Qurrex is a new crypto exchange based on the blockchain system and centralized nodes. The main task of this project is to avoid the problem of liquidity on the exchanges of cryptocurrency trading, ensuring the speed of operations, as in conventional stock exchanges. The technology of the blockchain is used for the purpose of sending information about all transactions, orders across different networks that may be independent and centralized.
Traditional cryptocurrency exchanges and challenges
For a very long period of time, there are discussions regarding the problems that exist on many exchanges for trading cryptocurrency. This topic is very relevant for the last few years. It was in 2014, one of the largest cryptocurrency exchanges declared bankruptcy, due to constant attacks. So, the exchange disappeared along with all user deposits. Just a year ago, another exchange has faced investigation by the FBI, with regards to the possible schemes of money laundering, and after a few weeks, thanks to the use of other servers, the exchange continued to work, but some deposits were irretrievably lost. The exchanges, which are based on the principle of decentralization, should completely get rid of such problems. Using a large number of nodes helps to optimally support the entire network, while ensuring a high level of protection for all users and transactions. But despite all this, these exchanges are faced with the following problems:
- long period of execution and processing of all transactions;
- a low level of liquidity.
QURREX is made with the aim to solve all the above mentioned problems and find the best option for the user.
Principle of operation
The basis of the work of the service is the scheme, which normally operate centralized nodes, as well as independent nodes. Through the use of centralized nodes, applications are sent through the platform. This allows users to reduce the load level of the entire network. Independent nodes are able to provide all the information on the blockchain and work on common rights. Also to work with the deposit users work with decentralized nodes. Nodes, which are decentralized, have special books, where information is available with regards to customer applications. Thanks to the constant work they are able to easily exchange data and find the most suitable options for a person. All data regarding transactions and trades are constantly recorded in the blockchain. Project developers claim that the system is capable of 1 second to process approximately 70,000 transactions. Such a platform can simultaneously allow access to a large number of people, without losing the level of performance for the system. The platform has such indicators as other very popular and good stock exchanges engaged in stock trading. Trade will not be fully decentralized. Tokens-substitutes are used instead of real assets, money. The approximate scheme of work was used by BitShares, where USD was replaced with a special cryptocurrency.
The developers believe that the platform has a very large functionality. In the near future, they want to develop a platform that can fully work with cryptocurrency:
- the ability to insure all deposits of users which will come to the wallets;
- trading on some algorithms;
- user interface, which includes a large range of graphic services for technical analysis;
- the opportunity to have own trading platform;
- the opportunity to have a special platform for cryptocurrency traders, which has a social basis;
- the ability to use fiat money to replenish the balance;
- support for each user 24 hours a day;
- third-party developers have an API.
The sample map of this project is as follows:
- sale of tokens was launched in February 2018;
- early 2019. The Commission from Luxembourg issues a special license for such services. Integration of the system with possible payment systems.
- adding special functions with regards to copying elements of other deals;
- end of 2019. The creation of decentralized units and the distribution of their own work to other countries.
Special attention is paid to the large period between the end of the token sale and the launch of the project. This happens because the project has a high technical complexity.
Pre-sale of tokens began in late February and lasted until the end of March 2018. The main sale lasted until mid-April. The platform uses tokens called QRX, which are created on the basis of Ethereum. About 70 million tokens have been issued, which are distributed in this way:
- about 78.6% allocated for sale;
- developers receive approximately 7.1% of tokens;
- different financial programs allocated approximately 6.4% of the tokens;
- 4.3% of tokens allocated for bounty;
- pre-sale of about 3.6% of tokens.