Qurrex Project Highlights: Products, Development Stage and Token Listing
During the summer months, the Qurrex team actively dedicated itself to the project implementation and today we would like to inform you about the current status of the project and its further development prospects.
Qurrex Cryptocurrency Trading Platform
The flagship product of Qurrex project is a professional platform for digital assets trading, which will meet the high standards of international financial regulators and the requirements of qualified traders and institutional players.
First of all, the platform will be focused on new participants of the cryptocurrency market: professional participants of equity, derivative and currency markets — brokers, HFT and algotraders, market makers, investment banks and trading houses.
Qurrex will become the one of the hubs to the cryptocurrency market for institutional players, that annually serve millions of client accounts with a total trillion turnover.
On the other hand, retail clients (current participants of cryptocurrency market) will get a fast, stable, secure and transparent platform for digital assets trading.
The unique characteristics of the Qurrex trading platform will be:
• provision of standardized services for classical market: broker accounts for hundreds of thousands of active users, collocation zones with direct access (Direct Market Access), advanced market analytics, high-performance API, client and fiscal reports, etc.;
• creation of equal and transparent conditions for all market participants with order rules regulation, risk management rules, disclosure of failures, violations and manipulations, methods and procedures of set and cancellation of orders, etc.;
• providing reliable and efficient service to market participants on the basis of high-performance trading technologies capable of processing up to 70 thousand transactions per second without loss of information, with protect from failures and advanced risk control system.
The Qurrex platform will be an important component of the long-term development of the cryptocurrency market infrastructure.
One of the main problems of the cryptocurrency exchange market is the lack of liquidity due to its concentration on the popular platforms, as well as it gets blur due to the growing number of exchanges, tokens and base currencies (USDT, USD, EUR, CFH, etc.).
The creation of Qurrex DEX consisted primarily in the consolidation of the cryptocurrency trading markets by combining exchanges into a single network and creation of the aggregated order book and a liquidity pool.
To achieve this goal, our team solves two problems: the creation of economic conditions for the involvement of liquidity providers and development of technological infrastructure.
In our concept, the economic stimulation of liquidity providers is implemented by redistributing the part of the exchange commission in their favor in the case of using the aggregated orders and getting of 100% commission on transactions if orders executed in the local order book.
The technological infrastructure consists of the following elements:
• internaliser (master/liquidity node) is a system which is connected directly to Centralized Exchange by FIX/FAST protocols, providing services to create local liquidity and aggregate it with Centralized Exchange liquidity. This allows to serve own clients and to get the best execution of client orders.
• electronic communication network (ECN) — off-chain transaction system that combines all internalisers and Centralized Exchange, routes and executes orders, allows make deals between internalisers without Centralized Exchnage.
• blockchain network — on-chain transaction system that provides mutual settlements between all network participants, separate cryptocurrency storage from Centralized Exchange, as well as the maintenance of transaction register.
At the first stage, the capacity of such system can reach up to 1000 participants, next, the unification of participants will take place through the creation of dual rank network — centralized exchanges at the first level, internalisers which are connected directly to certain centralized exchanges at the second.
With Decentralized Exchange it is possible to unite centralized exchanges into one network, connect big and medium liquidity providers: mining pools, cryptocurrency holders, projects with their own cryptocurrency, medium and small brokers managing their own client base.
White label Digital Assets Exchange
The idea of creating of Qurrex White-label Product arose from a great number of appeals to us with a request for sale and support of the exchange core. However, the request is often from crypto-entrepreneurs and ICO projects that do not understand the technological features and specifics of exchange business, and ask to create a «simple exchange, like any other» for trading on the retail market.
After analyzing the available offers of White-label solutions for the crypto industry on the market, we came to the conclusion that there were no professional platforms that can meet the needs of qualified investors at adequate conditions and prices. Of course, we do not deny that there are several tolerable products for the retail segment on the market, but their solutions do not exceed any other, and by many characteristics they lose to Top 50 crypto exchanges.
We want to offer a revolutionary product to the crypto market that significantly exceeds all existing White-label solutions, as well as technological and service capabilities of current crypto exchanges from Top 50.
