The crypto market has shown a sensational increase in capitalization, volume, and projects. According to Coinmarketcap.com cryptocurrency capitalization has hit a new height of $750billion with a daily volume of over $26 billion (according to Coinmarketcap.com). The trade volume is set to continue rising at a staggering yearly rate of over 150 percent for several years. Even though the 2 most popular cryptos (Bitcoin and Ethereum) are still experiencing volatile price swings, a market capitalization of over $750 billion is a strong indicator of the resilience of cryptocurrencies. If the number of token sales being floated each month is anything to go by, then we are likely to see an increase in the so-called Altcoins which will further increase market capitalization. As a result of crypto markets resilience, the number of exchanges has soared. Undeniably, cryptocurrency evolution has significantly allowed users to exchange their cryptos. However, significant legal, technical, and political hurdles must be addressed to enhance mass adoption of cryptocurrencies.
It is no secret that the majority of cryptocurrency exchanges were developed by enthusiasts with only a small fraction of them having the requisite technological maturity to help keep cryptos safe. Here are some of the potential challenges that can be encountered while dealing with cryptocurrency exchange:
Frequent downtimes: Downtime has an effect of causing significant financial loss to crypto users who are unable to place or even modify their trades, especially during high market volatilities
Security: the majority of crypto-exchanges are mired in security breaches and theft funds. For instance, MtGox and other exchanges have been compromised resulting in loss of personal data and funds and
Poor user interface: New users to cryptocurrency usually face the most significant hurdles the moment they sign up to a crypto-exchange because of the poor user interface.
At CoVEX, we believe that one-stop platform for crypto-exchange is one that is foolproof, user-friendly with reduced downtimes. To enhance transparency, the Exchange House has a variety of relations between traders where they will be able to exchange their cryptos directly. The trading participants on the Exchange platform will be managed by an exchange back-end. During the transaction, the Exchange House will display the following details:
- The type of cryptocurrency
- The daily transaction volume of selected crypto and
- Open Chatting Service and Personal Portfolio Analysis (P/L)
We are still exploring future economic prospects in a Decentralized Exchange. If the Decentralized Exchange is viable, we will implement it for the benefit of our token holders.
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