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Limitazione temporanea della funzionalità Earning Wallet

Sospensione temporanea della funzionalità Earning Wallet

Restrizioni provvisorie all’uso delle funzionalità di Earning Wallet

Con la seguente comunicazione intendiamo chiarire le decisioni preventive introdotte da Young Platform con lo scopo di tutelare gli interessi dei nostri  utenti. È nostro dovere garantire a questi ultimi tutte le informazioni connesse ai rischi derivanti da momenti di forte volatilità di mercato.

La funzionalità “Earning Wallet” di Young Platform viene offerta tramite un partner centralizzato, ovvero Tesseract, l’unico regolato in tutta Europa. 

Fornendo il provider un servizio che limita la disponibilità delle criptovalute in periodi di forte volatilità, non è esente da rischi, in particolar modo:

  • rischio di non poter disporre per un tempo definito o non delle proprie criptovalute in momenti di forte volatilità;
  • rischio di non vedersi riconosciuti i reward previsti dal service provider;
  • rischio di perdita del capitale bloccato in Earning. 

Young Platform ha chiesto delucidazioni al fornitore, alla luce della situazione di mercato attuale. Il partner si è dimostrato collaborativo e trasparente, fornendo evidenze del fatto che i suoi asset sono collateralizzati in rapporto 1:1.

Nonostante ciò, Young Platform ha deciso ugualmente di limitare il servizio di Earning Wallet, dal momento che la situazione di mercato ha afflitto in maniera importante i servizi di lending e borrowing in tutto il mondo. Ciò significa che ha sospeso la creazione di nuovi stake e il rinnovo automatico sugli stake attivi.

In generale, dato il momento delicato, invitiamo tutti a valutare attentamente l’attivazione di servizi che riconoscono incrementi di criptovalute a seguito di un blocco delle stesse.  

Quindi se ora stai utilizzando il servizio Earning Wallet, l’importo in stake e il relativo reward verranno automaticamente accreditati sul tuo Portafoglio principale una volta raggiunto il termine ultimo di blocco, come da prassi. È tua facoltà sbloccare le tue criptovalute bloccate nell’Earning Wallet prima del termine, come da Termini e Condizioni dell’Earning Wallet.

Per qualsiasi dubbio contatta il supporto cliccando qui.

Ti terremo aggiornato su ogni cambiamento. 

Grazie per la fiducia che riponi in noi, 

Team Young Platform

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Your crypto security in the context of the FTX collapse

Your crypto security in the context of the FTX collapse

In light of recent events, we are here to reiterate that the safety and security of our users’ funds has always been and always will be Young Platform’s priority, both now and in the future

That is why we want to present to you, as well as our entire community of over 1 million people, the measures we are taking to achieve this goal. Young Platform offers innovative and ambitious products, but operates in a cautious and considered manner. This means that our project wants to contribute to the growth of the cryptocurrency industry with responsibility and sustainability. The best way to do this is through transparency.

First of all, we want to reassure you on a few important aspects: 

  • The total balances in your wallet are immediately accessible for withdrawal and are deposited with selected providers that offer some of the best guarantees on the market in terms of soundness and transparency, as well as appropriate insurance cover in the event of negative events such as cyber attacks and/or hacking;
  • Young Platform does not use the deposited funds in any way;
  • Funds are retained by Young Platform in a 1:1 ratio;
  • Young Platform is not financially exposed to FTX or Alameda Research and the FTT token has never been supported by our exchange.

Here are the measures we take to ensure the safety of our users:

  1. We keep your funds safe
    As stated before, we work tirelessly to secure your assets on our platform. In concrete terms, this commitment translates into choosing an industry leader for asset safekeeping such as Fireblocks. We also ensure that all your funds are always available on demand and that you can withdraw when you wish.
  1. We choose industry-leading security protocols
    Young Platform uses the best security protocols. This way we can guard your data and funds from every angle. From asset protection, to privacy protection, risk control and user security alerts.
  1. We work with institutions on compliance initiatives
    At Young Platform, we work closely with Italian and European regulators and institutions to ensure high security standards. Young Platform was the first Italian cryptocurrency exchange to undergo regular audits by an auditing firm and to register with the Organismo Agenti e Mediatori (OAM), which requires the provision of quarterly reports to the Italian Ministry of Economy and Finance.
  1. We provide all the tools for a responsible approach to cryptocurrencies free of charge
    Young Platform has everything you need to decide how to use your funds: up-to-date security guides, industry news, resources to get an overview of possible risks. All this is available on our Academy and our Blog. You can start reading about self-custody best practices, or learn more about what happened to FTX and why Young Platform is not involved in the affair.
  1. We work for platform transparency
    We are satisfied with our procedures that guarantee a safe experience for users, but security is a job that never stops. That is why we are looking further and trying to improve on our achievements. In this regard, Young Platform is taking further measures, integrating new systems to improve the technical solutions for the safekeeping of customer assets in the long term and to make them more transparent.

