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Blockonix to launch the World’s Best Decentralized exchange on 20th July.

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Blockonix smart contract run cryptocurrency exchange aims at providing world-class facilities of a decentralized cryptocurrency exchange.

Insights about Blockonix the best-decentralized cryptocurrency exchange in the crypto community.

Blockonix tweeted today regarding its launch on this Friday, 20 July.


Introduction to decentralized exchanges

There is news across the cryptocurrency market at regular intervals that a cryptocurrency exchange is hacked, and some amount of cryptocurrencies are stolen. These kinds of news are disheartening even when the Blockchain Technology provides immense amounts of security, also when it is said that robbing a Central bank is far easier than taking control over the Bitcoin network, it is utter shame when such exchanges get hacked and lose our funds. This is the precise bottleneck in the system, where the concept of decentralization is not being applied. When the whole concept of cryptocurrencies and Blockchain Technology is on decentralized nature then why keep the exchanges out of its air. According to experts, they believe that even the exchanges should be completely decentralized, only then will the concept of cryptocurrencies be completely fruitful without any flaws.

A precise reason why Centralised exchanges are on a rise is the fact that the creation and maintenance of a decentralized exchange are highly expensive when compared to that of any centralized exchange.

 

Blockonix

Blockonix smart contract run cryptocurrency exchange aims at providing world-class facilities of a decentralized cryptocurrency exchange. Built on the Ethereum environment, it allows a user to trade their own Ethereum tokens, without anyone from the team having control over it. The exchange provides high-class security to its funds by keeping some of the critical standpoints in mind. Privacy cannot compromise with, hence, the Crypto exchange is the one where the authority is distributed among its community members rather than the owners.

 

Transaction fee on Blockonix

The exchange employees 0.1% transaction fees which would be collected in Ether apart from the traditional Ethereum gas price. The users can also avail a discount of 70% on the transaction fee by paying the fee in BDT Tokens. It is worth pondering over that how can a  complex ecosystem be managed so efficiently with so less transaction fee. The team members intelligently have incorporated security from its decentralization which automatically has reduced the transaction fees.

Increasing the value of BDT (Blockonix) tokens

From the collected Ethereum tokens, the native value of the BDT tokens would be increased. BDT is the native token of the exchange. The fee collected in the form of Ether, at regular intervals would be converted to BDT through a buy order in BDT/ETH, that is placed by the smart contract automatically each day. The obtained BDT tokens would then be burnt and completely destroyed by sending them to a burn address, in this manner, indirectly the native value of the BDT tokens would be increased substantially. Once the BDT tokens are burnt, they can never be retrieved at any cost. A flat 70% discount is availed on transactions with the BDT tokens, all the time.

 

How is it better than others?

Blockonix cryptocurrency exchange provides an amazing user experience as well as interface, similar to that of a Centralised one, but one should not get confused, as working paradigms are of a purely decentralized one. It is also worth mentioning that the gas price of each transaction can be controlled by the user itself. Being a decentralized exchange there is absolutely no authority posed by the developers on its users and then there is absolutely no minimum limit for withdrawing cryptocurrencies. But since we all know that a transaction of low amounts can cause a delay in its verification on the Ethereum network due to its lower gas price. It is always preferred that 0.04 Ether be the threshold for each and every transaction, to make then that it is confirmed faster.

If any transaction is pending for a long time, they must make sure to use higher gas price to make sure that the transaction is verified as soon as possible.

Conclusion

The ever-increasing hacks and scams on some of the world biggest crypto exchanges like Mt. Gox and Coincheck, has left the world by surprise and hence decentralized cryptocurrency exchanges are seeming to be the future of cryptocurrencies. They are not mature enough to compete with the larger Centralised exchanges. On the contrary, the exchanges like Binance and Bitfinex are looking for ways to decentralize their crypto operations. In a centralized ecosystem that authority seems to be vested with the cryptocurrency miners along with the exchange, but when it comes to a decentralized platform, everything is equally bifurcated among the members of the ecosystem itself.

#Exchange

5th Largest Korean Cryptocurrency Exchange: Coinnest Shuts Down

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Coinnest which is one of the largest cryptocurrency exchanges in Korea made an announcement that it is going to shut down its operations in the midst of some financial, admin and legal problems.

 

Coinnest Shuts Down:

According to a recent publication by Coinnest, bitcoin exchange, the exchanges is shutting down its operations. Coinnest had earlier closed down its new account creation services on 16th April 2019.

 

According to the exchange, it is going to terminate the trading and deposit features at the end of this month. However, the users shall be able to withdraw their cryptocurrencies from the exchange until 30th June 2019.

 

coinnest-screenshot

website screenshot

 

Following the decision to shut down its operations, the exchange has made an announcement regarding the decrease of the minimum withdrawal amount as well the withdrawal fees. Coinnest warned the users that no user shall be able to withdraw their funds after 30th June 2019.

 

Last year, the CEO of the exchange, Kim Ik-hwan was arrested by the South Korean police for fraud and theft. Since then, the exchange had been facing a bad time. The CEO was found guilty by the court and was sentenced to prison along with a fine of $2.5 million.

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#Exchange

Japan to establish new regulations for cold wallets of crypto exchanges

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The Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets of cryptocurrency exchanges.

As reported by Reuters, the Financial Services Agency of Japan (FSA) is going to establish new regulations in relation to the cold wallets for the storage of cryptocurrencies for cryptocurrency exchanges.

 

According to the report, the financial regulator of Japan is going to need a more strict internal supervision of the cold storage wallets (offline wallets) within the crypto exchanges.

 

The Financial Services Agency of Japan is going to mark the issues of protecting the security of the cryptocurrencies and other endangers to the country by establishing new regulations since the agency wants to uplift the fintech industry in order to encourage the economical growth.

 

Even though the cold storage wallets are in offline mode (not connected to the internet) and are considered a lot safer than the online wallets, Japan’s Financial Services Agency is considering the internal thefts within the organization itself. Currently, a lot of cryptocurrency exchanges do not have a procedure of rotating the individual responsible for the cold storage wallets.

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Kraken Sued for $907,000 by ex-Employee

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An ex-employee of Kraken, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company.

An ex-employee of Kraken, a major cryptocurrency exchange, Jonathan Silverman has sued the crypto exchange for failing to make the payment for his work done for the company. The lawsuit has demanded more than $900,000 from the company.

 

Kraken Sued:

According to a publication on Bloomberg, Jonathan Silverman was responsible for managing the institutional sales and trading desk of the exchange. He was posted in New York and had an agreement with Jesse Powell, the CEO of Kraken for a salary of $150,000 for his job. They also had verbal communication regarding the payment of 10% of the yearly profit of the desk to Jonathan.

Jonathan is alleging that the desk had made more than $19 million profit in 3 months during his working period in 2017 and did not receive the 10% payment as a commission as he was promised.

However, according to Christina Vee, one of the spokeswomen for Kraken mentioned that Jonathan Silverman is giving false statements and also violating his confidential agreement.

 

Did Kraken leave New York in 2015?

Jonathan Silverman also claims that Kraken had not left New York in 2015 despite the fact that the controversial Bitlicense was introduced by the State’s department of financial services back then. He said that the company has been misleading the common people and the government regulators about not operating in New York since 2015. Jonathan claims that most of the OTC (Over the counter) traders of the exchange were done in New York.

In 2015, Kraken had posted an official publication which said that the exchange is shutting down its services in New York due to the controversial BitLicense of the State that was being brought out by the financial services department.

 

The lawsuit claims that when he left the job, Jonathan Silverman had reached an agreement with the company that he would receive $907,000 as a settlement amount which was never received by him.

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