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Trade.io Aims to Solve the Problems Plaguing Online Forex Brokers

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If you’re looking to trade online forex, the first question is determining which brokers are reliable and which are total scams. The annals of Web 2.0 are filled with an ungodly number of forex scams, shady businesses and multi-level marketers. This has spawned an entire community of vigilantes looking to keep pace with the latest forex scam hitting the market.

Although reputable brokers have secured a mile-wide lead on the competition, the retail forex world still has a long way to go to clean up its image. Exuberant fees and a lack of transparency are just some of the issues that currently plague the industry.

It is against this backdrop that Trade.io launched its blockchain-based trading platform.

Trade.io Platform

The company recently launched its pre-ICO with great fanfare, attracting nearly $9 million in funding with time to spare. According to the company’s whitepaper, the platform offers cryptocurrency trading as well as broad access to forex and contracts for difference (CFDs) spanning precious metals, oil, commodities, indices and equities.

Trade.io will use blockchain technology to launch a peer-to-peer trading platform that also functions as a launchpad to other token raises. Hacked has also learned from the team at that it will sponsor an academic incubator to further advance the blockchain space. Clearly, this is about more than just trading.

But on the subject of trading, the Trade.io team identified three major problems their platform was trying to solve.

Problem 1: Dealing desks

When it comes to forex trading, a dealing desk allows brokers to offset trades issued by their clients. In other words, they can give their client real market conditions on MT4, but don’t actually fulfill the trade. In the event that the trader earns profit, the broker pays out of pocket. From the broker’s perspective, this is where solid risk management skills are needed.

By leveraging blockchain and peer-to-peer technology, all brokerage transactions will appear on the public ledger. This effectively makes it impossible for brokers to trade against the client.

To be fair, dealing desks aren’t inherently bad, provided that the broker is liquid and in good standing. It’s also never a good idea to claim you do not operate a dealing desk when you do in fact work one. (Let’s just say this is more common than you think.)

Problem 2: Lack of transparency

One of the most powerful aspects of the blockchain is transparency, and this cuts across many lines. Online brokerages have been known to nickel and dime their customers via inefficiencies and exorbitant fees. Trade.io says its platform will reduce, and in some cases, eliminate high fees associated with the financial markets. We are not sure if this also applies to spreads, but we may soon find out.

Problem 3: Lack of innovation

Although forex brokers have been known to move swiftly on technology, they all tend to follow the same standard template. This extends beyond the assets covered to include the trading infrastructure (i.e. MT4/MT5) governing their platform. According to Trade.io, these brokers have been especially slow at integrating new blockchain solutions. This, in fact, is currently impacting much of the financial industry.

The people at Trade.io are attempting to incentivize participation through the public ledger. This appears to be more of a holistic strategy than any one particular selling point. According to the whitepaper:

“Blockchain technology changes all that for the first time due to its decentralized, incorruptible nature. Control isn’t handed over to a single entity, organisation or government, but rather is shared among all of its network users, thus transparency may be achieved at last.”

It remains to be seen whether Trade.io or platforms like it will be able to solve the myriad of challenges facing online brokers. The blockchain certainly isn’t the only new paradigm shift impacting the forex world. However, there’s little to suggest that brokers cannot integrate it to their benefit.

Social trading is another paradigm shift that the brokerage community has embraced with open arms. The results have been quite positive as more platforms enable collaboration among traders, analysts and other market participants. Blockchain might prove a little more complex, but resilience isn’t something that the best brokers have necessarily lacked.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 664 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Electronics

Would You Buy the Exodus 1 for 4.78 Ether?

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Taiwanese tech company HTC launched the Exodus 1, its blockchain-based smartphone, on Tuesday, October 23. The phone is only for purchase with cryptocurrency. It sells for 0.15 bitcoins (BTC) or 4.78 ether tokens (ETH), which equals approximately $960, and is available in 34 countries including Taiwan, Hong Kong, the U.S. and the U.K. It’s expected to ship in December.

