Breaking

Tuesday, November 20, 2018

Encrybit sets out to build the next generation of cryptocurrency exchanges, based on the feedback of thousands of traders...

It's hard to make the case that the cryptocurrency market needs more exchanges, that is unless it's not just more of the same, but instead one that has learned from the mistakes of those who came before them, and can offer traders real noticeable improvements.

In other words, it's time to bring on the 2nd generation of cryptocurrency exchanges. That's exactly what Encrybit is setting out to do.

They started with a blank slate, and filled it with the feedback gathered though a massive study they conducted with 11k+ participants from over 150 countries.  The concerns and wishes expressed to them by the participants ranged from everything to security concern, to usability issues.

One interesting data point is that a vast majority of traders currently use multiple exchanges, so there is a real opening in the market if one can properly identify why, and put all those reasons into 1 exchange.

On that note Encrybit has taken notice, saying "too many exchanges needed by the user in order to trade cryptocurrencies and this issue will be the main focus for us."

Of all the concerns addressed in their research, the top of the list was security - with 40% of traders saying it was their main concern with current exchanges.

It's a valid concern, at the Global Crypto Press we've spent 2018 covering one story after another. In an article I wrote last month we examined the blame game surrounding over $800 million stolen between 14 separate security breaches.

"Encrybit is focusing more on the security aspects, therefore having multiple security advisors and information security experts in the team is a plus. With that Encrybit is getting security architecture services from the best in the industry." according to their whitepaper.

The exchange will also feature a native token, think of this as their version of BNB (Binance Coin) called ENCX and trades executed with it will receive 50% off trading fees. Also worth noting, 40% of any coin listing fees will be charged in ENCX, and every month 10% of profits will be set aside for ENCX token buybacks.

It's a project worth keeping a close eye on - and the Encybit ENCX token pre-sale has just gone live.

For more information on the project, or to read the full whitepaper visit https://encrybit.io

------- 
Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk