Bitsta Exchange differentiating features are a significant leap forward

in blockchain •  10 months ago

With extensive development already completed, Bitsta Exchange is a modern, highly secure and fully scalable cryptocurrency/digital asset exchange service platform designed for mass mainstream adoption. Bitsta will attract customers through responsiveness, enhanced proprietary and patent pending security, extensive localization, live customer service, advanced features, bot support, staking program, gamification, secure storage, live news feeds, multi-currency support, user empowerment through customization and a lot more. Check out the extensive list of unique features below. At least fourteen digital assets/tokens will be available for trade at launch along with the ability to deposit and withdraw in fiat in select markets shortly thereafter. New assets will be added weekly.

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Bitsta will store all reserve currency in multi-signature cold wallets — no “hot” wallets are ever used! This is a unique and patent pending feature available only at Bitsta. Additionally, Bitsta will use a unique blockchain backed security protocol for customer withdrawals which will allow the customer to control their withdrawal information completely off-system (off Bitsta servers).

Bitsta will provide easy to use tools that create a fully integrated cryptocurrency trading environment and exceed market expectations. All exchange services will be accessible via an extensively tried and tested secure web application that has already securely processed millions of dollars per day and hundreds of millions of dollars of transactions per month.

The Bitsta ecosystem will include a responsive, intuitive user interface (UI) with feature-rich modules. Each user can customize their own display with various modules to create a style that maximizes their personal trading preferences. The Bitsta web application UI will feature streamlined designed for all major device types (desktop, tablet, mobile phone). You can already see our pre-beta UI demonstration — Bitsta is not just an idea, it is already a working prototype with development currently ahead of schedule.

Bitsta will be the go-to destination for new users who are looking to buy their first cryptocurrency coins in a secure and easy to use environment. Experienced and institutional traders will enjoy advanced features and management settings that give them optimal control over their trading experience in a highly secure environment.

Bitsta Exchange Key Differentiating Features

Bitsta will have in excess of 20 unique features available for our customers at launch or shortly thereafter:

  1. Proprietary and Patent Pending Fund Security
  2. Proprietary Off-Server Transaction Security
  3. Client and Server Side Security
  4. Technical Infrastructure
  5. Proprietary Matching Engine
  6. Extensive Order Types & Order Time Frames
  7. Modern User Experience (Custom UI)
  8. Extensive Reporting System
  9. Automatic Bid/Ask Smart Pairing
  10. Advanced Administrative Control
  11. Advanced Referral Engine
  12. Extensive API Access
  13. Secure Asset Storage Services
  14. Live News Feed
  15. Live 24/7 Customer Support
  16. Extensive Localization
  17. Multi-Currency Support (32 fiat currencies)
  18. Built in Gamification
  19. Built in Trading Bot & 3rd Party Bot Support
  20. Prime Broker Services

1. Proprietary & Patent Pending Fund Security

Bitsta will exclusively utilize off-server aggregation of cryptocurrency. Funds will be held using hardware wallet private keys, all with two-signature-required keys. Using a proprietary and patent pending process, all deposits, reserves, and withdrawals are done using hardware backed private keys. There are never any funds in “hot” wallets.

Our unique and proprietary approach prevents all software-style attacks, which are responsible for nearly all cryptocurrency theft. These attacks rely on the fact that there are literally billions of possible operations in the various software programs running on all servers. Finding a narrow exploit is difficult, but when one is found it can result in theft. Never placing the funds on “hot” wallets removes the danger that these threats pose. Funds are never held in hot wallets at Bitsta.

2. Proprietary Off-Server Transaction Security

Because an exchange requires software for its operation, another attack vector is different types of “man-in-the-middle” attacks where an exchange user is tricked into entering secure information in a place where it can be used by a thief. The end result are transactions to wallet addresses owned by someone other than the user.

Through a unique proprietary system, Bitsta will have a customer controlled method for validating all transactions. This process will prevent insertions of incorrect cryptocurrency wallet addresses and will put full control of the secure experience in the hands of the user in a completely “off-server” method.

3. Client and Server Side Security

Bitsta will adhere to industry best practices when it comes to securing infrastructure and data including ISO/IEC 27001:2013 and the CryptoCurrency Security Standard (CCSS). Security features at launch will include two-factor authentication, email confirmation and a password protocol requiring that all users meet specific minimum password strength requirements and informing them visually if they do not. Additional features include account lock out when a maximum number of failed logins has been reached or by user request.

Logins, withdrawals, and API key creation will utilize two-factor authentication. Members will have up to three account verification levels.

