Burency advocates the adoption of cryptocurrencies and blockchain technology, particularly in the Middle East region. The platform aims to address key challenges hindering the widespread adoption of cryptocurrencies and blockchain ecosystems, such as lack of liquidity and security on exchanges, unsustainable mining, and a lack of understanding around business applications for blockchain.
The platform comprises three main initiatives:
Secure Digital Currency Trading
The Burency exchange is a regulated trading platform designed to tackle major challenges including security, liquidity, fiat deposit and withdrawal issues. It is one of the global insurance platforms underwritten by Lloyds of London.
Sustainable Mining Operations
Burencys mining facilities combat some of the challenges associated with cryptocurrency mining, such as environmental damage and excessive power costs, by creating sustainable facilities powered by renewable hydroelectric energy. Burency offers a simplified platform for generating cryptocurrency using time-share slots purchased within the mining facility, using BUY tokens. Additionally, BUY tokens can be used to purchase hash power, managing all purchasing activities within the Burency ecosystem.
Blockchain Development Hub
The Burency Blockchain Development Hub primarily focuses on advising businesses on blockchain applications and assisting them in operating on the blockchain to enhance operational efficiency and business transaction execution. The hub places particular emphasis on creating smart contracts that enable businesses to transact with various entities across regions and jurisdictions.
Token Utility and Use Cases
Burency facilitates crypto trading operations through the management of the BUY ERC-20 token. ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain to implement tokens.
The BUY token, supported by the Ethereum blockchain, serves as the primary medium for transactions. Users can use BUY tokens to purchase services and facilities within the Burency ecosystem, including computational slots at the Burency mining center. Driven by smart contracts, BUY tokens help increase transaction credibility.