Young Platform recognises its responsibility to create a reliable and secure environment. In this mission, contact with users is crucial. We are proud to offer you comprehensive support through our Support Team. If you have any questions or concerns, our team is available to answer them at any time.

Thank you for your trust in us,

Young Platform Team

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Club benefit: access to the NFT Monuverse whitelist

club benefit monuverse nfts

Find out how to get early access to Monuverse NFTs at an advantageous price, thanks to the Clubs

8/11 update: the price of NFTs minted by those on the whitelist has been lowered to 0.07 ETH.

Monuverse is an ambitious project that seeks to transpose the world’s cultural heritage into the metaverse, with the aim of protecting its preservation and spreading awareness of the great cultural heritage to which we still have access.

We did say the benefits for clubs would continue, didn’t we? Well, as promised, here’s another one! Find out how to access the whitelist for the next Monuverse NFT drop.

What is Monuverse?

The Monuverse project creates NFT collections representing replicas of monuments and cultural sites through 3D modelling, reconstruction, 3D imaging and generative art.

A portion of the proceeds from the sales of these NFTs will go to local institutions responsible for the maintenance and restoration of the monument represented in the NFT.

Besides the interest in terms of collecting, being one of the virtual owners of a real historical monument is also a way to contribute to the preservation of cultural heritage in a unique way. We say ‘one of the owners’ because, at least according to Italian intellectual property law, it is not possible to be the sole owner of an element of cultural heritage. Hence why they are fragmented NFTs in the form of collective ownership of the monument they represent.

Monuverse is starting its collection with an Italian monument, with its first release being NFTs of the Arco della Pace (Arch of Peace) in Milan. The ultimate goal is much broader: to populate a historical metaverse where users can use 3D avatars with epoch-specific clothing and participate in virtual events, art exhibitions, and festivals.

What benefits do you get by purchasing a Monuverse NFT?

By purchasing an NFT from a Monuverse collection, you’re contributing to the protection of cultural heritage. This is the main value of the token.

However, having a Monuverse NFT also means joining a community and participating in a project, which provides a number of benefits.

  1. You get a PFP and a free 3D Avatar.
    A PFP is a profile picture in NFT format: you can use it on social networking sites and in all applications that support NFTs.
    On the other hand, an Avatar is your character in the metaverse: Monuverse has created several designs insipired bu various historical eras and cultures.
  2. You get guaranteed access to the Whitelist for upcoming Episodes.
    I.e. the possibility of minting new NFT collections to be released in the future at the cheapest price.
  3. You have access to Monuverse initiatives and events.
    The first example was the artistic performance in Milan last December at the Arco della Pace.
  4. You have the right to vote on the next monuments that Monuverse will release.

Discover all the 6 ways to use your Monuverse NFT!

How will the NFTs be released?

The release of Monuverse collections is done by Episodes. Episode I will begin on the 11th of November, during which 7,777 unique NFTs classified into 9 rarity levels will be released.

On the 11th of November, Episode I will take place in three consecutive phases starting at 5pm (UTC):

  1. The Chosen Ones: minting for the top whitelist band;
  2. The Believers: minting for the second whitelist band, called ‘Pre Mint’;
  3. The Brave: minting for public sale.

The price of a single NFT varies according to the phase in which you participate. 

  1. The Chosen Ones: 0.09 ETH (approx. €145); lowered to 0.07 ETH (approx. €104)
  2. The Believers: 0.09 ETH (approx. €145);
  3. The Brave: 0.11 ETH (approx. €175).

Initially, each NFT will contain the same generic image. To find out which level of rarity you have purchased, you will have to wait about a week. At the end of the waiting period, the Reveal phase will begin, i.e. the phase in which you will discover the actual image or video of your NFT that will correspond to one of the 9 animations representing the different rarity levels.

Since it is an NFT, it will always be exchangeable, both in its generic version before Reveal and in its final post-Reveal version, in exchange for ETH.

What is the benefit for Club members?

Thanks to the collaboration between Young Platform and Monuverse, there are 1200 reserved places on the first-tier whitelist for club members.

Being on the whitelist allows early minting of up to 3 NFTs at 0.07 ETH (about €104), i.e. buying them, registering them on the blockchain and transferring them to your wallet.

Please note: you have until the 9th of November at 5 p.m. (UTC) to join a Club and sign-up for the whitelist!

As places are limited, priority will be given to members of higher-level clubs.

How to apply for the whitelist

By the 9th of November at 5 p.m. (UTC), Club members who want to attempt to be whitelisted must register with their wallet address on the whitelist page.

Follow these 3 basic steps.

1. Join a Club or increase your level

The very first thing to do if you are not in any Club or in a low-level Club, is definitely to sign up now. That way, you have time to deposit money, buy YNGs and lock them in a Club before the 9th of November.

