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Altcoin.io is a decentralized cryptocurrency exchange that’s currently in development and aims to offer better service than today’s biggest exchanges. In today’s post, find out how it works.
What Is Altcoin.io?
Altcoin.io is a decentralized cryptocurrency exchange that aims to be “the first decentralized exchange built by traders, for traders” and wants to give power to everyone, regardless of whether they have knowledge of market, to trade altcoins securely and with self-belief.
As the name of the website suggests, Altcoin.io focuses on altcoins – which refers to every digital currency that is not Bitcoin, hence the name “alternative coin”.
The Altcoin’s official website explains that “Altcoin.io’s mission is to bring the entire altcoin community together to build something great — with the purpose of bringing this market out of the shadows with transparency, trust, and honesty”.
The idea behind Altcoin.io is not something new. Decentralized exchanges have existed for a while, but they were not able to gain traction among users because they were inefficient, slow and they lack the liquidity that is necessary for a successful exchange. Altcoin.io solves all of these problems by taking the advantages of centralized and decentralized exchange without any compromise on security nor on user experience.
Altcoin.io relies on revolutionary new technologies such as the Raiden Network and Atomic Swaps to achieve its decentralization. Unlike other decentralized exchanges currently available that try to achieve decentralization by making every transaction on-chain, Altcoin.io relies on the Raiden Network for off-chain transactions and on Atomic Swap for exchanging native tokens of different blockchains without first passing ownership to a third party.
Raiden Network is Ethereum’s version of Bitcoin’s Lightning Network, and this technology provides a fast, scalable, and cheap alternative to on-chain token transfers. Atomic Swap is another technology that altcoin.io uses. Atomic here means that the transaction is either successful or it is canceled and all funds return to their original owners.
This means that by using Altcoin.io you are always in control of your funds, so hackers can’t target a central point of failure to steal users’ funds because there is no central point of failure in Altcoin.io.
You can view screenshots of the exchange online at Altcoin.io, which show BTC, ETH, USDT, and XMR as the four major markets currently available through the platform. In the Bitcoin market, you’ll see ETH, ETC, MIOTA, XMR, XEM, DASH, LTC, BCH, and XRP, among other altcoins.
Overall, there’s limited information about the exchange available online, but you can submit your email address to the website to receive early access to the platform at some point in the future.
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The Altcoin.io website has limited information about the project, and aside from a few screenshots and bullet points, we don’t have much information about the platform or how it will work. There’s no whitepaper, but there are some features that have been mentioned on the website so far:
Like all crypto exchanges, Altcoin.io emphasizes security and their goal is moving beyond what is already there to create something better, a decentralized altcoin exchange, where one can trade securely, anonymously, and be in total control of one’s funds. Their exchange is decentralized, which means you can’t lose your coins through hardware failure, exploits, or other negligence. There will be simply no server downtimes or hacks possible.
Today, the cryptocurrency space is filled with markets that are difficult to navigate and companies with limited business experience, yet in charge of cryptocurrencies with enormous market caps. Altcoin.io aims to provide better transparency than other exchanges and to “bring a new approach to this industry that is both transparent and provides the best customer support in the business.”
Better User Experience and Customer Support
The team behind Altcoin.io surely researched the markets narrowly and they must have seen to what the average trader has to go through when trading cryptocurrencies and used that to their advantage. From the very beginning, one of their declared goals is to offer a superior customer support and a clean UX for a smooth trading experience. Altcoin.io plans to create “an unparalleled user experience” that is often missing from other crypto exchanges available today. They are focusing their efforts to this goal, so they don’t fail at this point like most of the other exchanges.
100% Token Control
You have 100% control of your tokens throughout the trading process, which means that you can complete a frictionless, anonymous, secure, and trustless trade while remaining in complete control of your funds at all times. It’s also important to note that the trade will be canceled if you close the window at any point during the trade.
Advised By Active Cryptocurrency Traders
Altcoin.io’s advisors include active cryptocurrency traders, who help to erect a secure, trustless platform that allows users to make speedy trades without doubting whether they’re revealing themselves to risk.
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The Team behind Altcoin.io
Altcoin.io is driven by a team of seasoned vets – well-known mentors from the entrepreneur scene, skilled engineers, and traders with experience.
Altcoin.io was launched by company founder Andrew Gazdecki, who is the CEO of Bizness Apps, Inc. He was picked as one of Inc. Magazine’s 30 Under 30 for 2017.
Other key members of the Altcoin.io team include Nick “Pizpie” Cote, an industry expert who has been trading bitcoin full time since 2013; Alan Ezeir, a serial entrepreneur with multiple technology exits; Azra Mahmutovic, Admir Sabanovic, Djenad Razic, Anto Brajkovicis, Sulejman Sarajlija, Josh Olszewics, Nate Freire, and CryptoBull, a bitcoin investment analysis platform.
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There’s no specific information available about Altcoin.io at this point in time. The platform seems to be in the early stages of development and the website features a basic overview of the company’s broad goals for the platform.
It’s important to note that Altcoin.io lets users sign up for early access at Altcoin.io, but it’s unclear when the platform will be available for early access. In any case, by visiting online today at Altcoin.io, you can learn more about the future cryptocurrency exchange.
All in all we really like Altcoin.io and we think that they might have a nice future ahead.