Hello readers, I am here again to give insight to some of the problems faced by cryptocurrency exchanges and solutions therein. I believe we are not new to the term “cryptocurrency exchange” anymore.
We have over time talked about some challenges experienced by exchanges despite their increase in number. Some of these exchanges doesn’t care about how its community members fare. Let’s look at non-responsive customer Support for instance, if you are a user on an exchange platform with such an issue. Once you encounter a problem and needs help, you're totally on your own and this is frustrating. If you have encountered slow site performance when an action is needed to be performed then you will understand the pain of being a user on such terrible platform and could lead to loss.
Some of these exchanges out there care mostly about the revenue they tend to gain other than the convenience and satisfaction of its users. They fail to understand that with smooth working environment, the users will be comfortable and spread the good news about such a platform. Thus, this will boost the confidence of such platform and more users might be attracted to make use of it.
Time in cryptocurrency is very essential, few seconds can cause irreparable damage. Due to this fact a faster network is supported for efficient delivery. There is also lack of transparency and credibility in transactions by some exchanges which leads to inefficient system. Another major concern is the rampant listing of tokens that were unable to reach their target during ICOs or without a defined use case.
There are several exchanges that are difficult to navigate interfaces and such discourages new users and even experienced traders.
Security challenges whereby these exchanges are hacked and traders/investors asserts are wiped out. No existing exchange has any measure such as insurance to refund losses due to hacking.
A system built with community members (used) as focal point will hardly fail because everyone feel the sense of belonging. The community members are carried along during decision making and this is very key to bringing both investors and platform owners at par.
What is Cryptonity Exchange Project
This is simply a Decentralized Ecosystem where cryptocurrencies will be bought/sold by leveraging on the blockchain technology. The blockchain with its immutable nature will be used and it’s going to provide some trading tools (features) to enhance users trading abilities. It’s designing easy to use interface. As the name goes CRYPTONITY so is the goal of the founders. It’s known as an exchange for the cryptocurrency community.
Benefits of using Cryptonity
Refund of assets if the system is compromised and leads to loss of assets (insurance policy)
Responsive and reliable customer support services with feedback as soon as possible.
Be part of decision making on the platform by holding XNY tokens
Security measures to be in place against intrusion
Fast order processing
Support will be available in different languages in order to carry all users along
Low trading fees of 0.1% per trade
Some Features of The Cryptonity Exchnage
Heroes Program: This is a program to be specifically designed to reward community users who use their social networks to spread the good news about the platform. This will be done by users sharing their referral links and attracting new users to the platform.
Customer Service & Insurance Policy
There will be prompt response by the customer support team regarding queries and problems. 24 hours support a day live chat will be deployed. Seven (7) million Cryptonity tokens will be set aside to pay for losses in case it ever occurred but measures will be put in place to ensure safety of funds.
Matching Engine: The exchange is going to deploy a super tech matching engine and it proposes the below types of orders
limit
Market
Stop-Loss
Airdrops and Forks
Since the exchange will be a fully backed commmunity exchange, its members will be part of the process to help choose these projects. The tokens gotten from such airdrops will be directly deposited to users’ Cryptonity exchange address. With the community members involvement, projects with doubtful future will probably be fished out.
Fiat Deposits & Withdrawals
Verified accounts will be able to withdraw and deposit FIAT currencies through Swift Bank Transfers and SEPA.
Analysis & Strategy Tools
To help users make good analysis and own trading strategies before taking any action, there will be a feature called PORTFOLIO. With this feature, it will be easy to personalize your page like setting price alerts, tracking gains/losses during trades. It will be an easy to configure feature.
Conclusion
Experience they say is the best teacher, as the team behind this project are professional traders and miners. They are used to problems bedeviling present exchanges and this far reaching solutions reached will bring succor to traders and investors alike. It’s the first exchange that will be implementing insurance policy to cover for loss in case of theft. The confidence level of users will surely increase through this and more users will be drawn to the platform. Making the community members part of the decision making regarding certain decisions is an awesome idea and shows the openness of the team.
I think investors and traders need a safe environment to invest in and this is the right place to be.
Please take your time to read this piece and make an informed decision based on your understanding.
Website: https://tokensale.cryptonity.io/en
Whitepaper: https://tokensale.cryptonity.io/storage/Whitepaper_EN.pdf
Twitter: https://twitter.com/CryptonityEx
Telegram: https://t.me/CryptonityExchange
Bitcointalk ANN thread: https://bitcointalk.org/index.php?topic=5005070
Bitcointalk bounty thread: https://bitcointalk.org/index.php?topic=5032641.0
Author's details
Bitcointalk username: mayukus4life
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1777715
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