The higher your Club level, the more likely you are to be whitelisted.

We recommend performing the remaining two steps from the desktop.

2. Create an Ethereum wallet

If you do not have a web wallet for Ethereum, one of the most convenient and compatible applications is Metamask. You can create one like this:

  • Go to Metamask
  • Click on ‘Install MetaMask for (browser)’.
  • Click on ‘Add to (browser)’.
  • After installation, a new tab should open automatically. If it does not, go to the list of extensions and click on MetaMask.
  • Click on ‘Create a Portfolio’.
  • Click on ‘Accept’.
  • Set a password, check the box to accept the Terms of Use and click ‘Create’.
  • Click ‘Next’ and then ‘Click here to reveal the secret words’.
  • Write the secret phrase (seed phrase) on paper now and keep it in a safe place. Click on ‘Next’.
  • Select the words of the secret phrase in the correct order and click ‘Confirm’.

3. Sign-up on the minting page

  • Register at the minting page
    • Click on ‘Login to Sign-up’.
    • Click on ‘Metamask’.
  • Enter the password communicated by Young Platform by email after 48 hours of joining the Club (or November 5th if you are already in a Club).
  • Connect your wallet, enter your name and click on Sign-up.
  • If you see a congratulations pop-up, you are whitelisted.
  • Transfer your ETH from Young Platform to Metamask. If you do not have ETH, buy them on Young Platform and then transfer them to Metamask. 

Please note: When deciding how much ETH to buy and transfer to Metamask, please consider: 1) the number of NFTs you want to buy (maximum 3), 2) ETH transfer fees to Metamask (0.0025 ETH), minting fees (min. 3$) and for any emergency transactions in case of an error.

How do I transfer my ETH to Metamask?

You can send ETH and tokens from another wallet to a new MetaMask account. Simply copy your new public MetaMask address and go to your existing wallet or exchange to send funds to your new wallet address.

You can find your MetaMask address under the account name (in the format 0x12r45…6HJ9).

To transfer ETH from Young Platform follow this guide.

For further questions please consult the MetaMask FAQ by clicking here.

What should I do on the 11th of November?

If you made it onto the whitelist, on the 11th of November, you will be able to participate in the early minting from 17.00 UTC for around 2-3 hours, at 0.07 ETH per mint.

You can still buy NFTs in later stages if you wish, but they will have the costs specified above.

In any case, here is how to mint:

  1. Click on the link we will email you 48 hours after you join the Club (or November 5th if you are already in a Club).
  2. Connect your wallet.
  3. Select the number of NFTs you wish to purchase (maximum 3 whitelisted).
  4. Click on Mint to make payment in ETH.
  5. Wait for a congratulations window to appear.

Congratulations, NFTs are now inside your wallet!

How to view your NFT

Once purchased, you can view and display your NFTs on all major generic marketplaces including OpenSea.

To view your NFTs simply:

  1. Go to OpenSea.
  2. Link your wallet in the top right-hand corner by clicking on the profile or wallet icon
  3. Go back to your profile. Under the ‘Collected’ tab, you can view your NFTs.

Remember that you will only be able to see the real image or video you have purchased after the reveal process is done.

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Get an Unstoppable Domains voucher with the Clubs

Get an Unstoppable Domains voucher with the Clubs

Today, if you are signed up to a Club, you will receive a voucher to redeem a credit on Unstoppable Domains. Go Web3!

Today, the 31st of October, starting at 17:30 (UTC), the distribution of Unstoppable Domains vouchers via email will begin to those who are already signed up to the Clubs.

Please note: vouchers will take between 48 and 72 hours to be sent to both subscribed and new subscribers.

If you are not yet in any Clubs, you have until 11.30 a.m. (UTC) on 28th of November to sign up and automatically receive your voucher within 48 hours. Find out more about the Clubs.

Below are the voucher amounts according to your Club level:

  • Bronze: $60
  • Silver: $70
  • Gold: $90
  • Platinum: $110

If you’re in a Club but can’t find the voucher email, check your spam folders and see if Young Platform addresses are blocked from your inbox: [email protected] and [email protected]

Don’t know what we are talking about? We announced this new advantage for clubs in this article.

What should I do now that I have a voucher?

The first thing to do is to create an Unstoppable account and redeem the voucher for credit.

It is important to do this now because all vouchers expire on the 29th of November.

After redeeming the voucher, the credit must also be used as soon as possible.

The credit will expire 90 days after you redeem it.

To purchase a Web3 Domain using the credit applied to the account, follow this guide.

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How to use a voucher on Unstoppable Domains

How to use a voucher on Unstoppable Domains

If you have obtained an Unstoppable Domains voucher, this is the guide for you. Here is the step-by-step explanation on how to buy a Web3 Domain and make it yours.

