The fiat currency is daily having a dwindling rate in day-to-day transaction with the advent of digital currency. The wide acceptance of the virtual currencies is evident in the market capitalization of cryptocurrencies of about $300 billion dollars spread over the 1690 coins available, at the time of writing. Bitcoin, as the king, is approximately 42 per cent of the total market cap spread across various exchanges.
Before the advent of digital currencies people trade or swap currencies which gives birth to forex trading. With the general acceptance of digital currencies based on cryptographic protocol, there’s need to trade or swap cryptocurrencies either against fiat or crypto. Cryptocurrency pair such as BTC/ETH or crypto to fiat pairs such as BTC/USD is the backbone of crypto exchange website. Crypto trading websites are of two types which are the decentralized and centralized exchange.
Centralized exchange website enables trading of digital currencies but with “third-party” mediating the trade between its individual users. Decentralized exchanges enable peer-to-peer trading of cryptos without the need of middlemen. Deals are made through smart contracts and atomic swaps so that currency never passes through the hands of an escrow service – it’s just peer-to-peer. In simple terms, decentralized exchange is an exchange market that does not rely on a third-party service to hold the customer’s funds. Instead, trades occur directly between users (peer to peer) through an automated process.
As a cryptocurrency exchange, Blockchain.io will play a major role in the Internet of Value’s ecosystem. It will be the marketplace where cryptocurrencies will be traded against each other, a gateway to and a bridge across the multiple value networks powered by different blockchains/cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). – Blockchain.io Whitepaper
The recent hack of various crypto exchange website which includes Coincheck and had made crypto community security conscious in terms of both funds and personal information. Blockchain.io is a crypto exchange website with decentralized settlement and liquidity services. The features that make this platform unique include the following:
Transparency: the claims of the blockchain technology is the decentralization and transparency that it provides to the world. But, the centralization of many exchanges makes it impossible for the realization of this goals particularly in the aspect related to the exchange of value which is most prominent in crypto trading. The use of the cryptographic protocol on the blockchain.io platform would make it possible to eliminate middleman cost, trading of crypto pairs would be peer-to-peer basis and also making the trading activity fully audited by anyone.
Security: with the recent hacks on top exchanges with hackers leaving the victims with absolutely nothing, it is of importance that exchange platforms ensure the security of users’ information and crypto to prevent identity theft and funds loss respectively. Blockchain.io ensures users security in all forms be it personal information and cryptocurrencies with the use of encrypted cold storage and cryptographic proof of reserves. Blockchain.io went one step forward to prevent counter-party risk during trading by implementing fair-exchange protocols.
Reliable Infrastructure: Recently, top exchange websites such as Binance and Bittrex did some upgrading on their website in which only some specific functionalities are up and running for weeks while the websites are under maintenance just to serve people better. But with blockchain.io, the team had foreseen future circumstances such as this and had solved these problems ahead of time. Blockchain.io built a robust platform to prevent long website maintenance time, DDOS defence in place, minimal downtime, and high processing speed to match the high volume work to be handled.
Some of the other features added by blockchain.io platform include the robust order processing which would help match trading orders of users in a peer-to-peer basis efficiently; transparent auction that will boost the currency market with effective pricing system; peer-to-peer lending and margin trading to help boost the cryptocurrency market capitalization.
No doubt, the adoption of this fintech revolution means that all its elements such as transparency and decentralization would be embraced in all human endeavours and this applies to the crypto trading website. And blockchain.io is the platform that improves on the existing model of cryptocurrency trading website to build a blockchain compliant website for this purpose.
Check full details of Blockchain.io project on their official website.
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It has lots of features to compete with the biggest cryptocurrency exchanges right now, but the real question is if the people behind this project could really deliver that promises and visions. We’ll see about this one.