Altcoin.io Has Successfully Raised Almost $1 Million in Funding
San Diego-based decentralised cryptocurrency exchange Altcoin.io has successfully raised almost $1 million in funding through WeFunder. The funds will be used to launch what it claims will be the safest platform for the exchange of digital value, as reported through PR Newswire. Altcoin.io plans to develop a scalable, instant and trustless trading exchange built using Plasma, Ethereum’s side-chain scaling solution. Users will be able to use the exchange to sell cryptocurrency peer-to-peer (P2P).
Most users sell crypto through centralised exchanges. A user that wishes to make an order to sell Bitcoin through a centralised exchange will have to deposit their coins to a wallet which is not in their control. By doing so the user’s coins are no longer in their possession and centralised wallets holding the trader’s funds attracts hackers.
Altcoin.io is planning on reducing risk to users by developing a decentralised, P2P, trustless exchange built on Plasma smart contracts which locks value and provides proof of locked value, the token itself to a sidechain. Users will use their own wallets to sell crypto through the order book ensuring funds are in users’ possession during all stages of the trade. Distributing user funds will help to reduce the impact that a hack could impose on an exchange as they would have to hack multiple wallets.
Exchanges are increasingly having to improve their measures to combat hacks. Altcoin.io is hoping to address these by creating a decentralised exchange. Security is one of the most important factors to gain the trust of users and generate confidence.
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