Decoding DIMO crypto: What are its key features and is it safe?

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Decoding DIMO crypto: What are its key features and is it safe?

DIMO crypto
Image source: Pixabay.com

Highlights

  • New assets are entering the cryptoverse regardless of the ongoing subdued phase
  • DIMO is said to be an open source platform that generates data for vehicle owners
  • DIMO token is native to this platform, and it will be used in governance and staking

Over the past couple of weeks, Bitcoin has hovered near US$30,000 level. CoinMarketCap data suggests that the total market cap of cryptoassets has also taken a hit. As compared to US$2.2 trillion at the beginning of this year, it has dropped below US$1.3 trillion, as of writing.

Even in the midst of a dull phase in the wider cryptoverse, new tokens are being launched. One of the most popular launches of 2022 was ApeCoin (APE) crypto. In mid-March, APE debuted at nearly US$8 and then doubled to over US$16 over the next one day. This launch could have served as a motivation for new projects to launch their native tokens.

One token that might launch in the near future is DIMO crypto. Let’s know more about it.

What is DIMO?

DIMO claims to be a player in the mobility sector, with decentralised underpinnings. The project says it can connect owners with the data generated by their vehicles. It is being said that DIMO platform can help save money.

An open-source platform, DIMO also supports app developers. DIMO says that data can be accessed by developers to build their own services. The platform also claims to bring transparency to the Internet of Things (IoT) space.

DIMO ecosystem can have multiple decentralised apps (DApps), including a wallet service. The project is also talking about decentralised elements like smart contracts and distributed storage. DIMO indicates a phased launch of its ecosystem, with entry into wearables and smart home devices after 2025.

Also read: Top 5 costliest NFTs ever sold

DIMO crypto

DIMO serves as a native token for the DIMO ecosystem. It is an Ethereum blockchain-based crypto. The project claims that the entire stash of one billion tokens is presently held by the core team.

The purpose of native token is to reward owners that connect their vehicles using DIMO. The token, it is stated, can also be used to decentralise the platform’s governance. DIMO token would allow its holders to vote on governance proposals.

Is DIMO crypto safe?

DIMO token has yet to list on major crypto tracking websites and exchanges. Also, the ecosystem is yet to demonstrate its utility in the mobility sector. It is not yet clear how it collects data and helps vehicle owners. DIMO token is set to enter a space where thousands of cryptoassets already exist. Only time will tell how this new token would perform.

For instance, ApeCoin token rallied soon after launch, but it could not sustain the momentum in the long-term.

ApeCoin crypto price

Data provided by CoinMarketCap.com

Bottom line

Though the crypto market is passing through a rough phase, new tokens continue to be launched. DIMO is a project that claims to connect owners with their vehicles’ data. It also has a native DIMO token, which has yet to prove its potential.

Also read: BTC and S&P 500 Index correlation over past 5 years

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