Qurrex - The Hybrid Cryptocurrency Ecosystem

ambition1 (41)in #blockchain • 6 years ago

The Introductory: A Brief Glance

In the ever increasing crypto-economy today, a criss-cross situation has developed. On the one hand, a total of the centralized exchanges have been established, with minimal basic client functionality and service – a position only strengthened by the growth in the volume of cryptocurrency trade and capitalization. On the other hand, the “teething troubles” of the centralized platforms, and the successful running of ICO projects linked to cryptocurrency trading, have led to consistent demands by the community for both an improvement in the quality of service of the centralized model of trading platforms and for the creation of effective decentralized cryptocurrency systems.
When an average customer chooses from cryptocurrency markets he pays attention to security and transparency, but first and foremost, to liquidity. The liquidity is not a virtue in itself. The liquidity depends on the ability of marginal trading, transferring fiat money, providing friendly GUI.

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There are a number of niche products on crypto market. Each of these projects does well in addressing one or two specific concerns. Still there is no universal solution to all the cryptocurrency market challenges.
These projects boast striking serviceability in one area or another. Such platforms, as a rule rarely possess the characteristics they boast, and have primitive key indicators, such as KPI, unsuitable for the “mature” markets. At the same time, institutional players on the financial market, backed by hundreds of millions of clients and funds amounting into the trillions of dollars, understandably lack faith in the cryptocurrency trading market due to its lack of industry standards and transparency, its vulnerabilities, as well as the technological backwardness of trading platforms and their infrastructure when compared with the classic, regulated exchange systems. The cryptomarket will reach the next stage of maturity only by adopting institutional traders. In November 2016, a group of like-minded people began work on the first hybrid cryptocurrency exchange with an innovative platform for social trading and investing.

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This group brought together experts with many years of experience in working on the currency markets, developers of trade terminals allowing both manual and automatic trading, and founders of successfully operating stock and futures exchanges – all of whom saw the significant potential in applying the best practices and industry standards of the traditional sector to realizing projects in the cryptocurrency sphere.possess the characteristics they boast, and have primitive key indicators, such as KPI, unsuitable for the “mature” markets.

In reality, Qurrex is setting the industry standard in the crypto-economy for a universal cryptocurrency exchange – one which existing platforms will eventually achieve only after years of independent effort.

The platform will become the first cryptocurrency exchange based on high-performance architecture from the leading international trading platforms. Rather than respond to the market demand of “yesterday”, it is designed for the future – for the coming growth explosion in cryptocurrency trading

Solution Overview
Originally, the Qurrex platform was designed exclusively as a centralized cryptocurrency exchange system. The reason for this was related to the team’s background: having worked for over 10 years on the creation of various exchange and broker systems and products for the traditional markets, we inadvertently became adherents of this approach.

However, research into distributed networks as part of delivering the current project led us to new approaches and tools for solving many of the problems that we had encountered over the course of recent years. Here we refer, first and foremost, to the need to increase liquidity of separate instruments, as well as to increase clients’ confidence in unregulated infrastructure providers. The outcome of our investigations was the understanding that, in order to create an effective exchange system and meet the demands of a wide circle of users, what is necessary is the harmonious merging of centralized and decentralized elements. The main thing we understood was the fact that, within an infrastructure set up to handle various assets, the potential of the community behind the public blockchain networks must be taken into account, as it is precisely this community that is the basis of the future crypto-economy. In order to provide clients with user-friendly tools for executing operations.
It is possible to identify several existing problems that gave the impetus to the creation of Qurrex.

• Multiple complaints about the quality of service of today's cryptocurrency exchanges;
• Strong concerns regarding the security, reliability, and transparency of current solutions;
• The existence at the current time of only niche products on the cryptoexchange market;
• The absence of a universal exchange with a set of characteristics able to meet the demands of future clients;
• A clear vision of the market’s future development in relation to that of the classic exchange market.

