THE FIRST HYBRID CRYPTOCURRENCY EXCHANGE INTEGRATING INDUSTRIAL INFRASTRUCTURE OF TRADITIONAL STOCK EXCHANGES WITH DECENTRALIZED NETWORK
In reality, Qurrex is setting the industry standard in the crypto-economy for a universal cryptocurrency exchange – one which existing platforms will eventually achieve only after years of independent effort.
The platform will become the first cryptocurrency exchange based on high-performance architecture from the leading international trading platforms. Rather than respond to the market demand of “yesterday”, it is designed for the future – for the coming growth explosion in cryptocurrency trading.
Moreover, the project will become an important factor in the development of the crypto-economy, as it not only satisfies the demands and solves the problems of current users of existing exchange platforms, but also creates favorable conditions for a new wave of participants, those not currently represented in the crypto world.
As a demo-model, we’ve prepared a test web version of the trade terminal which will serve as the interface for our exchange system.
The test version is able to reflect current quotations for key cryptocurrency pairs, provides trading and analytical capabilities, and supplies a newsfeed from various sources.
At present, the client end of the service – the platform’s functionality for social trading and investment – is 60% operational. At the back end of the exchange system, the concept of delivering the CEX and DEX has been developed, and work has begun on separate sections of the system, for a readiness level of around 20%.
By the start of February 2018, the order-matching module will be launched in test mode and presented for external load testing.
BACKGROUND AND SOLUTION OVERVIEW
Originally, the Qurrex platform was designed exclusively as a centralized cryptocurrency exchange system. The reason for this was related to the team’s background: having worked for over 10 years on the creation of various exchange and broker systems and products for the traditional markets, we inadvertently became adherents of this approach.
However, research into distributed networks as part of delivering the current project led us to new approaches and tools for solving many of the problems that we had encountered over the course of recent years. Here we refer, first and foremost, to the need to increase liquidity of separate instruments, as well as to increase clients’ confidence in unregulated infrastructure providers. The outcome of our investigations was the understanding that, in order to create an effective exchange system and meet the demands of a wide circle of users, what is necessary is the harmonious merging of centralized and decentralized elements.
The main thing we understood was the fact that, within an infrastructure set up to handle various assets, the potential of the community behind the public blockchain networks must be taken into account, as it is precisely this community that is the basis of the future crypto-economy.
In order to provide clients with user-friendly tools for executing operations and maximizing liquidity, we formulated our approach in the following way:
- The centralized exchange (CEX) will, in the long-term, remain the most effective solution in creating maximum possible liquidity across the majority of types of trading instruments;
- At the current time, it is only within a centralized infrastructure that effective creation of partial pre-deposit of funds is possible (the function of guaranteeing the fulfillment of obligations of the transaction party is always undertaken by the central link of the infrastructure) and this technology, in our view, will ultimately be introduced onto the cryptocurrency market;
- Decentralized exchanges (DEX) with high capacity remain, unfortunately, an unattainable goal in the medium term, whereas clients need a high-quality service now.
Advantages
KEY FEATURES
[HIGH-END PERFORMANCE, SCALABLE AND RELIABLE CORE EXCHANGE MODULE]
- Throughput >=70,000 trx/sec.
- Latency: <= 650μs at 99%
- Capacity >= millions of connections
- Zero loss of data
[HYBRID INFRASTRUCTURE]
Integration of CEX and DEX with the Single Order Book
- CEX with high-end performance for algo- and HFT-traders
- DEX with high liquidity of Single Order Book
[NEXT-GEN SECURITY LEVEL]
- Security System Infrastructure of Traditional Exchanges
- Secure «cold» storage
- «Hot» wallets’ insurance programs
- Supervision by recognized IT Security Company
[BROAD FUNCTIONALITY]
- Algo trading functionality embedded in GUI
- Auto-copying of trading signals
- Wide range of analytics tools & charts
- Social Trading Segment
- Information Services (Real-Time Market Data Sources and Analytics)
- Non-Trading Segment (Corporate Services, Market Technology, Trade Management Services)
[LIQUIDITY]
We plan to provide Qurrex with high liquidity thanks to:
- Cooperation with major liquidity providers
- Qurrex’s sufficient liquidity fund
- Best practice in launching new instruments
[TRANSPARENCY]
We will be the first at cryptomarket acting as traditional public company
- Maximum formalization of all processes (rulebook etc.)
- Regular disclosure of financial statements and reports
- Annual audit by Big 4
Hybrid architecture
SYNERGY OF:
Blockchain technology - ensures secure storage, eliminates intermediary and provides aggregated liquidity from all network nodes, including the centralized node
Centralized node - centralized exhange (CEX) with performance comparable to modern, cutting edge stock exchanges
THE FEATURED FUNCTIONS OF THE HYBRID EXCHANGE:
- formation of an aggregated order book based on quotes collected from all the system’s nodes (both the centralized and decentralized nodes);
- dissemination of the aggregated order book to the blockchain nodes;
- choice of the blockchain nodes with the best instrument prices/quotes to place the order submitted by a client (if the order is not marketable, it is entered in the order book of the original system node);
- sending the order to the selected system node (for marketable order); entry of information on the order into the blockchain (for queuing order);
- receipt of execution confirmation.
BEST EXECUTION LOGIC:
Each node of the hybrid exchange provides the Best Execution service to the user. Broker companies operating in countries with a developed financial market are obliged to provide the Best Execution service. In Qurrex this service is implemented by a special module – Smart Order Router, which is part of all the blockchain nodes, incluing the centralized (CEX) node.
Qurrex DEX blockchain is built of two types of nodes: confirming nodes and user nodes. The DEX protocol allows confirming nodes to charge other nodes a commission for the deals and transactions. The commission is charged in the deals's (transaction's) cryptocurrency.
There is a special kind of trading orders: DEX Cross-Chain cross-platform atomic orders (transactions). Cross-platform orders are charged just once, when being placed on decentralized nodes. Such orders are included in blocks as DEX transactions, while the confirming nodes charge their commission.
Qurrex founds special cryptocurrencies (qBTC, qETH). A trader can exchange these cryptocurrencies through DEX and his trades are to be charged for the deals theirselves, not for separate blockchain transactions.
TOKEN-SALE
- Token symbol: QRX
- Token standard: ERC20
- Token type: utility
- Total token supply: 70m
- Total token for sale: 55m
- Total token for pre-sale: 17m
- Country of incorporation - Cayman Islands
Token Sale Structure
Roadmap
- 2001-2014 [Legacy Product]
- NOVEMBER 2017 [Qurrex prototype]
- FEBRUARY - JUNE 2018 [Token-sale]
- JUNE 2019 [Qurrex trading functional]
- SEPTEMBER 2019 [Social trading services]
- DECEMBER 2019 [Hybrid platform]
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Author : Kelampok ijo
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