XTRD - Project Review
A Cryptocurrency according to cointelegraph is a digital currency which has been designed to work as a medium of exchange. The blockchain technology has evolved, however, and the functions of cryptocurrencies have surpassed the ordinary exchange of monetary values.
Through the development and execution of smart contracts, different decentralized platforms have been created to provide solutions to different problems faced in our daily lives. This has to lead to thousands of cryptocurrencies being created and along with it, hundreds of exchanges have also been created to trade the thousands of individual cryptocurrency markets.
The Cryptocurrency's market is expanding worldwide and with the millions of people entering the crypto space, the role of exchanges in providing people with the infrastructure to trade their cryptocurrencies for other cryptocurrencies or fiat is now more important than ever.
Although there are hundreds of cryptocurrency exchanges providing their services to crypto users all over the world, the existing crypto exchanges and markets still pose different types of problems to crypto users.
In this article, I will be introducing the XTRD decentralized platform which aims to provide innovative solutions to the existing problems of the cryptocurrency exchanges.
XTRD
XTRD is a decentralized platform that aims to provide the cryptocurrency trading markets with an innovative solution to trading challenges currently faced on different exchanges, by creating an infrastructure capable of efficiently and effectively unifying the cryptocurrency exchanges. This will make trading more user-friendly and economical.
Existing Problems On Cryptocurrency Exchanges
Complex Web Of Exchanges: So many exchanges by default means that crypto traders have to adapt to so many different website interfaces, security procedures, fulfill different KYC requirements and also configure different trading APIs for different exchanges.
Even when this is done, when cryptocurrency traders aim to liquefy their portfolios or flip between several different cryptos, they often have to move their assets from exchange to exchange converting between different cryptocurrencies and paying several transaction and withdrawal fees in the process. Traders also have to deal with different price slippages.
Traders Mostly Have To Pay High Fees: Although transaction fees on exchanges are generally very low, traders pay high on spreads between the prices of buy and sell orders. There is a need for a fair pricing system in crypto markets.
The Problem Of liquidity: Liquidity in simple terms is described as how easily an asset can be sold or bought. Liquefying crypto assets on exchanges currently posses a huge challenge for traders especially those who are willing to buy or sell in large Volumes. This problem often means that traders mostly have to pay extra to fulfill their buy and sell orders.
These problems have been explained in details in the XTRD project whitepaper you can check it out.
The Innovative XTRD Solution
XTRD Solution To Multiple Exchanges: In order to solve the problem of too many exchanges with different requirements and formats, XTRD will introduce a universal FIX (Financial Information eXchange) based API for the cryptocurrency exchanges. This is a proven technology that has been in use in the financial market for over 25 years and is capable of connecting different exchanges and communicating with them all through a single FIX application.
With this solution traders will be able to use the trading power of all the cryptocurrency exchanges through a single platform, providing them with the best trading experience.
XTRD Solution To High Price Spreads When Trading: One of the reasons for the high price spread on web-based exchanges is in its unregulated nature, and the lack of a central authority to regulate customer activities in order to ensure fair pricing.
XTRD will solve these by launching its own standalone trading platform called XTRD pro which will be embedded with features that will make trading much easier, liquid, secure and give traders the ability to trade within the right pricing structures of crypto markets.
XTRD Solution To Liquidity: In order to create a more liquid market capable of clearing orders of large and small amounts alike with the minimum amount of transactions and transaction costs expended, XTRD will be introducing a feature called the "SPA Liquidity Aggregation/Cross-Exchange Execution". This feature enables traders to make large trades at the best price possible across all exchanges.
The in-depth explanation of this features can be found in the project's Whitepaper.
XTRD Token Economics
In exchange for the funds generated during the token generation event, investors will be rewarded with XTRD token which is an ERC 20 utility token. This tokens will serve as the trading participants means of payment for the services provided to them by XTRD.
Token Type: ERC 20
Ticker: XTRD
ICO Price: $0.10
Hard Cap: $45 Million
Example Use Case
Mr. James is a cryptocurrency investor who actively flips and diversifies his portfolio. Due to the present market conditions in which a lot of cryptocurrencies have dropped value against the price of bitcoin and USD. Mr. James now decides to diversify his portfolio by buying the dip on some altcoins with his bitcoin in order to reap the future rewards of a bull market.
Present System: Presently, in order to execute his trading orders, Mr. James will have to log onto his different exchange accounts for which his desired altcoins are listed in order to be able to purchase them, and in a case where the best price available is not up to the desired volume, he will have to switch in between exchanges until his has successfully purchased the desired amount he needs at the desired price.
This process is stressful, demanding and will cost excess time and money.
XTRD System: By adopting XTRD, Mr. James will be able to fulfill trade orders for his Altcoins across all exchanges at the best prices available without the need to continuously switch between exchanges to reach his desired purchase volume.
There are other exciting advantages of the XTRD platform, all of which can be found in the project's Whitepaper.
Conclusion
The XTRD platform is one that is equally innovative and revolutionary, and it is also a platform that is needed in order for cryptocurrencies to expand more and go mainstream.
The problems that XTRD provides solutions for are a daily reality for cryptocurrency traders, and XTRD has the potential to make those problems go away through its amazing features & technology.
Official Contacts
Website: http://www.xtrd.io/
Whitepaper: https://xtrd.io/xtrd_whitepaper.pdf
Telegram: https://t.me/xtradecommunity
Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=4477503
Blog: https://medium.com/@community.xtrd
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