The interest in everything related to cryptocurrencies is at an all-time high. People from all walks of life are displaying a keen interest in digital currencies of the future. To facilitate the smooth transaction of cryptocurrencies, various exchanges have popped up periodically. How successfully these exchanges have been regarding their quality of operation and if they still exist is another question.
To counter and alleviate the problems that plagued cryptocurrency exchanges in the past, Coinolix has been formed. Coinolix is the world’s first multifunctional cryptocurrency exchange ecosystem with a robust and unique architecture previously unseen in any cryptocurrency exchange. Coinolix is powered by a decentralized Blockchain protocol where the crypto tokens are pegged to fiat currency which is backed by asset reserves making Coinolix a pure peer to peer cryptocurrency exchange.
One of the top reasons why previous cryptocurrency exchanges failed or were not able to perform optimally was because of lax security. Intrusions by hackers caused such exchanges insurmountable monetary losses making them go belly up. To overcome this issue, Coinolix keeps the majority of the asset reserve in off the grid cold storages. This ensures user funds are secure on exchange wallet.
Handling high order volume
Another potent issue faced by exchanges is the influx of orders flowing in from traders. Most exchange engines aren’t scalable or extensible enough to tackle massive amount of order requests. This results in “stuck trade requests” causing traders to suffer losses. Coinolix’s matching engine is built to handle well over twelve hundred thousand incoming requests simultaneously eliminating stuck orders and delayed handling of trades.
Coinolix Token CLX
Coinolix token is CLX which is ERC20 token in Ethereum Blockchain. It’s a multipurpose and multifaceted token which can be used for paying transaction fees, withdrawal fees and trading commission. During the ICO the CLX distribution will be approximately 50 million. The coins will be deposited in the contributor’s wallet within a week of the ICO crowd sale.
The token crowd sale will commence on 8th November 2018 (GMT + 3 time) and will continue for a month afterward ending on 13 December 2018.
Keeping the token flow in check
To overcome token abundance in the market and to incentivize token holders, Coinolix has a comprehensive buyback and burn program. The purchase back and burn activity will be carried out every quarter starting in Q3 2019. It entails using the Coinolix exchange profit to buy back the tokens sold during ICO and burning them. This will continue till 60% of the publicly issued tokens are burned.
How does Coinolix compare to other exchanges?
Now that basic functionality and architecture of Coinolix has been explained, let’s see how it fares compared to other cryptocurrency exchanges:
|Coinolix||Other Cryptocurrency exchanges|
|Coinolix routinely undergoes exchange audit by experts to pinpoint and identify any vulnerability.||Rely on inherently incorporated security measures which are most of the times not scalable enough to deal with new intrusion methods|
|Coinolix enforces two-factor authentication to safeguard the users.||Mostly use the age-old username and password which is prone to phishing and other online scams.|
|Coinolix doesn’t attach any fiat monetary standards to the CLX coins sold.||Mostly monetary standards are attached to tokens sold which means lower liquidity.|
|Ease of use|
|Coinolix exchange is built to handle a huge number of transactions and trade requests. To accommodate such a large number the user interface has been designed to be very user friendly and intuitive.||Most exchanges are built to cater to a small number of incoming trade requests. Their user interface tends to be less user-friendly especially to newcomers. This also means that such exchanges have low trading volume.|
Coinolix team is comprised of crypto investment veterans which have also delved in forex and stock exchange business. It’s a combination of talent i.e. marketing acumen mixed with tactical and technical knowledge. Coinolix is incorporated in the northern European country of Estonia.
More information about the team behind the project can be found here.