Ajayi
Ajayi
Aug 31, 2018 · 6 min read

AXNET: (A Blockchain based cryptocurrency And Fiat Exchange Network).

Introduction

Crурtосurrеnсу market has nо dоubt experienced a hike and has also witnessed mass adoption in recent days with the current total market value of about $237 billion. The evolution оvеr thе уеаrѕ have bееn commendable, although not without some glaring challenges and setback. Bitcoin, been thе first crурtосurrеnсу established іn 2009 is having a dominance of about 54.34% as against other cryptocurrencies. Thе advent of Bitcoin has given rise to all other cryptocurrency tokens which are been launched everyday and the volume of transactions that takes рlасе іn the blосkсhаіn kеерѕ іnсrеаѕіng rapidly.

As a result of the popularity and increase in the volume of cryptocurrency transactions, as well as its mass adoption, a lot of cryptocurrency exchange platform sprang up. Presently, there are about 13367 active markets for cryptocurrencies and more exchanges keeps flooding the market with no sufficient provision for maximum security of traders digital asset.

The recent Mt. Box, Coincheck, Bithumb and Bitfinix hack are just few out of alot of other insecurity the centralized cryptocurrency exchange market has witnessed in recent times. All this challenges has hоwеvеr inversely affected thе grоwth of the blосkсhаіn technology and has led to several countries banning the trade of cryptocurrencies, while some other countries has one time or the other threaten to shut down cryptocurrency exchange platform in their country with a bid to protect their citizens interest.

Some Critical problems confronting
Digital exchange platforms.

  • Inadequate technical structure: So many exchange are setup by a set of people who are not well grounded and experienced in exchange architectural operations. They hurriedly design the exchange platform without putting into consideration critical factors which must not be ignored from the scratch. A good exchange platform must be designed from foundation with adequate attention to details by giving priority to maximum security, efficiency, scalability and speed.
  • Most exchanges do not support fiat currency which means traders are forced to buy BTC/ETH from a 'gateway' exchange before transferring it to the crypto exchange to trade with. This process takes time as well incurring a fee for the transfer.
  • Lack of Liquidity:
    Sometimes orders are not placed on time as a result of lack of liquidity or slow system execution, demand and supply is low on the exchange for some coins so the trader has to wait for required buyer/seller to arrive on the exchange.
  • Exchanges don’t open their registration portal often due to influx of people and traffic. This is as a result of poor technical architectural development which makes the exchange platform inefficient, insecured, and because of this issue, many affluent traders are not able to register at their desired exchange.
  • Many exchanges support team are not proactive. They don’t give prompt attention to customers complaint. Issues like account suspension, 2fa issues, withdrawal and deposit, missing funds while trading should not be handled with levity as it involves people’s funds.
  • High trading fees: Many cryptocurrency exchange platforms exploit traders by charging outrageous trading fees. Such act is to enrich themselves to the detriment of traders who are at the receiving end of such injustice.

AXNET PROFFERS SOLUTION TO THE COMMON CHALLENGES OF EXCHANGES

  • AXNET aim to leverage on its highly experienced and well grounded team that will deliver a first-class, efficient, scalable and well secured platform. Developing an exchange requires one who is cognizant, who pays attention to details, AXNET team have such proven years of experience and will create a vigorous healthy platform that is consistent and secured for every traders. Also, there will be provision for promotional rewards for traders who invite others to use the exchange in order to increase the number of AXNET users.
  • AXNET has been built with a high speed hardware trading mechanism and efficient memory matching capability that delivers fast order matching without latency or delay. With this powerful technical feature that makes AXNET stands out among all other exchanges, traders have no fear of orders been unnecessarily delayed no matter the traffic melted on the matching engine.
  • AXNET is the first cryptocurrency Fiat exchange that has been licensed to support Fiat currencies such as EUR, GBP and USD with other Fiat currencies been integrated in the future. Unlike other exchanges who do not support Fiat currencies, AXNET solution will provide a gateway for traders to quickly purchase cryptocurrency with Fiat on the exchange and vice versa without having to buy BTC/ETH from a different gateway exchange before transferring it to the Crypto exchange to trade with. This process takes time and incurs extra fees for the transfer.
  • AXNET has combined the features of both centralized and decentralized exchange by leveraging on the advantage of centralized exchange been able to provide more tradable currencies and fiat pairs while decentralized exchange allow users have full control over their funds in order to give traders maximum satisfaction with a great user experience.
  • AXNET provides a user-friendly and a great interactive platform user-interface that makes it easy for users to navigate around the exchange and switch/toggle between the centralized and decentralized mode incorporated in one platform.
  • Axnet integrates an advanced and high-level multi-layered and multi-logical data storage architecture that can handle multiple tasks and ensures system stability, efficiency, and resilience during hardware failures.
  • AXNET has a team of efficient, reliable and responsive customer service that understands the essence of promptness and simplicity in customers satisfaction. 24 hours customer service is available to handle customers complaints with all diligence and responsibility. We achieve this by providing several 24/7 customer service channel to enable our users receive prompt solution to their problems, thereby enabling customers have coherent and uninterrupted trading experiences where orders are automatically matched without delay.

AXNET TOKEN FEATURES

AXNET Token symbol is AXN, and its the official token of Asset exchange network OU(AXNET), an efficient and well secured centralized and decentralized cryptocurrency & Fiat trading exchange network. AXNET token is based on ERC20 and created on the ethereum blockchain, it thus supports the ethereum wallet.

Its total supply is 1 billion and the team intends to always buy back to keep it at 500million volume in circulation.

Axnet bonus will be given to customers who holds Axnet token in their wallet on the Axnet exchange. The bonus will be derived from 50% of the total trading fees amassed by the platform. Also, low trading fee will be enjoyed by the user who has Axnet in his wallet. Many more offers will be dished out to users who holds Axnet on their wallet.

To find out more information about Axnet, visit:

Website: https://ax.net

Whitepaper: https://ax.net/docs/AXNETWhitepaper.pdf

Telegram: https://t.me/AXNETCommunity

Disclaimer: This article was created in exchange for a potential token reward through Bounty0x

Author’s Bounty0x username : jjonaivi

Authors Bounty0x username: jjonaivi

    Written by

    Ajayi

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