HOW ICO KuBitX Will Benefit You!
HOW
THE IDEA OF KuBitX CAME TO LIFE
The idea to create a new
cryptocurrency exchange came up when the founders identified some crucial
shortcomings in the present Cryptocurrency exchange ecosystem. The founders had
a strong belief that the cryptocurrency exchange ecosystem has more to offer.
Following are the biggest
gaps which caught our attention:
1. Lack of a mature
ecosystem -lack of regulations on the way trades operate on the exchange often
allows “whales” to manipulate the prices of certain currencies which is against
the interests of other traders. Despite the cryptocurrency space growing rapidly
and currently having a market cap of about $300 billion the trading ecosystem
is still premature. There are several exchanges which suffer from serious
liquidity concerns and many charge high trade fees which are very expensive to many
people around the globe.
2. Friction in dealing
with fiat currencies – Often getting liquidity in fiat currencies against
crypto assets is a hassle and leaves currency holders at the mercy of market
volatility which often can lead to people losing out on money due to delayed
processing either by the exchange or the banks.
3. Lack of good customer
support –Traders often complain of bad user experience due to the
non-responsive customer support provided by many exchanges. Often it is either
the lack of management staff to handle the requests or a lack of will which
leads to a poor customer support. We identified that most of the exchanges do
not spend enough on customer support.
4. Security issues – the
cryptocurrency space is often being bombarded by hackers who try to use the
vulnerabilities present in the exchanges to their benefit. Many exchanges in
the past have suffered cyber-attacks which has led to losses in the order of
billions of dollars. Often, not following the industry standards and neglecting
the basic rules of cyber security allow for such attacks to happen. Thus,
exchanges do have a huge responsibility on their shoulders to protect the hard
earned money of their customers.
5. Lack of awareness and
education among the masses leading to a low adoption rate – Due to a lack of
education and knowledge about the Blockchain and cryptocurrency space, people
are reluctant to be a part of the cryptocurrency ecosystem which has led to the
market being dominated by a select group of traders who are able to manipulate
the market at will. This fluctuation and volatility further lowers the rate of
adoption of cryptocurrency trading.
Thus, we got motivated by
the idea that we can provide sustainable and progressive solutions to the
above-stated problems through comprehensive planning and diligent work.
Moreover, though Africa has the smallest share of the number of cryptocurrency
exchanges when compared to the world (4% of the total exchanges) according to a
study conducted by Cambridge University1 on cryptocurrency exchanges, the
adoption rate is on the rise. This not only acts as a source of motivation but
also puts a great deal of responsibility on our shoulders to deliver the best
services to people belonging to developing and LDCs (Least Developed
Countries).
HOW
KUBITX WILL BENEFIT YOU?
·
HIGH
SCALABILITY
Our
platform is highly scalable, ready to accept new features to improve our users
trading experience.
·
BLOCKCHAIN
Our
token is initially based on the Ethereum blockchain. We plan to launch our own
chain in the near future which will then be very useful to many cases such as
the most common social, utility, administration, and governance problems in
developing countries.
·
LOW
FEES
Our
fees are the lowest around, it is even lower when you choose to use our native
token the KBX for fees payment. Trading fee on KuBitX exchange is 0.05%,
however, the users opting to use KuBitcoin(KBX) tokens as a method of payment
of trading fee will get a discount of 25% compared to the original trading
charges.
- Trading fee = 0.05%
- Trading fee using KBX token= 0.0375%
- Trading fee = 0.05%
- Trading fee using KBX token= 0.0375%
·
SECURE
We
have made an extensive benchmarking with the current platforms, which allowed
us to take few steps ahead, plus our security team comes from top
organisations.
·
ECOSYSTEM
As
strong believers in peer to peer payment ecosystems, we believe that
traditional financial systems will eventually be replaced partly due to
continuous broken trust, censorship and a growing enlightenment of the
populace.
·
MINIMIZED
RISK
Our
multi-signature wallet and cold storage strategy will minimize the exposure of
our trader’s funds. We have combined various strategies to secure the funds
traded on our platform.
WHAT
MAKES US DIFFERENT?
KuBitX has been developed
not just as a trade engine but an engine for growth and development of the
emerging markets assisting in financial inclusion, financial education and
Blockchain adoption by the people. We strongly believe that KuBitX has the
potential to reach the emerging regions and educate the citizens with little or
no access to Blockchain based services and adoption and offer multiple crypto
to fiat exchange and paring.
EXCHANGE
ARCHITECTURE – KuBitX
The KuBitX Exchange is
designed to operate at low latency, high throughput, and maximum uptime. By
incorporating geo-replication in its architecture, the exchange is built to be
fault tolerant, ensuring that the platform delivers a seamless and
uninterrupted trading experience to its users. Below is a high-level
abstraction of the exchange architecture showing how the different systems
within the exchange are connected logically.
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