Welcome to CryptoNewsICO,
on this occasion I will discuss Qurrex Project. Why am I writing about the Qurrex
Project?
Because I am sure you
will need this project in your life very much, this project is very useful for
us all around the world.
Yes please, you guys on
the Qurrex project.
INTRODUCTION
Today, in the expanding crypto-economy, a paradoxical
situation has developed. On the one hand, a total hegemony of the centralized
exchanges has been established, with minimal basic client functionality and
service – a position only strengthened by the growth in the volume of
cryptocurrency trade and capitalization. On the other hand, the “teething
troubles” of the centralized platforms, and the successful running of ICO
projects linked to cryptocurrency trading, have led to consistent demands by
the community for both an improvement in the quality of service of the
centralized model of trading platforms and for the creation of effective
decentralized cryptocurrency systems.
When an average customer chooses from cryptocurrency
markets he pays attention to security and transparrency, but first and
foremost, to liquidity. The liquidity is not a virtue in itself. The liquidity
depends on the ability of marginal trading, transferring fiat money, providing
friendly GUI.
There are a number of niche products on crypto market.
Each of these projects does well in addressing one or two specific concerns.
Still there is no universal solution to all the cryptocurrency market
challenges.
These projects boast striking serviceability in one
area or another. Such platforms, as a rule rarely possess the characteristics
they boast, and have primitive key indicators, such as KPI, unsuitable for the
“mature” markets.
At the same time, institutional players on the
financial market, backed by hundreds of millions of clients and funds amounting
into the trillions of dollars, understandably lack faith in the cryptocurrency
trading market due to its lack of industry standards and transparency, its
vulnerabilities, as well as the technological backwardness of trading platforms
and their infrastructure when compared with the classic, regulated exchange
systems.
The cryptomarket will reach the next stage of maturity
only by adopting institutional traders.
In November 2016, a group of like-minded people began
work on the first hybrid cryptocurrency exchange with an innovative platform
for social trading and investing.
This group brought together experts with many years of
experience in working on the currency markets, developers of trade terminals
allowing both manual and automatic trading, and founders of successfully
operating stock and futures exchanges – all of whom saw the significant
potential in applying the best practices and industry standards of the
traditional sector to realizing projects in the cryptocurrency sphere
TERMS
AND DEFINITIONS
·
Latency, Roundtrip Latency : waiting time,
the time taken by the system to process a request, usually calculated as the time
elapsed from the moment the request is registered at the gateway until the
moment information about the said request being processed is issued.
·
Capacity : the number of transactions that
can be processed by the trading system module/node or the whole trading system
in units of time, usually per second (tps - transactions per second).
·
Digital asset : a cryptocurrency, token,
or coin of the blockchain network. HFT (High-Frequency Trading): a form of
algorithmic trading on the financial markets characterized by minimal time for
position holding (over fractions of a second) taken by up-to-date equipment and
special algorithms. This abbreviation also refers to a trader using such
trading strategies(High-Frequency Trader).
·
DVP (Delivery Versus Payment): an order of
settlements that implies the presence of a sold/alienable asset (whether
cryptocurrency or fiat) with the client when requesting a purchase or sale.
After successful verification of the asset’s availability, the application may
be submitted (if the required asset is absent, the application will be
rejected). After this transaction occurs, simultaneous settlements between the
parties take place.
·
CEX: the centralized exchange
·
DEX: the decentralized exchange Fiat,
·
Fiat Currency: traditional cash or
non-cash money of centralized issue and recognized by the global community.
Qurrex
ecosystem
The Qurrex multifunctional trading platform is a
hybrid system that consists of:
• a centralized node, which is comparable in its
effectiveness to modern, cutting edge traditional exchanges;
• client functionality that meets the demands of users
of leading exchange and FX brokers;
• a blockchain network which, on the one hand resolves
problems of secure storage and eliminates middlemen, and, on the other,
provides the user with aggregated liquidity from all network nodes, including
the centralized platform.
In reality, Qurrex is setting the industry standard in
the crypto-economy for a universal cryptocurrency exchange – one which existing
platforms will eventually achieve only after years of independent effort.
The platform will become the first cryptocurrency
exchange based on high-performance architecture from the leading international
trading platforms. Rather than respond to the market demand of “yesterday”, it
is designed for the future – for the coming growth explosion in cryptocurrency
trading.
Moreover, the project will become an important factor
in the development of the crypto-economy, as it not only satisfies the demands
and solves the problems of current users of existing exchange platforms, but also
creates favorable conditions for a new wave of participants, those not
currently represented in the crypto world.
