Hallo ... If you are interested in joining the KUBITX project or you are interested in joining the KUBITX project, it is a good idea to read reviews that can help you get information that might help you in viewing their mission vision during the KUBITX project.
ABSTRACT
KuBitX is one of the most advanced and robust cryptocurrency trading platforms designed to embrace the idea of “Simplicity” and “Accessibility,” empowering and educating people from all walks of life to embrace the technological revolution of Blockchain and invest in cryptocurrencies. Contained within the KuBitX ecosystem are the KuBitX Trade engines, the secure KuBitX wallets and an advanced Admin dashboard for regulating the activities within the Trade Exchange. By targeting the untapped, high potential demographics for their inclusion in the Cryptocurrency market, our goal is to become one of the most diverse cryptocurrency marketplaces for buyers and sellers. We aim to achieve this by developing a robust trade engine, providing regular banking services through our Financial Service Providers and initiating an Ambassador program to spread awareness and adoption.
The KuBitX team is composed of an extremely talented and experienced bunch of professionals with significant work experience from Fortune 500 companies and “Big Four” consultancy firms that have identified “Inclusion" and “Adoption” as the major pillars of growth for any Cryptocurrency marketplace. As a result of many brainstorming and ideating sessions, the team was able to come up with unique ideas such as an inbuilt Financial Services feature in addition to making the coin listing process convenient in terms of time and cost.
To create a harmonious ecosystem within the exchange, the KuBitcoin (KBX) token will be used for fee payments within the exchange operation and will be also be integrated into the banking processes integrated with the exchange to enable users to get fiat services in a short span of time.
The user-friendly outlook of the exchange will also allow it to promote adoption. Simplifying the process of remittance also provides us with the potential to target a good user base and thus helping in increasing the liquidity of the exchange.
The KuBitX ecosystem is effectively going to be one of the most comprehensive and compliant solutions for traders, partnering with the best trade engine experts having a broad industry experience. Our platform will redefine how exchanges operate and by attracting more traders via our various product offerings, we will expand the pool of participants by fostering greater market liquidity and thereby contributing to its overall growth.
BACKGROUND
HOW THE IDEA OF KuBitX CAME TO LIFE
The idea to create a new cryptocurrency exchange came up when the founders identified some crucial shortcomings in the present Cryptocurrency exchange ecosystem. The founders had a strong belief that the cryptocurrency exchange ecosystem has more to offer.
Following are the biggest gaps which caught our attention:
1. Lack of a mature ecosystem -lack of regulations on the way trades operate on the exchange often allows “whales” to manipulate the prices of certain currencies which is against the interests of other traders. Despite the cryptocurrency space growing rapidly and currently having a market cap of about $300 billion the trading ecosystem is still premature. There are several exchanges which suffer from serious liquidity concerns and many charge high trade fees which are very expensive to many people around the globe.
2. Friction in dealing with fiat currencies – Often getting liquidity in fiat currencies against crypto assets is a hassle and leaves currency holders at the mercy of market volatility which often can lead to people losing out on money due to delayed processing either by the exchange or the banks.
3. Lack of good customer support –Traders often complain of bad user experience due to the non-responsive customer support provided by many exchanges. Often it is either the lack of management staff to handle the requests or a lack of will which leads to a poor customer support. We identified that most of the exchanges do not spend enough on customer support.
4. issues – the cryptocurrency space is often being bombarded by hackers who try to use the vulnerabilities present in the exchanges to their benefit. Many exchanges in the past have suffered cyber-attacks which has led to losses in the order of billions of dollars. Often, not following the industry standards and neglecting the basic rules of cyber security allow for such attacks to happen. Thus, exchanges do have a huge responsibility on their shoulders to protect the hard earned money of their customers.
5. Lack of awareness and education among the masses leading to a low adoption rate – Due to a lack of education and knowledge about the Blockchain and cryptocurrency space, people are reluctant to be a part of the cryptocurrency ecosystem which has led to the market being dominated by a select group of traders who are able to manipulate the market at will. This fluctuation and volatility further lowers the rate of adoption of cryptocurrency trading.
