As the blockchain technology has developed, it has brought with it the development of cryptocurrencies. Since the emergence of the cryptocurrency market the market has witnessed an astronomical level of growth.
As at the end of 2018, the total market value of the global cryptocurrency market was over $200 billion (U.S. dollar) while the daily global exchange was at $5 billion (U.S. dollar).
Bitcoin remains the most successful cryptocurrencies in the market as more cryptocurrencies are continuously being launched. This is also leading to the development of cryptocurrency exchanges as the value of transactions is continuing to grow which is currently at over $100 million (U.S. dollar) daily value.
The cryptocurrency exchange market, however, is still faced with different challenges. Chief among the challenges facing cryptocurrency exchanges are the security challenges. The insecurity in the market has led to several hack attacks on exchanges which have also resulted in the loss of funds of users.
Another challenge facing the exchange market is that of poor customer service. When traders encounter a challenge it is not easy getting across to a customer service representative of the exchange to resolve the issues which the trader is having.
Cryptocurrency exchanges also lack liquidity. This makes it difficult for traders to enter and exit trades at will which can make a profitable trade turn unprofitable which affects the success of traders.
Traders also do not enjoy the benefits and convenience of a full spectrum trading platform which is mainly because the current exchanges do not have a fiat base. This and more are among the challenges which are affecting exchanges today.
To address these challenges requires the development of a high speed and secured cryptocurrency exchange. And this is the solution which Axnet has developed.
The Axnet Solution
Axnet which stands for Asset Exchange Network is a true centralized and decentralized cryptocurrency and fiat trading exchange based on the blockchain technology.
Features of the Axnet Platform
The features which users of the Axnet platform would enjoy include the benefits of a centralized exchange that will host many cryptocurrencies. The platform is also a decentralized exchange which is built on the Ethereum Network.
The platform is also fiat based which makes it possible for traders to not only trade cryptocurrency pairs but also cryptocurrency and fiat currency pairs.
The platform also supports an ICO incubator which is built into the platform.
Axnet Initial Coin Offering
The Axnet Token is a utility token on the Axnet platform and can be used for the payment of fees on the platform such as exchange fees, withdrawal fees, listing fees and others.
The Axnet Initial Coin Offering (ICO) would last for one month. The event started on August 1, 2018, and would end on September 1, 2018.
The accepted cryptocurrencies in the Axnet ICO are BTC, LTC, ADA, XMR, ETH, EOS, ETC, ZEC, BCH, and XLM.
The total token supply of the Axnet token is 100 million. The ICO price would be at an exchange rate of 2000 Axnet Tokens to 1 ETH.
Conclusion
As the crypto market is growing, we are also seeing the growth in the development of exchanges but this has also created challenges for the market which Axnet is out to address through its platform using the blockchain technology.
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Author - Coltpython
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