The Cobinhood ICO 20% bonus ends today. With 19 days of the sale still remaining they've already sold over 31,000 ETH worth of tokens.
What is Cobinhood?
They're planning on introducing the first zero fee crypto currency trading platform, as I expect you can tell from the name, they're hoping to take from the rich to give to the poor.
Their new platform will be able to process over one million orders per second, making it a complete real-time trading exchange.
They also plan on launching an ICO underwriting service with the aim of solving tokens liquidity problem.
The token sale began on September the 13th and runs until the 22nd of October. They plan on launching their exchange platform by November the 1st.
What's the problem with the current exchanges?
Crypto has been growing so fast this year, with the coin market cap rising from just $6 billion in January of this year to over $144 billion now. Now with around $3 billion per day trading volume many of the exchanges don't seem to be able to handle the increase in demand, with even the most popular of exchanges often having problems and going offline at the times when their customers are desperate to place trades.
Cobinhood is aiming to solve the following problems:
High trading fees: The average trading fee across the top 30 exchanges is 0.2% per confirmed trade, this massively cuts into traders profits and can turn opportunities for quick profits into a loss. Some exchanges offer lower fees for high volume traders but it normally requires a lot more volume than the average crypto currency speculator can invest.
Difficulty trading in real time: Many of the current exchanges have problems such as: rate-limited APIs and delayed order books, making it impossible for trading to happen in real time.
Security: Security issues with crypto currency exchanges have been well documented. In early 2016 Mt.Gox was hacked and lost $2.6 billion worth of bitcoins.
Then in August 2016, Bitfinex was also hacked and lost 120,000 bitcoins, both of these exchanges were some of the biggest exchanges around at the time and both hacks caused the price of bitcoin to crash.
Security concerns like this are massively harming the growth of crypto currency adoption.
Random shutdowns: There have been many problems in the past with crypto exchanges shutting down without warning. Just this year Coinbase has faced technical issues with users unable to trade bitcoin on their platform. All of these problems tend to send the bitcoin price lower, with users panicking and selling their coins when they're able to.
Not all FIAT currencies are supported: A lot of the major exchanges only accept US dollars, with a fair number not accepting any FIAT currencies at all, this makes the whole process more complicated for users with limited crypto knowledge.
Slow/Nonexistent customer support: Most of the exchanges respond to their customers far too slowly, with some users often reporting that queries go completely unanswered, this is unacceptable if crypto currency is to gain mainstream adoption.
KYC verification often takes customers days/weeks, by the time its complete users have often lost interest.
How will Cobinhood solve these issues?
Cobinhood plans to offer zero fee trading and offer margin trading with up to 10x leverage.
They'll guarantee 100% reserve and will disclose all of their wallet addresses.
They estimate they'll store 98% off assets offline, meaning that all of these assets will be completely safe from hackers.
All currency in their online wallets will be backed by insurance, meaning that users won't have worry if the site is compromised.
Users on the platform will require two-factor authentication to log on to the platform. Withdrawal from the platform will require additional verification to ensure the user's funds are safe.
The new website is built on the Google Cloud Platform. They've already completed stress tests that show they're able to process over 1 million orders per second and over 10,142 order book updates for all trading pairs on average. This makes the platform the first cryptocurrency exchange capable of high-frequency trading.
A variety of different FIAT currencies will be supported, allowing customers to deposit from all around the world.
The website and APP will be designed to support 10 languages, ensuring 98% of the world's population will easily be able to navigate it.
They guarantee that their customer support team will respond via the website or app within 24 hours.
They'll aim to complete all KYC requests within 24 hours.
In the future, they're planning on decentralizing their exchange.
ICO Underwriting Service
The ICO market has grown massively this year with many projecting the total amount raised to reach $200 billion by the year 2020.
Cobinhood plan to offer an underwriting service. They say that one of the main problems with ICOs is that once the sale if finished you have to wait a long time for the token to be listed on an exchange.
Many of the biggest exchanges charge upwards of 500 bitcoins to list a new coin. This means that the coins often only gets listed on small exchanges that have low liquidity, this generally causes the price to fall.
Cobinhood will launch their 'ICO Spark Program' with the goal of helping companies integrate their products or services with blockchain technology.
Roadmap
August 2017: Development of the new platform started.
September 2017: The ICO was launched.
November 2017: The new exchange will be online.
December 2017: Margin trading and funding trading will go online.
Quarter 1 2018: ICO underwriting service will start.
Quarter 2 2018: The new exchange will become decentralized.
Quarter 3 2018: Crypto assets trading with stocks, foreign exchange, precious metals, commodity, market indexes and futures.
Cobinhood ICO Review
dan90 (59) in crypto • 8 months ago
cobinhood.png
The Cobinhood ICO 20% bonus ends today. With 19 days of the sale still remaining they've already sold over 31,000 ETH worth of tokens.
What is Cobinhood?
They're planning on introducing the first zero fee crypto currency trading platform, as I expect you can tell from the name, they're hoping to take from the rich to give to the poor.
Their new platform will be able to process over one million orders per second, making it a complete real-time trading exchange.
They also plan on launching an ICO underwriting service with the aim of solving tokens liquidity problem.
The token sale began on September the 13th and runs until the 22nd of October. They plan on launching their exchange platform by November the 1st.
