The extraction of the very first Bitcoin and the creation of the Ethereum protocol have allowed the emergence of thousands of cryptocurrencies. These advances have also created a new type of business with digital assets. New trading platforms, new markets have emerged. It's an arising world, not really regulated. Concepts that govern cryptocurrencies (blockchain, algorithms, etc.) make it rather obscure. It's not so easy to go on an exchange platform and find yourself confronted with dozens of tokens: for instance, how to manage several portfolios of currencies on different platforms that do not necessarily have the assets sought? What about the security of the fund ? Remember MountGox bankrupcy in 2014. Or lately Youbit followed by Etherdelta, both victims of hacking on December 2017.
It brings me to introduce the purpose of this post: the next arrival of an exchange platform, CoinLion, which proposes to overcome all these problems.
What will the CoinLion platform bring to us?
First of all, CoinLion will use a cryptocurrency called LION. It is an ERC20 token powered by Ethereum protocol.
It will implement a Dual Blockchain System (DBS) in order to "achieve complete integrity, immutability and transparency." The goal is also to allow a large amount of transactions in short time.
From the software point of view, the platform is being developed using, among others, Docker containers. The key benefit is that this technology can run applications in isolated environments and it can manages workloads and load balancing efficiently.
CoinLion aims to transpose to the world of cryptocurrencies modern tools available on traditional trading platforms (USD, EURO, etc.) And it's not a surprise as Josh DEWITT, the CEO and co-founder is "in the finance industry with a history of trading various instruments including debt, equities, derivatives, FX, and more."(see the CoinLion site)
CoinLion will have "built-in portfolio management", called "Portfolio Management Tool (PMT). You can have a preview here.
And this is what PMT looks like:
This tool will allow users to share with others their strategies to manage cryptocurrencies. CoinLion will compile research and analytics into a library with premium content. Even advertising will be an option on users profiles.
All this will be possible thanks to the LION, the cryptocurrency dedicated to the platform. This token will be the corner stone of the CoinLion exchange:
Finally, LION will have its dedicated market on the CoinLion platform and it will allow free trading. To note that 500 million LIONs will be created with a base token rate of 2500 LIONs for one ETH. LIONs can be bought until February 25th and the funds collected from the ICO will be used to support and develop the platform.
CoinLion want to provide one of the best user experience and the team looked at the platform security:
- 100% reserve policy to transfer funds at any time
- Cold storage offline multisig wallets
- Two-Factor Authentication
- Email Confirmation
- Whitelist IPs
- Built-in circuit breaker to protect currencies from flash crashes
- Due diligence
- Insurance
- Know Your Customer Process (KYC)
Customer service will be available "for users to be able to communicate with a representative via phone, chat, and support ticket."
The legal aspect has also been taken into account. Caleb Veldhouse, one of the three co-founders, is a Juris doctor. In the whitepaper, you can see that the team have a legal advisor, Andrew S. Wilka, "master at law in Space, Cyber, and Telecommunications."
To speak about the team, the last co-founder, Justus Luthy, is a 25 years experienced software developer.
The core team is composed of people with essential job profiles:
- Kia Adams, 17 years in graphic design
- Nathan Pitz, 12 years in Chief Financial Officer
- James Livermont, 20 years in software and systems development
- Erin Zimmerman, Director of Customer Service
- Zach Neugebauer, 13 years as CEO and Owner
- Ian Dixon, Head of Growth
There are many more participants that you can view on the web site.
Conclusion
CoinLion platform is supported and developed by a dynamic team that wants to improve the world of cryptocurrencies. I think the Lion is a strong symbol that announces their will to succeed.
You can find many more explanations in the whitepaper: https://static.coinlion.com/docs/CoinLion_Whitepaper_v6.3.pdf
And for further readings:
- CoinLion web site: https://coinlion.com/
- The Bitcointalk ANN
- Follow them on twitter