  • Level One: Email verified (cryptocurrency to cryptocurrency (C2C) transactions allowed)

  • Level Two: Uploaded proof of residence and identification documents and provided address information (C2C and fiat deposits allowed)

  • Level Three: Uploaded documents verified (cryptocurrency and fiat transactions, including fiat withdrawals, allowed)

4. Technical Infrastructure

Bitsta is designed to run completely autonomously in order to serve transactions 24-hours per day, 365 days per year, without interruption. The initial design goal is to set up an early version of the exchange and then program in a fully automatic ecosystem which will trade and use the system in the way actual users would use it. This automatic system will allow for growth testing, usage-spike testing, and will serve as the penetration testing platform. Before Bitsta is launched it will have underdone rigorous real-world testing including constant trading at the highest throughput to ensure the speed, efficiency and accuracy of all trading features.

Bitsta will run for months prior to launch in an automated fashion and will facilitate the creation of comparison reports. These reports will be audited daily by the auditing team and will allow full vetting of the trade matching engine under high-load before any user funds are placed at risk. The auditing team will work closely with the exchange design team to ensure a system which is audited end-to-end prior to launch.

Finally, the backbone of the Bitsta technical infrastructure lies in the development team that brings decades of real world, full stack development experience including developing and managing online applications that have processed in excess of one billion dollars as well as global cryptocurrency operations.

There are currently 25 experienced developers working on Bitsta exchange and the number is growing weekly.

5. Proprietary Matching Engine

The Bitsta proprietary matching engine is being built to handle well over one million completed transactions per second (over two million individual buy and sell transactions).

Matching engine speed combined with extensive order types and order time frames will make Bitsta a valuable resource for traders wanting a highly capable and automated trading partner.

6. Extensive Order Types & Order Time Frames

Bitsta comes ready with deep customization of trades capability so anyone can build automated and custom trading rules easily. Bitsta order types will enable powerful, fine grain, trade control and include:

  • Limit
  • Market
  • Stop Limit
  • One-Cancels-the-Other
  • One-Triggers-the-Other
  • One-Triggers-One-Cancels-the-Other

One can set a follow up trade to a set trade with digital assets they do not yet have.

Bitsta order types are controlled by time frames enabling further refinement of your trades and include:

  • Immediate
  • Cancelled
  • Good Until Cancelled
  • Good Until Date

7. Modern User Experience (Custom UI)

Bitsta will have a responsive, intuitive and modern user interface (UI) with feature-rich modules viewable on most devices. Each Bitsta user will be able to customize, and highly personalize, their own displays to create a style that maximizes their personal trading preferences without the need for downloads or repeat setup on multiple devices.

Customers will utilize multi-feature graphs of all trading pairs allowing full trade-data research. The member dashboard will allow for members to select modules they want to display and create their own custom dashboards with real-time information. Features will include recent trade list, pending trade depth, pending order book, member’s order details, member’s previous orders, overall volume, and price history by selected time period, and other information. All modules will be customizable in terms of what currency pairs are viewed as well, with the ability to include more than one pair on the same dashboard — you can view and trade up to nine pairs at the same time! The time frame of the asset panels will also be able to be mixed on a single dashboard. Finally, simple guided trading and setup for first time users will make Bitsta exceptionally accessible. Experienced traders can jump in and take advantage of customization and extensive trade type options as well as API access.

8. Extensive Reporting System

User transactional data will include fiat currency values at the time of the transaction or withdrawal or deposit as well as complete archival transactional data for all orders executed or partially executed. Users can also view a history of cancelled orders for up to one week.

Bitsta record keeping and reporting features will allow the user to specify their “order value currency”. This will allow the member to choose a local fiat currency to show the “order value” on any completed orders — no checking what 0.45832 BTC is in USD for example, your equivalent currency value is already displayed. Bitsta will support 32 currencies initially, including USD, CAD, AUD, CNY, HKD, SGD, THB, MXN, EUR and more.

9. Automatic Bid/Ask Smart Pairing

Bitsta will automatically smart-pair currency Bid/Ask with a minimum sustained execution speed of one million completed transactions per second.

10. Advanced Administrative Control

Bitsta administrators will have extensive system control. Administrators can set the rate at which members are allowed to join by country and from which countries. Administrators can also adjust the transaction fees by currency pair, by member, and by member type. Furthermore, administrators can also adjust the Bid/Ask Spread on a per currency pair basis.

Finally, administrators will be able to control fees for withdrawals based on currency or fiat type on a per member or member type or country basis. Different administrative levels already built in to the Bitsta system will enable quick and effective customer service setup without putting user information at risk.

11. Referral Engine

A proprietary referral engine is built into Bitsta enabling extensive user incentives, personal referral links, and variety of rewards to help build the user base and quickly grow exchange liquidity.

