We at QUOINE are proud to announce the opening of the first chapter of our World Book.
The Internal World Book Beta rolling out on QRYPTOS and QUOINEX for limited currencies. This marks the culmination of countless hours of work expended by the team to reach this milestone. We thank our community for your patience as we worked round the clock to get this done. This is the first major step on our journey towards the full World Book and LIQUID platform, which we will launch mid-year. The wait will be worth it.
Our vision is to provide universal access to financial services for everyone. By pooling liquidity and harnessing the power of our groundbreaking technology through our World Book, we will work with our partners to open up the crypto space to all, in particular those in underserved markets for whom crypto has previously been inaccessible. We will also bring much-needed stability to the sector and pave the way for banks and financial institutions to enter the crypto economy. The realisation of this vision is the distribution and democratization of finance for all.
For now, our first step is the release of the Internal World Book Beta. Over the past two months, we have been quietly running tests and turning features on (and off) behind the scenes. It began back in mid-March with a major update to QRYPTOS that required us to put the exchange into maintenance. Some of you rightly assumed this was related to the Internal World Book Beta.
With that upgrade, we implemented support for the multi-market order book (MMO). This is the part of the World Book that aggregates the orders and prices of various liquidity sources. Eventually, this will be the engine that allows traders around the world to view the same order book from the perspective of their own base currency. The internal order book contains FX-adjusted orders for all orders placed on our own exchange for base currencies of BTC, ETH, BCH and QASH.
We ran the first pilot test of the MMO with QASH pairings on March 16, shortly after maintenance. We then discovered that there was a memory leak issue being caused by one of the few third-party pieces of software that we use. We worked with the vendor to address the issue and upgraded our pre-production testing environment so we could ensure this had been fixed.
Working into April and we carried out capacity and stress testing of the system with MMO flow, making improvements along the way, before upgrading QRYPTOS to the new MMO version on April 18. Most recently, we conducted a major upgrade to QUOINEX, again implementing the MMO and turning it on for QASH pairings to test it further.
Think of what we have been doing as gradually pulling a series of levers in order to switch on the Internal World Book Beta. We are now still switching on these levers and the system is essentially starting to come online. This will mean traders on our exchanges will soon start to see the pairings against those base currencies (BTC, BCH, ETH and QASH) with a much higher liquidity and tighter spreads. We must stress that the results won’t be instant as we are beginning a progressive rollout of these features so we can be sure that everything functions correctly and that there are no issues. So at first, traders might not feel the full benefit of the MMO, but it won’t be long before that changes. As with all major operational updates, it will take a little time before everything settles and we will of course be keeping a close eye on performance to ensure the system is operating as it should be.
By the end of May, all the most important levers will have been engaged and the system will be fully online and functional. This, however, is only the beginning. The next steps will be to work towards the external World Book and the launch of the LIQUID platform. Then, the power of our products will be truly realised.
We look forward to gradually unveiling what our LIQUID platform can do.