Denmark-based digital currency exchange Crypto Coins Exchange Denmark ApS (CCEDK) announced last week the launch of a new digital currency called “OBITS,” holders of which will be rewarded with a share of the exchange’s revenues. The exchange said that the token will be hosted on decentralized financial system OpenLedger, which is the de facto BitShares 2.0 platform.
CoinReport’s Carlo Thomas interviewed CCEDK CEO Ronny Boesing. They talk about, among other things, founding of CCEDK, where the idea of a profit-sharing digital currency system came from and incorporation of new revenue streams.
First Involvement with Digital Currencies
Ronny was first exposed to digital currencies in January 2014, when he was completing his 3 ½-year bachelor’s program in Technology Management. “I was first made aware of cryptocurrencies when some fellow students of my university bachelor study group started talking about bitcoin and litecoin,” Ronny said.
After first hearing of digital currencies, Ronny reconnected with his old friend. “It was hard to reach me at that time, as I was working 34-hour weekends as a waiter in a five star hotel called Ruths Hotel up in the very north of Denmark some 110 kilometers away from home, [I was] only home in the weekdays.” He took the job to support his family while completing his studies.
Nevertheless, Ronny did connect with his friend through email and Skype. “I did finish this job in April 2014 after getting involved with my friend who asked me to join him in creating the first bitcoin exchange in Denmark… He trusted me based on our time back in the nineties and I did the same to believe he meant seriously to build a business around and right on top of the crypto industry mechanism.”
Fortunately, Denmark’s first bitcoin exchange took off. “A whole lot of everything was based on learning by doing,” Ronny said, though he certainly wasn’t complaining. “I have always loved to take things from [the] bottom and build to the top.”
Though they had barely kept in touch over the prior 15 years, Ronny found that rekindling the friendship with his friend was quite easy. “Once we got started it was as if we had left off only yesterday. He was a good friend, and as it turned out he still is,” Ronny said.
While the idea of a reward-based digital currency system is new to most of us, Ronny helped the idea in his head for a while. “You could say that the idea of such a crypto currency has been locked in the back of my mind for some time, and with the introduction… of what we would call the first fintech DEX in the world, namely OpenLedger, the idea came back out in full. It started when developing a criteria sheet for other currencies to be added to CCEDK exchange.”
Indeed, CCEDK was busy adding new currencies, including, “A successful introduction of NXT currency, and later on in 2014 the bigger success of adding Nubits (NBT) always a dollar, and finally the adding of BTS from BitShares and its smart coins like BITUSD, BITEUR an BITCNY, which eventually lead to the introduction of OpenLedgr with CCEDK as the registrar of the platform… where the community behind played an important role when deciding whether to get involved or not.”
Ronny’s passion for digital currencies grew while working on these additions. “One thing is adding the currency to the exchange, another bigger step is to get personally involved where the communities in question start seeing my passion and interest to make a difference.”
Once the currencies were added, a new question rose to the surface: how does the exchange benefit from all these additions? “Well, when the discussion of how to benefit from all the projects added to the platform came up, I felt that combining the [aforementioned] experiences and potential profits from the exchange network could be a great way to tie it all up into the creation of a currency developed on the base of passion, involvement, and innovation.”
For Ronny, something else came to mind when developing this new currency: the people. “It came to my mind to consider involving the world with what we want to create and develop, since it is… the world who will enjoy [it] in the end after all. We could offer the world some bits and pieces of all we are working on to keep it simple, organize it all from within the blockchain on the base of token or cryptocurrency where the very essence of its value is based on all of those profits generated from projects all created due to the constant craving for innovation from the increasing amount of crypto minded people.”
This new currency would be named OBITS.
“The owners of this new cryptocurrency OBITS will enjoy a project increasing in value with the generated profits from the network, it’s constantly [adding] new projects, each giving value to OBITS through the revenue streams and finally the personal touch and involvement to ensure all is on target and performing at its best all the time.”
