The name Cryptonity is coined from Crypto and community. According to the team, the project aims at giving the users the most secure, comprehensive, collaborative and transparent exchange in the market. They want to bring ‘good vibes’ to the industry with an exchange that stands out.
A lot of crypto-exchanges has been introduced to the market recent times. The vast majority of exchanges are claimed not to care much about their customers. They do not rely much on user-opinion. This means that the relationship between the exchange and the user is not reciprocal, as the exchange is only looking to make profits. All the transactions that the exchanges carry out are shrouded under a cloak of mystery and so customers fail to trust them.
The large cryptocurrency exchanges, on the other hand, have their focus on issues to do with regulations. They are also very much concerned with how reliable their presence is and how they can avail bank account support to transact with Fiat. Additionally, they worry about security and insurance should there be a theft. Things such as lack of feedback, support, and transparency get relegated to the backseat.
Cryptonity claims that it will form the best solution for the community. Without intermediaries, there will be smart contracts to perform all transactions giving the platform an edge over centralized exchanges. Since there will be no centralized server, every user will be able to use their assets as they wish.
The developers of Cryptonity are looking to create a blockchain as soon as they finish distributing ICO tokens. The main task of the team will be to provide a safe system for industry experts to interact. The platform will give the user reports bi-annually to help the users trust them more. There is also a plan to formulate an insurance policy to cover any losses to the client from the exchange like in a hacking threat.
Key features of the platform
The Cryptonity system will have the following features
- High-performance ergonomic tools for trading
- Low commissions for users with Cryotinitas Token (XNY)
- Security and insurance programs
- Opportunity to work with security experts and to be audited bi-annually
- User engagement in relation to developing platforms
- Responsive and multi-lingual customer support service
The Cryptonity Token (XNY) will run on the Ethereum blockchain. However, the team is planning to develop its own blockchain after finalizing the token sale. 100 million tokens will be released to the market. The number is fixed which is to say that the company will neither repurchase nor increase the number of tokens.
The utility token will grant users a 50% discount in exchange fees for their lifetime in the exchange. It will allow the users to participate in community activities such as voting for the ‘coin of the month’. The tokens will be allocated as follows:
Figure 1: Token Allocation
The token sale will be done with Ethereum, Bitcoin Cash, Litecoin, Bitcoin and Binance coin, and all investors will have to finish KYC registration before they can withdraw tokens.
The project is pushed by a team of five members and six advisors including:
Jaewoo SEO – CEO and Co-founder
Jaewoo is an entrepreneur with a vast experience across different sectors. He started his career in marketing at Samsung Electronics and ventured into entrepreneurship by setting up a creative agency, a production company, and a consultancy firm. He joined Cryptonity after seeing the potential opportunities in Blockchain technology.
Van Billy Nguyen – COO and Co-founder
Young and passionate, Van Billy has experience in cryptocurrency trading that helps him to see any problems in the current trading platforms. He is passionate enough to find solutions to the problems he identifies. It helps that the man thinks blockchain technology will shape the future.
Vaibhav Adhlakha – Co-founder, Advisor, and CEO at Quickx
Vaibhav has a lot of experience in finance and business strategies. He is working towards creating mainstream applications for the blockchain. The man has worked in sectors such as capital markets, equity research, financial planning, and portfolio management.
You can read about the rest of the team here.
Token type: ERC20
Hard Cap: 20 120 000 USD
Soft Cap: 500 000 USD
Price: Varies depending on the sale
Start Date and End Date: January 1st, 2018 to December 31st, 2018
Community and Social Media
*This data is as of 10/22/2018
Facebook – 15, 294 likes, 15, 515 followers
Twitter – 254 tweets, 18, 109 followers
Telegram – 32 365 members
LinkedIn – 12, 007 followers
- Team and eligibility
- Contribution to the crypto space
- Social media and engagement
- Token allocation
- High risk of scam
Cryptonity is looking to make an impact in the exchange market space. The team is selling transparency, security and an approach that is centered on the community. It offers a comprehensive set of tools to trade for users. While these features sound appealing, the team may have to go a step further to offer more than the bare minimum. As it is, one might ask why they would go for Cryptonity when there are a few more blockchain exchanges on the market. To be fair, the platform supports ‘airdrops’ and ‘forks’ and gives rewards for staking. The team may need to zoom in on these differences if it will push its vision forward. They may also need to include some more advisors with experience in the cryptocurrency world to build confidence in their project.