Cloverdex: Hybrid Decentralized Cryptocurrency Exchange

Tpq01349

Earlier 2018, Binance announced their intention to launch a decentralized exchange alongside a public blockchain, claiming that centralized and decentralized exchanges will co-exist interdependently in the future as they complement one another. Over time, we may see centralized exchanges shift towards hybrid solutions that embody benefits from both centralized and decentralized solutions.

Vitalik Buterin, the co-founder of Ethereum, commented that hybrid and semi-centralized exchanges are a much better solution than fully centralized exchanges. Where one of the main issues with centralized exchanges is the influence they have over the market, with their ability to decide which currencies to list or not on their exchange.

The concept of a semi-centralized or hybrid exchange is to add components of decentralization to a centralized platform. In some instances, users are able to trade directly from their wallets with tokens deposited into a smart contract, before trading commences. This ensures that no third-party entity holds and maintains custody for user’s funds, thus reducing potential security risks.

ABOUT CLOVERDEX

Cloverdex, found online at https://cloverdex.io/, is a hybrid decentralized cryptocurrency exchange. The platform made up of three main products:

Modular hybrid decentralised exchange,
Secure multicurrency wallet,
EFTPOS debit card service.

Cloverdex wants to accelerate the adoption of blockchain technology and democratize ownership of cryptocurrencies. Thus, They aim to tackle challenges facing current cryptocurrency exchanges:

Usability — current exchanges involve too many steps and are tailored for advance users or assumes that the user has pre-existing knowledge
Security — cryptocurrency exchanges have been susceptible to hacking and internal fraud because of lack in security focus and funding.
Liquidity — having not enough people trading on an exchange results in greater difficulty to trade, higher asset costs for investors, and difﬁculty in withdrawing funds in ﬁat.
Transparency — Hidden trading fees and commission charged results in higher investor cost and lack of trust.
Compliance — customers are hesitant to enter the cryptocurrency market due to perceived uncertainty in regulations and laws.
Education — most exchanges cater to advance traders and lack proper education and easy to use tools for beginner investors.
Accessibility of funds — current solutions to bridge traditional payment infrastructure and blockchain based assets are not seamless and involves high transaction fees either through upfront fees or currency conversion rates, both of which form a disincentive for use.

PRODUCT USE CASES

Modular hybrid decentralised exchange

Incorporating the speed and liquidity of centralised exchanges with the security afforded in a decentralised exchange where the user owns their private keys. The Cloverdex trading platform will cater to both beginner and advance users through our 3-step ethos. This means that all actions (e.g. registration, trading) can be completed within 3 steps.

In addition, Cloverdex exchange will offer the following:

Multiple Fiat pairings – up to 10 different fiat pairings initially with more to come.
Support over 100+ cryptocurrencies and tokens.
Transparency – no hidden fees.
Security – 2 Factor Authentication and Multisig implementation. Periodic external security audit by a reputable firm.
Liquidity – maximise liquidity and best available prices by tapping into external exchange pools.

Secure Multicurrency Wallet

Full control and ownership of your crypto assets.

Simplified crypto asset management and transacting.
Store a multitude of cryptocurrencies/tokens.
Manage Debit Card settings.
Private key ownership.
Strong security focus – 2FA and multisig

EFTPOS debit card services

Instantaneous and seamless use of cryptocurrency for every-day purchases.

Usable at millions of EFTPOS terminals around the world.
Planned future integration with Google Pay and Apple Pay.
Convert crypto assets to fiat currency at point of purchase.
Full control of debit card – transaction limits and weekly/monthly spend limits.

CLOVERDEX TOKEN (CLDX)

The Cloverdex ecosystem will have its own CLDX token. That token is a functional token that can be used on the platform as a trading fee and offered benefits to the token holders, including:

Discounted trading fees
Free EFTPOS debit card
Participation in community discussions and votes
Advanced market analysis tools
Beta access to the trading platform and mobile wallet

The Cloverdex whitepaper is careful to state that the token will not pay token holders dividends or profits of any kind, nor will it allow token holders to vote on company matters or access ownership of the company in any way.

THE CLDX TOKEN SALE

Cloverdex launched a token presale in mid December 2018 to distribute 20% of the token supply. Meanwhile, the Crowdsale will be launched in 16 Feb 2019 to distribute 20% of the token supply. The remaining 20% of tokens were allocated to the founders and team.

WHO'S BEHIND CLOVERDEX?

Cloverdex is led by Leung Lau, Co-Founder and CEO. Leung is an experienced software engineering, corporate finance and budgeting, business planning, and financial analysis. Leung has worked at IBM specialising in enterprise-level system architecture, frontend design, Java and .Net programming. Having a passion to serve the public and better understand corporate finance and governance, Leung then sought experience within the Australian Commonwealth Government and have held management positions in a number of departments and agencies.

To bring Ethos to life, Leung has assembled a team of engineers and executives, including Shing Lau (Co-Founder and Chief Technology Officer), Sasha Dordevic (Operations Director & Chief Financial Officer), Christopher Andrew (Product and Platform UI/UX Director), and Siris Kunwar (Communications Director).

To learn more about Ethos, visit the platform online today at https://cloverdex.io/ or visit the company whitepaper at https://cloverdex.io/wp-content/uploads/2018/12/WhitepaperFinalV1.2.pdf

AUTHOR:

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ETH Address: 0xA73fA2565C18218AC6510c8CD3B220F5794f3B84