Instant trades and low fees promised by the Blockchain trading network on various financial assets.
Apr 12, 2018 Posted / 539 Views
Many Blockchain based network has been initiated and has been operating successfully. Most of them succeeded over the breakdown. Blockchain Technology while is criticised by some of the world’s greatest financial personalities. It's adoption by the admirers has not affected the least. Many pilot projects are under test phase and soon will be publicly released for the commercial use once it is ready.
A similar initiative is taken by ThinkMarkets, a well established and regulated broker, which is to launch a universal trading platform for the people throughout the world to trade with any form of financial asset. It is based on the Blockchain based network which would eliminate all the middle-men involved in trading. It would also provide a faster the trade settlement strategy so that the users may not wait for days together for their trade to get settled. All these have become possible since it is based on Blockchain technology. ThinkCoin will receive the intellectual property, trading infrastructure developmental resource by ThinkMarkets.
It will initially have the facility to trade forex (FX) and the contact of difference (CFD) only. Eventually, it plans to add the other asset forms such as bonds, equities, futures, options, commodities, and complex derivatives also. The network would be powered by a simple, secure and user-friendly coin called the ThinkCoin as described in the white paper of the technology.
The whole team of ThinkMarkets and ThinkCoin is of the opinion that the Blockchain Technology has the capacity to completely revolutionize the markets since the invention of the electronic trading in the 1980s. It is with reference as to the technology ’s effectiveness in eliminating the exploitation by the brokers and intermediaries. It also argues that the present global market is controlled by the big banks who impose unrealistic charges, lack transparency and also sometimes have a lot of due asset settlements.
Whereas in the TradeConnect platform the smart contract is used which execute trades based on the external data provided using it's internally predefined, immutable and irrevocable algorithm. Contrary to the traditional markets the users will have a full authority over their money.
The company illustrates instances, where earlier the investors lost their money due to the unacceptable decisions, are taken by the policymakers. But in this digitized market, no such sick decisions can be taken since the network runs on the Blockchain platform. It can substantially reduce such risks.
According to the statement of TradeConnect, initially, the platform would support only ThinkCoin, Bitcoin, Bitcoin Cash, Monero, Dash, Litecoin and Ethereum too.
Only ThinkCoin can be currently employed for the trading purposes which can be bought either during the Initial Coin Offerings phase or the later can be bought with the fiat currencies through various exchanges. A ‘connect fee’ will be charged by the users for a trade whose 75% will be invested back in the development of the ecosystem. Traders with less capital also have a higher advantage as there is a provision to buy parts of a share called ‘Micro shares’ with lower transaction fees.
April 23 is the deadline for the first phase of the pre-ICO. Followed by the second phase from 24 April to 14 May. Actual Initial Coin Offering is to be done from May 10 to 25.
Following month we can witness ThinkCoin on the exchanges and also the TradeConnect Wallet would be launched. A beta version will be live during the month of August and the functionality of trades of the FX and CFD will be available in October. The company expects to launch its IPO in the next year.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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