Knoks is a cloud based SaaS marketplace for crypto trade signals. Trade signals on the Knoks platform are aptly called ‘knoks’. When a knokser wishes to publish a new knok, they are guided through the process step-by-step via a user-friendly interface to ensure that all the necessary information for a quality signal is included in the knok. Some mandatory information, such as the trading pair, exchange, and signal duration, is required for each published knok. Other optional information, such as a technical or fundamental analysis, may also be included in the knok.
All published knoks are uploaded to the Ethereum blockchain, making them immutable. Once published, traders can search for knoks on the platform and decide which knok to purchase. Information, such as the number of purchases, the potential profitability rate, whether an analysis is included, and whether the entry price has been reached, is published for the traders to view to help them in their decision of which knok to purchase. In addition, traders have easy access to signal providers’ profiles where they can see a myriad of statistics, included the provider’s success sequence, their success rate, the number of followers, and more.
The Knoks platform includes the creation of a vibrant community. Users can follow their favorite knokser or their favorite trader. The creation of this social network allows each user to benefit by receiving notifications when their favorite knokser publishes a knok. A dedicated discussion board will allow for free conversation between users.
A level of gamification is added to the Knoks platform with a rating system for both knoksers and traders. Badges and bonuses are awarded to users for achieving different milestones. Additionally, rating levels progress as knoksers and traders increase their skill and success rate.
The price of the knok is not set by the signal provider. Instead, empirical data is used to evaluate the probable value of the knok and assign a price. Once the knok is published, a ‘knok pool’ is created. Here, the publisher stakes the value of their knok and all funds from the purchase of that knok are held until the signal status is resolved. If the signal is resolved as ‘successful’, the knokser (signal provider) earns what is in the knok pool, minus a processing fee. If the signal is resolved as ‘unsuccessful’, the signal provider does not get paid and users who purchased the knok receive their money back, minus a processing fee. This creates a system of positive reinforcement to encourage great knoksers to provide high-quality trade signals. This system also creates one of mutual benefit, as both knoksers and traders benefit from the creation of a successful knok.
An Overview of the Knoks Platform
Knoks is an online, SaaS-based platform with a three-tier architecture.
The platform is comprised of two main components. First, the Knoks marketplace allows for interaction between knoksers and traders. Here, knoks are published, notifications are sent, and user rewards are managed. Second, algorithmic system is mainly used to manage the creation of knoks, track their price, and monitor the knok resolution state. Additionally, the algorithmic system ranks both knoksers and traders. This system monitors the followers that both knoksers and traders amass, as well.
The Life Cycle of a Knok
A knokser first uses the Knoks platform to fill out all the necessary details for a knok and publishes it. Before it is published, the knok must be approved to ensure that no inappropriate, erroneous, or abusive content has been published. This approval system will include both human and automatic detection tools.
Once a knok has been approved, it appears in the feed and becomes available for purchase. Traders can follow the progress of their purchased knoks, as well as receive notifications regarding their knoks, from the ‘my ongoing knoks’ section of the platform.
After being published and purchased, the knok can take two paths and receive a status of either ‘success’ or ‘failed’. A successful knok is one that has touched both the entry and exit price within the stated duration of the knok. A failed knok is one that has not touched either the entry or exit price, one that has triggered a stop loss, or one that was canceled by the signal provider.
Ranking and Pricing of signals
All signals published on the Knoks platform are uploaded on the Ethereum blockchain, creating an immutable time stamp for the signal. Through the development of an open source tool, anyone will be able to verify the integrity of the signal data.
Signal pricing is set via our smart algorithm, which uses both empirical data and qualitative data regarding the signal provider. Qualitative data includes many parameters, such as the popularity of the signal provider on the platform and their performance score. Objective evaluation is important for many things, and especially important when dealing with trade signals. Using objective parameters in the evaluation of both signal providers and the signals themselves allows for an unbiased view of the information to be presented. This can be used by traders to make a judgement as to the quality of the signals as well as the providers, and to help them decide which signal to purchase or which provider to follow. A full article detailing the pricing strategy will be published in the near future.
A ranking algorithm is used to rank knoksers (signal providers). This algorithm takes into account the knokser’s accuracy, profitability rate, data quality, success rate, user reviews, and more. This verified data is used to assign the knokser one of five hierarchical ranks.
Both traders and knoksers can earn badges based on their achievement in different areas. Badges are awarded for achievements in generating profits, amassing followers, and success rates. An upcoming article will provide a detailed explanation of ranking and badges.
Knoksers and traders visible stats
Statistical information, such as the success rate and success sequence, for both knoksers and traders is created via the Knoks platform. Public user profiles will show the highest success sequence achieved, in addition to the user’s current success sequence. The user’s activity rate (low, medium, or high) for the past 30 days is published along with the last knok that was published by the knokser or purchased by the trader.
Specific indicators for knoks are calculated and made visible on the discovery page for traders to see prior to purchase.
The potential profit is calculated as the percentage between the mid entry price and the mid exit price and is classified as ‘low’, ‘medium’, ‘high’, or ‘very high’. At times, a knok may be resolved prior to the stated duration of the signal. The Knoks platform continues to monitor the asset price of for the entire duration of the knok and creates a HighLow candle for comparison against the resolution price. Lastly, it is possible for a knok to be created with an entry price that has yet to be achieved. An indicator will reveal to traders as to whether the entry price of a knok has been touched prior to the trader purchasing the knok.
