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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Legolas Combines & Centralized Create Exchange Investors

newsbtc
newsbtc
4 years ago
3 mins read
legolas exchange

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Created by industry experts and meticulously reviewed
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Cryptocurrency exchanges remain an important industry within the decentralized ecosystem since they serve as the major connection between cryptocurrencies and conventional systems.

The Bitcoin and cryptocurrency market is growing at a very fast rate. Kay Van-Petersen, an analyst at Saxo Bank, projects that 10 years from now 175 billion dollars of bitcoins will be traded every day.

Large investors are weary of the current system

Over 1000 assets are already tradable in the crypto market. Therefore, having a secure and reliable system of transaction for crypto users, especially in the large scale has become an issue of utmost importance.

Fund security, verifiability, honesty and fairness are some of the qualities that are lacking in the current crypto exchange ecosystem. These factors are cited to be responsible for the lack of involvement by large scale investors in the crypto industry.

Most of the existing exchanges can only handle small or medium scale transaction due to the high level of uncertainty and associated risks with Bitcoin and cryptocurrency transactions.

Some of the inherent problems associated with the current systems include:

The absence of guarantees and insurance

In the current system, exchanges are not responsible for the security of funds domiciled with them. There have been situations where hacked crypto exchanges decline responsibility and compensations for stolen BTC.

Low maximum amounts,

Majority of the existing exchanges implement a maximum limit to transactions within a given period of time. This limits the ability of large investors who may want to employ such services. Also, the high fees and long delays for fiat transactions make large trades tedious.

Absence of oversight or regulations

Existing exchanges are not regulated. A lot of crypto traders retain the suspicion that these exchanges are in the habit of manipulating the market and influencing trade patterns, rather than allowing the market to be determined organically by the forces of supply and demand.

Free of obligations

Crypto-exchanges operate without periodic reports or independent audits. Not being subject to scrutinization, automatically leaves investors at the mercy of the owners of exchanges. This is a risk that most people are unwilling to take.

The creation of a hybrid exchange

In other to address the above listed bottlenecks that may have affected the development of the cryptocurrency ecosystem, Legolas has created a hybrid exchange. This exchange is designed to harnesses the qualities of both decentralization and a centralized system in other to achieve a robust model for secure and reliable transactions.

While the decentralized aspect of the Legolas ensures that transactions are transparent, secure and immutable, the centralized partnership ensures that investors are protected by offering guarantees to investments, providing liquidity and regulating the powers of the exchange.

This provides the opportunity for large investors to participate effectively within the ecosystem without the fear of existing risks and limitations associated with the currents existing exchanges.

Using decentralized blockchain technology combined with Legolas’s own centralized proprietary platform ensures the inalterability, temporality, and transparency of the orderbook. The verifiable blockchain neutralizes front-running and establishes a fair trading Environment.

Legolas’s partnerships with BanQix and market makers promises to ensure scalable and secure deposit and withdrawal along with sufficient liquidity for comfortable trading.

All types of transaction, crypto/fiat, intra-chain, and cross-chain are executable on the Legolas platform.

The solutions of combined technology

Legolas platform is out to achieve its objectives by:

Protecting investors funds by offering a highly secure wallet that is built by experienced IT and finance professionals and is by design unassailable. In addition, to exclude risk of theft and loss, all fiat and crypto deposits are safeguarded by Legolas’s custodian partner BanQix Bank, based in Luxembourg.

Partnering with BanQix ensures scalable, reliable, fast and secure large fiat deposits and withdrawals.

Implementing an exclusive protocol that guarantees the temporality of orders. It neutralizes front-running and market manipulation, ensuring a fair and honest trading environment.

Using Blockchain technology, the Legolas platform is designed to provide auditable trade history and order book, real time proof of reserve and complete reporting.

The Legolas exchange system is fueled by the LGO token. Order fees and other paid services provided by Legolas are to be paid in LGO. LGO will be issued during the pre-sale. Once completed, no further tokens will be generated.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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