Thus, we got motivated by the idea that we can provide sustainable and progressive solutions to the above-stated problems through comprehensive planning and diligent work. Moreover, though Africa has the smallest share of the number of cryptocurrency exchanges when compared to the world (4% of the total exchanges) according to a study conducted by Cambridge University1 on cryptocurrency exchanges, the adoption rate is on the rise. This not only acts as a source of motivation but also puts a great deal of responsibility on our shoulders to deliver the best services to people belonging to developing and LDCs (Least Developed Countries).
4. issues – the cryptocurrency space is often being bombarded by hackers who try to use the vulnerabilities present in the exchanges to their benefit. Many exchanges in the past have suffered cyber-attacks which has led to losses in the order of billions of dollars. Often, not following the industry standards and neglecting the basic rules of cyber security allow for such attacks to happen. Thus, exchanges do have a huge responsibility on their shoulders to protect the hard earned money of their customers.
5. Lack of awareness and education among the masses leading to a low adoption rate – Due to a lack of education and knowledge about the Blockchain and cryptocurrency space, people are reluctant to be a part of the cryptocurrency ecosystem which has led to the market being dominated by a select group of traders who are able to manipulate the market at will. This fluctuation and volatility further lowers the rate of adoption of cryptocurrency trading.
Thus, we got motivated by the idea that we can provide sustainable and progressive solutions to the above-stated problems through comprehensive planning and diligent work. Moreover, though Africa has the smallest share of the number of cryptocurrency exchanges when compared to the world (4% of the total exchanges) according to a study conducted by Cambridge University1 on cryptocurrency exchanges, the adoption rate is on the rise. This not only acts as a source of motivation but also puts a great deal of responsibility on our shoulders to deliver the best services to people belonging to developing and LDCs (Least Developed Countries).
WHO WE ARE
The KuBitX team is composed of an extremely talented and experienced bunch of professionals with significant work experience from Fortune 500 companies and “Big Four” consultancy firms. Having gained substantial insights and expertise in our respective domains, it was natural for us to work in the development of the emerging markets from where we actually belong. The team has this innate quality of not only motivating each other constantly but to complement each other’s work. The go-getter attitude of the team has thus led to overcome all the obstacles that we have faced till date.
THE PRESENT CRYPTOCURRENCY EXCHANGE ECOSYSTEM
Undertaking thorough and diligent market research has led us to gain substantial insights into the present working architecture of the Cryptocurrency exchange ecosystem.
1. The Market share by 24-hour trading volume is as follows2:
Source:https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/global-
cryptocurrency/#.Wya-pxYo-Ec
2. Source: https://coinmarketcap.com/
KuBitX being a new entrant in the market has taken into account the unique selling points of the big 5 above and has ideated and improved on the following aspects of the exchange ecosystem:
* Processing Speeds – The above exchanges have an average processing speed of 1.4m transactions per second. KuBitX will start with transaction speeds of 12M + (million) per second with an aim to upgrade to even higher transactions per
second milestones. This would be achieved by using Golang with the advanced architectural design.
* Fiat deposit and withdrawal – Though cryptocurrencies are emerging as a means of exchange and store of value, fiat currencies still have a large share of domination as a medium of exchange. Thus, KuBitX with extended partnerships with payment services providers will assist users in fiat deposits and withdrawals.
* Customer Support – KuBitX is being built keeping the community and users at the center. Thus, we aim to offer 24hr online customer support to be at the service of our users consistently. A customer support hub to be set up using the
Global Channel Team to support tailored customer engagement. KuBitX also plans a sizeable amount of its fund allocation towards strengthening its customer support.
* Ease of use – Not only we are working hard to develop a user-friendly web interface for our users, our training platform will offer a seamless integration of the user with the overall framework of the exchange and its functionality. The training will consist of Beginner, Intermediate and Professional levels to allow a vast section of users to participate.