Cex: Problems with the Current Stage
The lack of protection and an insufficient level of security (fraud, theft of cryptocurrency from wallets, theft of personal data);

• insufficient liquidity, especially across low-liquidity instruments;
• lack of rapid, connection-friendly APIs;
• low capacity and substantial delays in completing operations in the bidding system;
• lack of formal transparency, in particular, public and liaison protocols for interacting with clients in the event of any issues arising;
• malfunctioning due to limited productivity; insufficient performance for peak trading activity periods;
• non-adherence to the obvious rules of business practice;
• malfunctions as a result of excessive traffic;
• interfaces (both graphical and application programming) provide only restricted analysis and trading functionality, for example:
• lack of mobile applications,
• incomplete set of tools for graphical and technical analysis,
• non-user-friendly interface,
• poorly customizable user interface;
• slow processing of deposits/withdrawals, limited means of such deposits/withdrawals;
• unsatisfactory level of customer servicing, for example long response time from technical support services, lack of telephone support and narrow choice of trading instruments.

The Key Features Of Our Solution

Transparency: Financial Openness
Presently, the majority of existing crypto-exchanges are characterized by a low level of openness towards their users who do not have access to information, including:

• who is controlling and managing the exchange’s activity and, consequently, the funds which the users are depositing in their exchange accounts;
• the way the funds deposited by users in their exchange accounts are being used;
• whether there is a balance between fiat money and cryptocurrency assets circulating on the exchange platform;
• whether the exchange platform’s balance is being audited;
• where the exchange’s accounts can be inspected;
• how much in fees and commission the user is paying to execute trading operations.

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A key virtue of Qurrex will be its openness towards the community, which will be achieved by way of:
• quarterly reporting of the exchange’s activity;
• conducting of an independent audit of the exchange’s activity by one of the Big 4 auditing companies;
• publishing of audit results;
• creating of an exchange management board of independent industry experts and community representatives;
• supplying users with the most detailed information possible regarding the state of the

The Qurrex Token
The functions of the token on the centralized exchange are as follows:

• an individual discount for paying commission fees accrued for organizing trades;
• a medium for paying for services and fees with other currencies;
• a quoted exchange commodity, cryptotoken.

By studying the proposed solutions and protocols of decentralized exchanges, we have adopted two approaches that will be applied within the decentralized networks of the next generation, one of which we will focus at for practical implementation. We understand that the final implementation of QDEX will directly depend on the current level of development of blockchain networks and the crypto industry as a whole.

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Team
Matthijs johan lek, co-founder and ceo Slava baikalov, co-founder and head of East europe office Andrey sitaev, cto, Alexander bobryshev, product manager, Konstantin Sviridenko, advisor, chairman oOf the supervisory board of querrex Konstantin sviridenko, advisor, chairman of the supervisory board of querrex, Konstantin sviridenko, advisor, chairman of the supervisory board of querrex

Conclusion
The lack of information regarding the aforementioned issues results in a lack of trust on the part of the community in both existing and new cryptocurrency exchanges, especially centralized ones. Furthermore, incomplete disclosure of information is a significant barrier to major institutional investors and brokers entering the cryptocurrency market. In particular, brokers trading on behalf of their clients cannot calculate the operational costs of trading or provide their clients with reliable information. It should be noted that the traditional exchanges (NYSE, NASDAQ, LSE) are open towards their investors and clients, and have a wide range of information sheets and bulletins that allow the financial robustness of an exchange platform.

Useful links

WEBSITE: https://qurrex.com/?utm_source=self&utm_medium=link&utm_campaign=btlk

WHITEPAPER: https://drive.google.com/file/d/1klzZPHdjCBnurHCJjJbjwsed_5rx4W1U/view

ANN THREAD: https://bitcointalk.org/index.php?topic=2899211

TELEGRAM: https://t.me/qurrex_chat

FACEBOOK: https://www.facebook.com/qurrex/

TWITTER: https://twitter.com/qurrex

GITHUB: https://github.com/Qurrex

MEDIUM: https://medium.com/qurrex

REDDIT: https://www.reddit.com/r/QurrexOfficial/

YOUTUBE: https://www.youtube.com/channel/UCYAsSGdCEHA96fUJWWGDL5g

WRITER: ambition1