Qurrex Review Project

ABSTRACT

Our team is developing the first multifunctional hybrid cryptocurrency exchange ecosystem by combining a centralized industry platform with a decentralized blockchain protocol in which the centralized exchange will serve as one of the nodes.

We are creating the next-generation Etalon platform, which will win the trust of professional stock exchange players by substantially increasing the market’s liquidity and supplying a new standard set of exchange products. By 2020, these should be at the disposal of all our market colleagues.

The product’s key functional capabilities are as follows:

 • A highly secure, high-performance hybrid architecture supported by an independent technical audit

•A broad functionality that satisfies the demands of users of any level

• Maximum transparency for users: an independent audit, publication of financial accounts, maximum formalization of all processes

• Payment gateways for depositing and withdrawing fiat money

• An advanced interface that is highly customizable and comes with an advanced API

• A platform for social trading and investing with its own marketplace

• Fast and responsive multilingual user support operating 24/7.

TERMS AND DEFINITIONS

·        Latency, Roundtrip Latency : waiting time, the time taken by the system to process    a request, usually calculated as the time elapsed from the moment the request is registered at the gateway until the moment information about the said request being processed is issued.

·        Capacity : the number of transactions that can be processed by the trading system module/node or the whole trading system in units of time, usually per second (tps - transactions per second).

·        Digital asset : a cryptocurrency, token, or coin of the blockchain network. HFT (High-Frequency Trading): a form of algorithmic trading on the financial markets characterized by minimal time for position holding (over fractions of a second) taken by up-to-date equipment and special algorithms. This abbreviation also refers to a trader using such trading strategies(High-Frequency Trader).

·        DVP (Delivery Versus Payment): an order of settlements that implies the presence of a sold/alienable asset (whether cryptocurrency or fiat) with the client when requesting a purchase or sale. After successful verification of the asset’s availability, the application may be submitted (if the required asset is absent, the application will be rejected). After this transaction occurs, simultaneous settlements between the parties take place.

·        CEX: the centralized exchange

·        DEX: the decentralized exchange Fiat,

·        Fiat Currency: traditional cash or non-cash money of centralized issue and recognized by the global community.

Qurrex ecosystem

The Qurrex multifunctional trading platform is a hybrid system that consists of:

• a centralized node, which is comparable in its effectiveness to modern, cutting edge traditional exchanges;

• client functionality that meets the demands of users of leading exchange and FX brokers;

• a blockchain network which, on the one hand resolves problems of secure storage and eliminates middlemen, and, on the other, provides the user with aggregated liquidity from all network nodes, including the centralized platform.

In reality, Qurrex is setting the industry standard in the crypto-economy for a universal cryptocurrency exchange – one which existing platforms will eventually achieve only after years of independent effort.

The platform will become the first cryptocurrency exchange based on high-performance architecture from the leading international trading platforms. Rather than respond to the market demand of “yesterday”, it is designed for the future – for the coming growth explosion in cryptocurrency trading.

Moreover, the project will become an important factor in the development of the crypto-economy, as it not only satisfies the demands and solves the problems of current users of existing exchange platforms, but also creates favorable conditions for a new wave of participants, those not currently represented in the crypto world.

As a demo-model, we’ve prepared a test web version of the trade terminal which will serve as the interface for our exchange system.

The test version is able to reflect current quotations for key cryptocurrency pairs, provides trading and analytical capabilities, and supplies a newsfeed from various sources.

At present, the client end of the service – the platform’s functionality for social trading and investment – is 60% operational. At the back end of the exchange system, the concept of delivering the CEX and DEX has been developed, and work has begun on separate sections of the system, for a readiness level of around 20%.

By the start of February 2018, the order-matching module will be launched in test mode and presented for external load testing

BACKGROUND AND SOLUTION OVERVIEW

Originally, the Qurrex platform was designed exclusively as a centralized cryptocurrency exchange system. The reason for this was related to the team’s background: having worked for over 10 years on the creation of various exchange and broker systems and products for the traditional markets, we inadvertently became adherents of this approach.

However, research into distributed networks as part of delivering the current project led us to new approaches and tools for solving many of the problems that we had encountered over the course of recent years. Here we refer, first and foremost, to the need to increase liquidity of separate instruments, as well as to increase clients’ confidence in unregulated infrastructure providers. The outcome of our investigations was the understanding that, in order to create an effective exchange system and meet the demands of a wide circle of users, what is necessary is the harmonious merging of centralized and decentralized elements.

The main thing we understood was the fact that, within an infrastructure set up to handle various assets, the potential of the community behind the public blockchain networks must be taken into account, as it is precisely this community that is the basis of the future crypto-economy.

INTERACTION PROTOCOLS

The following connection protocols will be available to our clients:

• mBinary – our own protocol that allows the exchange of messages of a given format in binary form;

• FIX/FAST – standardized protocols for transferring exchange data; used in the majority of trading systems;

• WebSocket – convenient protocol for application developers; flexible and scalable. It is used both for connecting client terminals as well as for implementing trading APIs, market data, analytics, and chat messaging;

• REST – exchange standard in terms of responding to a request that has parameters. It is technically the simplest solution for the majority of third-party developers.

Market analysis

FORECAST OF QURREX’S MARKET POSITIONS

The average daily volume of trading in cryptocurrencies didn’t exceed $300 million until early 2017. Significant growth in turnover began after overcoming a BTC exchange rate of $1,000 and the rally of altcoins in the first quarter of 2017. As early as May 2017, the daily trading volume was $2.5 billion, and by the end of August it exceeded $6 billion. After the adjustment of the trading volume up to $3.5 billion per day in September there was new rally both of bitcoin and altcoins. As a result, daily trading volume grew to 35 billion per day.

Despite significant growth, the cryptocurrency market is still in the early stages of development. For comparison, the daily trading volume on the stock markets is $200 billion, on futures it is more than $400 billion, and on FOREX this number is around $5-6 trillion. When extrapolating the retrospective dynamics of changes in the volume of trades on cryptocurrencies for the future in various scenarios, we see a multiple increase by 5 to 30 times or more.

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