Midas Protocol: The All-In-One Crypto Platform
What is Midas Protocol ?
Midas Protocol is a new ICO (initial coin offering), backed by Regulus Investment and Capital Holdings, which aims "to be the smartest universal wallet for all essential crypto needs from safekeeping, intelligent trading, portfolio management, easy conversion to fiat and spending of cryptocurrencies."For new cryptocurrency investors it can be a bit overwhelming and they must either rely on centralized exchanges to hold funds or figure out how to set up several wallets of their own. The first option relinquishes control of their cryptocurrencies and puts full trust in entities which have proven to be vulnerable, while the second approach requires some basic technical knowledge and juggling multiple wallet clients. Midas Protocol offers an all-in-one solution where users can store, exchange, monitor and transact with cryptocurrencies, in a multi-platform client suitable for all levels of experience.
The host of features offered by Midas is extensive, but some of the highlights include:
An encrypted, multi-currency wallet;
Advanced cryptocurrency portfolio integrated with the wallet;
Trading with linked exchanges directly from the platform without exposing private keys;
The ability to spend crypto on any website supporting cryptocurrency payments via the wallet;
News and market alerts tailored to the cryptocurrencies in your portfolio;
Trading leaderboards with the ability to follow top traders and copy their trades;
Order types beyond what is available on existing exchanges; and
Multi-platform coverage including iOS, Android, Windows, Mac and Web.
Midas Protocol connects a number of services, described further below, to the Midas Wallet. These connections are mostly handled via API's which come in four levels of access:
Level 1 (Informative): allows apps to push information to the wallet and show content;
Level 2 (Portfolio sharing): enables access to the user's trading history which then informs trading tips, coin analysis and predictions;
Level 3 (Make orders): allows apps to carry out trades, though users can set limits such as max daily volume, max bid, etc.
Level 4(Deposit/withdraw): enables apps to deposit and withdraw from exchanges when needed.
Exchange services
The Midas platform will be connected to a number of centralized and decentralized exchanges. Kyber Network will be the first exchange to be integrated and will likely be followed by Airswap, Bancor and NeonExchange before proceeding to centralized exchanges.
Having several exchanges linked directly to the wallet offers a number of benefits. For starters, the ability to transact across several cryptocurrencies without the need to move funds from a wallet to the exchange which has a particular coin. Furthermore, the Midas platform will monitor prices across linked exchanges to determine which exchange has the best rate for specific pairings. Users can configure a setting called "slippage" for the percent deviation they are willing to accept and the system will then determine which exchange to transact on based on liquidity and least slippage. The ability to execute orders on multiple exchanges concurrently will be added at a later phase.
Portfolio services
The Midas Protocol platform will include portfolio monitoring and performance statistics which can be displayed in BTC, ETH, USD or other fiat currencies, similiar to apps like Delta or Blockfolio. However, that's where the similiarities to existing products ends.
The Midas Portfolio will not only provide an overview of performance but it will benchmark portfolios against the market average (across the top 20-200 cryptocurrencies, dependent on portfolio size). Furthermore, since it is directly linked to the Midas Wallet, which stores blockchain history and trades, there's no need to manually enter transactions. In the future, the AI will actually be able to analyze your portfolio and suggest trading styles and top traders best suited to you.
However, arguably the biggest feature is automatic portfolio rebalancing. As far as I'm aware there's no portfolio solution out there right now that does this - if there is, let me know, I'd love to check it out. My one concern with automatic rebalanced revolves around capital gains tax (CGT). Several countries charge CGT on crypto transactions and given the volatility of cryptocurrencies it's likely that portfolio allocation would shift frequently and at times dramatically. In order to rebalance to a specified allocation, the platform would have to execute cryptocurrency trades which would then trigger CGT. Luckily, the Midas Protocol team have thought this through and will give users full control over the frequency and triggers for rebalancing, as well as portfolio allocation.[/size]
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