Our product will have the following features:
• Institutional-grade core exchange module- system throughput exceeds 20,000 trx/sec with latency less than 800 mcs at 99% of incoming orders (for users placing orders via binary protocol);
- advanced system modules: matching, risk control, market data services, position keeping, post-trade, clearing, and other critical services;
- compliance and surveillance modules;
• Advanced APIs: FIX/FAST, Binary, WebSocket/REST;
• Wide range of trading instruments: spot (delivery versus payment), REPO, futures, anonymous auction, discrete auction, OTC trade, primary offering auction;
• Unique services for institutional players: margin trade (repo and T+ settlement), OTC trade, collocation zone, flexible tariff grids and others
• Various types of trading orders:
- Limit: GTC, DAY, IOC, FOK, POST, HIDDEN, OTC, MOVE
- STOP-LOSS / TAKE-PROFIT
- Mass cancel: by client and instrument, by client, by login, by login and instrument, automatic due to disconnect
• Fiat Integrations: banks API, international and local electronic payment systems and providers
• Trade Top 50 and all ERC-20 tokens.
• Contemporary trading terminal:
- versatile and easy to use web-based user interface
- extended analytic capabilities: classical, advanced and user-defined technical indicators
- embedded Qurrex news & analytics channels
• Simple launch and operation:
- System deployment for 15 days;
- Intuitive admin dashboard, risk, monitoring, and alert settings, advanced analytics;
- Internal operational and administrative team required <= 5 people — costs of rent of the server hardware wouldn’t exceed $2000 a month
- 24/7 technical support from Qurrex team;
- Simple integration with any trading terminal (MetaTrader, TradingView, etc) and banking and brokers platforms.
Qurrex White-Label Digital Assets Exchange will have the ability to connect directly to Centralized Exchange and integrate into Decentralized Exchange for the aggregation of liquidity and order book.
Also, the commercial terms and conditions of use of White-Label will include the implementation of the QRX token, that will definitely lead to a significant increase in the capitalization of QRX.
On its quality and technological characteristics, Qurrex White-Label Digital Assets Exchange will correspond to the level of global suppliers of similar solutions on the market, such as NASDAQ. At the same time, the cost of Qurrex White-Label and the level of operating costs will be much lower.
According to our expectations, Qurrex White-Label Digital Assets Exchange will be highly demanded by current medium and small crypto, stock and currency exchanges, medium and large brokers, ICO projects, cryptocurrency exchanges, crypto-entrepreneurs and other market participants.
The partnership with Qurrex will allow the potential owner of the White-Label:
• to enter the market of organized cryptocurrency trading with the advanced competitive technology of the exchange core in a short time;
• to get access to aggregated crypto liquidity;
• to provide customers with quality and convenient and unique online shopping experience;
• to use PR and marketing promotion channels of Qurrex.
For Qurrex project, the sale of White-label allows to expand the target audience and sales channels, to gain access to partner liquidity, as well as to promote trading solutions from Qurrex, and certainly that will provide a multiplicative demand for QRX tokens.
In summer, the work of Qurrex product team was focused on the following paths of the project:
• clarification of project documentation and technical specifications for the development team;
• clarification of quality indicators of the system, the principles of architecture and a set of services;
In its turn, the development team is engaged in:
• development of an internal framework and a set of libraries responsible for the messages system exchange between the modules. In the future, this will significantly simplify creating new modules and services of the system.
• creating a persistence service responsible for the safe storage of all trading operations in the system. This service will make unable to lose any transaction in the trading system.
In the coming months, the product team plans to describe a model for calculating the risk parameters for margin trading, which will involve a flexible system of ensuring positions. Such solutions are currently absent in existing crypto-trading systems.
In addition to the risk calculation model, we plan to complete the description of external integration protocols for ordinary clients and brokerage firms. The development team will face the refining of framework and persistence service, conducting stress testing of developed modules, and integrating the matching prototype tested by clients at the time of the ICO into the created architecture.
In general, the product development is carried out within the previously specified term. The launch of the centralized exchange is planned for the first half of 2019.
Over the past six months, the cryptocurrency market has developed an extremely negative situation with the release of new tokens to the exchanges.
Firstly, the very fact of the token listing even on the top exchanges is no longer perceived by market participants as a strong positive news that can set at least a medium-term upward trend in the exchange rate value of this token.
Secondly, external macro factors have a much greater impact on the exchange rate value of recently issued tokens than the real state of affairs in the project. And today, it is difficult for new players to act against the drop of major cryptocurrencies capitalization, negative news reports, panic sales.
Thirdly, the schemes for maintaining the exchange rate value of the token have ceased to work only by feeding the expectations of token holders with a positive news background. Now market participants ask to show the real demand for services or products produced by the project.
In view of the above, and in order not to harm or destress the investment value of QRX token, we decided to postpone the issue of listing QRX token on external exchanges for a period of up to 3 months. Until the stabilization of the situation in the crypto market, or the conclusion of partnership agreement on strategic cooperation with institutional players or transactions of internalisers and White-Label.