CoinChum — Revolutionized P2P Crypto Exchange
Introduction
Decentralized Finance (DeFi) projects have emerged as one of the most significant sectors in the cryptocurrency field in 2021. The entire financial system might be revolutionized by loaning, borrowing, structuring derivatives and the purchase and sale of securities over a decentralized open source network. Coinbase made a roaring debut on Wall Street on April 14,2021, when its shares opened at US$381, giving the digital currency exchange a market value of US$100 billion. Some regard the company’s listing on a public stock exchange as a watershed event for cryptocurrency markets.
A Special Purpose Acquisitions Company (SPAC) is essentially a publicly traded shell company formed by investors with the sole purpose of obtaining the funds required to purchase a prominent private company and reverse engineer its direct stock market listing.
What is CoinChum?
Coinchum is a peer-to-peer marketplace with cryptocurrency options such as Bitcoin, USDT, Ethereum, XRP, and the Chum token. Coinchum combines web-based features with an easy-to-use interface, allowing users to learn from educational resources and trade cryptocurrencies with comprehensive market tools that allow for efficient monitoring and analysis of market movements.
🟢 CoinChum Ecosystem
The basic responsibility of a firm is, to maximize shareholder wealth. In this regard, Coinchum is committed to collaborating with investors to guarantee that their interests are incorporated into all stages of the business operations, from R&D to the ultimate point of sale. As a result, CoinChum offers a flexible exit plan to their valued investors.
Existing Problems and How CoinChum Will Overcome Them
🟡 Most P2P exchanges have a limited range of crypto coins. There are no risk hedging tools.
Solution by CoinChum:
- An open voting mechanism that allows users to recommend and even choose which coins to include.
- To lessen the possibility of price fluctuations, BTC/USDT or other binary trading pairings can be exchanged with low costs within the platform.
🟡 Customer service is poor or non-existent.
Solution by CoinChum:
- Ticketing system that is simple to use
- Online chat responds quickly.
- Quick resolution of login/account issues
- Withdrawals are processed quickly.
- Telegram communities
🟡 Low Wallet Security and High Fraudulent Possibilities
Solution by CoinChum:
- Tiered KYC — Email, ID and Address verifications, Liveness tests
- Wallet Insurance — Assets insurance, Fund passwords, verification software, Withdrawal protection
- Anti Scam (before & After Trade) — Login guard, Security deposit, Anti fraud system, Feedback system, etc.
- Two factor Authorization (2FA) — Email, SMS, Google Authenticator, Anti Phishing
🟡 Lack of Crypto Analyzing Tools
- Each cryptocurrency’s price analysis is detailed.
- A powerful terminal that highlights key events as well as upcoming events that have an impact on cryptocurrency pricing.
- The information terminal will provide traders with information such as the position of whale account holders, the global index, trading volume rankings, etc.
🟡 Lack of Education
- The Cryptocurrency Academy explains the most prominent cryptocurrencies from A to Z.
- Videos, tutorials, trading tactics, and industry studies are among the educational resources available.
- Users can publish videos or articles to the Coinchum education channel, and other users can view or pay for the materials using CHUM tokens.
🟡 Inflexible Fee Structure
- Fee structure that is flexible.
- Chum Token allows users to deduct additional fees.
- Different badges and rights are assigned to different levels of users.
🟡 Lack of User Voice
- Elicit user feedback and suggestions on UX / UI changes and other user-oriented functions.
- Allow users to add crypto wiki and other related materials.
🟢 CoinChum Technologies
CoinChum is created using the latest technologies and applications to deliver a great service to its users.
🟡 Tech Framework
The Coinchum platform is based on Laravel PHP Framework.
Advantages of using Laravel PHP Framework:
- Because of the nature of PHP, it is scalable.
- Support for fast, distributed caching technologies such as Redis is built in.
- Security methods have been improved to safeguard users’ online cryptocurrency wallets from harmful assaults.
- This framework’s applications can be readily scaled to accommodate hundreds of millions of requests per month.
- Laravel Sail is a lightweight command-line interface that allows developers to interact with Laravel’s default Docker configuration.
- Coinchum also employs AngularJS to validate user input as it moves from the client interface to the server.
🟡 Wallet Security
Multi-signature wallets have become the standard for organizations managing cryptocurrency because they improve asset security over single key wallets. New cryptographic advancements in Multi-Party Computation (MPC) are ushering in a new generation of key management. Many people think MPC and threshold signatures have exceeded multi-signature technology and will eventually provide the flexibility and security needed to become the next generation of private key security. Coinchum’s wallet security is safeguarded by MPC, which is cryptographically secure and safeguards the wallet from any human error or cyber-attack. MPC has four levels of protection.
- 1st Layer — Multi Cloud with MPC
The Multi Cloud protects the private key by ensuring that it is never stored on a single device. The MPC and CMP (Certificate Management Protocol) eliminate any single point of interaction for both internal and external hackers.
- 2nd Layer — Software Guard Extension(SGX)
SGX is the CPU’s encryption of a section of the RAM used to store each private key. The RAM and data in the SGX are encrypted, which protects them against any hack or virus assault, even if the hacker has complete control of the Operating System.
- 3rd Layer — Policy Engine
This layer, which is referred to as the Policy Engine, allows institutions and organizations to establish their own transaction approval policies. The Policy Engine is also client-facing, allowing users to define their own rules and validation processes before approving transactions.
- 4th Layer — Settlement layer
Because the authentication of the deposit address is automated, the settlement layer assists in risk mitigation through authentication rotation. This is critical because institutional asset security is at stake.
CoinChum ($CHUM) Tokenomics and Usecases
Token Name: CoinChum
Token Ticker: CHUM
Token Type: Binance Smart Chain (BSC)
Total Supply: 200,000,000 CHUM
Token Freeze: 30,000,000 CHUM
Token Sale: 110,000,000 CHUM
Decimals: 18
🟡 $CHUM Usecases
- Fee payment — Trading fees can be paid with CHUM at a discount of up to 50% off standard trading and withdrawal rates.
- Security Deposit for Buyers and sellers on the marketplace — Team will assign varying risk levels to different payment methods. In order to dramatically reduce and screen for fraudulent activity, high risk payment methods will require CHUM as a security deposit.
- Right to vote on coin listing or other high-priority activity.
- Access to premium services from numerous educational sources
A member must have a minimum Chum balance to obtain access to the platform. To access premium levels of service, higher balances will be required. - Other social applications — Payment, Travel, and Entertainment.
🟡 $CHUM Token Distribution
Team
Conclusion
CoinChum is a new P2P digital marketplace that is build on Laravel PHP Framework and AngularJS. It offers users a unique exchange services with higher security measures such as KYC, Anti Scam and so on. Anyone from beginner to an experienced can join and utilize trading instruments provided by the platform to make trades. One of the main features of the platform is the ability to learn with the materials provided. The team behind the project is well educated and experienced.
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For More information about the CoinChum project:
Author Details:
Bitcointalk Forum Username: auda159
Telegram Username: @auda159
BEP-20 BSC Address: 0x0AFAF9dAcb8FaF9344Ced7254f37CBC7D3f21F52