As soon as blockchain became recognized as a ground breaking technology, specialists from all types of industries set out to find a way to apply it to their field of work. The potential in the financial technology was immediately obvious, it was almost impossible to deny that finance and business would change in a meaningful and drastic way sooner rather than later. But as all innovation, blockchain needed time and right people to create something that would truly change the game.
Today is year 2018, and as expected many projects are in the works that have blockchain in their DNA through and through, but only most practical applications and most experienced teams are successful. Today we will talk about the TradeConnect network and their token – ThinkCoin, which were created to allow parties to trade directly with one another on equal terms and with costs significantly lower than traditional.
TradeConnect Limited is a part of ThinkMarkets group, a licensed financial services company in UK and Australia, that has been operating in the sphere for over ten years. That is why the ideas that these developers bring to the table are relevant and backed up by real experience, but most importantly the team knows exactly what the trade systems that are currently in place sorely lack. Let's take a closer look at TradeConnect network and how it will work.
At its core, TradeConnect network is a multi-asset blockchain based trading network, connecting users (be it individuals, brokers or corporations) on an even playing field. TradeConnect will combine on- and off- chain transactions to vastly increase the speed and security of settling a contract between two sides. Thanks to the Ethereum smart contract, the network will remove the reliance on brokers and other intermediaries and allow for direct trading. Likewise, thanks to the ThinkToken, payments and settlements will become nearly instant and hold no underlying fees or delays.
The ThinkCoin tokens (TCO) are utility tokens, which means that the entire economy of TradeConnect is going to be fueled by it, and anyone who wishes to perform transactions or purchase services on the network will have to hold TCO tokens. After the transfer of fiat currency or other cryptocurrency into ThinkCoin tokens, users gain access to various markets and once the trade is completed tokens are released or settled in the user's wallet.
The ThinkCoin wallet will initially support these cryptocurrencies:
- Bitcoin
- BitCoin Cash
- Ethereum
- Dash
- Monero
- LiteCoin
- ThinkCoin (TCO)
ThinkCoin network will be an asset-backed token. It means that the equivalent value of the available token stored in the network will be held in fiat currencies (USD, GBP, AUD, JPY, etc.). It is planned that this will help with liquidity for makers and takers, and stabilize the price of the TCO token.
There are many advantages to the ThinkCoin network compared to traditional trading routes. The most significant advances in the industry are as follows:
- An ability to uphold great transaction volume and measure it.
- Multiple asset trading, since any risks to credit or settlement are removed.
- Reliable liquidity.
- Blockchain ensures total control of the user’s funds.
- Trades can be settled almost instantly.
- Connect fee model unique to this platform that allows the market maker and the network to receive a percentage of the fees created by each trade.
- The tokens are backed up by assets.
It is clear that the thriving of TradeConnect network will heavily depend on the number of users, the transaction speed and liquidity. That is why many solutions have been devised to ensure these three factors, so between artificial intelligence, clever architecture of the platform itself, and the incredible dedication of an experienced team, ThinkCoin token has been on everyone's mind lately and is sure to be even more successful as the time goes by.
For more information about the project, technical details, token sale, announcements - please check out the links below.
Are you a trader yourself? What problems have you encountered that can be solved by blockchain? How often do you end up using a broker or an intermediary? Tell me in the comments below.
Author's bitcointalk: OceanWind33
there are already few projects with a similar idea... This one looks interesting.
Coins mentioned in post:
Interesting.
Yeah, I agree with previous commentator, this ICO is definitely not like others. I've checked ICO bench experts reviews and pretty much their opinion is similar to the opinion of the author
Most ICO reviewers I have followed are usually hit-or-miss, but yours have been consistently good and understandable to the layman I am haha
I had tried to read ThinkCoin whitepaper but didn't understand anything, your article helped out Bigthanks