1. Create an account on Unstoppable Domains

We recommend operating from a desktop throughout the procedure for the best experience.

Creating an Unstoppable account is really simple. From the homepage, click at the top right on Sign up/Log in.

As you see, you have several options: use your Google profile, Twitter, connect a wallet or create new credentials.

Once you have chosen your credentials, you will receive an email to confirm your sign up. Click on the link in the email to verify your account.

2. Redeem the voucher

Your account is now ready. From the menu at the top of the page, click on the ‘Account’ button and then on ‘Redeem a Gift Code’.

Paste your voucher received by email from Young Platform into this section and redeem it by clicking on ‘Apply’.

Your account is now associated with credit to be used for any purchase.

NB: You have until the 29th of November to redeem the voucher.

3. Buy a Domain

You can purchase an Unstoppable Domain either from Young Platform Web or directly from the Unstoppable Domains site.

Once you have applied credit to your Unstoppable account, use the search bar to find the domain you want to purchase.

Remember that all prices are in US dollars, as is the value of your voucher.

In this paragraph you will find the aspects to be evaluated when choosing a Web3 domain name.

Once you have chosen the domain, add it to the basket and select a method of payment.

We recommend following the official guide especially if you want to pay in cryptocurrencies.

When you have made your purchase, you will find your new domain under ‘Account’, in ‘My Domains’.

NB: you only have 90 days from the time of redemption to use the credit.

4. Mint your Domain

The domain is now yours, but it is not yet registered on the blockchain.

For this step, you must have a compatible wallet with which to associate your new Domain.

You can do it whenever you want, so take your time. Just know that until it is registered on blockchain, it is not universally verifiable that it is yours.

4a. Prepare your Wallet (for example: MetaMask)

If you do not yet have a Wallet Metamask or equivalent, here is how to create one:

  1. Go to https://metamask.io/download/
  2. Click on ‘Install MetaMask for (browser)’.
  3. Click on ‘Add to (browser)’.
  4. After installation, a new tab should open automatically. If it does not, go to the list of extensions and click on MetaMask.
  5. Click on ‘Create a Portfolio’.
  6. Click on ‘I accept’.
  7. Set a password, check the box to accept the Terms of Use and click ‘Create’.
  8. Click ‘Next’ and then ‘Click here to reveal the secret words’.
  9. Write the secret phrase (seed phrase) on paper now and keep it in a safe place. Click on ‘Next’.
  10. Select the words of the secret phrase in the correct order and click ‘Confirm’.

4b. Connect the wallet to Polygon 

Still following the desktop procedure, connect your web wallet to the Polygon network, where your Unstoppable domain will be registered.

These are the steps for Metamask:

  • Go to PolygonScan.com
  • Scroll down to the site footer and click on Add Polygon Network
  • MetaMask will ask you to approve the changes. After doing so, click on Switch Network

4c. Mint your Unstoppable Domain

Now everything is ready for minting, i.e. to register the domain on blockchain:

  1. Go back to your Unstoppable Domains account
  2. Go to ‘My Domains’:
  3. Select ‘Free Mint’ next to your domain and click on continue.
  4. Select the wallet in which you want to mint your domain.
  5. Tick the  “I understand” box and confirm.
  6. Confirm your e-mail, enter the verification code and confirm.
  7. Your domain will be minted on Polygon. The operation may take several minutes depending on the traffic on the network. Click on Track Progress for more details on the status of the operation.

It’s done! The Web3 domain is yours, and it is verifiable on the blockchain.

It’s time to discover 10 ways to use your Web3 Unstoppable domain!

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What is KYC for? Identity verification explained simply

KYC: what it is, how it works and what it is for

What is KYC, how does it work and what is it for? Read all about identity verification on Young Platform

Ever heard of Know Your Customer or KYC? It is a set of procedures that allows Young Platform to get to know its users in depth and thus comply with legal obligations. KYC is nothing more than an identification and due diligence process used by banks, financial intermediaries or cryptocurrency exchanges to certify that users who register are natural persons and not. As a result of this process, it is also possible to detect abnormal behaviour and thus avoid potential illegal activities such as money laundering or terrorist financing. KYC is carried out by filling out a questionnaire directly in the app and entering some information such as residential address, social security number and identity document. 

KYC procedures must be carried out as a legal requirement (in Italian law, according to Legislative Decree 231/2007 as amended) and are mandatory in services related to digital finance, whether centralised or not. We are here to explain how KYC works on Young Platform, how it is done and why it is so important!

What is the purpose of KYC on Young Platform?

Identity Verification is essential to activate your Young Platform profile and start using all the services of the exchange, from buying and selling crypto to the Earning Wallet. With the Identity Verification procedure, Young Platform guarantees you as well as all other users a secure experience that complies with all Italian regulations. With Identity Verification, you protect yourself and your company from online fraud and money laundering attempts. KYC is the most effective tool cryptocurrency exchanges and financial institutions have to defend their users from financial crimes.

