Cryptocurrency exchange platforms are known to have played a key role in the world of digital currencies over the past few years. These exchange platforms have actually benefited greatly from the large influx of people into the cryptosphere due to the revenue they generate in form of trading and withdrawal fees. However important these exchange platforms might be, they still face a number of significant challenges. I'll just like to take a moment to highlight some key problems which still plague even the best of cryptocurrency exchange platforms. These issues include, but not limited to;
- Insecurity: Security issues happen to be at the top of the list of concerns that users have with exchange platforms. The hacking of Coincheck which resulted in the loss of about $500 million has driven home the fact that exchanges have a single point of failure. Decentralized exchange platforms often promise to rectify security issues but users still tend to avoid them due to low liquidity and poor user experience.
- Low liquidity: The rate at which the number of cryptocurrencies and exchange platforms have exploded over the last two years is a major contributing factor to the state of liquidity at the moment. A lack of liquidity generally breeds imbalance in the cryptosphere where orders are not executed on time and the doors are open for whales to manipulate prices. Additionally, with a lack of liquidity, markets become more volatile and see more price slippages. Another issue associated with poor liquidity is that the major exchanges now charge millions of dollars to get tokens listed, essentially selling liquidity for the token.
- Relatively high trading fees: The percentage of traded funds usually charged by several exchange platforms (0.25%-3%) goes against one of the key ethos of blockchain technology which is the provision of affordable funds transfer.
- Poor customer service: The only explanation I can come up with for this issue is that several cryptocurrency exchange platforms appear unprepared for the rapid growth they are experiencing which leads to poor user experience. Several exchange platforms are also known to carry out all their operations in a single language not considering the fact that blockchain technology is borderless.
The raft of shortcomings that plague most of our exchange platform definitely gives enough reason to seek an improvement.
Introducing PrimeX
PrimeX is a unique blockchain based platform which is designed to offer users blazing fast, secure and near-zero cost payments to anyone in the world. The platform is designed to do away with inefficiencies within government owned central banks and other cryptocurrencies. PrimeX will also offer users the opportunity to initiate transactions that are fully secure, private and anonymous.
The PrimeX platform is driven by the token, PrimeX Coin (PXC). The token has a total supply of 200million with it's unit price ranging from $0.1 to $0.5 during the token sale. The token sale will run till 4th of March and you can make your purchase using ETH, BTC or LTC. The project has a softcap of $2 million and a hardcap of $4.5 million.
Distinct features offered by PrimeX include;
Multilingual support
Instant P2P funds transfer
Free transactions
Anonymous funds transfer
Conclusion
Considering the number of problems that PrimeX intends to wipe out, I can say with all certainty that I will be a major advocate for this project and hope the team fulfil their part of the deal.
If you intend to learn more about the PrimeX platform, you can visit any of the following links;
Official Website: http://primexcoin.co/
Whitepaper: https://drive.google.com/file/d/1L0IjDWlfGmc0KvxlI6Voh09uxgYAi5OV/view?usp=sharing
Telegram: http://t.me/primexchat
Authors Btt Username: mtbosede
Authors Btt Url: https://bitcointalk.org/index.php?action=profile;u=2407189