Cryptonity : A Decentralized Crypto Exchange

raghav007 (0)(1)in #cryptocurrency • 6 years ago

Overview :

The name Cryptonity is coined from Crypto and community. According to the team, the project aims at giving the users the most secure, comprehensive, collaborative and transparent exchange in the market. They want to bring ‘good vibes’ to the industry with an exchange that stands out.

A lot of crypto-exchanges has been introduced to the market recent times. The vast majority of exchanges are claimed not to care much about their customers. They do not rely much on user-opinion. This means that the relationship between the exchange and the user is not reciprocal, as the exchange is only looking to make profits. All the transactions that the exchanges carry out are shrouded under a cloak of mystery and so customers fail to trust them.

The large cryptocurrency exchanges, on the other hand, have their focus on issues to do with regulations. They are also very much concerned with how reliable their presence is and how they can avail bank account support to transact with Fiat. Additionally, they worry about security and insurance should there be a theft. Things such as lack of feedback, support, and transparency get relegated to the backseat.

Cryptonity claims that it will form the best solution for the community. Without intermediaries, there will be smart contracts to perform all transactions giving the platform an edge over centralized exchanges. Since there will be no centralized server, every user will be able to use their assets as they wish.

The developers of Cryptonity are looking to create a blockchain as soon as they finish distributing ICO tokens. The main task of the team will be to provide a safe system for industry experts to interact. The platform will give the user reports bi-annually to help the users trust them more. There is also a plan to formulate an insurance policy to cover any losses to the client from the exchange like in a hacking threat.

Problems on Current Exchanges :

From their point of view, they see two different categories of cryptocurrency exchanges: the big players on the one hand, and the challengers on the other hand. The ones they subjectively call the challengers do not care about their users or customers, and seem not worried about their credibility.

Cryptonity Solutions :

At Cryptonity, They aim at providing the most comprehensive, secure, transparent and collaborative exchange platform in the market. One of the key aspects of their project is security. They want to provide to their users the most secure trading platform. To achieve that goal, they will work with the best known security experts in the market, be audited twice a year by independent security companies, and communicate our audit results to all of their users.

Key features of the platform :

The Cryptonity system will have the following features

High-performance ergonomic tools for trading
Low commissions for users with Cryotinitas Token (XNY)
Security and insurance programs
Opportunity to work with security experts and to be audited bi-annually
User engagement in relation to developing platforms
Responsive and multi-lingual customer support service

A comprehensive “Cryptosystem” :

Provide users with the most ergonomic and performant trading tools. Users who own Cryptonity Token (XNY) to be granted with the lowest fees in the market. They plan to develop own Blockchain and a decentralised exchange with the participation of community through a rewarded program.

Security & Insurance :

Provide users the most secure trading platform, working with the best security experts in the market, audited twice a year by independent security companies. First crypto exchange to provide an insurance to refund our users in case of losses.

A Community centric trading platform :

Involve the crypto community in the evolution of the platform to meet their needs and requests: features to be developed, coins to be listed, etc. Responsive multilingual customer service, low fees and fully transparent policy.“Forks”, “Airdrops”, “Staking Rewards” and “Masternode” features to be implemented.

Cryptonity Token (Xny) :

The Cryptonity Token (XNY) will run on the Ethereum blockchain. However, the team is planning to develop its own blockchain after finalizing the token sale. 100 million tokens will be released to the market. The number is fixed which is to say that the company will neither repurchase nor increase the number of tokens.

The utility token will grant users a 50% discount in exchange fees for their lifetime in the exchange. It will allow the users to participate in community activities such as voting for the ‘coin of the month’. The tokens will be allocated as follows:

The token sale will be done with Ethereum, Bitcoin Cash, Litecoin, Bitcoin and Binance coin, and all investors will have to finish KYC registration before they can withdraw tokens.

Token Sale Details :

Funds Allocation :

Cryptonity Exchange Principles :

To ensure to their customers the most convenient trading experience on any device, they will develop the following interfaces:

Web-based trading client
Android and iOS native client
Mobile HTML5 native client
REST API

Multilingual Support :

At the initial launch, 4 languages will be supported on Cryptonity Exchange: English, French, Chinese and Korean. As they intend to provide the most comfortable experience to their users, they will add over time all relevant languages requested by their users.

Trading Pairs :

At the initial launch, Cryptonity Exchange will support trading pairs in the following coins:

Bitcoin (BTC)
Ethereum (ETH)
Cryptonity Token (XNY, will be available once our ICO is finished)
Tether (USDT)
They plan to support FIAT currencies as trading pairs; they will do their best to have it implemented as soon as possible.

Economic Scheme :

This section details the fees applicable on their Exchange. All fees will always be accessible and fully detailed for all of their users. No hidden fees.

Exchange/Trading fees: 0.1% per trade.
Withdrawal fees: between 0.2% and 0.5%, with variations between coins/tokens.
Other fees: in case other fees apply, they commit to let their users know about them, in detail.

Cryptonity Blockchain :

They plan to develop and launch their own Blockchain. They will start working on it as soon as their ICO finishes and they will keep their community updated with the progress. Community involvement will be key and a huge help for us.

Decentralized Exchange :

Their plan is to build a decentralized exchange in the future, and they want to do it with the participation of the community. That’s why they will launch a “code-a-thon” program, in which the best implementation(s) and/or team(s) will be offered a prize pool, paid in XNY.

Insurance & Customer Service :

They want to be the first crypto exchange to provide to their users insurance. They trust their technical architecture and want their users to trust it as well. Security and integrity is part of their top priorities but they also know that perfection (a platform that is 100% secure) doesn’t exist. Even decentralized exchanges can have flaws and we’ve seen that with the case of Ether Delta.

Cryptonity Exchange Features :

In this section, they will detail some features the Cryptonity Exchange will provide, at the launch, and also the ones they will develop according to their roadmap, step by step.

Analysis & Strategy Tools :

To help their users make analysis on their trades and build their strategies, they will implement a “Portfolio” feature that will enable them to easily track their gains and losses for each trade, configure price alerts, and many other options to be detailed on the platform.

Proof-Of-Stake Wallets, Staking & Masternode :

They aim at being one of the first exchanges to support staking rewards for their customers. They believe that this is actually the best argument we have, to convince the crypto-community to use Cryptonity Exchange rather than any other exchange. If a user holds Proof-of-Stake coins on Cryptonity, They will credit his/her staking onto his/her wallet. Proof-of-Stake Rewards feature is planned or Q3 2019. They will also consider implementing Masternode feature in the future.