* Multi-Lingual – Being global in our outlook, we aim to offer our services in 5 languages to enable a large set of users to get benefits out of our services thus removing the barrier of language which often hinders the integration of people on a
web platform.
Considering the penetration and utility of mobile platforms in our daily life, we are also coming up with the KuBitX trading application for mobile platforms compatible with both Android and IOS.
ISSUES REVOLVING AROUND INCLUSION IN THE EMERGING MARKETS
Traditional banks are still struggling to reach the unbanked across Africa. In 2014, a staggering 66% of Sub-Saharan Africans did not have bank accounts. The small size of national markets, a lack of financial literacy, low-income levels, political instability and weak judicial systems have created a constrained African banking system. And banks continue to rely on traditional banking models of branch networks, expensive technology, inadequate systems and a limited talent pool. As per the latest reports issued by the World Bank in August 2017, around 2 billion people were unbanked across the world.
Cryptocurrency can bridge the gap and play a vital role in the financial inclusion of people who are still unbanked. The global adoption rate of cryptocurrency is still below 3% implying that there is still a lot more room for growth and as more tokens are created, they will need to be listed in Exchanges. So there is still a demand vs. supply gap of
cryptocurrency exchanges.
The market is ripe for Cryptocurrency as witnessed this past year. Exchanges such as Binance, Bittrex, and many others had to halt registration of new users because they could not handle the ever-increasing traffic with their current infrastructure.
More education still needs to be imparted to educate more people. KuBitX is committed to doing so by having structures in place such as having Country Ambassadors in various African countries who will create awareness as well as educate, they will conduct meet up’s for those activities.
The current population of Africa as a whole stands at 1.28 Billion1which has a growth rate of 2.52% yearly. This huge market serves as the target market for the Vision and Mission of KuBitX.
The traditionally unbanked of Africa are devoid of a strong financial footprint but the optimism shown towards cryptocurrency by these people promises a better future financially.
The cryptocurrency market currently has a market capitalization of $342 billion which is expected to rise up to $1 trillion2 by the end of 2018 as per market experts.
This not only shows the overall growth potential that the cryptocurrency market has, but also the role emerging African markets would play in contributing to this growth.
We aim to begin our journey by reaching out to people in the flagship countries of South Africa, Nigeria, Zimbabwe, Kenya, Ghana, Angola and Uganda aiming to reach a market share of 1-10 million users in the first three years of operation.
Achieving such levels of mass adoption, we aim to provide access to financial services to a large section of the African population thus promoting the overall economic growth of the Continent which would thus lead to a better quality of life.
KuBitX VISION AND MISSION
The ideation process behind KuBitX was undertaken keeping in mind the broader vision to educate, enable and engage people from emerging markets in the cryptocurrency ecosystem. The technological development that has taken shape since the dawn of the Internet era has been top-down, i.e., from the developed nations towards the developing nations. This has created a gap in the overall development process thus compelling people from the emerging markets following the trail of development rather than being active contributors in shaping the process. KuBitX aims to leverage the emerging technology to move forward in the vision and mission that we have.
The broader areas upon which the vision of KuBitX has a focus upon are:
1. Education about Blockchain technology enhancing adoption by masses – KuBitX has come up with a unique initiative called Global Channel Ambassadors to enter, understand and capture local emerging markets. We aim to tackle the socioeconomic hindrances to adoption. The KuBitX Global Ambassador Initiative will reach the grassroots to drive local adoption.
2. Liquidity improvement – Liquidity is one of the most important pillars of any exchange that exists. Many exchanges today suffer from a liquidity crunch leaving users stranded with their currencies. To tackle this, we plan to involve market makers to build sustainable volume on the exchange, reducing cost of transactions and simplifying the complete process. To avoid wash trading, we have Anti Market Manipulation (AMM) tool on the platform. Market surveillance, supervision and compliance are being looked into very carefully. The admin can choose to freeze an account associated with suspicious trading.
