KuBitX - Introduction Project
Website : http://www.kubitx.io/
WHAT
IS THE CONCEPT?
We aim to offer a
one-stop platform for our users. Many countries and citizens have been left
behind in this new revolution called blockchain we will connect those dots and
offer an excellent service using the top global organisations best practice.
HOW
THE IDEA OF KuBitX CAME TO LIFE
The idea to create a new
cryptocurrency exchange came up when the founders identified some crucial
shortcomings in the present Cryptocurrency exchange ecosystem. The founders had
a strong belief that the cryptocurrency exchange ecosystem has more to offer.
Following are the biggest
gaps which caught our attention:
1. Lack of a mature
ecosystem -lack of regulations on the way trades operate on the exchange often
allows “whales” to manipulate the prices of certain currencies which is against
the interests of other traders. Despite the cryptocurrency space growing rapidly
and currently having a market cap of about $300 billion the trading ecosystem
is still premature. There are several exchanges which suffer from serious
liquidity concerns and many charge high trade fees which are very expensive to many
people around the globe.
2. Friction in dealing
with fiat currencies – Often getting liquidity in fiat currencies against
crypto assets is a hassle and leaves currency holders at the mercy of market
volatility which often can lead to people losing out on money due to delayed
processing either by the exchange or the banks.
3. Lack of good customer
support –Traders often complain of bad user experience due to the
non-responsive customer support provided by many exchanges. Often it is either
the lack of management staff to handle the requests or a lack of will which
leads to a poor customer support. We identified that most of the exchanges do
not spend enough on customer support.
4. Security issues – the
cryptocurrency space is often being bombarded by hackers who try to use the
vulnerabilities present in the exchanges to their benefit. Many exchanges in
the past have suffered cyber-attacks which has led to losses in the order of
billions of dollars. Often, not following the industry standards and neglecting
the basic rules of cyber security allow for such attacks to happen. Thus,
exchanges do have a huge responsibility on their shoulders to protect the hard
earned money of their customers.
5. Lack of awareness and
education among the masses leading to a low adoption rate – Due to a lack of
education and knowledge about the Blockchain and cryptocurrency space, people
are reluctant to be a part of the cryptocurrency ecosystem which has led to the
market being dominated by a select group of traders who are able to manipulate
the market at will. This fluctuation and volatility further lowers the rate of
adoption of cryptocurrency trading.
Thus, we got motivated by
the idea that we can provide sustainable and progressive solutions to the
above-stated problems through comprehensive planning and diligent work.
Moreover, though Africa has the smallest share of the number of cryptocurrency
exchanges when compared to the world (4% of the total exchanges) according to a
study conducted by Cambridge University1 on cryptocurrency exchanges, the
adoption rate is on the rise. This not only acts as a source of motivation but
also puts a great deal of responsibility on our shoulders to deliver the best
services to people belonging to developing and LDCs (Least Developed
Countries).
Website : http://www.kubitx.io/
KuBitX
- ROADMAP
Q4
2017
• Project Initiation
• Project feasibility
study
• Benchmarking
Q1-Q2
2018
• Project Engagement
• Team Structuring
• Legal processes for
incorporation in Malta
• Whitepaper creation
first draft (Business)
• Angel/Seed Contribution
Engagements
Q3
2018
• Project Execution
• Launch KuBitX Channels
Ambassadors (Flagship countries)
• Prototype
• Start Pre- Public Round
of TGE
• Exchange Soft Launch
Q3-Q4
2018
• Project Execution
(Contd.)
• Phase 1: Financial
Services integration with KuBitX
• End Pre- Public Round
• Exchange Go-Live
• Public Round of TGE
• Global Promotions
Q1-Q4
2019/2020
• Project Add-ons
• KuBitChain
• Phase 2: Financial
Services integration with KuBitX
• Continuous Improvement
(Operations, Product Enhancements and Community Feedback for Improvement)
Information :
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