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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.

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

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Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

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