3. Robust Security – Security is one of the most crucial pillars surrounding a cryptocurrency exchange. We at KuBitX do take the security of the whole platform very seriously. Hereby, we not only are developing our own exchange system secure but also plan to make users aware of various frauds and hacks going on in the market. Following are the security measures taken by the team:
- We are storing the password hashes and not the original passwords in our servers.
- All user data is encrypted using the AES-256 before being inserted into the database.
- KuBitX has designed a customized security architecture to ensure encryption keys are stored very well.
- Secure offline multi-signature cold wallets/vault system.
- Our system is fully GDPR compliant.
- KuBitX has developed a third-party code verification and penetration testing functionality.
2. Economic development of the emerging markets – On a macro level, the emerging markets like Africa experience from low GDP rates, high inflation and generally poor economic growth. KuBitX with extensive strategic partnerships with the private and public sector, have designed an institutional investment plugin on the KuBitX engine to enable a higher volume of crypto trading and traditional capital trading functionalities. For instance, Zimbabwe uses a legal tender which is not native to their country thereby creating a negative impact on all aspects of their economy. KuBitX will be creating opportunities for a digital economy thereby allowing each nation to run its own economy and giving it an opportunity to play in the global market.
Our vision is one of collective growth for all market participants, both our customers and the KuBitX ecosystem, thereby contributing our share to the growth of the market itself.
VISION
WHAT MAKES US DIFFERENT?
KuBitX has been developed not just as a trade engine but an engine for growth and development of the emerging markets assisting in financial inclusion, financial education and Blockchain adoption by the people. We strongly believe that KuBitX has the potential to reach the emerging regions and educate the citizens with little or no access to Blockchain based services and adoption and offer multiple crypto to fiat exchange and paring.
- KUBITX AMBASSADORS – THE VALUE PROPOSITION...OUR DIFFERENTIATOR
The Ambassador program is key to entering, understanding and capturing the local emerging markets.
An innovative offering like KuBitX will not be understood and adopted without engaging with people locally in each region
It will not be sufficient to run traditional adverts, social media or digital marketing techniques.
In the target markets, education/awareness creation by regional people will form the basis for understanding the Blockchain technology, crypto-currencies and the offerings of KuBitX.
WHAT’S THE VALUE OF AMBASSADORS?
* Ambassadors will engage with people in multiple ways, e.g. via information events in cities & large towns. Furthermore, they will connect with local influencers and people involved in government and regulation
* The Ambassadors will help us accelerate crossing the chasm in their respective regions, helping KuBitX to be adopted much faster, and thereby reducing the budget for advertising in these regions.
* The Ambassadors being in-country will help us gain a better understanding of how we can drive the adoption of KuBitX and the inherent values it will bring across the Socio-Economic sphere of each country in the emerging countries.
Our goal is to enable the seemingly ordinary or day to day people and businesses from small to large to use the features of KuBitX for exchanging money from fiat into crypto or to make cheaper international payments.
Using Ambassadors who travel the country we make sure we get in touch with the everyday people.
We have already identified and started to work with extremely qualified people for this position, which has already provided us with unique insights into local markets and needs. In many areas, the proficiency in the English language is not sufficient to confidently work with this new technology, but Ambassadors will help to bridge this gap by speaking the main local language.
The benefits of the Ambassador program will be measurable, accountable and necessary and periodic improvements may need to be made to make this a worthwhile investment
* The Ambassadors will help us accelerate crossing the chasm in their respective regions, helping KuBitX to be adopted much faster, and thereby reducing the budget for advertising in these regions.
* The Ambassadors being in-country will help us gain a better understanding of how we can drive the adoption of KuBitX and the inherent values it will bring across the Socio-Economic sphere of each country in the emerging countries.
Our goal is to enable the seemingly ordinary or day to day people and businesses from small to large to use the features of KuBitX for exchanging money from fiat into crypto or to make cheaper international payments.