What makes the phone stand out are its built-in blockchain and cryptocurrency features. It includes a cryptocurrency wallet, called Zion, which runs on a secure enclave on the phone’s chip that’s separate from the Android operating system. The wallet was developed using technology from SoftBank’s Arm Holdings and acts like a separate, miniature OS.

The phone’s blockchain technology enables users to own their own private keys for their wallets and enhances the security and privacy aspects of the device. It could also be used to store other sensitive information. If a user loses access to their funds, they can use the “Social Key Recovery” Feature, which requires several trusted contacts to provide parts of a code that enables the user to regain access.

“And the reason why you do a blockchain phone is … for everybody just to own their own keys,” Phil Chen, HTC’s decentralized chief officer, told CNBC. “Everything starts there. When you start owning your own keys, then you can start owning your own digital identity, then you can start to own data.”

The phone also uses the blockchain in other ways such as running decentralized applications and programs.

Specs of the Exodus 1

Some other specs of the Exodus 1 include its six gigabytes (GB) of RAM, 128GB of storage, 3500mAh battery, six-inch display with quad-HD+ resolution, 16-megapixel (MP) dual main camera and 8MP dual front camera with 4K video. The device runs on a Qualcomm Snapdragon 845 processor. Apps run on Android Oreo. The device is rated as dust-resistant and waterproof.

HTC is inviting blockchain developers to provide feedback on the phone and help improve it. The company plans to release APIs so that third-party services can access the phone’s hardware systems.

“EXODUS 1 is a foundational element of the crypto internet,” Phil Chen said. “For digital assets and decentralised apps to reach their potential, we believe mobile will need to be the main point of distribution. We look forward to partnering with developers in the blockchain community to usher in this vision.”

HTC has indicated that the Exodus 1 is part of a shift in the company’s smartphone strategy.

“We believe blockchain is the new paradigm for smartphones and it will form part of HTC’s wider smartphone strategy,” Chen told CNBC. “This marks a change in HTC, with increased focus on software and IP.”

Another company, a startup called Sirin Labs, is developing its own blockchain-based phone. The device, called Finney, will cost $1000 and is expected in November. A small startup by the name of Sikur became the first to ship a blockchain phone when it launched its Sikurphone, a version of Sony’s Experia phone customized with SkurOS software, in September.

Is It Worth It?

Is the Exodus 1 a worthwhile purchase? While it isn’t cheap, its price is not too far off from that of other high-end but non-blockchain phones. The Exodus 1 might not be for everyone though. For those who aren’t experienced with blockchain technology and cryptocurrency, it’s likely better to wait until this kind of technology matures a bit. If you are, however, getting in on the ground floor may be worth the 4.78 ETH price tag.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Kayla Matthews has been a technology and productivity journalist for over 7 years contributing to publications such as MakeUseOf, The Next Web, VentureBeat and Cointelegraph. She's also the editor of her tech blog, Productivity Bytes, where she writes everything from how-tos to the latest news in technology. To see more of her work, subscribe to Hacked.com or follow her on Twitter @KaylaEMatthews.




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Altcoins

60 Minutes Showcases Potential of DNA and Genetic Genealogy; Opportunity for Crypto Investors

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DNA Storage

Throughout the years, 60 Minutes has been responsible for reporting on some of the biggest stories in the world.  Many of the most memorable episodes have involved world leader interviews, stories on endangered animals, profiles of famous celebrities, and occasionally, segments on promising developments in business and science.  A week ago, 60 Minutes had a very interesting report on how the authorities used Genetic genealogy to solve the case of the Golden State Killer, and how the authorities plan to keep using this new field to solve more cold cases in the future.

On April 25, 2018, authorities in Sacramento announced that they had solved the notorious case of the Golden State Killer.  Authorities were able to use a promising new technique called Genetic genealogy to help identify 72-year-old former police officer, Joseph DeAngelo, as the suspected killer.

Genetic Genealogy

Genetic genealogy is a mixture of high-tech DNA analysis, high speed computer technology, and family genealogy.  The end goal is to determine the level and type of genetic relationship between individuals.