Identity verification on Young Platform: 5 steps in 5 minutes

Concretely, KYC on Young Platform simply consists of entering data. During the course of the procedure you will be asked to communicate and confirm:

  • your address of residence;
  • your home address;
  • your date of birth and nationality;
  • the origin of the funds you intend to use on Young Platform;
  • the validity of your ID document.

You can read our policy in detail by clicking here.

Identity verification is carried out quickly with software from Onfido, a world leader in artificial intelligence-based identity verification management.

Identity Verification takes place on the Young Platform app (or on the web platform) under User > Account > Account Levels > Level 1.

Have an identity document (ID card, passport or driving licence) and the camera on your mobile phone handy. Now follow these 5 steps to complete the Verification in 5 minutes:

1. Enter your first and last name

Please enter your first and last name as they appear on your ID card. If you have a double barreled first name or surname, enter both of them. Your personal data must be complete! During verification, it is important that your first name and surname match the photo of the ID document you will be asked to submit.

2. Enter your document details

You can use your ID card, passport or driving licence as a document. Make sure that the document is valid and that it is not damaged or discoloured.

3. Select the purpose for which you intend to use Young Platform

4. Take a picture of your document

Upload one shot for the front and one for the back of your document. The picture must capture the entire document, so be careful not to crop out the edges! Shots should be in colour, sharp and in focus. For a flawless photo, choose a well-lit environment.

5. Take a selfie

It is now your turn to pose for the camera. Take a selfie of your face while keeping your hand still, and do not wear any accessories. Get rid of your glasses, hats or anything that can hide your face.

Can’t complete Identity Verification? Here are the most common errors

After following these 5 steps, your procedure will be finalised automatically in about 5 minutes. If it takes longer than expected, this is because the Onfido system is unable to match your selfie to your ID photo, or because some of the data is illegible. Don’t worry, manual checks will be carried out. They will take between two and five working days. You will soon be able to use your account.

If the procedure does not succeed even with manual verification, you will receive a warning e-mail stating one of the following reasons. Let’s see in detail which errors you may have come across:

  1. User already registered with another account: in this case the name you entered in the procedure is already registered. On Young Platform each person can only register once.
  2. Please use an alternative document: the document you have chosen is expired or invalid.
  3. The picture of the document is not valid: the photo of your documents is of poor quality. Try again by following the small steps explained above!
  4. The picture of the face is not valid: your face is not clearly visible from the selfie you took or cannot be associated with the ID photo you uploaded.

Additional info: who counts as a “politically exposed” person?

During the data collection process, you will be asked to indicate whether you are or have close ties with a politically exposed person (PEP). This category includes all persons who hold public office or who have ceased to hold it for less than a year. We are therefore talking not only about MPs, senators or members of political parties, but also about other categories for which you can find the full list by clicking on this link. You are also required to report if you are a family member of a politically exposed person, i.e. a parent, a spouse or if you have close ties.

Why is this information important? Again, it is the law that requires it! Specifying whether you are a PEP is an additional form of protection against exposure to financial crime or money laundering risks. If you declare that you are a PEP or a family member of a PEP, our team will contact you for details.

Now that you know what KYC on Young Platform is, how it works and what it is used for, you might ask yourself: is it safe to share my documents online?

The answer is: yes, if you do so consciously. Before sharing your data on any online platform or service, please investigate its reliability. A first indication of seriousness and security is the presence of legal documents showing the procedures adopted for KYC and those for processing personal data. You can find the legal documents relating to Young Platform here.

The data you share with Young Platform is handled in accordance with the Privacy and Data Protection Notice, please note that the purpose of the Identity Verification procedure, according to Regulations (EU) 2016/979 and (EU) 2018/1725 of the European Parliament and of the Council and relevant national legislation, is considered to be in the public interest. 

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New Club benefit: Unstoppable Domains

Many benefits are coming to the Young Platform Clubs. Today, we reveal the first one: Unstoppable Domains

Unstoppable Domains is a solution for Web3 domains, also called NFT domains. If you don’t know what it is about, it is a very interesting trend and we have touched on the topic in recent Academy articles:

If you too are now all about Web3 domains; the good news is that from today, you will also have access to this technology on Young Platform thanks to two new features. 

New feature on Young Platform Web for Unstoppable Domains

Thanks to a dedicated integration, it is now possible to search and purchase Web3 domains from Unstoppable Domains directly from the desktop version of Young Platform.

How does it work? As of today, the 26th October, you can explore Unstoppable’s offer directly from the Home section on the web version of the exchange. In addition, crypto withdrawals to Unstoppable domains have been activated, as they function exactly like wallet addresses. 

The search and purchase functionality of your Web3 domain is only available on desktop, because it is certainly more convenient to make such a purchase while sitting at your computer rather than on a small mobile device. Read the guide.

