Blockchain.io Review

What are the classical Crypto Exchanges' Problems?

Todays’ the most important question is that are crypto exchanges secure enough for hackers and fraudsters attacks. Most people think the answer is no and they have justified reasons. Even crypto exchanges say they are ready and secure for attacks, almost every month we hear news about a new crypto exchange break. Hackers attack high volume crypto-assets platforms to bring the systems down by using DDos attacks and many users’ cryptocurrencies are stolen by fraudsters who break accounts using social engineering. Many of these hacked platforms could not fight these attacks and they were shutted down. Unfortunately these attacks and breaks don’t affect only hacked exchanges; like a snowball, beginning with bitcoin, all crypto coins prices are affected adversely. This is really frustrating for both existing and newcomer investors. Is that security breaches only problems? Of course, it is not.
There are other problems waiting to solve. Non-compliance of crypto exchanges is one of them. Because of national and international laws and regulations, users’ assets seizes or freezes. Sometimes exchanges’ AML and KYC procedures are insufficient, so they have to suspend their operations. An other problem is opacity; the management and operations of some exchanges are opaque. Their customer services are not good enough and even sometimes users’ questions are not answered. High risks and uncertainty causes massive tension as stress quickly spreads in the community. The last problem is outages. In high volality periods most of the exchanges face with service outages. After the outages, most exchanges simply try to resume operations as quickly as possible and seldom fix their accounting records or upgrade their server infrastructure. But traders and investors have big losses.

What is Blockchain.io and what do they promise to solve these problems?

Blockchain.io’s main target is to be the cryptocurrency exchange of trust for individual and institutional traders and investors. Some remarkable features:

It will be Ultra-secure & Decentralized. This means that the centralized part of the exchange offers highly secure custody services with cold storage and cryptographic proof of reserve. Cryptocurrencies are held in cold storage for at least 98% of reserves. To access cold wallets needs multiple signatures and cold wallets’ private keys is split and held in a number of different vaults in multiple locations. Internal procedures protect the exchange from social engineering attacks. Periodic technical audits and timestamped logs allow detection of any tampering attempts in the accounting database.

It will also be Fully Compliant & Transparent Exhaustive accounting records are audited by independent professional auditors to ensure the integrity of the trading platform. The exchange aims to comply with all current applicable EU regulations, ensuring that assets never get seized or frozen. Customer balances on the liability side must match exactly the inventory of coins held by the exchange. Blockchain.io aims to perform such balance check and to publish its cryptographic proof at every block interval.

It will have Reliable Infrastructure. Minimal downtime, typically restricted to server maintenance, application upgrades, or database migration. Resilience under high volume, heavy traffic conditions, or DDoS attacks.
These features will solve classical crypto exchanges problems, traders and investors will feel more safe and won’t hesitate to be in a crypto exchange.

For more information: https://blockchain.io