Blockport - 1st Social Crypto Exchange

ramsteem (56)in #cryptocurrency • 7 years ago

What is Blockport?

Blockport is a Cyptocurrency Exchange based out of Amsterdam which aims to provide a user friendly experience in order to bridge the gap between the Tech Savvy people ( who created blockchain, cryptocurrencies and exchanges) and the Non Tech Savvy people (who just want to be able to trade). Also they want to provide a Social Trading Feature which would enable the beginners to copy the trading activities of experienced crypto traders.

What are the problems Blockport is trying to solve

(1) Liquidity

Trading becomes difficult when there are not enough people who are selling/buying in an exchange. Also since the exchanges are fragmented and having their own markets, it causes the prices to vary vastly between exchanges. Blockport is trying to effective combine the aggregated liquidity across public exchanges in order to enhance the Liquidity.

(2) Security

Liquidity exist only in big exchanges which are centralized and hence it is prone to hacking or some internal fraud. Centralized exchanges provides more liquidity but carry the funds of investors so security is a concerns here. Whereas the decentralized exchanges lacks liquidity but do not carry the funds of investors so it is more secure. Blockport is trying to build a hybrid system that secures the funds like a decentralized exchange and integrating the centralized exchanges to provide more liquidity.

(3) Transparency

Fees and Commissions associated with a trade are not always transparent especially since the market price varies hugely between exchanges. Blockport plans to be transparent by continuously analyze the prices across varies exchanges and provide the best price for the asset.

(4) Usability

Majority of the exchanges apart from Coindesk is built for tech-savvy people and hence it is not usable for majority of the masses. Blockport is building a state of the art hybrid system with huge emphasis on user friendliness and usability. So this is expected to open up the door for everyone who wants to enter the cryptospace.

(5) Education

Current system lacks the guidance or the knowledge sharing mechanism for the beginners in the cryptospace. Blockport is planning to change all that by integrating knowledge sharing and social trading functionalities.

Source: http://blockport.io/read-the/whitepaper.pdf

Image reference:
Blockport
Blockport UI

Conclusion

Idea and concepts looks great especially the social trading feature which allows someone to be able to copy the trading activities of an experienced trader. But i didn't like one thing which is the User Interface. Not that it is not good but because it resembles so much of Coinbase. In my opinion it would have been much better if they had come up with a unique design rather than replicating Coinbase.

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