. In the future, according to the developers, the holders of this cryptocurrency themselves will distribute it among users.

Given the amount of funding, we can conclude that the 1INCH cryptocurrency has a good future if the team of creators continues to adhere to the course of development of their platform.