But don’t be in a hurry to buy your first domain on blockchain, because in a few days, unmissable promotions will be underway!

New benefit for Clubs

This will be a temporary, one-time benefit. By joining (or remaining) in a Club from the 31st of October to the 28th of November you will receive a free Unstoppable Domains voucher by email. You can apply this voucher to your Unstoppable account to purchase a Web3 domain at a bargain price.

Naturally, the higher your Club level, the greater the credit given to you by the voucher will be.

If you are already in a Club and are interested in a coveted domain, you may want to increase your Club membership level for higher credit. The Club you joined on the 31st of October will count.

On the other hand, those joining clubs for the first time will receive credit according to the first club they join between the 31st of October and 28th of November. 

  • Bronze: $60
  • Silver: $70
  • Gold: $90
  • Platinum: $110

More details in the 31st of October launch article.

Once you have your voucher, stay in the Club to get access to all the other benefits. We have great news in store!

How to prepare for a voucher

1) First of all, make sure that you have a working email address and that you receive emails from Young Platform correctly, as this is how you will receive your voucher. To do this, check that the addresses [email protected] and [email protected] are accepted in your mailbox, and that they do not end up in spam or get blocked. Contact support in case of problems. 

2) If you are not yet a Club member, you can start purchasing the YNGs required for membership.

If you are already part of a Club, you have less than a week to make a deposit and purchase the YNGs needed to increase your benefits level by the 31st of October. We always remind you that these YNG are not spent, but locked until you decide to unsubscribe. Find out more about Clubs. 

3) Inform yourself with the articles dedicated to NFT domains and Web3 on the Academy and Blog, to discover all the opportunities you will have access to by participating in this advantageous event.

The golden rule: everyone is only entitled to one voucher. 

This is a unique opportunity and we can’t wait to get started!

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YNG Token: June – September 2022 Report

Token Young (YNG): updates and news Q4 2024

We report Young (YNG)’s first few months on the Market, with a focus on the Clubs’ performance and upcoming news!

Four months after the market launch of the Young (YNG) Token, we take stock of the distribution, sales and use cases of Young Platform’s token. In this report, which was compiled at the beginning of October 2022, you will find an overview of the first months, the updated distribution of Young (YNG) and the future goals of the project.

What is the YNG token

The YNG token is a utility token based on Ethereum’s ERC-20 standard. Utility tokens are cryptocurrencies designed to facilitate access to an ecosystem and its services. In fact, the YNG token is at the heart of the whole Young Platform project. You can receive some as a reward on Step, or use it to gain access to Clubs and take advantage of exclusive benefits. Developing a utility token like YNG was an opportunity to make the Young Platform community and users even more active and involved. You can find out about its tokenomics in detail, from full availability to use cases.

All the numbers of Young Platform Clubs

As we have just explained, one of the new features of the Young Platform ecosystem are the Clubs. They have been active since June 2022. By joining one of the four available Clubs, you get access to discounts, rewards and benefits. Over time, more and more benefits will be made available as the Clubs grow, step by step with the community. In winter 2022, the activation of the airdrop function is planned.

The clubs currently have 1019 members, divided into:

●     780 for the Bronze club;

●     121 for the Silver club;

●     81 for the Gold club;

●     37 for the Platinum Club.

Since Club membership requires a minimum of 1500 YNG, participation is a good benchmark to measure the success of the initiative and the satisfaction of loyal supporters. Another interesting statistic in this report is the Club drop-out rate. From an initial number of 720 active users, the user base now stands at 1019, indicating a growth of +41.5%. This number greatly influences the value of the YNG token, since the more tokens get locked into the Clubs by members, the lower sales get and thus downward price pressure lessens. This means that the larger the community gets, the more incentive it has to grow.

Distribution of the YNG token

As of the 30th May 2022, the total supply of YNG was 100M tokens, while the circulating supply was 16.73M. Today (October 2022), the circulating supply stands at about 18 million, which means that there has been a net increase of 1.7M tokens, or 7.6%.

These tokens were distributed via the Young Platform Step app in different ways:

●     56,399.04 through the completion of Quizzes by 97,446 users;

●     1,007,551.63 by obtaining rewards from 222,063 users;

●     638,684.83 through the use of the ‘Up&Down’ function by 223,035 users.

As anticipated in June, the YNG token market is run through an algorithm that defines the exchange rate by means of two underlying liquidity pools in EUR and YNG respectively. Initially, these pools contained:

–       1M Euro;

–       4M YNG.

Considering the sales and purchases of tokens handled in recent months, at the beginning of October 2022 the pools contained

–       789.7k Euro;

–       5.3M YNG.

With regard to activities on the YNG-EUR market, we feel it is important to provide those reading this report with a summary of what has been YNG’s market performance from June to date:

Token Young YNG Report June September 2022

This data suggests that although the average price of tokens has fallen, they are still in high demand, given the high sales volumes. In the near future, we will implement buyback operations to better adjust the value of the tokens.

