Hey Steemworld,
It's new and they plan on changing how you use your Exchange, or in this case multiple Exchanges. Fidelium is presenting the very first multiple-exchange trading system for crypto. FID's first of its kind platform, named “Fortress,” provides users the chance to trade at different exchanges all over the globe at once, all within their trading platform. It aims to instantly connect multiple exchanges and gives users the option to freely choose any exchange to buy or sell their cryptocurrency. Another integral part of Fortress will be Fidelium's mobile app, which features a multi currency digital wallet, including debit card payment interface.
One of the main issues that FID are aiming to address is the price difference caused by lack of liquidity, as there is no central institution that monitors the value of cryptocurrencies, price is determined completely by the market. That sounds fine at first – the supply and demand manage the price. However, when there are many exchanges around the world, each with its own supply and demand, thus resulting in different prices at each, withthat issues are bound to arise.
With their Fortress Online Trading System (OTS) they propose a way to ameliorate price fluctuation by giving access to exchanges around the globe all within a single platform. It will provide the ability to scan prices of what a certain coin is trading at across multiple exchanges, and assist to determine which one offers the best price, and make smart trades at whichever you want. The OTS brings everything together into one platform, and delivers you the functions to buy and sell any crypto you desire at any supported exchange, and proceed to sell it at any supported exchange, even if it’s not the exchange you bought it from.
The second problem Fidelium are planning to address is the inability to spend crypto in our daily lives. Hence they have introduced a debit card system, For their system to work as they envisioned, a few main elements needed to function correctly.
- A multi-cryptocurrency coin wallet app integrated with debit card network.
- Liquidity Provider, guaranteeing transactions.
- Fortress – Fidelium’s Cryptocurrency OTS, fully integrated with our website/app.
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The basic idea is similar to how your current debit card works in real life. The difference being a regular debit card, from a bank, will draw funds from your savings account, the Fidelium debit card will draw funds from your cryptocurrency balance. The FID downloadable app will provide an option to pick which currency you wish to use at the time of sale.
On their server side, they'll maintain a secured database of user accounts with their crypto balances. To ensure the security of servers containing the user database, they plan on using multiple redundancy mechanisms, server mirroring, and other methods, to protect all client data.
With Fidelium truly believing in crypto’s potential to create the new standard in the financial system. They plan to tackle these with innovative ideas and a well structured team. With new ideas popping up on the internet every other minute, not just for cryptocurrency-related services, but in blockchain as well. It is going to be an exciting road up ahead.
Thanks for Reading and keep on STEEMing
Fidelium seems like an awsome project. This would also solve exchange risk since funds are hold more secure and only be in diffrent exchanges for the trade and then send back again. Would like to see the cost of this but it could someting we could implement for sure since I belief they will also make it posible to comstruct new layers of security per account
Definitely an awesome project, The security levels are insane and the debit card with multi crypto is a huge advantage. I see one of their only issues being price regulation. for example HITBTC in Korea is regularly 30ish % higher than most other Exchanges.
It seems like an ambitious project. It looks like they going to try and develop interfaces to the major centralised exchanges to correlate all the price data. The whitepaper mentions Bittrex, Poloniex, Bitfinex, Upbit etc.
I am personally very interested in the development of decentralised exchanges and the potential atomic swaps across blockchains, but I keep an open mind about projects like this working too.
Very ambitious indeed. If they do pull it off it should help the to regulate the price across all platforms. Whether that ends up being beneficial remains to be seen
If they can do it then it would definitely be beneficial as it would make the market more efficient and liquid. It might close out some arbitrage opportunities, but 99% of us aren't doing that.
Project seems really cool! Thank's a good review!
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