ENCRYBIT: A DISTINCTIVE AND EFFECTIVE CRYTPOCURRENCY EXCHANGE

Introduction

The birth of bitcoin led to several hundreds of cryptocurrencies, though the main idea behind cryptocurrency is to secure and anonymous way to transfer currency from one person to another. To further develop this anonymity, Satoshi Nakamoto developed a digital ledger of bitcoins transactions called Blockchain. However, the influx of people into the market has made an astronomical rise of cryptocurrencies like Bitcoin and Ethereum, hence made cryptocurrency market popular.

Despite all this, it is a known fact that many of the current exchanges are not making trading easy for old/traditional investors to come on board. A lot of exchanges are being created day by day but with all sorts of problem. Problems like lack of insecurity for investors’ fund, high listing fee that has prevented a lot of project developers to list their token to an exchange, high withdrawal fee, lack of customer care support and lack of liquidity.

CHALLENGES FACED BY EXISTING CRYPTOCURRENCY EXCHANGES

  • Security Issues: Security issues have been the talk of the day, it is the biggest threat to cryptocurrency exchanges, many often times exchanges face security issues because of hackers who sends all sort of Trojans and malicious links to affect exchanges which leads to many investors fund been stolen.
  • High Withdrawal Fee: One of the major problems faced by existing cryptocurrency exchange is high withdrawal fee when withdrawing coins.
  • High listing Fee: This is also a problem, many exchanges charges high fee for listing; these limit developers who cannot afford such fees.
  • Delay in transactions: Another issue with exchange is the delay in transactions; most exchanges are slow; from initiating a trade to making deposit or withdrawals.
  • Lack of liquidity: This is also a barrier to exchanges, due to lack of liquidity, sometimes orders are not been quickly placed because of low supply and demand of some coins thereby leaving traders to wait for required buyer/seller to arrive on the exchange.

SOLUTIONS PROFFERED BY ENCRYBIT EXCHANGE

  • The Encrybit is mainly focusing on the security aspect of the exchange. The Encrybit security advisors and experts are trying all possible best to harden the security layer with accurate SDLC methodology. Some of the security assessment includes secured server infrastructure, secure and modularized coding methods and server penetration testing, and ethical hacking process to enable an effective implementation of security standards. Some of the general user security features includes two factor authentication, wallet address whitelisting, withdrawal authentication, anti-Phishing Alert. Some of the technical level security features are; Cross Site Scripting, SQL Injection, remote OS Command Injection, CRLF Injection, Heart Bleed OpenSSL Vulnerability, Denial of Service (DDOS Attack) and System level security includes: The HWS certified cold and active storage for managing fund, regular encrypted database and system image backup with full mirror functionality, regular security auditing for system upgrade and stability and API calls are wrapped with SSL encrypted and cryptographic sign to prevent any phishing attack
  • Encybit will also be keeping the trading fees marginal with withdrawal fee depending on miners and mining fees without having a fixed amount. Users who with ENCX Tokens will enjoy 50% discount on fees.
  • The Encrybit exchange platform will also be providing traders with TA indicators, profit/loss reports with advanced trading features like social trading, coin screener and paper trading.
  • Encrybit will also be providing users good customer care supports to manage users complains. Encybit will be able to manage tickets and will be providing different kinds of language.
  • Encybit will also add different combination of technical tools, leading indicators, averages, trade lines, retracement, and extensions and pattern recognizing drawing tools.
  • Encrybit will provide users an effective order-book for short term traders. This order book will help traders to make better entry in a trade.

DISTINCTIVE FEATURES OF ENCRYBIT EXCHANGE

  • SPEED: in order to achieve high speed, the Encrybit exchange is leveraging AWS infrastructure that includes a combination of HPC, EC2, VPC, S3, Lamda pools, DynamoDB, CloudFront and low latency custom enhancement services with programming stack utilizing Java, Python, C++ as backend and node JS & Require JS for front-end rendering.
  • USER ENGAGEMENT: Encrybit will be offering users various plans to attract users to the platform. Activities such as traders of the month, traders referral reward etc.
  • CURRENT HARD FORK POLICIES: Encrybit is also coming up with a policy for valuable airdrop to be distributed among all coin/token holders. It will announce upcoming fork including information on how to get such forked coins.
  • ALERT ON MOVEMENT: Encrybit will also add the “smart alert” feature in order to set alarm on specific price movement with a notification via email, app, and exchange website or via SMS.
  • INTELLIGENT PROFIT/LOSS REPORTS: Traders will be able to search reports based on pairs, order type, order quantity, order price in BTC, order price in USDT, execution type, execute quantity, Executed price, Average order price, Net position, current market rate, current P/L, P/L in percentage, P/L in BTC, P/L in USDT, booked P/L, buy quantity, sell quantity, average sell price and sell value.
  • CRYPTO RADAR: Encrybit will also be including Crypto Radar features into the exchange. This feature will provide the facility for experts and beginner traders to search for different tokens and pairs based on their increase and decrease value with other TA indicators like RSI, ADX, MACD and SMA.
  • NEWS: The Encrybit exchange will also have the news section. It will help give vital information for specific coin/token.
  • THE ENCRYBIT LOTTERY: The Encrybit platform will also do a quarterly lottery where it will choose between 1000 lucky token holders and distribute to them 10% of the total fees gathered.

ENCRYBIT TOKEN (ENCX)

The ENCRYBIT TOKEN is the utility token that will be utilized for ICO and exchange operations. Below are the use cases

  • The token can be used to pay trading fee with 50% discount benefits.
  • The token can also be used for listing of which 40% can be paid with ENCX.
  • Encrybit will also utilize 10% of its total profit to buy back ENCX from circulating supply quarterly with also a buyback program.

TOKEN DETAILS

Token name: ENCX

Token type: utility

Protocol: ERC20

Total supply: 270,000,000 ENCX

Circulation supply after ICO: 172, 8000,000

Token price: $0.2/ token

ROADMAP

TEAM AND ADVISORS

Kindly visit the below website for more in depth knowledge about the project:

Website

Whitepaper

Telegram

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Bitcointalk username: bosunbossman

Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1197648;sa=summary

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