How low is this... low transaction fee? I don't get why should this low tx fee become a selling point if at the end of the transaction, most of the paid fee will return to out wallet anyway.
Transaction fees will be between 0.1 % ~ 0.05 %.
Yup, I do agree that low transaction fees is a minor selling point. Our goal is to ensure that traders like yourself pay the lowest possible fee, though unfortunately at this stage, there are certain variable costs that are finalized at the end of the transaction. Which is why we have to collect the fees first, and rebate any excess afterwards.
And will it be the same for either market takers and makers?
I'd also like to discuss about your listing mechanism, as convenience as it is for new tokens and coins to be listed merely by votes and by neglecting previous daily volume, it emerges new possible problems to today's crypto situation where ICOs are coming like wild fire. We can assume that PnD (or maybe we should establish a new term called RnA for Raise-and-Abandon) project to ask for their community to vote, or even promising some bounty to vote on your platform so they can get listed, pumped the price, then dump and abandon the entire project soon after. Which leave you with non-functioning coins on your exchange. Solution?
Sorry for the delay.
That would be the market taker price. As for makers will be determined closer to the actual launch of the platform, but we do intend for it to be lower than the taker's.
For listing of coins/tokens, the projects will still be vetted (sorry if we are not clear in the post!). It is to our interest and yours to avoid any pump-and-dump or raise-or-abandon coins/tokens to be listed. We take this issue very seriously. To ensure that tokens listed are valid and trustworthy, we will still perform due diligence to ensure integrity of the projects before putting through a vote. We are considering different ways of getting the community to play a part in screening the different projects. One way could be opening an ANN thread like this one to get all community members and experienced traders to discuss the different aspects of the project.
The voting process itself will also have reasonable limitations for each voter. The user's ability to vote could depend on their account's age, possibly tracked by the activity of the wallet's they used, and votes to list a project's token cannot be entirely from a small group of individuals. We are hoping that that involving the community throughout the process will reduce the chances for harmful coins/tokens slip pass the vetting process.
From the financial perspective, we do not believe in charging millions of dollars of listing fees. The whole voting + threshold mechanism is meant for the listing process to be more affordable for projects to get listed. We believe that projects could possibly create more intrinsic value from the fee savings, translating to a higher value of their coins/tokens which is a win for everybody.
Once listed, if a small group of users want to execute a pump and dump, usually they would need to manipulate the price of a low trading volume coin/token and spread untruthful news to get others hooked. We will do our part to build up a diverse and large enough community, educate the community and supply accurate news directly to combat misleading information designed to manipulate the market. Ultimately, we will still have to depend on traders, like yourself, to make informed trading decisions based on the information supplied. We would like to think that if executed properly, trading against market manipulators could be a strategy by itself and could prove to be quite profitable.
