Lykke
Introduction
As cryptocurrency enthusiasts, we often need a way to trade currencies, and due to the volatility of the markets, we need to be able to trade fast. Welcome Lykke, a trading ecosystem. This is no average trading ecosystem, this is a 0 commission, human speed, 2 key fingerprint security system, and they also have their own cryptocurrency listed at rank 52 on coinmarketcap.com with amazing solid growth.
Who is behind the project?
Founder and CEO Richard Olsen. He also co-founded OANDA with incredible success with Business Insider giving it a $1.2 billion evaluation during the year 2008. He wishes to “transform financial markets into a seamless system without the inefficiencies that we take for granted today.”
How does the technology work?
Lykke uses Bitcoin’s distributed ledger technology. Using this technology, they can reduce the risk of fraud because there is no fixed location of the ledger, but rather, it exists in many places at the same time therefore, one person cannot access it. It is a very interesting method of trade because it also allows for many people to have access to the markets with their smartphone. They even have a user-friendly app for both iOS and Android. In short, they allow for participants to negotiate prices and complete transactions without holding the assets at Lykke. They use 2-of-2 multi-signature address, which requires the trader’s signature as well as the exchange’s. It is a very secure method as trust is eliminated from the situation. I don’t need to trust the exchange because I contain the second signature, and the exchange controls the coin flow.
The Lykke Coin
• Coin Value: $0.3522946 or 0.00012541 BTC
• Market Cap: 18,297 BTC
• Circulating Supply: 145,894,373 LKK
• Total Supply: 1,285,690,000 LKK
Conclusion
I feel that their growth is organic and positive, therefore I would jump on and hold. Their company is legit, it is using well-known methods pioneered by Bitcoin, and has a lot of security measures. My favorite part of the exchange is that I do not have to place trust on the exchange because of their multi-signature system, and I feel that other people will too believe that this is a great asset for the exchange. I would invest.
What is a semi-centralized exchange?
centralized order-matching makes lykke a frontrunner, not safe!
Counterparty-risk!
@hersh1498 If lykke would use #BitShares as backend and it's decentralized order-matching that would be a safe solution.
Colored coins and the slow Bitcoin network are also much outdated.
try again
Umm... They actually use DLT tech which spread across multiple sites, therefore it is decentralized. I may not understand your concern but here is a source ('https://themerkle.com/distributed-ledger-technology-vs-blockchain-technology/') and I also don't see the counterparty risk you are mentioning, they use multi-key verification, therefore removing the idea of trust in the transaction and making the transaction much less risky. Also, let's not forget that varying levels of counterparty risk apply in all financial transactions. @vato
Good synopsis of the Lykke project. Although I have been trading on it for about 5 weeks I am finally convinced this platform will last the test of time and I will soon be accumulating some of the Lykke coin. Word is getting out. Thanks again
No problem : )
I upvote LKK.
Thank You : )
Very interesting article.. I hadn't heard of Lykke yet! I think I will check it out though, it looks very useful and clean (and no commission!).
Thank you for reading it, appreciate it, and yes, it is a great service and very intuitive for new users and as media is starting to hype cryptocurrency, new users will come into the markets, and I feel that they will gravitate to the easiest to use coin exchange. Of course many will still use Bittrex or Poloniex but Lykke has a mobile app for their wallet, pretty different move from the big players. A feature the big players don't really have yet, or at least I haven't heard of it. User friendly, strong move, I'd invest
: )
Interesting blog. Thanks for bringing this to our attention. It's surprising how much uneducated investors the crypto space has. You still see people invest in this shady and scammy coins. We do need to look better at the insights of every coin. What team is behind it, is there any management. How strong is the product, is there any product at all? Personally I always use: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto.
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