What is Insider Protocol?
For many cryptocurrency users, privacy is of the utmost importance – as surveillance technologies continue to evolve and spread, users need equally powerful tools to preserve their right to privacy. And while Satoshi Nakamoto started a revolution in 2008 with the invention of Bitcoin, others have built on his work and created new types of blockchains that provide much stronger privacy protections for their users.
Insider Protocol is a cryptocurrency project that’s building IPRO, a private cryptocurrency based on the MimbleWimble protocol. MimbleWimble is an innovative technology that brings scalability to private blockchain transactions, and is also employed by existing privacy coins such as Grin and Beam. Blocks produced by blockchains that use MimbleWimble resemble one large transaction, and don’t provide information about senders, receivers and transaction amounts to outside observers.
In addition to the IPRO cryptocurrency, Insider Protocol has also created a trading platform for cryptocurrency investors. The Insider Protocol platform allows users who hold IPRO tokens to invest in cryptocurrency trading bots that employ a variety of complex trading strategies.
The Insider Protocol platform is being developed by a team called Mechanics of the Future. According to the team, some of its members have experience at companies such as Greenhouse Capital Management and Swift Trade, providing valuable knowledge in the field of advanced trading techniques like layering. However, the exact identity of the team behind Insider Protocol is unknown, and this will likely remain the case given the project’s focus on anonymity for both itself and its users.
The IPRO ICO
Currently, the IPRO is temporarily based on the ERC20 protocol while the main blockchain of the ecosystem is being in development. Such a way also was used by well-known projects like EOS, BNB, etc. and then they developed their blockchain and completely switched to it.
During the first stage of the ICO, tokens are priced at 3.5 USDT apiece, and the trading cards range from 980 USDT which gives 305 IPRO in total including bonus amount on the low end to 17,500 USDT for Enceladus trading card at the top end.
The trading cards give the ability to use the trading bot via Trading Investment Deposit (TID) on the Investment page.
Bitcoin Trading Bot
Insider Protocol’s trading platform gives users the ability to leverage the trading bots created by Mechanics of the Future. While the performance of the bots will depend on market conditions, trading bots have had a long-standing appeal in crypto as they offer the potential for increased profits even for those cryptocurrency investors that are not interested in actively trading themselves. Of course, all investments come with risks, so should weigh the risks and adjust accordingly.
When making an investment into the platform, users must first buy a trading card, as mentioned above. Then, users can open a TID (Trading Investment Deposit) and choose between four different trading strategies to be implemented by the trading bot.
The options feature different trading strategies – the most accessible option has a relatively low minimum initial investment of 50 IPRO, but users have to buy at least the CERES trading card to use the investment deposit feature. Here are the different trading bot options currently offered by the Insider Protocol platform:
- Option 1: Uses high-frequency trading (HFT). In this trading style, the bot holds its position for very short periods of time, and performs a large number of trades.
- Option 2: A hybrid strategy that incorporates high-frequency trading and positional trading. Depending on market conditions, trading positions can be held longer compared to option 1.
- Option 3: Positional trading strategy that also employs arbitrage (taking advantage of price differences for the same crypto asset on different exchanges).
- Option X: A high-frequency trading strategy that trades aggressively and divides its balance into smaller balances that are traded independently.
The Insider Protocol team has released some of the trading results it says were generated by their Option X TID trading on the BitMEX exchange. The project also maintains a Telegram channel where they publish trading statements which showcase the activity of their bots.
Trading Platform
The Insider Protocol platform is easy to navigate and offers an intuitive user experience. Creating an account is a simple process, and the platform does not have any KYC requirements for its users, as it puts a high priority on privacy (as also evidenced by the fact that it’s building on MimbleWimble).
After creating an account and logging in, users are first greeted by the dashboard, which shows the status of their wallet and displays some basic information about the Insider Protocol platform. From the main menu’s News section, users can access the latest news on Insider Protocol as well as tutorials that explain various aspects of the platform.
Realistically, users will probably be spending a lot of time in the Investments section, where they can create new TIDs and monitor the performance of their investments. As anyone who has ever bought cryptocurrency knows, it can be hard to take your eyes off the charts, especially if your investment is performing well.
The cryptocurrency withdrawal and deposit sections are designed well and provide users with all the necessary information to successfully complete their cryptocurrency transactions.
However, users should note that not all of the features that can be seen in the platform menu are currently operational. The »Messages«, »Dexchange« and »Escrow« sections are currently still in development and can’t be accessed. The Dexchange tab refers to an upcoming decentralized cryptocurrency exchange that Insider Protocol is working on.
The Insider Protocol team is creating an ambitious platform that looks to bring all the most important cryptocurrency services under one roof. Its trading bots represent a compelling option for cryptocurrency HODLers who don’t have the time or knowledge to trade actively, but still want to reap the benefits of sophisticated trading strategies. If the Mechanics of the Future team continues to execute well, Insider Protocol could become a force to be reckoned with in the world of cryptocurrency and blockchain.
Andrew is a writer that does most of his work on cryptocurrency-related topics. While he’s primarily interested in Bitcoin, he also follows major altcoins and the innovative ideas that new cryptocurrency and blockchain projects are bringing to the table.