Decentralized p2p exchange/automated platform may eliminate arbitrage trading on crypto markets

Introduction

The dominant trading volume in terms of cryptocurrencies comes from Asia due to the heavy concentration of mining rigs and farms since Bitcoin’s advent, as Asian miners took advantage of favourable electricity costs, the propensity of a higher youth population which is more acceptation of digital currencies as a form of remittance, receipt, and spending.

The top 10 cryptocurrency exchanges reportedly make upwards of $3 million daily in transaction fees alone. The founder of Binance announced that his exchange is slated to make a profit of $1 Billion in the year 2018 alone by just the trading fees. The profits that an exchange makes are also dependent on the number of new altcoins arriving in the market and are desirous of getting listed on such high-volume and high-liquidity exchanges.

BRONIX Crypto Exchange Modules

BRONIX is a disruptor within the disruptive market of cryptocurrencies and their trading. BRONIX enables traders to perform trades in any cryptocurrency by finding the best price for them at that moment. Due to the volatility of the exchanges, the price of even the most stable cryptocurrency — bitcoin varies up to $100 on different exchanges, at the same time. Considering the potential $250 million trade performed on an exchange like Binance, and the average BTC trade size of 2.5BTC, there are at least 100 million transactions daily. Factoring in the cost of $100 per trade, the loss to the buyers/sellers is at least $10 Billion daily.

Thus, the market potential of BRONIX is immense, given its capability of saving at least $10 Billion for day traders, daily.

Each module of the BRONIX platform is a standalone piece of code that interacts as a whole with the other modules for seamless functioning of the exchange at the backend as well as the frontend. The communication between the modules takes place via messages that are encoded signals signed by the trusted digital keys of the exchanges. This ensures that no false communication is injected between the modules of the BRONIX platform. To maintain the modularised structure of the exchange platform, the distinct modules are hosted on different stacks and on different servers. This also makes the exchange inherently secure.

The modules are:

Trading Engine

A trading engine is the heart of any cryptocurrency exchange and takes care of all operations. It executes matched transactions, calculates excess balances, accesses order books to provide almost real-time transaction times to the traders executing their orders.

User Interface (Front-end)

This module is which interfaces with the users. The BRONIX user interface is a simple yet powerful dashboard that allows traders access the essential details from the interactive dashboard while keeping it simple for the new traders.

The BRONIX user-interface will have the following functionalities on launch:

• User registration and login

• Fund deposit/withdrawal

• View order book, transactions, balance, statistics, charts, etc.
  

• Buy/sell orders

• Support features

Wallet Creation and Integration

BRONIX creates a unified wallet for the users on successful sign up which serves as the frontend for the traders to access their crypto-holdings from within a single dashboard. On the backend, separate wallets are created for each distinct blockchain based token bought by the user. The wallet is signed with the private key of the exchange so that the modules accept it as a native module and communicate with it seamlessly. The wallet is also signed with a private key linked to the user to allow only him/her to perform transactions from that wallet.

Administrator Console

The admin console is the operator backend of BRONIX and allows the designated admin to pass the KYC applications, perform activities that require super-admin access rights, and allow the admin to unlock accounts locked due to traders forgetting their passwords.

ICO Details

BRONIX aims to raise $30 million during its tokensales event by selling 175 million BRONIX tokens to the public and private contributors. The CEO of BRONIX is Alexander Bayov, a noted financial expert who has helmed several fintech projects in Russia. The Founder of BRONIX is Ranjit Sra, an MBA from Flinders University, Australia.

Each BRNX token can be used to purchase and sell cryptocurrencies on the BRONIX exchange at a discounted trading fee.

Conclusion

BRONIX comes to the market at a time when the investor confidence is pretty low. BRONIX understands the scepticism that investors have now attached to all crypto-projects as a blanket case. BRONIX aims to decrease, if not eliminate the pain points of the crypto-traders by providing to them a mechanism to trade at the best possible price and maximize their profits.