What's the problem with the current exchanges?
Crypto has been growing so fast this year, with the coin market cap rising from just $6 billion in January of this year to over $144 billion now. Now with around $3 billion per day trading volume many of the exchanges don't seem to be able to handle the increase in demand, with even the most popular of exchanges often having problems and going offline at the times when their customers are desperate to place trades.
Cobinhood is aiming to solve the following problems:
High trading fees: The average trading fee across the top 30 exchanges is 0.2% per confirmed trade, this massively cuts into traders profits and can turn opportunities for quick profits into a loss. Some exchanges offer lower fees for high volume traders but it normally requires a lot more volume than the average crypto currency speculator can invest.
Difficulty trading in real time: Many of the current exchanges have problems such as: rate-limited APIs and delayed order books, making it impossible for trading to happen in real time.
Security: Security issues with crypto currency exchanges have been well documented. In early 2016 Mt.Gox was hacked and lost $2.6 billion worth of bitcoins.
Then in August 2016, Bitfinex was also hacked and lost 120,000 bitcoins, both of these exchanges were some of the biggest exchanges around at the time and both hacks caused the price of bitcoin to crash.
Security concerns like this are massively harming the growth of crypto currency adoption.
Random shutdowns: There have been many problems in the past with crypto exchanges shutting down without warning. Just this year Coinbase has faced technical issues with users unable to trade bitcoin on their platform. All of these problems tend to send the bitcoin price lower, with users panicking and selling their coins when they're able to.
Not all FIAT currencies are supported: A lot of the major exchanges only accept US dollars, with a fair number not accepting any FIAT currencies at all, this makes the whole process more complicated for users with limited crypto knowledge.
Slow/Nonexistent customer support: Most of the exchanges respond to their customers far too slowly, with some users often reporting that queries go completely unanswered, this is unacceptable if crypto currency is to gain mainstream adoption.
KYC verification often takes customers days/weeks, by the time its complete users have often lost interest.
How will Cobinhood solve these issues?
Cobinhood plans to offer zero fee trading and offer margin trading with up to 10x leverage.
They'll guarantee 100% reserve and will disclose all of their wallet addresses.
They estimate they'll store 98% off assets offline, meaning that all of these assets will be completely safe from hackers.
All currency in their online wallets will be backed by insurance, meaning that users won't have worry if the site is compromised.
Users on the platform will require two-factor authentication to log on to the platform. Withdrawal from the platform will require additional verification to ensure the user's funds are safe.
The new website is built on the Google Cloud Platform. They've already completed stress tests that show they're able to process over 1 million orders per second and over 10,142 order book updates for all trading pairs on average. This makes the platform the first cryptocurrency exchange capable of high-frequency trading.
A variety of different FIAT currencies will be supported, allowing customers to deposit from all around the world.
The website and APP will be designed to support 10 languages, ensuring 98% of the world's population will easily be able to navigate it.
They guarantee that their customer support team will respond via the website or app within 24 hours.
They'll aim to complete all KYC requests within 24 hours.
In the future, they're planning on decentralizing their exchange.
ICO Underwriting Service
The ICO market has grown massively this year with many projecting the total amount raised to reach $200 billion by the year 2020.
Cobinhood plan to offer an underwriting service. They say that one of the main problems with ICOs is that once the sale if finished you have to wait a long time for the token to be listed on an exchange.
Many of the biggest exchanges charge upwards of 500 bitcoins to list a new coin. This means that the coins often only gets listed on small exchanges that have low liquidity, this generally causes the price to fall.
Cobinhood will launch their 'ICO Spark Program' with the goal of helping companies integrate their products or services with blockchain technology.
Roadmap
August 2017: Development of the new platform started.
September 2017: The ICO was launched.
November 2017: The new exchange will be online.
December 2017: Margin trading and funding trading will go online.
Quarter 1 2018: ICO underwriting service will start.
Quarter 2 2018: The new exchange will become decentralized.
Quarter 3 2018: Crypto assets trading with stocks, foreign exchange, precious metals, commodity, market indexes and futures.
Key team members
cobinhood 2.jpg
Chen Tai-Yuan, CEO: At just 24 years old he founded '17 live streaming', a platform aimed at Asia with over 5 million daily users. The platform raised 10 million from angel investors who got a 20x ROI within a year.
Tony Scott, Chief strategy advisor: He was the 3rd U.S. Federal Chief Information Office, serving for 2 years from 2015-2017. He's had a 40-year career in I.T, with roles as CIO of VMware, Microsoft, and Walt Disney.
Mao Pu-Chen, CTO: He's experienced in network protocols, low-latency networks and multi media streaming technology.
Cobinhood ICO details
Total supply: 1 billion COB tokens.
Tokens available during ICO: 500 million COB.
Token sale date: 13th of September until the 22nd of October.
Currency accepted to buy tokens: Ethereum.
Token sale price: 1 ETH=4000 COBs.
Bonuses: Decreasing weekly from 40%.
Conclusion
The Cobinhood ICO has been selling out fast. A zero fee crypto currency exchange is sure to be popular with the right marketing and the founder of the project has already shown that they know how to market with a very successful previous business.
Links:
Website: https://cobinhood.com
Whitepaper: https://cobinhood.com/assets/whitepaper/whitepaper_en.pdf
