After the most recent hack on binance which Happened during the early days of may, in which about 7,000 btc where stolen, as at the moment of writing this article the worth of those Bitcoin is nothing less than $40m, how can a giant exchange like binance suffer a security breach?, This is one of the issues centralised exchanges will continue to face and also putting the recent hack of cryptopia which happened early January, although they tried to come back from the hack, on may 15 2019 announced that they have been liquidated, same fate which mt Gox suffered,
What point am i driving at here??
Can you notice a pattern within which the breach happened, something in common to all the exchanges??, They are all centralized exchanges
Although centralized exchanges boasts of top tech encryption and security services, they have been on the receiving end of about 90% of all hacks, you may not know what centralized exchanges are but I'll take a little timeout to tell you the differences between centralized and decentralized exchanges
What are centralized exchanges??
Centralized exchanges are like how a typical Bank is set up, centralized in the sense that buyers and sellers entrust a middle man to handle transactions for them, meaning there is a central authority overseeing transactions and the middle man takes a percentage of the fee during this transaction, here the security of funds are responsible for by the middle man, and a major example of this is binance
Decentralized exchanges
Decentralized exchanges
Decentralized exchanges popularly known as “dex” are set up in a way that, both buyers and sellers transact directly without the use of any third party or middle man, here the security of funds lies solely in the hands of users and a major example in this category is IDEX.
Due to the recent hacks, breach in security of exchanges,why not put together the advantages of a centralized exchange and that of a decentralized exchange and come up with something unique??,
Well you are right, an hybrid exchange is an exchange that makes use of the advantages of both centralized exchange and decentralized exchange, now this has been clarified, meet the world's best hybrid exchange coincasso
Coincasso is a hybrid cryptocurrency exchange that boasts of advanced security protocols, its combination of features peculiar to decentralized and centralized exchanges, it is a partially centralized exchange,but here users have the power to oversee the governing of the exchange coincasso is a multilayered product and its major selling point is the offering of margin trading,
Come to think of it, the only cryptocurrency exchange popular for offering margin trading of up to about 100X is bitmex, but as a user of bitmex there are a lot of issues users face while having to use that exchange, issues such as
Order not being executed promptly
Stop loss or sell order not being triggered
About stop loss and sell order not being triggered, this has been an issue almost everyone that has used or is still uses bitmex must have encountered one way or the other, and i believe this is majorly possible because bitmex is a centralized exchanges, they control what happens on the exchange.
But with coincasso, the issues highlighted above will be nothing to worry about, as the functionality of the exchange will be purely decentralized.
Core features of coincasso
A powerful number of transactions per second with the possibility of increasing this amount in times of overload
- Trade margin
- 9 Types of order in a trading
- Optimised UI/UX
- Trusted ICO/STO Provider
- Profits and bonuses for CCX holders
- Currency FIAT, Corporate/ Personal tokens supported
- 24/7 Users Support
- High-Security Level
Due to the fact that the information provided in here may be overwhelming, Should you need more information?, Please feel free to visit any of the links below
Bounty0x username - lektai