The Qurrex Hybrid Exchange: Its Target Audience and Competition with Other Projects
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In previous materials, we repeatedly discussed the advantages of hybridization of the centralization and decentralization technologies of CEX + DEX.
The very idea has been in the air for quite some time, so there is a good chance that the emergence of decentralized exchanges with the inclusion of centralized elements and nodes awaits us. But when will that happen?
The answer, most likely, is in just 2–3 years. The thing is, centralized cryptoexchanges began appearing in large numbers 5 years ago, in 2013 This includes Bitfinex, Bitstamp, Kraken, Bittrex, GDAX, and others. The main difference between these cryptoexchanges is their web interface, direct work with a client (without middlemen), constant 24/7 access, practicality, and simplicity of work.
The gradual evolution of cryptoexchangers
At the time of their appearance, CEX cryptoexchanges were what was required by the entire cryptocommunity.
They simply did their work despite the deficiencies of the infrastructure, and they did it well. It is true that the issues with Mt.Gox revealed the main issue of such systems — their lack of transparency. So far, the case is being investigated by network security experts, but most of the exchange’s customers have not yet received their funds back.
After some time, new tools emerged, and also saw the appearance of the idea of decentralized systems for working with cryptocurrencies. One must admit that, up until now, not a single one of these ideas has been implemented to completion, but the first projects of this sort will most likely appear in the next year. This will be worth competition for existing solutions, which will have to start developing in order to remain afloat. And because of this need, the market will most likely see updated CEX solutions, which will happen, as far as one can speculate, no sooner than 2019. Many technical CEX solutions will be implemented on the Qurrex hybrid cryptoexchange, so we will be able to see how this works even sooner.
In 2020, the market will see the appearance of other hybrid solutions for working with cryptocurrencies that will be universal and include both CEX and DEX elements. Qurrex is implementing such a work plan a year sooner, in 2019.
In the 2020s, high-performance third-party solutions based on a DEX platform will begin to develop actively. So, it will then be possible to learn the answer to the question “Can a DEX successfully compete with a CEX and take the place of it?”.
Will Qurrex have to compete with similar projects?
The answer, undoubtedly, is “yes”. But the truth is that the project will be the first hybrid cryptoexchange in the world and will be realized a year sooner than other similar projects of this sort. When competing services begin appearing, Qurrex will already have a developed ecosystem and a large number of users. The platform will be ready to compete with its “relatives” while facing challenges in the cryptomarket’s new stage of development.
Experience working with traditional financial tools and the knowledge of how to analyze a situation help the team at Qurrex peer into the future and predict the emergence of any new developments on the cryptocurrency market. Solutions that are now being implemented on Qurrex were predicted by the team a year earlier. Since then, these solutions are being gradually implemented. But these are not just purely declarative statements — work is underway and is very active. All this is thanks to our team, which is capable of putting proposed work principles into practice.
At present, the Qurrex team is working on highly productive matching modules that will be able to provide the exchange with the necessary “rate of fire”. Right now, the central elements of the project are 20% implemented. At the same time, the multi-functional web client is already 60% ready and not much more is needed to complete it.
The developers of the hybrid cryptoexchange are working on such elements as:
● Issues in developing appropriate product for financial markets;
● Legal aspects of the launch and functioning of financial products/services/technology;
● Managing risks, solving problems;
● Working with government agencies.
The project’s target group
Speaking about the technical points of the hybrid cryptoexchange, we have practically not mentioned the target audience of Qurrex in previous materials. In fact, there are actually several groups:
● Private investors who require a wide range of tools for market analysis and carrying out various work;
● Other (niche) cryptoexchangers who require liquidity;
● Classic and FX brokers who require new, quality tools for working with cryptocurrencies for which reliable solutions are truly needed.
● Institutional and corporate investors, as well as cryptocurrency funds;
● Arbitrators, market makers, and other participants.
They will all have the following capabilities at their disposal:
● Reliability, scalability, modularity, and availability of tools for working with cryptocurrencies and fiats.
● The opportunity of fast integration of new technological solutions with traditional financial market tools;
● Work in real time;
● The speed of the exchange’s work is 70,000 transactions per second, with an average transaction speed of less than 800 microseconds;
● Work standards commonly found in financial markets.
Overall, hybrid tools for working with fiats and cryptocurrencies may become the new standard. It is an opportunity that is needed by institutional players who wish to enter markets that are new to them, but do not have the opportunity to do so for a number of reasons. First and foremost, this is the small transaction capacity of modern cryptotools, the lack of work standards, fragmentation of the market, and its lack of transparency.
