Based out of San Diego, Altcoin.io, a decentralized cryptocurrency exchange has raised around $1 million through WeFunder. The exchange intends to become the world’s safest platform for exchanging digital value.
Every day billions of dollars of tokens or digital assets are exchanged. The bulk of this trading volume is managed via centralized exchanges that usually hold the traders’ funds within centralized repositories that attract hackers. According to data derived from Crypto Aware, around $3 billion has been stolen from such exchanges since 2011.
The exchange intends to resolve this issue by creating a trustless, peer-to-peer, decentralized exchange that ensures users remain in control of their tokens without ever handing them over to a third party. Trading on Altcoin.io is apparently scalable, instant, and at a fraction of the cost of centralized exchanges.
Andrew Gazdecki, co-founder and CEO, Altcoin.io cryptocurrency exchange said that he and his team is quite excited about building an exchange where users can trade securely while being in control of their tokens at all times. The exchange combines the speed and usability of a centralized exchange and the safety of decentralization.
The exchange intends to utilize the WeFunder marketing campaign to take the platform live and continue to develop the underlying technology and user experience. It also plans to invest in marketing teams and customer support.
Altcoin.io has been involved in developing a Plasma-like side-chain model for its decentralized exchange, as stated in the Markets Insider report. Plasma, first proposed by Joseph Poon and Vitalik Buterin, is a blueprint for a scalable and hierarchical blockchain where transactions are underwritten by smart contracts. In case of a security breach or a system failure, users can trigger a mass exit event to release their funds from the smart contract.
The Altcoin.io cryptocurrency exchange has explained the details pertaining to their Plasma decentralized exchange on their official YouTube channel. The Plasma model of Altcoin.io allows users to trade safely and quickly, at a very little cost. The exchange is working hard to create the best user experience both online and offline.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]