In my previous piece about SpotCoin, we talked about what spotcoin is about, it's aims and objectives and a little details on the ICO. I mentioned about the plans of SpotCoin which includes the
- Development of the SpotCoin Digital Exchange,
- The Over-the-Counter Marketplace,
- The Spotpay Payment System,
- The 25MW Mining Facility and,
- The Black Sea Blockchain Institute
So today I am going to give a brief on the First three
Digital Exchange
CryptoCurrency Trading exchanges are characterized by a very large volume of trades going on in them and they are the first place a coin goes to after getting done with the Initial Coin Offering (ICO). The most common pairs that's usually listed against any new coin is the Bitcoin. But most digital exchanges are usually having common issues such as poor support for numerous fiat currencies while some don't support fiat at all. Another issue noted was the complicated nature of the trading exchange interface which was not easy for users to navigate though and finally was the lack of transparency which made some users lose trust in the system.
SpotCoin comes with a solution to this problem with the development of a Digital Exchange. With this exchange, it supports the Global currencies Euros (EUR) and US Dollars (USD) along with currencies of the Black Sea region Russian Rubles (RUB), Bulgarian Leva (BGN), Turkish Lira (TRY), Armenian Dram (AMD), Georgian Lari (GEL) Romanian Lei (RON) and the Ukrainian Hryvnia (UAH).
The exchange will have a very easy and simple to use interface with four main types of trading pairs; BITCOIN, ETHEREUM, GAS, and SIBCOIN.
To retain the trust of its users, SpotCoin will perform audits quarterly with the help of an accounting firm and this will be made available for users.
Over the Counter Marketplace
When a users is trying to exchange his cryptocurrencies for fiat, he encounters a lot of issues especially with the banking system. Limitations are being placed on his account to the amount he or she can trade in for digital assets and it's very frustrating. Also due to the increased market for digital assets, the rate of frauds increased also and most users were scammed when trying to convert their fiat to cryptocurrency.
SpotCoin handles the above issues by having a banking relationships with numerous banks in the Europe which allows users to be able to have a quick, and efficient trading means with them. It offers a trusted service in which users can use as an escrow or a trading intermediate between fiat and cryptocurrencies. Presently the OTC platform is in development and it will have an integrated digital wallet, automated deposit and withdrawal functions along with a user friendly interface.
SpotPay.
Most Markets whether a physical market or an online market don't have support for digital assets at all and the reason is due to the issues concerning one desired currency. A buyer may come to a shop to purchase items and be willing to pay in cryptocurrency, on the other hand, the merchant does want to be paid in fiat and with this, they cannot come to an agreement.
SpotCoin tackles this issue by the creation of Spotpay which includes the POS payment for physical shops and an easy to integrate a payment widget with a digital asset API that's very strong and well documented. It will also include simple plugins that can be integrated with shopping platform so that users can pay for their good with a single touch of a button. This Spotpay will support fiat and cryptocurrency as well as working together with the SpotCoin exchange to pay merchants in their desired payment forms.
Due to spotcoin transparency, there will be no hidden or excess transaction charges and it will be clear to both buyer and seller.
On my next article about SpotCoin, we will see about the SpotCoin Mining Facility and the Black Sea Region Blockchain Institute.
So thanks for reading.
To find out more about this great project, check out the links below:
Website: https://www.spotcoin.com
Whitepaper: https://www.spotcoin.com/whitepaper.pdf
Telegram: https://t.me/spotcointeam
Twitter: https://twitter.com/therealspotcoin
Author - hamzeto
https://bitcointalk.org/index.php?action=profile;u=1189991