ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges - Global Coin Report
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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with token manipulation. Unfortunately, there are many altcoins that just aren’t that popular at the moment. In these cases (and there are currently many), exchanges want to charge the token owners in order to “pump” the volume. It’s dishonest and unethical. It hurts crypto traders and it scares away potential new listings.

The risk of identity theft is also a very real possibility. Most exchanges have a daily limit on trading and withdrawals. If a trader wants to increase those limits, they need to submit their identification, such as a passport or other government ID, through an email. In today’s world with so many reports of data theft, especially in the world of cryptocurrency, does anyone really feel comfortable doing that? I certainly don’t.

One last huge problem is fragmented liquidity. Unlike the equity markets, where the prices and bid/ask sizes are standardized, it isn’t the same in the world of crypto. Each exchange maintains its own bid/ask size, its own bid/ask prices, and its own volume. Someone may see a favorable price on one exchange but because they don’t have an account there, they can’t trade it. It’s a huge problem that needs to be addressed in order for the industry to progress.

Although it will take a lot of work to solve all these issues, ICTE may have the answer for several of them.

What is ICTE?

Interplanetary Crypto Token Exchange (ICTE) is a cross-blockchain exchange federation with distributed IEO capability that vastly improves upon the archaic model of cryptocurrency exchanges. Because ICTE is an exchange federation comprised of several regional cross-blockchain exchanges, the liquidity pool will no longer be fragmented as it currently is under the centralized exchange model. Traders will no longer have the frustration of having to have multiple exchange accounts in order to trade size or receive favorable prices.

ICTE Business Model

ICTE will generate the bulk of its revenue from the following:

  • Transaction Fees
  • IEO Listings
  • Membership Dues
  • Validation Expenses
  • Market Data and Enterprise Sales

Even during a fairly slow trading period like now, the 24-hour total volume across all cryptocurrencies was $54 billion. If ICTE can penetrate that market and make a compelling case of why traders should shift away from the centralized model, the business could stand to reap a windfall. Factor in the potential revenue from market data and enterprise sales and the figures quickly become compelling.

When looking around at different crypto projects, one thing I’ve been disappointed with is that the management’s experience doesn’t necessarily correlate to the business they’re trying to build. Fortunately, that isn’t the case with ICTE. The company is led by an extremely competent team with experience in different areas such as trading, market making, and FinTech. That experience is likely to pay big dividends as the business progresses from concept to a full-blown realization.

Final Thoughts

The next few years will be quite fascinating to see how the cryptocurrency market evolves. It has come a long way since 2010, but it still has so much further to go. There are still some very serious issues and problems that need to be fixed in order for crypto to get to the next level. ICTE may help bring about those changes thanks to its interesting and useful business model.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Lotto Nation is Revolutionizing the Traditional Lottery Industry

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Lotto Nation
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As the global economy continues to deal with the economic fallout due to the ongoing pandemic, companies are coming to terms with the fact that normalcy may not return for quite a while.  Many economists are wondering how the business landscape will look a year or more from now.  It’s certainly possible that many businesses, such as retailers and restaurants, may be unable to survive the current downturn.  But while some businesses will falter, others will emerge stronger than ever.

Traditionally, when economies go through a severe downturn, companies adapt.  Those that maintain the status quo usually have great difficulty while those that adapt prosper and conquer.  One possible example of this is Lotto Nation.  Thanks to the entrepreneurial skills of Nils Thomson, the Founder and CEO of Lotto Nation, the company is attempting to completely modernize the traditional lottery industry.

Current Lottery Model is Severely Outdated

It’s safe to say that nearly every human that has ever walked the earth has fantasized about winning the massive jackpot that would completely change their life.  These dreams have turned the global lottery industry into a $302 billion market that is expected to reach $380 billion by 2025.  Despite this predicted growth, the industry suffers from a variety of problems that are preventing it from really exploding.

Perhaps the biggest problem is that traditional lotteries are centralized.  Because of…

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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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