Using Ambassadors who travel the country we make sure we get in touch with the everyday people.
We have already identified and started to work with extremely qualified people for this position, which has already provided us with unique insights into local markets and needs. In many areas, the proficiency in the English language is not sufficient to confidently work with this new technology, but Ambassadors will help to bridge this gap by speaking the main local language.
The benefits of the Ambassador program will be measurable, accountable and necessary and periodic improvements may need to be made to make this a worthwhile investment
- FINANCIAL SERVICES
Our strategic partnerships with banks and payment providers are helping us to create a full-service financial institution with cryptocurrency integration. This entity will provide all of the traditional banking services and more:
The KuBitX digital currency trading platform will be directly integrated with its financial services providers, allowing users a seamless experience when managing their accounts and buying/selling digital currencies and tokens.
Developers can design and build their applications knowing they will have no problem opening a financial services account for their business. Merchant processing will be available allowing them to convert digital and fiat currencies into any payment form they desire.
- Funds transfer (wire and peer-to-peer)
- Payment processing
- Merchant servicing
- Remittances
- Bill payment
- Trade Financing
- Track and spend digital currencies in a single account.
- To connect their account with any existing digital currency trading platform.
The KuBitX digital currency trading platform will be directly integrated with its financial services providers, allowing users a seamless experience when managing their accounts and buying/selling digital currencies and tokens.
Developers can design and build their applications knowing they will have no problem opening a financial services account for their business. Merchant processing will be available allowing them to convert digital and fiat currencies into any payment form they desire.
KuBitX BUSINESS MODEL
The KuBitX business model consists of revenue streams coming from commissions on market trading and management fee. This section will detail how the revenue stream and KuBitcoin (KBX) tokens have been integrated into the system, giving an idea as to how the KuBitcoin (KBX) token holders will be rewarded.
1. 25 % discount on using the KuBitcoin (KBX) token – KuBitcoin (KBX) tokens have the utility of acting as a method of payment for the trading fee. Plus, the users opting to use KuBitcoin (KBX) tokens as a method of payment of the trading fee will get a discount of 25% compared to the original trading charges. If the trade receivable is NEO, we will calculate it by the exchange ratio of NEO to KBX at the market price, which is based on the market price of NEO / BTC and KBX / BTC. Exchange ratio of NEO/KBX = NEO/BTC [market price] / (KBX/BTC [market price]). KuBitX update cycle for the market price is 1 second
Suppose user needs to buy 1 Bitcoin
1. Payment processing fee - KuBitX will offer direct withdrawal to the bank account of a user requesting liquidity in fiat by enabling them to exchange KuBitcoin (KBX) tokens for Fiat on the levy of a Payment Processing fee of 2.5%.
TOKENOMICS
KuBitX will issue a fixed supply of 500,000,000 KuBitcoin (KBX) tokens which are based on the ERC-20 standard. The reasons for choosing ERC-20 tokens are the present familiarity of the market with this standard plus the stability of Ethereum Blockchain.
TOKEN DISTRIBUTION
15% of team tokens will be released after three months from the end of public round of
TGE, 85% of team tokens will be locked for 2 years after which there will be gradual release of the tokens over a period of another 2 years.
FUNDS ALLOCATION
EXCHANGE ARCHITECTURE - KuBitX
The KuBitX Exchange is designed to operate at low latency, high throughput, and maximum uptime. By incorporating geo-replication in its architecture, the exchange is built to be fault tolerant, ensuring that the platform delivers a seamless and uninterrupted trading experience to its users. Below is a high-level abstraction of the exchange architecture showing how the different systems within the exchange are connected logically.
EXCHANGE FEATURES – KuBitX
ADVANCED APIS AND FINANCIAL INTEGRATION
KuBitX’s advanced APIs promise to give the users a hassle-free trading experience. It will allow them to get connected to FIX, Rest, Binary, WebSocket, and third-party custom APIs. This architectural design will also enable integration with banking, payment gateways, and settlement.