Future Objectives

Finally, for the sake of transparency, we present you some of our future goals.

●     The first one we can announce is something we already planned months ago, the implementation of airdrop events for our club members. The release of the first airdrop is planned for the last quarter of 2022.

●     The second goal requires a long process that we have already started. It consists of including Young Platform and the YNG token on two of the largest aggregators in the world: CoinGecko and CoinMarketCap. Completion is expected by the end of 2022.

●     The third goal we are planning is just as important: it consists of issuing debit cards to our users. The deadline for this project, at least in its initial phase, was planned for the last quarter of 2022. However, before presenting this project to our Club members, we want to wait for the completion of the infrastructure offered to us by the designated issuing partner. Therefore, we plan for the beta release for Club users to be available for the end of the first quarter of 2023. Due to this necessity, we have preferred to postpone the listing on third-party token exchanges as we believe that the low organic volume of YNG will not support the activities in question, but may harm the market for the token.

●     The fourth objective we want to talk about is something that is, to say the least, fundamental to be able to support the activities already mentioned in terms of liquidity and the value of the tokens. In Q4 2022 we will announce the first series of buyback operations, aimed at discouraging excessive token presence in the market. The buyback is the re-purchase of YNG tokens by Young Platform to reduce the circulating supply. These operations will be accompanied by promotional campaigns to organically increase the volume of tokens.

●     The remaining objectives are mainly dedicated to our community, and to improving the services and experiences for club members. Here are some of the activities we plan to implement:

– Monthly market reports, to present the up to date situation to our members

– Exclusive collaborations with influencers, with content reserved for Clubs;

– Discord Section dedicated to Clubs, for frequent Q&A sessions for members;

– Merchandising that will be sent according to the Club a member belongs to;

– In addition to the fee discount, a defined number of free deposits will be granted to club members.

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Young Platform supports the Ethereum Proof-of-Work (ETHW) airdrop

Young Platform supports the ETHW airdrop

Young Platform supports ETHW’s airdrop. When will it be distributed? Who is entitled to it?

After the activation of Ethereum’s The Merge update, a group of miners performed a hard fork, creating a new blockchain on which mining can continue. This alternative blockchain, called Ethereum Proof-of-Work, has its own new token, ETHW. It will be distributed via airdrop to all those who owned Ether before The Merge.

When will ETHW’s airdrop be released?

Excluding possible delays by the Custody Provider relied upon by Young Platform, which is carrying out checks and monitoring the blockchain created from the hard fork, we expect to airdrop the ETHW tokens over the next 15 days, during which a date will be announced as soon as it is certain. The airdrop will be carried out in a 1:1 ratio, meaning that for every ETH held prior to the activation of The Merge, one ETHW will be released.

There are currently no plans to list the ETHW token. However, the Young Platform team is considering it. A possible listing will be announced with advance notice!

Who can participate in the airdrop?

The distribution of the ETHW token is calculated on the basis of the snapshot taken on  the 15th September 2022 at 06:42 UTC. This corresponds to the time when The Merge update was activated.

To check whether you are entitled to ETHW airdrop on Young Platform, please refer to these three different cases. If on the 15 September 2022, at 06:42 UTC:

1. You had ETHs in your Spot Wallet

You will receive the ETHWs you are entitled to directly in your Spot Wallet.

2. You had ETHs active in your Earning Wallet

If you had not deactivated the Earning Wallet functionality for your ETHs by the 15th of September 2022 06:42 UTC, your right to receive the ETHW airdrop depends on the outcome of the analysis that Young Platform’s Earning Wallet Provider is performing on the new blockchain created from the fork. You will be able to receive ETHW in proportion to your Ether in the Earning Wallet only if the Ethereum Proof-of-Work blockchain is supported by Copper (the Custody Provider) within 30 days after the hard fork. Moreover, the new blockchain must simultaneously meet at least two of the three requirements explained below. 

The three requirements, two of which must be met by the Ethereum Proof-of-Work blockchain, are:

  1. Hash Power: the average hash power mining of ETHW on the 30th day following the occurrence of the Hard Fork (calculated as a 30-day average on such date) is at least 5% of the hash power mining of ETH on the day preceding the Hard Fork (calculated as a 3-day average of the 3 days preceding the Hard Fork).
  2. Market Capitalization: the average market capitalisation of ETHW (defined as the total value of all ETHW) on the 30th day following the occurrence the Hard Fork (calculated as a 30-day average on such date) is at least 5% of the average market capitalisation of ETH, calculated as a 30-day average on such date.
  3. 24-Hour Trading Volume: the average 24-hour trading volume of the ETHW on the 30th day following the occurrence the Hard Fork (calculated as a 30-day average on such date) is at least 1% of the average 24-hour trading volume of ETH (calculated as a 30-day average on such date).

