A fresh look at the TradeConnect network — How trading works, part one.
We’re getting closer and closer to being able to make a solid announcement about or token minting date. With our teams around the world finalizing the process, we thought it worthwhile to go back and take a closer look at the service we’re building.
Today we’re going to take a closer look at Mike, an early user of the TradeConnect platform. Mike moved to our peer-to-peer trading platform because he was fed up with the high fees, slow settlement and lack of control over his funds at his brokerage.
Please note the figures used in this example are for illustrative purposes only.
After quickly signing up, Mike bought TCO tokens directly on the platform with Bitcoin.
Remember, TCO is the fuel of the ecosystem and is needed for every transaction, and the tokens are stored in your own wallet so you have total control over them. Although Mike got his on the platform, you can choose to buy our tokens on other third-party exchanges and skip this step.
The next step he made was to browse the expansive range of financial markets open to every TradeConnect user.
Mike came to the network today because he was feeling positive about the prospects of the FTSE. He offered a long at $100, and the AI matching system quickly paired him with John, who wished to short the price.
John, as the market taker, accepts the offer and locks his $100 to the smart contract, along with a $1 Connect Fee.
Unfortunately for Mike, the price of the FTSE falls, and this information is provided to the TradeConnect system by independent oracles.