Cryptocurrency exchanges are drawing attention amid growing public interest in cryptocurrency but it seems like many people still lack of a good understanding of what cryptocurrency exchanges do.
Cryptocurrency exchanges are where you can exchange cryptocurrencies for cash. It might be easier for you to understand the role of cryptocurrency exchanges if you can think of foreign exchanges that you can exchange euros for dollars, for example.
With the lack of understanding of cryptocurrency exchanges, some people think cryptocurrency exchanges are kind of banks and keep cryptocurrencies on the exchanges for a long period of time like they deposit their money in banks. However, cryptocurrency exchanges are actually more like foreign exchanges. They can keep their cryptocurrencies in an offline ‘Cold Storage’ but not on cryptocurrency exchanges. What the cryptocurrency exchanges do is to exchange cryptocurrencies for cash at exchange rates.
In public blockchain, a cryptocurrency exchange plays a significant role as a bridge connecting between real money and cryptocurrencies.
The inventor of Bitcoin, Satoshi Nakamoto applied blockchain technology to currency and believed that a system like a cryptocurrency exchange would maintain the coin ecosystem. As he was not sure whether people would keep transactions if they just obtain coins, he thought that the coins would remain and be maintained if they could be exchanged with real currency.
However, it is true that there are growing concerns about cryptocurrency exchanges at this point with no clear regulation on the cryptocurrency market. Most of all, low levels of security and reliability are the most substantial concerns of cryptocurrency exchanges. Cryptocurrency itself is safe from hacking attempts as it is based on the decentralized blockchain but cryptocurrency exchanges which are centralized are exposed to the risk of hacking. For instance, a cryptocurrency exchange, Coinrail suffered from a financial loss as a result of a hacker attack earlier this year. In addition, most exchanges do not disclose transaction histories and this leads to the possibility of embezzlement. In April, the CEO of Coinest, one of the largest Korean cryptocurrency exchanges, was arrested for embezzlement of the customers’ funds. It turned out that he made fake trades on the exchange and siphoned off the client’s money into his and other executives’ accounts.
Under this circumstance, what individual investors need to do is getting as much information as they can about cryptocurrency markets, also using a reliable exchange for trading.
A cryptocurrency exchange, Ruby-x, has revealed its sensational operation system to solve the issues with existing cryptocurrency exchanges. Ruby-x aims to have transparent maintenance by disclosing all transactions histories on its platform and to increase security by providing its users with 100% cold wallet use service.
OZEX soon will be listed on Ruby exchange as a partner and is currently in conference with Ruby-x about the date of the listing.
Ruby-x is a new concept of global cryptocurrency exchange that provides an integrated service based on blockchain technology. Ruby-x aims at constructing its own commercialized cryptocurrency ecosystem by offering a secured and expansible platform with transparent management. Also, Ruby-x is planning to provide trading services of funds, technology, information, and cryptocurrencies as well as cryptocurrency payment service.
Ruby token (RBY), issued by Ruby-x, will be used to pay all transaction fees and to trade options on the exchange as its main currency.
Ruby token sale will proceed from 10 August 2018 to 17 September 2018, and Ruby tokens can be purchased at its half price during the period of the sale only.
For more details, visit Ruby-x website https://ruby-x.io
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OZEX white paper v1.1 — https://github.com/ozexproject/OZEX-Whitepaper
Official OZEX email address : info@ozex.io
