Introduction
When talking about financial institutions, our minds will mostly wander around banks and stock exchanges. It is totally not unusual for our minds to wander this way. Why? Because these institutions are what make up the financial sector of any system.
This is due to the reason that any financial system will always have to do with the acceptance, storage and exchange of funds between users of such a system. In the light of this, it is very pertinent that these funds are always kept safe, so as to foster trust between the users of such system and the operators. In the issue of trust, so many values have to be adopted by the operators of this system so as to keep users satisfied to a certain level….but well, we don’t live in Utopia and things in the financial system of the present world is not so okay.
To this end, the blockchain and cryptocurrencies were introduced to solve the problem the financial sector of the world’s economy and we can see that the Bitcoin and the blockchain have come to stay especially in the financial sector due to the lapses they remedy.
Below we can see that out of seven use cases where the blockchain has been applied to, financial services takes up a whopping 47% with the closest to it trailing with a 12% usage
Source: Public Domain
This wide spread of blockchain and cryptocurrencies in the financial sector got it root from the gospel of cryptocurrencies have been feeding off the idea that traditional financial institutions earn massively off users through extravagant transaction fees…and this isn’t false.
Exorbitant transaction fees and trust issue has seen people gradually trying out the blockchain at the expense of traditional financial institutions.
Now, with the increase in number of crypto transactions, it has seen several exchanges being established. These exchanges are mainly responsible for transfer and conversion of cryptocurrencies from one wallet to another and sometimes, for the storage of these assets.
Based on how they operate and their structure, there are two types of cryptocurrency exchanges. There are the Centralized and Decentralized exchanges.
Centralized Exchanges
Centralized cryptocurrency exchanges are intermediaries or escrows that enable the transfer or conversion of cryptocurrencies one digital wallet of a user to another
But for the feature of exchanging cryptos, centralized exchanges are more or less a bank because of their autonomous control over assets and the entire system.
Users must trust the system to handle his/her assets like the traditional bank setup. They still carry the risk of attacks because they operate with a central hub, an example is Bithumb, a centralized digital currency exchange, hacked June 19, 2018, reportedly lost $32 million!
Unlike decentralized exchanges, centralized exchanges can be potentially manipulated by governments. Moreover, these exchanges don’t commit themselves to fully cooperate with their users; they leave them out of the loop by making ultimate decisions on tokens to be removed and added, thus, they do on fully support the growth of the blockchain industry.
However, there are bright sides to centralized exchanges. When compared to their decentralized counterpart, they offer quicker transactions, higher liquidity, greater trading volume and payments in fiats and cryptos.
Decentralized Exchanges
Decentralized Exchanges are cryptocurrency exchangers or converters who do not store user’s data or keys. Assets are never held by an escrow service, and transactions are done entirely based on smart contracts and atomic swaps. Decentralized exchanges such as Etherdelta, IDEX and HADAX do not store users' funds on the exchange, but instead facilitate peer-to-peer cryptocurrency trading. Decentralized exchanges are resistant to security problems that affect other exchanges.
The fact that these decentralized exchanges can’t be manipulated by governments or being easily hacked notwithstanding, decentralized exchanges have their down sides too.
It is well known that decentralized exchanges only allow crypto-to-crypto trading.
They have low trading volume and they allow addition of token to their list without verification. This addition may introduce projects that are not healthy for the system or projects with huge suspicion levels into the platform.
To foster a better decentralized network, exchanges need to incentivize or reward users who support the development of the industry just like the way Bitcoin works with the POW(Proof Of Work) consensus. This will enable the community to have an impact on deciding and distinguishing projects.
‘One of the ways to implement this idea is rewarding users for their actions and developing the industry' - CoinCasso Whitepaper(see link to Whitepaper at bottom of article)
In this situation, CoinCasso introduces decentralized and democratized management into a quick incentivizing centralized exchange.
CoinCasso is a transparent, multi layered, multifunctional hybrid exchange platform that provides incentive for users on its decentralized, democratized, quick centralized exchange just like the way Bitcoin works; rewarding users for maintaining the network. It is pertinent to know the CoinCasso offer business benefits to active customers such as sharing profits from its project.
It basically combines the advantages of the centralized and decentralized exchanges while making sure the CoinCasso platform does not carry over any defect of any other exchange.
Being an hybrid, CoinCasso is the first of it kind in the market.
CoinCasso offer users democratic opportunities to add their coins and personal tokens. It helps with promoting both personal and corporate tokens.
CoinCasso Goal
CoinCasso ultimate aim is to create a hybrid yet centralized exchange, that houses a central unit which manages and develops the CoinCasso project and at the same time gives users the democratic right to decide which token is listed, service offered and token delisted.
CoinCasso Core Features Include:
● FIAT currencies and all tokens accepted
● High TPS(Transactions Per Second) with high scalability in case of high traffic
● Trade margin
● High-Security Level
● 9 Types of order in a trading
● Optimized UI/UX
● Trusted ICO/STO Provider
● Profits and bonuses for CCX(CoinCasso token) holders
● 24/7 Users Support
CoinCasso profits will stream from a number of sources. They include:
• CoinCasso Exchange 2.0
• CoinCasso Pay Wallet App
• Quick exchange
• Payment gateway
• A network of ATMs
• PoS - payment terminal.
