Manny Pacquiao launches his own fan-backed cryptocurrency

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[NEWS BLOG]: Manny Pacquiao launches his own fan-backed cryptocurrency

Champion boxer Manny Pacquiao announced the launch of his own cryptocurrency at a concert in Manila on Sunday.

The cryptocurrency, called the Pac, will allow fans to buy merchandise and interact with Pacquiao -- the 40-year old boxer, Filipino Senator, and former basketball player -- via social media. 

The Pac behaves like a normal cryptocurrency in the sense that it provides a digitally tradeable token with a floating value secured by a decentralised ledger. But unlike other cryptocurrencies such as Bitcoin, the value of the Pac is touted as being backed by demand from Pacquiao's fan base for his merchandise. 

The Pac token will be listed on the Global Crypto Offering Exchange (GCOX), a crypto-exchange based in Singapore that specialises in developing celebrity tokens.

"GCOX helps celebrities leverage their popularity like never before by creating their own exclusive, personalised crypto, known as Celebrity Tokens. Through exclusive products, services, and social interactions, GCOX revolutionises the way celebrities interact with their fans, giving the public unparallelled access to celebrities." the company said in a blog post

"GCOX's entire premise is built upon its four core platforms: Celeb-listing, celebreneur, celeb-connect, and celeb-charity, which in turn are based on GCOX's proprietary blockchain known as Acclaim."

The Pac can only be used to purchase goods within programs supported by Pacquiao's digital payment system "Pacpay", which only supports the purchase of Pacquiao merchandise.  

Previous celebrity-backed cryptocurrency ventures have been unsuccessful so far, with boxer Floyd Mayweather and music producer DJ Khaled being charged last year by the US Securities and Exchange Commission (SEC) for failing to disclose that they were paid to promote a cryptocurrency called CentraCoin. 

Mayweather received $100,000 to promote the digital token by saying on social media: "Get yours before they sell out, I got mine". Khaled, meanwhile, called CentraCoin a "game changer" on Twitter for $50,000.

The company behind CentraCoin was eventually charged by the SEC as the entire scheme was deemed fraudulent.

Pacquiao is the first celebrity to launch a cryptocurrency that uses fans to directly prop up the value of the currency. Other celebrities such as singer Jason Derulo, tennis star Caroline Wozniacki, and former soccer player Michael Owen are reportedly set to launch their own celebrity tokens later this year. 

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K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency

SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.

Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.

Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.

The director provided few specifics about - read more.

OMG Network’s Token Climbs 252% This Week; What’s Pumping It?

OMG Network’s native token OMISEGO (OMG) logged a milestone price rally in the running week.

The 25th largest cryptocurrency surged by up to 252 percent in the days leading to its integration into the world’s leading stablecoin project, Tether. As of Friday, the OMG/USD exchange rate had established a year-to-date high at $9.86 before correcting lower on profit-taking sentiment

In retrospect, OMG serves as a utility token through which users interact with the OMG Network, a Layer-2 scaling protocol for Ethereum. Similar to Bitcoin’s Lightning Network, OMD Network aims to achieve a higher transaction throughput for Ethereum at a lower cost.

- read more.

What is XRP ?

XRP is a token used for representing the transfer of value across the Ripple Network. The main purpose of XRP is to be a mediator for other - both cryptocurrencies and fiat - exchanges. The best way to describe XRP is a ‘Joker’. Not the creepy Batman enemy, but the card that can be any other card. If you want to exchange dollars to euro, it can be dollar with dollars and euro with euros to minimize the commission. As highlighted above, the transaction cost on Ripple is $0.00001.

An interesting fact: after the transaction the amount of $0.00001 ‘disappears’ - read more.

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