The fulfilment of the requirements and the consequent right to receive the airdrop will be promptly communicated according to the required timeframe for the analyses (approximately one month).

3. You deactivated the Earning Wallet functionality for your ETHs before the 15th of September 2022

If you deactivated the Earning Wallet functionality for your ETHs before the 15th of September 2022 06:42 UTC, but your ETHs were not yet transferred from the Earning Wallet to your Spot Wallet, you are still entitled to the airdrop. You therefore fall under case 1 “You had ETH in your Wallet”.

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The Merge and Young Platform: what will happen to your ETH?

The Merge and Young Platform: deposits, withdrawals and airdrops

Get ready for The Merge: everything you need to know about the impact of the Ethereum update on Young Platform

*Updated 14/09/2022: new features for the Earning Wallet functionality.

As an additional security measure for the funds of Young Platform users and in agreement with our partner provider of the Earning functionality, the Earning Wallet functionality will also be suspended during The Merge. All information can be found in the last paragraph of this article. 

The Merge, the update that will make Ethereum a Proof-of-Stake blockchain, is just around the corner. This is one of the biggest and most impactful updates in the entire crypto industry. In fact, Ethereum is the blockchain on which most of DeFi and NFTs are built and Ether, its coin, is the second largest crypto by market cap.

You may have wondered if the activation of the historical update will have consequences for your ETH. Here is what will change on Young Platform with The Merge.

Temporary suspension of ETH deposits and withdrawals

Deposits and withdrawals of Ether (ETH) and ERC-20 tokens on Young Platform will be suspended as of the 14th of September 2022 (10 pm UTC).

We recommend that you complete your transactions in advance of this date so that deposits and withdrawals are properly processed. Deposits made close to this date may not be counted in a possible Ethereum hard fork.

Your tokens will remain safe in your Wallet and during The Merge you will not have to perform any specific operation. Everything will be handled by Young Platform. You are free to convert your Ether before The Merge but this is not a necessary action. Likewise, your ETHs locked in the Earning Wallet section will not be affected by the Ethereum update.

Temporary suspension of MATIC, AVAX and FTM deposits

Deposits of Polygon (MATIC), Avalanche (AVAX) and Fantom (FTM) will also be suspended from the same date and time : the 14th of September 2022 (10 pm UTC)

Will there be a new Ethereum 2.0 token? What will happen to my ETHs after The Merge?

After the activation of The Merge update on the Ethereum blockchain, two possible scenarios could occur:

1. No new token will be created:

The Ethereum blockchain will switch to the Proof-of-Stake mechanism without a hard fork. In this case, there will be no substantial changes for ETH holders and Young Platform will rehabilitate deposits and withdrawals as soon as possible;

2. A new token will be created:

During The Merge, the Ethereum blockchain could undergo a hard fork and thus split and create a new token. In this scenario, one chain will operate under the new Proof-of-Stake consensus mechanism, while the other will retain Proof-of-Work. In this case Ether (ETH) will be assigned as the coin of the new Ethereum 2.0 Proof-of-Stake blockchain. Meanwhile the new token (ETHPOW) will replace the ETHs of the Proof-of-Work chain and will be distributed via an airdrop.

The distribution of the new token will be calculated on the basis of a snapshot concurrent with the activation of The Merge. A snapshot means that establishes which users possess ETH and in what quantity.

So, what will happen on Young Platform at this point? Should Ethereum’s hard fork occur, detailed updates on how the new token will be airdropped and what is new for the exchange will follow.

The hard fork and the creation of the new token are currently only a possibility, not a certainty.

In any case, before deciding whether to support the new token, Young Platform will subject it to all the verification procedures typical of any listing. Announcements regarding the new token will be made in a dedicated announcement.

What will happen to the Earning Wallet with The Merge? (Updated 14/09/2022)

From the 14th of September 2022 (10 pm UTC) onwards, and until further notice, it will not be possible to activate a new Earning with the Earning Wallet functionality or to deactivate an already active Earning. 

This means that during the suspension period:

  1. You will not be able to stake or unstake your cryptos in the Earning wallet until the end of this period
  2. Automatic renewals will be disabled until the end of this period
  3. The counting of rewards related to activated Earnings will continue uninterrupted.

In summary, you have these options: 

  1. Activate new Earnings before the 14th of September 2022 (10 pm UTC), your rewards will continue being counted as normal;
  2. Deactivate your already active Earnings before the 14th of September 2022 (10 pm UTC) to unstake your cryptos and send them to your Spot Wallet. Caution: if you deactivate an Earning before the end date indicated on the app, you will lose the accumulated reward.
  3. Keep your Earnings active and continue to claim rewards

Follow the activation of The Merge on the Young Platform Blog, if you have further questions, please contact the Support Centre.