Cobinhood: A Modern Cryptocurrency Exchange Platform

Cobinhood is a service provided for cryptocurrency exchanges. The project was initiated in August 2017 and is aimed at providing the world's first zero fee trading exchange for cryptocurrencies. The team of Cobinhood wishes to address all the issues previously faced by customers in the market through this unique platform. Cobinhood also provides spot trading and margin trading with zero trading fees to maximize traders' profit and market liquidity.

With the growing cryptocurrency market, it is imperative to adopt a platform that would allow customers to exchange their digital currencies easily, securely and at a low cost.

Cryptocurrency Exchanges

The digital market based on the blockchain technology is currently experiencing a tremendous growth. As of October 2017, Bitcoin stands as the number one cryptocurrency with a market capitalization of US $ 90 billion, followed by Ethereum which has a market capitalization of US $30 Billion. With over 1100 cryptocurrencies currently operating in the market, there clearly exists a need to create a platform that is secure enough to carry out exchanges given the amount of investment and money involved.

A cryptocurrency exchange basically involves the process of transforming digital or cryptocurrencies to fiat currency or trading it for another digital asset. Keeping in mind the growth and development of the market, there is a need for having a safe and secure platform that could cater to these transactions.

Unfortunately, with more and more cryptocurrency exchanges taking place with an increased interest rate, an increased number of criminals have been interested in hacking these transactions. The worst part about all of this is the fact that it can be very tedious for law enforcement to track these hackers as they can easily launder money through mixers. In 2014, Mt.Gox encountered serious technical failures due to which exchanging of currencies halted on the platform. This, in turn, resulted in the value of the Bitcoin reducing drastically, from $260 to $110.

The whole idea behind having a cryptocurrency system and the blockchain technology is to have a private, secure and a digital store of value that would enable the movement of money around the world instantly, at no cost. With the help of the project developed by Cobinhood, this could be achieved.

How it works

The idea behind Cobinhood is to provide zero trading fees in order to maximize traders profits and market liquidity. The high-frequency feature of Cobinhood would enable it to process more than a million transactions per second. This would allow investors to receive the true 'real-time' trading experience. It even wants to start ICO underwriting service, which will help solve ICO tokens' liquidity issues.

Cobinhood would allow customers to deal with 17 cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Along with these cryptocurrencies, it would even support ten fiat currencies, including US Dollar, Euro, Great Britain Pound, Canadian Dollar, Hong Kong Dollar and the Japanese Yen. This would help include a wide range of transactional possibilities.

The platform will be built on Google Cloud and would be covered by insurance. Cobinhood also guarantees a 100% reserve and would have an online and offline wallet addresses for the public audit that would ensure no embezzlement of funds takes place. 98% of the digital assets will be stored offline, with 2% left online for faster and easier deposits and withdrawals. Moreover, it will support a two-factor authentication system in order to log into wallets and will even have a 24/7 online customer service available.

For its ICO underwriting services, it will help investors decide if a new ICO project has potential and if it's worth investing in. It will even be able to let customers know if the technologies employed by various cryptocurrency platforms are secure enough to invest in by reviewing smart contracts to help eradicate bugs, errors or backdoors. It will even review projects on their feasibility, idea novelty, financial justification, and legal compliance. Cobinhood will also.

Advantages of Cobinhood

The plan proposed by the team seems like a feasible idea and has a prevalent demand in the crypto market. The project would help provide security against hackers and criminals and ensure faster, accessible and secure exchange transactions for investors at no cost.

The security offered by this place platform is what makes it so appealing. Since the hack of Mt, Gox, when hackers stole over 650,000 Bitcoins, which would today have a current valuation of US $3.13 billion, there has been a sense of potential security risks present in the market.

Through their unique features and strong security system, Cobinhood becomes a unique candidate for providing these services. It even plans on building a decentralized cryptocurrency exchange. With the help of decentralized exchanges, coins are not stored on centralized servers which imply a reduced probability that investors' coins could get jeopardized.

Review

The current cryptocurrency exchange platforms are easily compromised owing to their underdeveloped infrastructure. They are unable to handle the high frequency trading volume and this result in investors' money acting as bait for hackers. However, with Cobinhood, users could expect faster processes as it can support more than one billion orders per second with sub-millisecond latency. It promises to inculcate a much better ecosystem and a functional infrastructure.

It supports a variety of fiat currencies and cryptocurrencies, which would appeal to a larger user base and hence would promise high investment. By targeting major currencies, it promotes accessibility to the masses and major cryptocurrency holders. It doesn't just focus on US Dollar and has even taken the Asian market into consideration.

Moreover, it plans to create a decentralized system which would help stabilize this platform further and make it even more secure. In August 2017, the cryptocurrency trading volume overtook the stock trading volume, implying that the crypto market is an exceptional opportunity for investors and day traders alike. However, at this point, the biggest barrier for this technology lies in the cryptocurrency exchange transactions that take place.

It clearly has the potential to grow further with a strong team working on it and will prove to be a money-making prospect for initial investors. The ICO for Cobinhood started on the 13th of September and will go on till the 22nd of October 2017.

To know more visit:

Website: https://cobinhood.com

Whitepaper: https://cobinhood.com/assets/whitepaper/whitepaper_en.pdf