In the case of the Golden State Killer, DNA came into play because the killer had committed at least 12 murders, 50 rapes, and many home burglaries.  Investigators were able to obtain DNA from the killer at one of the reported crime scenes.  After many years of frustrating dead ends, a cold case investigator submitted the obtained DNA sample to GEDmatch.  GEDmatch is the largest public genealogy database in the world.  After uploading the sample, authorities were able to generate a handful of leads which eventually led to the front doors of Joseph DeAngelo.

In addition to the Golden State Killer case, authorities have used Genetic genealogy to make arrests in at least 11 other cold cases.  While the science appears to be sound, there is a legal question that has yet to be answered.  There is no doubt that attorneys for the accused will raise the question of privacy and whether using databases, thought to be private, should be legal.

Opportunity for Crypto Investors

While I’ve invested in equities and crypto for many years with varying degrees of success, I’ve never had the opportunity to invest at the beginning of a new frontier.  Fortunately, the opportunity has come.  Encrypgen (DNA) is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data.  This creates a fair marketplace for a person’s DNA that can be stored private and sold (if a person wishes to do that).

Over the past few months, Encrypgen has been gaining attention in the mainstream media because of their revolutionary technology as well as the fact that their closest competition is still years away.

In August, Encrypgen released a beta version of its Gene-Chain.  The Gene-Chain allows consumers to upload their genetic profile and for researchers to purchase that genetic data.  Within the next 2 weeks, the company plans to release the full version of the Gene-Chain which will officially make them a new pioneer in the field of genomic blockchain security.

With the DNA token hovering at approximately 5 cents, the time is running out to accumulate at bargain basement prices.  I fully expect the token to achieve utility in the next several months which will cause a rocket-like explosion in the token price.  There is no looking back now, only forward, and I love what I see.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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Monero Price Analysis: XMR/USD is Stable and Gunning for Potential Gains on “Bulletproofs” Technology Update Day

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  • Monero developers have released an updated version to their protocol, implementing “Bulletproofs”.
  • XRM/USD is within a range block, with price behavior suggesting of a potential imminent breakout higher.

Monero Becoming First Crypto Over Billion-Dollar Market Cap Implementing “Bulletproofs”

Developers at the Monero foundation, have released an updated version to the protocol. This will be live from 18th and 19th October. They are becoming the first network to try out “bulletproofs”. The goal of this technology is to significantly decrease the weight of confidential transactions. From today, 18th October, the privacy-focused cryptocurrency will be testing this.

The move from Monero will make them the first crypto with over a billion-dollar market cap, to try out the “bulletproofs” technology. Over the past year, the foundation has been working on cutting the size of its confidential transactions, by at least 80 percent.  A full overview of the upgrade was posted in a blog post by Monero.

The purpose of bulletproofs are to facilitate confidential transactions. Senders and recipients addresses will remain visible, but the amounts being sent is concealed. The technology also aims to reduce transaction times and fees.

Sarang Noether, a spokesperson for Monero and a key part of the bulletproof integration, was recently speaking on the upgrade. He noted that “Bulletproofs will be replacing the “zero-knowledge range proofs”, of which their confidential transactions are reliant on. The cryptocurrency will activate the technology during its next system-wide upgrade, or hard fork. An upgrade that will require nodes to adopt a new software. Furthermore, Sarang added, “hard forks are sometimes colored as a risky process. However, this upgrade is part of Monero’s bi-annual cycle to introduce new features.”

Technical Review – 4-hour Chart

XMR/USD 4-hour chart

XRM/USD for the past going on three sessions now has been trading within a tight range-block. This trading behavior coming after the aggressive movements seen just some days before. On 11th October the price had spiked over 10% lower. To then enter a tight range, which saw a huge breakout, jumping around 20% high. Over half of this spike to the upside was reversed, moving into the three-session range as mentioned above.

Looking to the upside, eyes will be on another range-breakout. Bulls will be wanting to retest the breached supporting trend line. An attempt was made during the rally seen on 15th October, however strong resistance was observed. In terms of support, this can be eyed at the lower part of the current range, around $107.50. If the bears pile enough pressure, it vcould see a fast move back to $100, then further south below demand area from $86-76.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 50 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

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