12. API Access

Bitsta will have extensive API capability and will include the following API scenarios:

  • API access to trade data and current pricing
  • API access to withdraw to any supported withdrawal currency
  • API access to exchange allowing creation of orders of all supported types and time frames
  • API is rate-limited on a per user basis based on volume of trades in the account
  • API is limited by IP, total amount transacted, and total amount withdrawn. Settings are controlled by the user at the time of creation.

13. Secure Asset Storage

Proprietary secure asset storage option will be available to all Bitsta users. Users will be able to safely store their digital assets with Bitsta and in that way they may choose to avoid creating their own local wallet, or print paper wallets, or purchase a hardware wallet. The Bitsta secure asset storage solution will be insured for added asset protection.

This powerful proprietary Bitsta technology also creates another revenue source for Bitsta as there will be a fee for the service to cover the cost of insurance, additional security, hardware and ongoing enhancements.

14. Live News Feed

Make better decisions with up to date real time information. We’re utilizing one of the world’s biggest news aggregators to deliver a focused trending news feed displaying real time news for your assets in each asset panel.

For example, when you view a digital asset panel you will be able to see recent, credible, and real time, asset specific news from over 30,000 reputable online sources.

News will update frequently, every few minutes, with popular asset news updating every few seconds.

15. Live Customer Support

Bitsta will invest heavily into live customer support for all users and a variety of ways to interact with customer support including toll free numbers, online chat, email, support ticket system, online FAQ resource, in account update and communications area, social media and more as we grow.

Additional added support will include a VIP customer support department for specific users who need dedicated and instant access to Bitsta at any time of day from anywhere in the world.

16. Localization

Bitsta platform was designed with localization in mind from day one. Translation support comes built in to the platform and enables Bitsta to launch and support new markets quickly. Initially Bitsta will support English, followed by Chinese (Traditional and Simplified), Korean, Japanese, Spanish, French and German. More languages will be added over time as new markets develop.

17. Cryptocurrency & Fiat Support

In the long term, Bitsta plans to support fiat to cryptocurrency trading and securities trading by pursuing regulatory approvals in select markets. As each market’s regulatory environment may differ, Bitsta will be developed to be capable of standalone operation in a single market meeting all of that market’s regulatory requirements while still connected to the master order book and enabling users to trade across markets without having to leave their local Bitsta exchange account.

Initial launch will support cryptocurrency to cryptocurrency trading of at least 14 digital assets and may include these cryptocurrencies with more to be reviewed and added after launch:

  • BTC Bitcoin
  • BCH Bitcoin Cash
  • ETH Ethereum
  • BTG Bitcoin Gold
  • ETC Ethereum Classic
  • LTC Litecoin
  • ARK Ark
  • DASH Dash
  • VEN VeChain
  • KMD Komodo
  • STRAT Stratis
  • XLM Stellar
  • USDT Tether
  • ZEC Zcash
  • ZRX 0x

Bitsta will only add cryptocurrencies that have passed a stringent review and approval process, have a strong user base and proven liquidity.

18. Gamification

Gamification will increase trading volume as well as increase the average number of repeat trades by users. To encourage user participation, learning and general comfort in the cryptocurrency trading space, Bitsta will include gamification features to help speed the adoption of the exchange and blockchain technologies. Gamification may include daily actions that develop into habits, recognition of power users, new user invitation, one click trading, special offers, discounted fees, contests and a lot more.

19. Trading Bot Support

Due to the volatility of the market, trading bots have become increasingly popular. Bots allow controlled trading at all times, 24 hours per day. A correctly setup bot allows trades to be executed faster and more efficiently than one could perform manually.

To assist traders, Bitsta will provide support for quick and easy 3rd party bot setup for trading within Bitsta as well build custom in-house Bitsta bots that can be accessed by Bitsta users at any time with no additional setup needed. Along with extensive Bitsta order type and order time customization, bots will enable never before seen level of trading automation.

20. Prime Broker Services

As a prime broker, Bitsta will give institutional investors and managers the ability to trade with multiple exchanges while maintaining, in a single Bitsta master account, all of their digital assets. Additionally, Bitsta will provide extensive portfolio reporting, digital asset storage and other services. This service significantly eases the barriers to entry for institutional investors into the digital asset marketplace. More importantly it frees them up to focus on returns instead of setting up and managing multiple exchange accounts, consolidating reporting and managing digital assets across multiple services.

Combined with our patent pending security technologies and secure asset storage services, the prime brokerage service is a powerful value added feature.

Visit us at https://www.bitsta.com and register for new updates as they are released. Bitsta Exchange development is on currently schedule and final testing may be ahead of schedule.

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