Jun 16 2019
Guess What, Cryptocurrency Exchange Problems and Its Solutions
If you are a businessperson or people who are interested in investment, you definitely will understand its development. In the financial industry, a cryptocurrency developed. However, it takes place to gather together with some issues that plagued it.
Actually, Bcnex wants to develop technology in the future era by exchanging the digital assets and cryptocurrency which will be an important thing in the financial industry. The digital assets technology has begun to show their impact in the real world. It adapts quickly and become a trend in the industry. One of the examples is cryptocurrency exchange.
The cryptocurrency exchange has become the central attention of people over the world in digital currencies field. In each year, this exchange platform is increasing. From this cryptocurrency exchange, people not only get benefits but also suffer significant scaling-issues, both on the operational and technical side.
The Problems of Cryptocurrency Exchange
In this article, we provide you with some issues that the investors may face in these digital assets, cryptocurrency. There are 6 problems as the below explanation.
Let’s take a look at the detailed information!
- Weak Technical Architecture
Some digital exchanges were conducted by professionals engineers who have many experiences or with no experience at all in the field of finance so, they did not know how to operate financial services platform.
Usually, to get the system up and running they will choose the easiest way to save money and time. This exchange may work well in the first place it is. However, this may come worst when the number of traffic increases, while the system is overloaded and unable to process users’ request. In other words, people can buy or sell on cryptocurrency and they will not catch it in Bcnex.
Despite, an exchange should be well-designed with an efficient, enough security, speedy transaction, and the scalability. On the other side, Bcnex is established by well-experienced workers especially in the financial system in Forex market as well as real-time data application system. They have an in-depth understanding in the sector needed.
- Lack of Security
Because of malicious activity or hacker infiltration, statistics show that hundreds of exchange were closed. In 2017 and 2018, due to targeted attack according to the data from Group –IB, exchanges suffered total loss of $882 million. Meanwhile, Bcnex is designed by the highest security standard that can minimize hacker infiltration or another access from the irresponsible system or might be people.
- Low Market Liquidity
Basically, the main goal of the exchange is to create high liquidity, support investors in the trading system, and take initiative purchase or sell decisions. However, the digital assets exchange mostly did not meet the requirements so, it leads to unpredictable results for investors.
Liquidity is an important element for any of market, and due to the decreasing of liquidity, orders are not placed on time and the doors are opened to manipulate prices. Therefore, it leads to an imbalanced environment and things go out of control. In short, to attract coin miners, investment institutions and high-volume traders to a newly established exchange is difficult and requires an experienced team with an in-depth understanding about this new market.
- Poor Customer Service
Customer services are often ignored by some exchanges although this is one of factor that determines exchanges success. Based on the Accenture study, there are 52% of customers who have had a bad customer service experience with the company stop purchasing their service and product. By this moment, many users will complain about the bad services they received from the company so it leads to the poor of customers support.
- Trading fees
On cryptocurrency exchanges, the trading fees are sort of a two-edged sword. When the fees are low or no fees at all, the liquidity of exchange also increases. It permits large investors to deploy crypto prices cheaper and easier. Besides, cryptocurrencies naturally promise to interrupt the financial sector by making transactions far cheaper.
- Trading pairs
Besides trading fees, the issue also can exist from the trading pairs. It happened since there are 200.000.000 (two hundred million) individual tokens of cryptocurrencies that will be a very significant problem. So, if you want to sell one token for another, automatically it requires two traders which makes the double amount of fees necessary in order to exchange the token.
The Bcnex Exchange Problem Solving
After knowing about some issues that exchanges may face, we also provide you with some Bcnex exchange problem solving that can be the ways to reform those weaknesses. There are five ways that can be conducted to solve those issues are as follows:
1. Technical Solution
In this part, there is two technical solutions provided as follows:
1) The BCOMS Order Matching System
The BCOMS or The Bcnex Order Matching System is a component, which matches both of buying and selling exchange orders. In other words, it is a feature to buy and trade. Also, it is considered as the most eminent part of Bcnex that is built with high precision. All purchase or trade orders are stored with high performance queues and a good quality system which is designed to minimize the possibility of losing data.
So, all buying and selling activities will be stored in the high quality storage which ensures the users that their data will not lose. The BCOMS is the fastest exchange since it is capable of doing 2.000.000 trading orders per second. This flexible scalability makes the elimination of common issues on the overloaded system is very capable.
2) A Stable System on Microservices Architecture
To make sure scalability, a stable system on the microservices is used by adding physical servers when the system needs to handle a large number of transactions. With load balancing system is placed, the capacity of the Bcnex increases up to 99,9%. Besides, to improve their users, the access to speed is improved.
The microservices on Bcnex is divided into small services with separating databases which let us to make scale and modifications without compromising the whole system.