As a demo-model, we’ve prepared a test web version of
the trade terminal which will serve as the interface for our exchange system.
The test version is able to reflect current quotations
for key cryptocurrency pairs, provides trading and analytical capabilities, and
supplies a newsfeed from various sources.
At present, the client end of the service – the
platform’s functionality for social trading and investment – is 60%
operational. At the back end of the exchange system, the concept of delivering
the CEX and DEX has been developed, and work has begun on separate sections of
the system, for a readiness level of around 20%.
By the start of February 2018, the order-matching
module will be launched in test mode and presented for external load testing
BACKGROUND
AND SOLUTION OVERVIEW
Originally, the Qurrex platform was designed
exclusively as a centralized cryptocurrency exchange system. The reason for
this was related to the team’s background: having worked for over 10 years on
the creation of various exchange and broker systems and products for the
traditional markets, we inadvertently became adherents of this approach.
However, research into distributed networks as part of
delivering the current project led us to new approaches and tools for solving
many of the problems that we had encountered over the course of recent years.
Here we refer, first and foremost, to the need to increase liquidity of
separate instruments, as well as to increase clients’ confidence in unregulated
infrastructure providers. The outcome of our investigations was the
understanding that, in order to create an effective exchange system and meet
the demands of a wide circle of users, what is necessary is the harmonious
merging of centralized and decentralized elements.
The main thing we understood was the fact that, within
an infrastructure set up to handle various assets, the potential of the
community behind the public blockchain networks must be taken into account, as
it is precisely this community that is the basis of the future crypto-economy.
PROBLEMS
WITH THE CURRENT STAGE
The main failings of existing cryptocurrency exchanges
communicated by the community, and which we plan to resolve by creating Qurrex,
can be set out as follows:
• lack of protection and an insufficient level of
security (fraud, theft of cryptocurrency from wallets, theft of personal data);
• insufficient liquidity, especially across
low-liquidity instruments;
• lack of rapid, connection-friendly APIs;
• low capacity and substantial delays in completing
operations in the bidding system;
• lack of formal transparency, in particular, public
and liaison protocols for interacting with clients in the event of any issues
arising;
• malfunctioning due to limited productivity;
insufficient performance for peak trading activity periods;
• non-adherence to the obvious rules of business
practice;
• malfunctions as a result of excessive traffic;
• interfaces (both graphical and application
programming) provide only restricted analysis and trading functionality, for
example:
• lack of mobile applications,
• incomplete set of tools for graphical and technical
analysis,
• non-user-friendly interface,
• poorly customizable user interface;
• slow processing of deposits/withdrawals, limited
means of such deposits/withdrawals;
• unsatisfactory level of customer servicing, for
example long response time from technical support services, lack of telephone
support;
• narrow choice of trading instruments, lack of
“hot”/new cryptocurrencies and tokens.
NICHE
PRODUCTS AND THE UNIVERSAL EXCHANGE
In the modern realities of the developed client
services on the financial markets, and also due to the digitization of all
processes and the establishment of universal companies which provide their
clients’ ecosystems with the widest possible range of services, the client
wants to have a single entry point for an exchange’s entire functionality. The
leading players in the classic finance, banking, and brokerage businesses have
long been catering to customers by developing appropriate product lines. By contrast,
in the cryptocurrencies and cryptoassets sector, the majority of players have
until now maintained precise specializations and a sharply defined niche
quality.
We identify the following types of cryptocurrency
exchanges:
• Platforms that don’t accept fiat currency, with a
wide selection of cryptocurrency pairs (for example Poloniex and Bittrex);
• Platforms that don’t accept fiat currency and that
specialize in low-liquidity coins/tokens (from recent ICOs) and the trading of
one or two popular cryptocurrencies (for example CoinExchange, C-CEX);
• Exchanges that do accept fiat currency and that
specialize in one or two cryptocurrencies, with platforms for clients to enter
the cryptocurrency world (for example Bitstamp, Lykke);
• Exchanges that accept fiat currency and specialize
in a wider range of traded cryptocurrencies/coins most popular with platform
speculators (for example Bitfinex, Bithumb);
• Futures exchanges (for example BitMEX, Deribit);
• Platforms that aim to mix the approaches listed above
(virtually absent, possibly refers to hitBTC, YObit.net).
Okay now we are at the
end of the article, my suggestion please you visit the official website,
whitepaper, and their official media below to get more information. Thank you
for visiting my website, see you later.
Website : https://qurrex.com/
Whitepaper : https://goo.gl/ZmucrR
Telegram : https://t.me/qurrex
Facebook : https://www.facebook.com/qurrex/
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