Blockport: A Hybrid-Decentralized Social Cryptocurrency Exchange
Bitcoin’s phenomenal success has made the society interested, and because of this, many would like to become involved in the cryptocurrency trading. But the complex presentation of this industry has made it an intricate system to comprehend and to utilize especially to those non-technical people. To resolve this difficulty, what everyone needs is a user-friendly crypto exchange that consolidates social trading with a hybrid-decentralized architecture to further assist with an assurance of reliability and safety. It is definitely what Blockport is aiming to solve and to develop.
What Is Blockport?
Blockport is known as a hybrid-decentralized exchange with a strong focused on user-friendliness, social trading features and creating a knowledge sharing community. It aims to promote an end-to-end trading platform that addresses the current problems by efficiently connecting proven technological, social and crypto industry concepts to generate an entirely new crypto trading experience.
It is not just the regular kind of Bitcoin or cryptocurrency trading platform. In particular, Blockport strives to achieve something considerably more impressive by tackling the essential pain points of mass adoption by bridging the high-tech blockchain world with the “real” world.
What Advances Blockport From Existing Exchanges?
Exchanges today such as Bittrex, Binance, or Kraken are centralized networks which come with a multitude of concerns that somewhat set the barrier for people to invest in cryptocurrencies. This complexity includes:
Lack of Liquidity
Makes it difficult to trade and induces costs of investment to be higher because not enough people are getting and trading assets on the exchange.
Lack of Security
The highly liquid and most selected exchanges are centralized exchanges that take their customers’ funds and have shown to be very receptive to internal scam and external hacking.
Lack of Transparency
Apart from hidden liquidity expenses, exchanges and especially brokers are not always clear about the real commissions and fees that are affiliated with a trade.
Lack of Usability
The user interface (UI) of recent exchanges highly exhibit that it’s developed for professional traders and tech-savvy people.
Collectively these five problems outlined are inflicting high barriers for the mainstream society to engage in the crypto market. Therefore, Blockport is designed to overcome these restrictions and aid in this exciting development towards the new crypto economy. Blockport will accomplish this by operating best practices from a socio-technical viewpoint that will effectively endeavor to address all those complications.
How Blockport System Works?
Blockport roles as an intuitive portal between the current financial system and the new digital blockchain-based economy. It is an end-to-end trading platform that allows everyone to be part of this worldwide value network. Currently, the process of buying, selling and collecting of cryptocurrencies is still highly fragmented and complicated. The current crypto initiatives are striving effortlessly to accomplish the level of trust that organized financial institutions possess today.
To use all of the multiple Blockport functionalities including the internal decentralized exchange, public centralized exchange connections and social trading a lot is going on after the scenes.
1. When a trade inquiry is presented, it is transmitted through the governance manager. Once the trade is verified, the governance manager will order the members’ funds to be locked by the wallet operator, thus enabling the internal trade engine to coordinate any available internal trades. These orders are submitted to a private order book and only become public when completed.
2. If the trade cannot be filled internally, the internal trade engine will partly fill the order if viable and then pass the balance on to the external trade engine to be harmonized with connected exchanges. The external trade engine bases decisions on accessible supply, transaction costs, and volatility, which are provided by the analytics manager from exchange order books. This data is forwarded to both the external trade engine and the exchange manager, who converts the action into an API order. Once filled externally, trade data will be merged with the internal trade engine to confirm the order was complete.
3. Throughout this process, the Blockport accountant traces member’s funds to support member order privacy, decrease transaction costs, and resolve all interactions in one trade. Once complete, the funds are settled and stored in the on-chain multi-wallet, which is controlled by the wallet operator who operates a node for each supported blockchain, and the trade is openly broadcasted on the blockchain.
The BPT Token
Blockport’s network token BPT is an Ethereum (ERC20) based token that contains various functionalities inside the Blockport ecosystem. The Ethereum Blockchain is presently the most significant platform that supports the production of tokens and therefore enables BPT to interact with other ERC20 tokens seamlessly. Users can exchange BPT for premium services, discounted trading fees, and social trading functionalities.
The BPT token is utilized in various functions across the platform:
1. BPT is issued from the reserve and sold to users via the token shop.
2. Blockport produces income from the sale of BPT.
3. Members can obtain BPT with fiat or cryptocurrencies.
4. Members can pay other members with BPT to copy their portfolio and cryptocurrency trades.
5. Members can use BPT to decrease trading fees, generating clear value for the token and increasing demand.
6. Order costs from other exchanges are included via income from trading fees.
Roadmap And Development
Whitepaper (Q4 2017)
– Whitepaper release
– Community building
– Development & Audit of token sale contracts
– Development of Alpha prototype
Pre-Sale (Q1 2018)
– Commencement of pre-sale on the 3rd of January
– The launch of Alpha prototype
– Start of crowdsale on the 24th of January
– The launch of Blockport 1.0 Beta in March
– Implementation of the knowledge sharing platform
First release (Q2 2018)
– Blockport 1.0 full release, supporting: Bitcoin, Ethereum and several other tokens
– Blockport 2.0 Beta release (Exchange of Exchanges)
– Social trading features
Second release (Q3 2018)
– Blockport 2.0 full release, supporting 50+ cryptocurrencies and tokens.
Third release (Q4 2018)
– Blockport 3.0 Beta release, supporting 100+ cryptocurrencies and tokens.
Fourth release (Q1 2019)
– Blockport 3.0 full release (Hybrid-decentralized Exchange), supporting most popular cryptocurrencies and
The Core Team
The team behind the trading platform comprises a group of specialists and advisory among others. The team works with TQ, a tech hub supported by Google and KPMG in Amsterdam.
Sebastiaan Lichter (Chief Product) and Kai Bennink (Chief Strategy) are the founders of the team. Both have years of background in technology, and Bennink specialized in blockchain at the Delft University of Technology.
Most distinctly, the team lately partnered with Ark, a project that’s building an ecosystem of interconnected blockchains. With Ark’s center on design and ease-of-use, it makes sense that these two companies would pair up. Lars Rensing, the CFO of Ark, is also part of Blockport’s Advisors.