Qurrex: When Will the Project Begin Full-Fledged Work?
The creation of a hybrid exchange is a complicated project that requires many intermediate stages of work. This includes purely bureaucratic tasks (applying for licenses, opening new offices in other jurisdictions, and creating data centers and collocation zones) and the creation of the project’s technological elements (development of functional modules and the entire infrastructure as a whole). Just like any technically complicated project, preparation and implementation of Qurrex is separated into several stages, each of which has a clearly defined deadline. The full entry of the exchange into operation is planned for no later than the 1st quarter of 2019. The primary modules will be ready even earlier — most likely from the second half of 2018.
Preparing the project for launch
At the moment, one can say that the beginning development stage of Qurrex is preliminary. It is worth noting that the start of development occurred not just a couple of months ago, but in November 2016. Currently, the main work focuses are the creation of the trading terminal, the main interface for participant work tools, and, of course, the architecture of the whole system, which, in the future, will be able to work with both CEX and DEX requests. Several key elements of the hybrid exchange have been almost completely implemented, while the creation of others has only just begun.
For the past few months, the project team immediately completed several important intermediate stages to prepare Qurrex for operation. Thus, in November 2017, a closed preliminary coin offering was held, which showed significant interest from investors in the project: 17 investors invested about 1 million USD in the Qurrex hybrid cryptoexchange.
Another important step, the holding of Qurrex’s initial coin offering (ICO), is planned for the beginning of 2018.
Phase one — begin trading with the CEX
During the second half of the year, an operational office will be opened in the EU. In order to be given the right to offer brokerage services on the cryptomarket in the Euro zone, we will obtain a CSSF license.
In the second half of 2018, users will receive access to a test resource to check how it operates. The developers will release technical documentation on the high-speed protocol. After some time has passed, a large-scale system test will be carried out with a high number of users.
Following completion of the test phase, Qurrex will begin exchange operations, where the main cryptocurrencies will be available. Among other operations, we would like to highlight the addition of capabilities for performing such trade operations as swap and repo. At this stage, the project will already be available to institutional investors who will be able to connect as traders and provide exchange access to their own clients.
Phase two — bringing the DEX into operation
The start of phase two will occur in the second half of 2019. Here we plan to expand the functional capabilities of the exchange by developing a platform for social trading. We will also launch the decentralized part of the infrastructure, which will undergo stress tests. The developers will be able to use the results to refine the system, after which the hybrid cryptoexchange will be fully functional, and users will be able to perform any operation announced at the start.
Regarding the technical part, we plan to have the first working results of new protocols (EOS, Tezos, 0x) during the second half of 2018. Based on this information and our own data, we will create a description of the decentralized exchange protocol’s operation, as well as develop a module to integrate the DEX with the CEX. Development of infrastructure node prototypes for the hybrid exchange (and its trading platform) will also begin.
For example, any user, regardless of the type of connection, can receive access to the aggregate liquidity of any network node, including liquidity provided by the infrastructure’s centralized segment.
We plan to bring the technical characteristics of the exchange to the same level as the world’s largest. Thus, the execution speed of transactions is 70,000 operations per second. 90% of operations will be performed with an average speed of 200 microseconds, 95% will be at 350 microseconds, and 99% will be at 650 microseconds. For comparison, it is worth noting the characteristics of the Moex futures exchange. Its productivity indicator is about 50,000 operations per second, and 90%, 95%, and 99% of operations are performed with a speed of 250, 500, and 1000 microseconds, respectively.
The platform will be equipped with a full assortment of tools for traders, a chat function, the ability to share information and receive forecasts (based on JSON), and the eSignak news agent (Reuters). Additionally, a test interface for the application will be ready for iOS and Android devices. Social systems in the form of a forum and wiki directory will also be added. Traders will be able to create their own scripts for web terminals by using an expanded list of indicators, as well as add services for tracking trade strategies and managing PAMM. System participants will receive a full range of mobile apps for working with the exchange.
In addition, the geographic coverage of the Qurrex network will be expanded, which means the opening of new offices and points of presence of the exchange’s network in various jurisdictions.
Overall, in the next two years, the developers will have to complete a few complicated, but completely realistic tasks. At the end of all work, institutional market participants, as well as “average” traders and brokers, will have the most powerful tool for working with cryptocurrencies and fiats at their disposal.