EFFICIENCY AND PERFORMANCE
KuBitX’s market exchange trading platform is a proven fast, high-volume and lowlatency exchange engine. This exchange platform will be hosted on high availability IT infrastructure, thus, enabling fault-tolerant architecture with guaranteed 99.995 percent uptime. In order to provide a fault-tolerant architecture, a standby instance setup has been planned with active data replication. This standby instance will start as an active instance, in case the primary exchange goes down due to any reason. Active georeplication will provide database redundancy and a low-latency platform for the endusers. Geo-targeted load-balanced environment for the trading front-end has also been planned for deployment. A high-level exchange and infrastructure diagram below indicates the planned setup of the platform. KuBitX has come up with a Trade Engine which delivers a speed of 12 Million plus transactions per second with a latency of 40-50 ns.
SECURITY MEASURES
KuBitX has identified and reviewed the industry best practices in terms of security measures and designed our platform to include top-level security features to safeguard both the client’s funds and trading operations from hostile penetration attempts. Some of the key security features include:
- Secure cold storage with cold wallet management Cryptocurrency Security Standard (CCSS).
- Third-party security line by line code audit.
- Insurance of online/hot wallets.
- Up to 3-Factor Authentication.
- Multi-Firewall Protection.
- DDoS prevention.
- OWASP Top 10 Compliant.
- Extended Validation SSL Certificate.
MONITORING AND CONTROL
Processes play a major role in delivering business values. KuBitX will ensure highest level uptime and availability of IT infrastructure by applying IT-industry’s best processes which include.
- Change Management
manner.
- Problem/Incident Management
- Monitoring
- Performance benchmarking to see the current and past health of different servers and services
- Alerting capabilities in the form of a call, email and SMS for early identification of the problems, and notification to the customers
- Provide accurate reporting for the ease of fixing any problem
- Clear data visualization to compare and contrast the performance of different servers and services.
- Real-time monitoring of the platform traffic.
- Customer Support
- Customer usability product design
- Customer feedback driven product improvement
- Multiple channel support
- Detailed FAQ section and Tutorials
- A customer support hub by the Global Channel Team to support tailored customer engagement.
- 24/7 customer desk
Q4 2017
- Project Initiation
- Project feasibility study
- Benchmarking
- Project Engagement
- Team Structuring
- Legal processes for incorporation in Malta
- Whitepaper creation first draft (Business)
- Angel/Seed Contribution Engagements
- Project Execution
- Launch KuBitX Channels Ambassadors (Flagship countries)
- Prototype
- Start Private Round of TGE
- Exchange Soft Launch
- Project Execution (Contd.)
- Phase 1: Financial Services integration with KuBitX
- End Private Round
- Exchange Go-Live
- Public Round of TGE
- Global Promotions
- Project Add-ons
- KuBitChain
- Phase 2: Financial Services integration with KuBitX
- Continuous Improvement (Operations, Product Enhancements and Community Feedback for Improvement)
TEAM
ADVISORS
STRATEGIC PARTNERS
Here are the reviews I present to you all in finding information and knowing the KUBITX project currently being run by their team, if there is any lack of explaining this article, do not worry, I have set up a link for you to get accurate information. information and of course you will be able to talk directly with or their team, at the link.
For more information and join KUBITX's social media today please follow the following sources:
★ Web: http://www.kubitx.io/
★ Whitepaper: https://kubitx.io/KuBitX_Whitepaper_v1.1_En.pdf
★ Twitter: https://twitter.com/kubitx
★ Facebook: https://www.facebook.com/kubitx/
★ Telegram: https://t.me/kubitx_official
★ Reddit: https://www.reddit.com/r/KubitX/
Username : Ozie94
Profile : https://bitcointalk.org/index.php?action=profile;u=2103066
ETH : 0xDa2F65ea0ED1948576694e44b54637ebeCA22576
No comments:
Post a Comment