CCX Token
The CoinCasso platform is powered by the CoinCasso token called CCX.
Token Information:
Platform: ERC-20 (Ethereum)
Max-supply: 100.000.000
Decimals: 18
Contract: 0x395dc9a82e3eef962b0355a3d4e6819e9af776d2
CCX tokens are used on the CoinCasso exchange and they are different from other tokens in a unique way. They give additional value to the users of the exchange by allowing holders of the tokens to have the ability to participate in the company activities, reduce the transaction fees and give them the right to receive a stipulated portion of the profit made by CoinCasso.
CCX-POWER
CCX-POWER are CCX tokens that the users have held in their verified wallet for a limited time. CCX-POWER give access to participation in the running of the company and receiving the profit too.
CCX-POWER is available only for authenticated users.
CCX tokens can be converted to CCX-POWER through a controlled process.
The conversion depends on the amount of CCX Tokens possessed by an individual. After the specified time for the specified number of coins is exhausted, the status of CCX changes to "CCX-POWER". This step is taken to avoid the manipulation of the CCX price on the exchange.
CCX-POWER holders and partners are exempted from trading fees up to 50%.
According to the CoinCasso whitepaper, CCX token holders will have the greatest impact on the introduction of new tokens and innovations. These key benefits include:
● Passive and active influence on the implementation of innovations
● The right to vote, decide on changes in the operation of the exchange - among others about adding tokens and structural changes on the entire platform,
● Precedence in listing new currencies,
● The possibility of exchanging CCX for services offered by the company
● Discounts for transaction fees - up to 50%
● The possibility of receiving bonuses for membership, from the division of 80% of profits
● Larger commissions on the affiliate program - up to 50%
Unique Features On Coincasso
-User Safety
To ensure user’s funds safety, CoinCasso has gone extra length to make it possible.
CoinCasso secure users’ funds and provide fast transactions while still adhering to regulations at various users' locations. Thus the registration process requires an email, password, and mobile phone number for initial verification of the process. All prospective users will have to undergo an identity verification process. This identity verification process will allow them to increase their withdrawal limits and at the same time enable CoinCasso exchange to ensure the safety and procedures as required by law.
Moreover, to provide higher level of token protection against theft, 95% of users' funds are protected on the CoinCasso OU cold wallet with advanced security. However, the security of FIAT protection is provided by banks cooperating with CoinCasso OU.
CoinCasso will provide a security process to user accounts where users can login after additional 2FA verification or SMS. In some cases however, there will be further confirmation required by e-mail.
CoinCasso provides the entire log-in history is available to users. All transactions on the platform are saved and shared in a user-friendly format. This is to enable and promote transparency of the exchange, however, private data is encrypted.
CoinCasso specifically state that the latest technologies protect their server against falls and burglary. Also third companies will test the servers, interaction nodes and the results published for all to see.
-API(Application Programming Interface) Integration
CoinCasso enables API on the platform to allow softwares to communicate with each other and exchange data.
API on CoinCasso covers:
● ATM network - user - wallets - exchange
● Tickers
● Internal and External payment gateway
● User
● Robots trading (in the last stage)
● User to User transfers
● Order Book and Trades
● Mobile app - user - exchange connection (limited by the amount of funds)
● Merchant connection
-Quick buy and sell
This service on CoinCasso will give the opportunity to initiate transfers between fiat and digital currencies.
-Fee Structure
There are low transactional percentages for users on CoinCasso. This is enable large number of transactions.
There are standard commissions for each transaction is 0.25% for the ‘taker’ and ‘maker’ in the transaction.
-FIAT currency
For now, CoinCasso will only accept PLN, USD, EUR, GBP but in the future but plans to add more FIAT currencies.
-Payment Gateway
The CoinCasso exchange is fully compatible with API. It will interoperate all websites even the ones built on WordPress so as to ease payments making processes in cryptocurrencies.
However, CoinCasso plans to create it own payment gateway as well as plug-ins for the most popular and extensive merchant systems such as WOOCOMMERCE, PRESTASHOP, SHOPIFY or OPENCART.
-Acceptable tokens
The CoinCasso platform enables and supports the conduct of Trusted ICOs.
They intend to help build new crypto start ups by listing their coins. Coins of an entirely new project or less known in global markets will be added on demand in the first place in pairs to CCX.
However, CoinCasso guarantees ICO control of the company, obtaining tokens and reviewing smart contracts to meet ICO conditions. Albeit after a successful campaign, the tokens go to the CoinCasso exchange for bidding.
-Affiliation/Partners
Since promotion costs are very high, CoinCasso has created an affiliate program for verified users who, by recommending our platform, will be able to benefit from participation in profits generated by registered members. This will enable CoinCasso reach worldwide reach.
To know more about CoinCasso Initial Coin Offering, Bounty Program, Reserved funds and more general information about CoinCasso, click on the links below to gain access to the Whitepaper and official site.
Team
Roadmap
Note: All pictures used without source reference are sourced from CoinCasso sites.
Hunter Username: rexdickson