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
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
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).
The Qurrex Token
USING THE TOKEN ON THE CENTRALIZED EXCHANGE
The functions of the token on the centralized exchange are as follows:
• an individual discount for paying commission fees accrued for organizing trades;
• a medium for paying for services and fees with other currencies;
• a quoted exchange commodity, cryptotoken.
A medium for paying for services and fees. The cost of the platform’s services and fees will be denominated in the established coin of account (USD, euros, or another national currency). The owner of the token can pay for any of the exchange’s services or fees at the highest of the two values of the Qurrex token: the current exchange or determinate nominal value.
A quoted exchange commodity, cryptocurrency. The Qurrex token will be traded on the exchange No restrictions are imposed on its circulation outside the exchange, and individuals and companies can use it as a cryptocurrency as well as Bitcoin or Ethereum for the purposes of settlement, savings, etc. We will provide margin trading on funds lent by other bidders. A trading section will be organized on the Qurrex exchange, which will allow authorized users of the exchange to borrow and transfer Qurrex tokens for temporary use for market-established remuneration in the most liquid crypto and fiat currencies.
The system will limit the use of a transmitted token by the host party to realization of the accrued value discount for the reporting period. The code will also automatically clear the payment/fee accrual and consume the object of the transaction at the termination time.
The function of exchanging commodities with the ability of margin trading will generate speculative demand for the Qurrex token, and the ability to instantly convert to highly liquid currencies will create demand for the tokens as a cryptocurrency for a wide range of consumers
Okay, you can visit their WEBSITE and WHITEPAPER to get more information. And for those of you who have Social Media, you can visit their social media on FACEBOOK and TWITTER. And for those of you who want to ask something about this Project, you can join their TELEGRAM Group, Thank you.
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