2. Safety and Security Solutions
It is also divided into 2 parts like the below explanation:
1) Multi-layer Security Architecture
Bcnex has already completed with a system engineering from the ground up with security in mind. Come up with it, Bcnex also deploys the security system into multiple layers which include, robust firewalls, anti-DoS, multiple user alerts. If Bcnex found some strange activity, automatically it will block the account for a certain period. It also will notify the user of the account.
To put it briefly, before attempting to perform any transaction activity in the process of KYT (Know Your Costumers) Bcnex will ensure all the user’s security crypto assets which aimed to achieve banking industry in the level of security compliance and auditing. Also, it uses Google/SMS 2FA for the users. This aimed to act related to security on the trading platform as a security measure.
2) Optimal Wallet Solution
It is very eminent to consider a large number of cryptocurrencies which are being stored on the major exchange. Hence, to keep users security, Bcnex is accomplished with the security solution which consists of a hot wallet, a cold wallet, and secure hardware.
The operational system of those wallets is similar to what is applied by Bank, ISP providers, and the developed countries government. Mostly, the vast Bcnex assets (98%) are stored in the cold wallet, whereas the remaining balance is stored in the hot wallet that is enough to cover the number of daily withdrawal users.
3. Liquidity Solutions
Bcnexhas worthy experiences in everything including from design to client support all the way to modify liquidity management and low latency trading architecture in the forex market industry. Moreover, Bcnex has many good partners in the industry who will be the key to the exchange launch and make them easier to build well established foundation of an existing business.
4. Customer Service Solution
Along with the development of exchange infrastructure, Bcnex began to consider customer service as a vital part in the digital economic industry. Therefore, they realize that they have a large amount of users, so they provide the users with always ready service management team who are willing to solve any issues. So, Bcnex is established for offering a flawless user’s experience.
Substantively this article does not mean to address one of particular individual or entity. It is just glimpse information that we write in order to share you if you guys interested in it.
That is the end of this article. Hope we do help you guys to know about Bcnex exchange problems and its solutions. Thank you! Happy Reading!
Join Super Airdrop:
If you need further information, you can check it in this link:
Ann Thread: https://bitcointalk.org/index.php?topic=5111223.0
Website: https://www.bcnex.net/?lang=en
White Paper: https://www.bcnex.net/BCNEX_WP_ENG.html
Social Media:
https://twitter.com/bcnex_net
https://www.facebook.com/bcnex.net
https://t.me/Bcnex_Official
Posted by: kurniawan05
https://bitcointalk.org/index.php?action=profile;u=1187741
Nov 23 2019
50% Commission: More Referral More Income at DACX
DACX (Digital Asset and Commodity Exchange) give you a chance to get more income from your referral friends’ transaction. Every single transaction from your referral friends, you get a 50 % commission. As usual, before the event, you only get a 25% commission from your referral friend’s transaction. This time, this event, you get a more 25% commission. This event occurs until May 1st, 2020.
Before I start to explain to you how to get your commission from your referral friends’ transaction at Dacx and what Dacx is. You all who don’t know about cryptocurrency, blockchain, and some other stuff that still have relation about that. I will give you some basic information and explanation which they have some correlation about this core article going to talk about.
We hope that the explanation in this article will help you find out about the world of cryptocurrency. It may go to be easier to know for you if I explain the stuff with light definition and may give some analogy to help you to understand. Nevertheless, you still don’t have a deeper meaning about that, at least you know the red-line of cryptocurrency worlds. It is going to be better if you know how that stuff works in our real-world society.
Cryptocurrency
It may easier for you to know cryptocurrency first before we jumped into the blockchain. Cryptocurrency is a digital money currency that was made for economic activity—transaction purposes. There are up to one thousand cryptocurrencies that were made until now. The top three popular cryptocurrencies and you might ever hear—Bitcoin(BTC), Ethreum(Ether), and Ripple(XRP). It sounds similar to digital money that you are used to buying some stuff in a mall or online shop, right?.
The conventional money that we ever use or even still for doing some transaction back in the day like coin or paper money was transformed into digital money for a simple reason. This is the thing that cryptocurrency is different between digital money. That we usually use for doing transaction—cryptocurrency is no longer has a rule from the third party and use peer-to-peer system (through from buyer to seller). Every single cryptocurrency transaction that people made was saved in the blockchain. I will go to explain to you about blockchain at the next point in this article.
A simple example of what is make cryptocurrency is different—
Let’s say when you used your debit card for buying some stuff like clothing or coffee at the mall. The transaction needs a third-party (in this situation is a bank) to make sure your transaction done well.
The buyer gives their conventional money to third-party for transforming their regular money to digital money. After third transforming buyer’s accepted payment, the buyer can use their digital money for buying some stuff. The buyer buys some thing from a seller with digital money and transaction done. After the transaction is done, the third-party has to send the buyer’s money from the buyer’s account to the seller’s account.