Ronny explained the fees are based on the belief that CCEDK offers a safe harbor for trading. “CCEDK offers a decentralized financial trading platform on the base of BTS 2.0 and its Graphene open source toolkit.” Overall CCEDK opens “the possibility of inviting projects to be issued on the platform and from these to generate fees to the network, based on a service of having a safe harbor during its period of transition to whatever the goal might be. From all of this you get a cryptocurrency developed and issued on a high tech fully operable trading platform receiving its nectar from the growth of the network itself generating profits, and growing in value accordingly.”
According to Ronny, the key ingredients of OBITS with OpenLedger as its foundation located on the Bitshares blockchain are:
- Innovative Solutions
- Referral program with ongoing revenue Streams
This technological value is combined with:
- The Human Touch
- Gut feelings to act when needed.
“There you have it,” Ronny said. “My own personal recipe to what OBITS is all about!”
There’s no time to rest for Ronny, as adding new revenue streams is a constant mission. “Time is flying and December has come quick, so realistically fiat gateway is the first to be added to Openledger hopefully in December, the internet based crypto casino with roulette, poker and slot machines are expected to be connected in December somehow as well, [and] the social platform sharing project called Sharebits.io is expected to be added actively in December as well.”
Revenue stream additions are scheduled for early next year as well. “Profits from a sale of the CCEDK part taking place in January will then be added to the buyback as well. Revenue stream from Ripple gateway added to Openledger together with Paypal should be expected in January, and late January/early February we should be able to introduce the world’s first fiat pegged crypto nanocard funded instantly [and] directly from the blockchain with an optional security feature added in the form of multi-signature accounts. Apart from this we expect somehow to be able to add Ethereum to Openledger as well, since we have added this currency in automode on CCEDK I this early part of December.”
Running the OBITS Presale
Until November 30, people were able to contact Ronny directly with orders for OBITS. “Running the presale by myself has been tough but then again what isn’t in this business. A lot of the work involved is uphill, and we love it anyways because of the constant feeling of… feeling really involved all the time.”
Ronny’s responsibilities include much more than managing OBITS and CCEDK: he’s still working through school, has a wife and raises six children. “It’s been tough to the mentioned preparation of handing in written exam papers, as well as trying to be there for my family as well. A good friend told me once action speaks louder than words, and I am constantly trying to prove to the world that both work if you are deeply committed like I feel I am in all I do.”
A lot of effort is going into promoting OBITS. “I think with the introduction of the OBITS Bloggers’ Club 500 in December, inviting magazines and blogs worldwide to come visit our multilingual website to sign up and participate in bringing the news of OBITS to the world, and [at] the same making money doing it via generating residual income on the base of an upgrade to LIFETime membership on Openledger and taking part in its referral program, we will see an increasing interest in OBITS, and whoever [does] not buy now will just have to accept that price is possible to increase due to increasing demand in the market.”
While the digital currency community has reacted positively to OBITS, there’s more to be done. “It seems to me that anyone given/offered the opportunity… to take it or not has decided to take a part, but I also feel we have hardly managed to reach out to everybody yet, and a lot of campaigns in [the] coming months will help change that, so that we can say we have in fact given all a chance to participate in something I feel could turn out to be one of the better things ever happened to the crypto industry.”
Ronny hopes to extend OBITS beyond those within the digital currency community. “It is our aim to not only focus on the users within the crypto industry, as this token is unique in the way that it’s appealing to investors as a great retirement pension fund, which could well turn out to what you need to live your old age in the way you should live it. Relaxed and enjoying the later part of life in full without the worries of what the next day will bring. Nothing is certain in any kind of investment, but the fact that the value lies within the profits of many companies and their revenue streams makes this token the kind of value proposition I would appreciate to take part in and to constantly develop any further.”
“I feel that OBITS is not only a crypto currency but also a market maker in the sense that with its natural growth it will consume and harbor many future projects with a safe haven, each adding new value to OBITS in terms of fees added for the service and in return allowing these projects to prosper and eventually break out to become that white swan everybody else thought of as the ugly duckling type of thing. It is synergy at its highest, and the kind of work I love to do. To [be] taking part in projects which will eventually meet up and join to something bigger or to grow bigger due to the connection itself is all part of creating synergy. It’s such a great feeling when you sit there with a result that never [ceases] to deliver.”
Images courtesy of CCEDK