Qurrex Most Secure Crypto Exchange

 

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

INTEGRATING CEX AND DEX: THE PATH TO A HYBRID EXCHANGE

After the modification/integration of the blockchain network selected for delivering the decentralized exchange and after the completion of work on the functionality of the DEX, the centralized exchange will become one of the nodes in the aforementioned network. The CEX node (or the central node), along with other nodes that make up the network, will send orders to nodes with the best price for an instrument and exchange information with the rest of the nodes about current active requests by participating in the creation of aggregated market information for each electronic asset.

THE KEY FEATURES OF OUR SOLUTION

Presently, the majority of existing crypto-exchanges are characterized by a low level of openness towards their users who do not have access to information, including:

• who is controlling and managing the exchange’s activity and, consequently, the funds which the users are depositing in their exchange accounts;

• the way the funds deposited by users in their exchange accounts are being used;

• whether there is a balance between fiat money and cryptocurrency assets circulating on the exchange platform;

• whether the exchange platform’s balance is being audited;

• where the exchange’s accounts can be inspected;

• how much in fees and commission the user is paying to execute trading operations.

Client Support

One of the most burning issues for virtually all cryptocurrency exchanges is the lack of fully-fledged prompt client support. In the event of a problem occurring, users have to wait for hours or even days for the support service to get back to them.

We intend to change common practice, providing users with multi-lingual, round-the-clock client support via various means of communication, not only email. Regardless of how many assets they have, clients will receive a prompt response regarding any issue involving the functioning of the platform.

SECURITY

The exponential expansion of the cryptocurrency sphere and the rise in demand for services in converting fiat currencies into cryptoassets has aided the development of centralized exchanges. As a result, members of the blockchain community have started to transfer control over ownership of decentralized currency to centralized exchanges. For ease of access to the conversion functionality 9 QURREX WHITE PAPER and speculative trading, many have begun using exchanges to store their fiat and cryptocurrency funds.

The spread and popularization of using centralized exchanges has opened a “window of opportunity” for unscrupulous behavior not only by operators on the exchanges but also from external criminals for whom the exchanges have become a kind of magnet. Unscrupulous activities on the exchanges have led to cumulative losses to the cryptocommunity in the amount of 980,000 bitcoins – more than $5 billion, at current market evaluation. The theft of users’ money has been observed on virtually every one of the currency exchanges. Thus, people with crypto assets on the exchanges are suffering from one of the very problems that Satoshi Nakamoto tried to resolve by inventing the Bitcoin.

The security issue has given rise to the need to develop decentralized exchanges which, in the long run, may replace centralized exchanges and become the main trading and currency exchanging infrastructure for the cryptocurrency market. Until then, centralized exchanges will have to investigate newer ways of defending themselves against the inventiveness of criminals, something which will remain one of the fundamental and critically important aspects of their operation and, at the same time, one of the competitive advantages of our product, which effectively solves the issues of protecting client funds and maintaining confidentiality.

TYPES OF AVAILABLE TOOLS AND SETTLEMENTS FOR TRANSACTIONS

With these types of tools, it will be possible to carry out both targeted and anonymous transactions. It will also be possible in the future to carry out transactions in discrete auctions. Settlements on sales and purchases of cryptocurrencies and repos will be conducted according to DVP, which is the industry standard for highly volatile cryptoassets.

In spite of the existing practice of using DVP settlements, the risk module of the platform will immediately support trading with partial predepositing of funds. Such a capability is provided in order to quickly react to new market challenges: the launch of trading in futures and options, or a maximally liquid instrument not only for private investors but also for large players, institutions, and intermediaries/brokers, which will contribute to an overall increase in liquidity on the platform.

Despite the fact that the Qurrex mandatory functionality planned for launch includes only spot instruments and repo, we considered it necessary to immediately provide for the technological possibility of trading derivatives, first of all with futures on the transition to a similar type of settlement with liquid instruments. We believe that the possibility of rapid technological transition and experience in working with the necessary systems for launching risk management (both technically and organizationally) in the financial markets will be one of our major advantages.

In the case of starting trades with partial predepositing and the use of repo tools instead of those separate from the basic functionality of lending services, which are now widely used on stock exchanges and are an industry standard, we will provide a familiar, convenient, transparent, and index. We consider this instrument one of the most promising niches in the cryptocurrency industry. At the same time, a general approach to the creation of our infrastructure, the key characteristic of which is reliability, is extremely important for the launch of derivative instruments (along with technical readiness), since the platform or an affiliate of it will be the guarantor of the fulfillment of obligations for the transactions. At the current time, no single exchange can take on such a responsibility.

INTERACTION PROTOCOLS

The following connection protocols will be available to our clients:

• mBinary – our own protocol that allows the exchange of messages of a given format in binary form;

• FIX/FAST – standardized protocols for transferring exchange data; used in the majority of trading systems;

• WebSocket – convenient protocol for application developers; flexible and scalable. It is used both for connecting client terminals as well as for implementing trading APIs, market data, analytics, and chat messaging;

• REST – exchange standard in terms of responding to a request that has parameters. It is technically the simplest solution for the majority of third-party developers.

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.