APECoin (APE) 101: Things To Know Before Investing

APECoin (APE) 101

The Bored Ape Yacht Club ecosystem is one of the projects that have made the most noise in the NFT world lately. Bored Ape Yacht Club NFTs, aka Apes, find buyers at high prices. In this post, we will find out more about their popular crypto offering, the APECoin. Let’s get started.

APECoin: All You Need To Know

What is the Bored Ape Yacht Club?

Bored Ape Yacht Club is an NFT collection released with a pre-sale on April 23, 2021. Built on the Ethereum blockchain, Bored Ape Yacht Club consists of humanoid monkey profile images generated by an algorithm. Holders of a Bored Ape NFT get access to a private online club along with the intellectual property rights of the NFT they own.

Yuga Labs, the company behind the project, has been trying for some time to expand the Bored Ape Yacht Club beyond an ordinary NFT collection with a variety of products and features. In the long run, Yuga Labs plans to create a real ecosystem with a variety of blockchain games and services for the Bored Ape Yacht Club. The most important part of this plan is APECoin (APE), which took its place in the crypto money world as of March 17, 2022.

What is the APE token project?

APECoin (APE) is an ERC-20 based token created on the Ethereum blockchain. The APE token is produced as a utility and governance token of the Bored Ape Yacht Club ecosystem.

APECoin holders manage the ecosystem through a decentralized autonomous organization called APECoin DAO. In this system, APE holders have voting rights on how the APECoin DAO Ecosystem Fund should be used. The APE Foundation manages the proposals agreed upon by the APE token holders. APECoin also provides access to various exclusive services of the ecosystem, such as blockchain games, events.

Who are the founders of the APECoin (APE) project?

APECoin (APE) is a decentralized cryptocurrency project inspired by Yuga Labs’ Bored Ape Yacht Club project.

Supported by the APE Foundation, APECoin (APE) was created by Yuga Labs for use in the emerging Bored Ape Yacht Club ecosystem. The Bored Ape Yacht Club project was created by two people using the pseudonyms Gargamel and Gordon Goner. The real names of these two people were revealed in February 2022: Greg Solano and Wylie Aronow. Nicole Muniz is the current  CEO of Yuga Labs.

APE token statistics

The total APECoin supply is 1 billion coins. 62 percent of this supply is for ecosystem finance; 16 percent to Yuga Labs and donations; 14 percent is reserved for launch participants and 8 percent is reserved for Bored Ape Yacht Club founders.

What makes the APECoin (APE) project special?

APECoin (APE) allows governance and token holders of the APE ecosystem to participate in the APECoin DAO. 62 percent of the entire APECoin supply is dedicated to ecosystem financing, which will support community-driven initiatives voted on by ApeCoin DAO members.

APECoin (APE) also provides access to other services and games of the ecosystem that will be developed in the future. For third-party developers, the APE token is a tool to join the ecosystem.

How to get an APE token?

Buying APECoin (APE) with your local currency is a very easy and fast process, contrary to popular belief. You can buy APE tokens without any technical knowledge.

APECoin (APE) Frequently Asked Questions

What is APECoin (APE)?

APECoin (APE) is the governance and utility token of the Bored Ape Yacht Club NFT ecosystem.

What is the Bored Ape Yacht Club?

Bored Ape Yacht Club is an NFT collection and ecosystem released by Yuga Labs.

What blockchain does APECoin (APE) run on?

APECoin (APE) is an ERC-20 based token created on the Ethereum blockchain.

How much is APECoin (APE) supply?

APECoin (APE) supply is limited to 1 billion units.

How to use ApeCoin?

A virtual wallet needs to be created to buy or use ApeCoin. Thanks to the addresses of these wallets, you can exchange cryptocurrencies and shop. ApeCoin transfer transaction is sent by signing with asymmetric encryption. Each of the transactions is announced on the network and is included in the blockchain. In this way, the same ApeCoin is prevented from being used more than once.

How to cash out ApeCoin?

To use cryptocurrencies as cash, sales can be made on exchanges (which can also be accessed through apps such as bitcoinx). In the same way, ApeCoins are sold on the stock market and the real money amount is sent to people by EFT or money order.

