Cryptocurrency exchanges have been around for some time and offering people the ability to exchange their digital currency for another. The rapid changing needs of users of these services has led to the introduction of new policies, tools, features/functionalities etc. This has place crypto exchange on their toes and made the market competitive. It has also created an avenue for new projects with innovative ideas and solution to enter the market. xCrypt is no exception! In this episode, we get to know some of the challenges of cryptocurrency exchange. We will also be looking at xCrypt and what they on the table to serve the crypto community.
What’s the problem with present exchanges?
We are going to be here till dawn if we are to list the numerous challenges traders encounter on present exchanges, the renowned/top exchanges are no exception. First and foremost, the topic of high trading fee has been tenacious in the majority of exchanges. Day traders are the group that suffers most from the relatively high fees charged by present exchanges. High withdrawal fees is also an issue that can’t be left untouched.
In addition, newly launched exchanges usually lack better customer services and I believe as a serious business it is incumbent on you to pay much attention to is the customer service as they are the ones that directly communicate with consumers. Not have a good and professional customer service support can make your business collapse eventually.
Most importantly, low volume and liquid is another obstacle faced by decentralized exchange and a couple of centralized exchange. Being in such circumstances are sometimes provoking and irritating. In order to get your order filled you need to wait for days, by then you might have missed your target entry price.
Other crucial concerns may include security related issues in reference to centralized exchange, fewer trading pairs, complex user interfaces, inadequate trading features and several others.
xCrypt Solution Model
The xCrypt team aims to improve the trading experience for all kinds of traders. Whereas the current exchange is focused on ERC-20 tokens, xCrypt goes a step further to accommodate ECR-721 tokens since it is compliant with security tokens. It embraces the hybrid framework to make the exchange meet diverse traders demand.
Furthermore, as the famous saying goes “We learn from our mistakes and the mistakes of others”, the team is making it a priority to provide a much secured environment for all users that transact on the exchange. Multiple security controls will be arrayed to help attain maximum security on the exchange platform. You can be assured your funds and private information are safe on xCrypt exchange.
The xCrypt token (XCT) is an Ethereum based utility token that conforms to the ERC-20 standards. The majority of the XCT token use cases will be observed in the xCrypt ecosystem. The XCT will be mainly used for the following:
- XCT token will be used in airdrop ranking system to reward token holders. This will act as a catalyst to bring revenues to the exchange and at the same time adding value to xCrypt community.
- Purchasing of the prime membership and PRO membership for its social media will require the use of XCT tokens.
- In order to participate in ICOs on the platform, investors will need XCT tokens to contribute which. The reason why people will opt for this is the huge bonuses that come with using the exchange’s’ native token.
- Various fees like DEX system’s fees, debit card’s fees, etc. we will require the use of XCT token. This will make the token valuable as its utility increase with the platform growth.
Above all, xCrypt also plans to supplement their platform with cutting-edge features (crypto social media platform, airdrop ranking system, margin trading, xCrypt ERC 721 market place, etc.).
In conclusion, xCrypt have had two successful phases of their IEO on IDAX, however, subsequent IEOs pre-sale will be carried out on Bitforex (June 03, 2019) and Coineal (June 10, 2019) to give investors the chance to become holders of XCT tokens.
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