Review on SIMBA Storage Token by Kehinde Oluwakemi
SIMBA STORAGE TOKEN REVIEW.
SIMBA Storage token is a decentralized Cryptocurrency Platform controlled by the SIMBA smart contract based on Ethereum blockchain. It was created as a stablecoin using algorithmic protocol backed by BTC. The founder believe that blockchain will lead digital currency to dominant the world finance, that is why he aim to provide solution to the problem of reliable and secure storage by combine algorithm protocol based on smart contract on ethereum blockchain with ERC-20 standard.
Unlike other fiat stable coin SIMBA storage token (SST) can only be baked with Bitcoin, and because of that user can transfer BTC to the storage address and SIMBA smart contract will issue the number of stablecoin that is equal to the amount of BTC sent, and when User want to withdraw BTC back SIMBA smart contract automatically take away the equivalent number of stablecoin received earlier and pay BTC back. Meanwhile 1SIMBA is equal to 1
SST can be use to pay for goods and services, it can be use to issue loan for third parties with a lot of benefit for users. It also good to know that theif can not steal your assets with SIMBA smart contract because it use cold storage to protect locations with cold hardware wallet and multi-signature algorithm, also include face confirmation and programmed script in order to access your assets and be secured
Although SST was created as a stablecoin but in special way, it price presently is $0•20 below a $. It has a bright future because of it technology and potential features that it possess. It was listed on some exchange Platform which includes BINANCE
Pros
- It was built on ethereum blockchain and controlled by SIMBA smart contract
- SIMBA storage token was backed by Bitcoin
- It has cold hardware wallet that store the token
- It provide large amount of security to protect users assets.
- SIMBA smart contract have the power to convert BTC to SST and vise-versa.
- The token can be use to issue loan, pay for goods and services.
- It has many benefit that can help user to access their BTC even if they lost their password.
Cons
- It has low price and trading volume.
- It compulsory KYC.