ApeCoin (APE) wallet is not a wallet that stores the value of ApeCoin (APE) you own. They are the software that contains the private and public keys required to use the ApeCoin (APE) values ​​you have. ApeCoin (APE) wallets allow you to see your ApeCoin balance and transfer your ApeCoin (APE) balances to other ApeCoin wallets with the Blockchain (blockchain) system. 

Every ApeCoin wallet has an address, this address code consists of 26-35 characters of numbers and letters. ApeCoin (APE) wallet is the address of the ApeCoin wallet, which is visible to others and allows them to send ApeCoin (APE) to your wallet. With this address, you can deposit ApeCoin from other wallets to your own wallet. In order to send ApeCoin (APE) from your ApeCoin (APE) wallet to another ApeCoin wallet, you must use your wallet’s Private Keycode. With the ApeCoin wallet, you can become involved in the Blockchain system that underpins the ApeCoin technology.

With the ApeCoin (APE) wallet, you cannot convert the amount of ApeCoin (APE) in your balance into real money. To convert your ApeCoin (APE) balance to real money you need to use exchange.

Which are the types of APECoin (APE) wallets?

Desktop APECoin (APE) Wallets

They are wallet programs that you can download and use on your computer. The public and private keys of your ApeCoin (APE) wallet are stored in your computer’s memory. As it is an ApeCoin (APE) wallet connected to the Internet, it is vulnerable to the dangers that may come from the Internet. It is an ideal wallet for users who will transfer active ApeCoin (APE) and hold small amounts.

Paper (Paper) APECoin (APE) Wallets

Paper (paper wallet) wallets are the papers on which your ApeCoin (APE) wallets’ Public Key and Private Keycode are written. In Paper ApeCoin (APE) wallets, your ApeCoin (APE) address information is generally displayed as a QR code. Since it is an ApeCoin (APE) wallet without an internet connection, it is the most secure wallet against attacks that may come from the internet. You can create a specially designed Paper ApeCoin (APE) wallet, or you can create your own ApeCoin (APE) wallet information as a printout. Since it is a physical ApeCoin (APE) wallet and your wallet information is written on it, if you lose your wallet, you may lose your entire ApeCoin (APE) balance.

Web (Online) APECoin (APE) Wallets

Web ApeCoin (APE) Wallets are a form of wallet where your ApeCoin (APE) balances are maintained by wallet service providers. It is necessary to pay attention to the reliability of companies providing Web ApeCoin (APE) wallet service. They are ApeCoin (APE) wallets that you can have on exchanges. The biggest advantage of Web ApeCoin (APE) wallets is that you can access and trade from anywhere you have an internet connection.

As soon as you become a member of an exchange, a special ApeCoin (APE) wallet is created for you. With this ApeCoin (APE) wallet, you can deposit ApeCoin (APE) from other ApeCoin (APE) wallets to your own ApeCoin (APE) wallet and withdraw ApeCoin (APE) to other ApeCoin (APE) wallets. You can log in to your crypto exchange account from anywhere you have an internet connection and perform your ApeCoin (APE) wallet transactions.

A significant portion of your ApeCoin (APE) balance in your ApeCoin (APE) wallet in your account is kept in cold wallets. Cold wallets are private security wallets that do not have an internet connection. You can use ApeCoin (APE) to store your balance and you can buy and sell whenever you want. You do not pay any fees for the wallet service you receive from most exchanges.

How is APECoin’s (APE) price calculated?

The price of ApeCoin generally varies in line with the balance of supply and demand. ApeCoin is an ecosystem created by its users and its current value changes according to the supply and demand balance of its users. As with real money values, it is not tied to any central bank or regulatory system.

ApeCoin, as a field of use, is frequently used in buying/selling transactions in Cryptocurrency Exchanges due to the change in prices. Apart from buying/selling transactions, ApeCoin is seen by many users as an investment tool. They keep their ApeCoin balances in their ApeCoin Wallets.

Although ApeCoin has no physical equivalent, it is a currency and is also used as a means of payment. There are companies that receive payments with ApeCoin in many parts of the world. In international trade, the fact that paying with ApeCoin is faster, reliable and cheaper makes ApeCoin more attractive as a means of payment compared to real money 

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