I know of at least one system that runs TX at higher speeds than Visa etc. Would this not give your platform the speed it needs to be decentralized?
Good question. There are many good reasons to our approach, but the key ones are:
1) Transaction speed and throughput. Decentralized exchanges are far from being able to handle anything near the volume of a single centralized exchange. Based on the current rate of technical innovation in the blockchain space, we feel it will be a long time before decentralized exchanges can keep up.
2) Customer Base. We will grow our customer base with the centralized exchange, meaning that once we have a decentralized exchange ready, we will have a large customer base ready to transition with us.
3) Liquidity. We plan to implement some liquidity sharing between our centralized and decentralized platforms, this will help to build the critical mass needed to have a functioning market on a less mature decentralized network.
4) Fiat currency. A key part of our plan is to have fiat deposit and withdrawal facilities. This is a challenging area due to regulation, but it is something which really needs to be improved. Moving from crypto to fiat and vice versa will require KYC/AML, and this suited to a centralized business with the appropriate licences.
Fundamentally we are a business and not a research project; we consider it a priority to build up revenue streams, and the above are strong drivers for revenue. Our token holders will benefit substantially from this revenue, which is key.
Security is a great challenge. Our CTO is a very experienced developer and has worked with many of the major international banks. He has substantial experience in building ultra fast and secure systems and brings this knowledge with him. Cryptocurrency obviously has additional risks over regular banking, and we will mitigate this by first working with Bitgo, and then transition to our own systems once we have had sufficient time to test and audit them.
I have been investing lately into exchanges ICO, especially the discentralised ones,i want to ask the team why are they opting for centralised exchange first and how will they deal with the issue of security