In this case, the seller and buyer must agree and carry out their responsibilities from the rules, conditions and agreements of the third party. Third-party be able to make a benefit from a transaction like give a charge from buyer and seller for every transaction that they made, the buyer has to pay a monthly payment for the administration fee and etcetera. However, the transaction can’t work without third-party participating.
In cryptocurrency transactions, you don’t have to face that case for doing the transaction because buyers can directly send their money to the seller without third-party participating. Other people inside the blockchain recorded every transaction that buyers and sellers made.
For of you who becoming more interested in cryptocurrency might thinking—how do I get cryptocurrency, and how do I save them?. You can easily buy and keep your cryptocurrency in an online exchange platform like DACX (Digital Asset and Commodity Exchange). Then make an account on the website and buy cryptocurrency. Even you can still buy a small scale of cryptocurrency like 0,00001 BTC. You can see your amount of cryptocurrency on the site.
What Blockchain is?
Blockchain is spread massively computerized that recording every single cryptocurrency transaction from people to other people. In conventional transaction mode, blockchain is more like a bank that we used to save our traditional money and use the money for doing the transaction. The difference—the bank has a centralization system recorder. And blockchain has a decentralization system recorder. This means if we save our conventional money in the bank, the only one who knows our transaction history is only the bank. In the blockchain, every single person inside the blockchain able to know what other people’s transaction history.
Blockchain should be safer than a conventional system because if one of the million computers in the world that save the transaction history from people got hack by a hacker, It doesn’t have an impact at all. The hacker needs to hack a million computers in the world to mess a transaction system. Imagine if we save our money in the conventional system—for example, in the bank, and let’s say the bank got trouble connection. We are unable to do the transaction and wait until the system has been done from recovery how the business transaction got ruined by trouble’s third-party system.
Every single computer that recorded people’s transaction history is identical same and can’t change anymore after the transaction done because of the immune system. The advantages people get from blockchain is they get rid of manipulation from the third party system transaction and not always hanging with the third-party system.
Blockchain divide into some blocks, a block record every cryptocurrency transaction history from people. If the one block has full of transaction history, It will create a new block for ready to fill the transaction history. The newest block always connected with the older. After a block full again, It will create a new block. Again, again, and again until they have a lot of blocks that connected for each other. It is called blockchain—a group of blocks with connections for each other. What the transaction history recorded by a block is not a literal number like money in a conventional transaction we usually met in the bank activity. The block recorded a nominal of money with the cryptography technique.
Anyone inside the blockchain able to record the cryptocurrency transaction from people. They are called miner—people who inside the blockchain, have a sufficient hardware component and be a transaction recorder. In a conventional economic system, it is similar to an accountant. Two things that miner has to do is securing and recording every cryptocurrency transaction from people inside the blockchain as a complimentary beneficial from what miner does is. They can encrypt the code from every transaction. If the miner success breaks the code up, they will get a free cryptocurrency from it. Which means miner get free valuable things that they can use it for a transaction like money in conventional economic activity. The miner also can sell the cryptocurrency to people or keep it their own.
Get 50% Commission From Your Referral Friends Transaction at DACX
DACX (Digital Asset and Commodity Exchange) is an online platform exchange/blockchain start-up based in London that utilizing artificial intelligence with highly computerized technology regarding provide a secure, efficient, and safe marketplace for serving a retail and institutional client. DACX’s MVP (Minimum Viable Product) was launched in January 2019 without external funding.
Until May 1st, 2020, DACX gives you a 50% commission or more 25% commission than usual from your friends who sign up at DACX with your referral ID, QR Code, or referral link.
There are the steps that you have to do to get your commission:
You get a 50% commission for every your referral friends’ transaction until May 1st, 2020. After that time, you only get a 25% commission. Every commission that you get from your referral friends’ transaction will be paid in cryptocurrency. DACX doesn’t make a limitation number for referral invited, but DACX always keeps an eye for a duplicate and fake referral account. For you who still to try to get a commission from fake and duplicate referral accounts, DACX will disable and disqualified your account from commission payouts.
Links:
Ann Thread: https://bitcointalk.org/index.php?topic=5154783.0
Website: https://dacx.io/
White Paper: https://dacx.io/wp-content/uploads/2019/09/DACX_WhitePaper.pdf
Social Media:
https://www.facebook.com/dacx.io
https://medium.com/dacxinc
https://www.linkedin.com/company/dacx-group
https://t.me/OfficialDacx
Posted by kurniawan05
https://bitcointalk.org/index.php?action=profile;u=1187741
By admin • Blockchain Technology • Tags: Blockchain, cryptocurrency, DACX, exchange, hacker, money, online, payment, screen, Social Media, time