Announcing the release of the Exchange MVP
Ceybit is setting out to provide a set of unique and effective tools designed to advance the use of cryptocurrencies not just in Sri Lanka and emerging economies, but around the world. We have been progressing steadily and are pleased to announce the release of our Minimum Viable Product (MVP).
The team has been working hard to construct a product that is likely to appeal to a broad range of users in the cryptocurency trading space, and also to new users in the area. We always approached the design of the exchange from the perspective of veteran traders with a simple layout. Overall, we have made great progress in design development and pleased with the first versions of the product.
Growing and conquering challenges
The release of the MVP is marked by a some key achievements for our team; deeper product understanding & planning, partnership on-boarding and product deployment strategy. Since our endeavour into development we had come across multiple challenges, which we have successfully managed to overcome with our collective knowledge and expertise. We have grown as a team, and also learned to tackle and deploy the final product with better efficiency through improved architecture. The team has become more passionate about what we are aiming to achieve in the digital asset space and how we can contribute towards it.
Development and MVP Information
Our systems are being deviced from the ground up in-house instead of a off-the-shelf white labeled solution. This gives us more flexibility over control, security, customisation and upgrades of our platform and systems. We will continue to take this approach as we grow into creating our own solution to roll out our services. This approach also allows us to switch to the latest technological stacks much more quickly allowing us to stay ahead of the curb if need be.
The MVP has also been deployed on cost efficient platforms, yet good enough to showcase the end product to give the general public a feel of what the release version might look and feel like. Currently, this release is operating on simple architectures, our next release (beta) will be deployed on powerful systems and platforms designed to operate in a more stable manner mimicking the end product very closely.
You can register, see and try the alpha of exchange yourself here:
Direct: http://trade.ceybit.net or https://ceybit.net/trade
The Alpha — Matching Engine and Charting
This release is not only the MVP but also the alpha version of the product. The release supports order placing, deleting and matching capabilities along with charting. Users can place two types of orders; market and limit orders. Users will also have unlimited balances, so everyone can go crazy or even learn to trade!
Much of the functionality above forms up as ‘essential’ components that are required regardless of the architectures we choose. Hence, a lot of the code already developed will be ported over to the next version.
We also plan to add Stop Limit Order support in the final release version of the exchange to give greater order functionality to traders.
Matching engine: We have learnt a lot from this deployment in terms of the potential volume we might need to handle and how we might handle it. The engine will go through some major upgrades to handle larger events and transaction processing. The current deployment is known to have drawbacks in terms of competing orders.
Charting: We have opted to use TradingView charts as other exchanges in the industry. It is a well equipped chart with extensive features and functionality. In the current deployment, you will notice that charting is being updated a bit slow (set for every 5 seconds), and also it is not in perfect time order. Both, the speed of updating and time-series updating will be available in the beta version. More chart functionality will also be added overtime to enable most features provided by TradingView.
The Beta — Customer Modules
The subsequent release (beta) will support user balances simulating the actual exchange to a large extent. Users will be given dummy balances to trade, while we conduct engine performance testing and exchange stability before we prepare it for final launch.
We will also have user dashboards supporting balances, trade & order history, identification and deposits & withdrawals.
This process of developing an MVP and involving the community has been designed to obtain valuable feedback from our users so that the final product is a collective collaboration and meet all expectations. It will also be a great way to create some awareness around the project while identifying any unforeseen challenges that might be missed.
MVP Limitations, Feedback, CYBT distributions and Goals
As mentioned earlier the architecture used for the MVP is very simple. It was chosen mainly for demonstration purposes. We are now beginning to move into more robust structures designed to scale horizontally with fault tolerant systems using some of the most powerful and leading technologies in the market.
Utilising your feedback, coupled with close monitoring of the MVP we will be able to collect important information into building a reactive, stable and high throughput platform.
Ceybit Token: In exchange for your valuable feedback we will also be rewarding testers and reporters with CYBT. It is a mechanism to release some CYBT to our early supporters and spread its adoption. We are still at very early stages in our token ecosystem wanting it to grow throughout our development and deployment life-cycles and all the way through operations.
One of the MVP’s goal is to provide assurance to the public in our capabilities to deliver on our promises. It is important to understand since it is not a complete product there are limitations and restrictions in functionality and capability. We have deployed vital functionality to display its potential on light weight platforms, which is sufficient to showcase, but might restrict its performance. Keeping this in mind, we are confident the work already completed will be a relatively strong display of our commitment and skill. We encourage users to register and take a spin and report any issues they might be facing while earning CYBT!
We hope that our work thus far will win your confidence! We also thank you in advance for your contributions in the token sale to help us continue to develop a leading world class product!
Overall Objectives of the MVP
- Early user testing, interest and feedback
- Product improvements, bug analysis and challenge identification
- Public assurance
Community Support and Feedback
We would like to thank our community of believers and supporters from the day we began our project. We look forward to your participation in the MVP testing and continued support as we work to deliver our platforms!
Watch our social media channels and stay tuned in telegram for announcements!