Virtual currencies are getting attracting more and more attention these days. There are more than 900 different digital currencies with total market cap exceeding 100 billion US dollars, traded across nearly 100 exchanges in the world. Currently, East Asia, North America and Europe are the biggest market fof the cryptocurrencies. The percentage of trading volume for the three markets are about 63%, 25% and 11% respectively.
All of the coins prices are differs among the markets. For example in East Asia,Bitcoin and Ethereum are often sold at a premium of 3-5%. Early in July 2017, Ethereum prices in South Korea was nearly 10% more expensive than the global average. By contrast, the price of Bitcoin and Ethereum in Europe and North America are lower than the global average.
The problem is the fragmented market of exchanges could affect digital currency liquidity, market oriented distribution, and hurt price discovery. Here is the solutions, if it’s through Exchange Union, you can buy any digital currency at the lowest price.
At the regional for some reasons, fiat currency, with different language and the investment environment, digital currency exchanges tend to be localized and also isolated. Not all digital currencies are available to customers in every region and the prices vary quite substantially. In addition, the exchange services were differ from each other’s, and not all the trading information could be found on the open market. This becomes an obstacle to cross-country or cross-region trading, clearing, and also deposit and withdrawal – has becomes a major inconvenience for the investors.
As an illustration, if you are going to buy litecoin (LTC), but you only registered on Exchange “A” where LTC is not available. Normally you would have to quit your investment. But with Exchange Union, you can simply place a buy order for 1000 LTC on Exchange A, then Exchange A will find the best price for you across the Union of exchanges.
Behind the scenes, what Exchange A doing is delivers your order to another exchange. Let us call Exchange C, where the best price is found. The transaction happens and recorded on the wallet of Exchange C. Exchange Union is used to update your portfolio on Exchange A. Your portfolio will show your transactions across the Union system.
Shortly after launch, Exchange Union Coin (XUC) will build a high-performance blockchain, called Exchange Union Chain. The chain will build its own consensus algorithm that will reduce confirmation times less than a second, remove fees for transactions on the change, and then ensure the transactions are not validated without at least 80% consensus within the Union.
At these point, what we able to understand the main challenges how to realize this, Exchange Union Company ought to make lot of partnership with other exchanges. This also means the consensus among exchanges will be hard to find or may take a long time. Great consensus to gain opportunity in partnership would be see as the company’s service integrity to the public. Exchange Union will forge partnerships amongst international exchanges to the benefit of the whole communities.
The Exchange Union Coin (XUC) will be available through a token sale ICO on August 7th. XUC holders will be able to trade it within two months after the end of crowd sale. The high trading liquidity on secondary market will also increase token price.
XUC to be accepted by the majority of exchanges as a clearing intermediary, and the token sale participants will benefit from discounted trading fees as well as the deals on credit and trading margin.
We believe digital currency exchange Union will reform the whole digital currency market and becomes a bridge for the digital currency exchanges globally.
We also interested while crawling the persons behind the company. As far we can show to you, there is Terry Culver, Vice Dean for Development, Columbia University School of International and Public Affairs. Also we saw Mikael Wang, former CTO of BTCC and former chief solutions architect of Ericsson. BTCC is the world well known cryptocurrency exchanger from China. If you were interested with this project, you can visit the main site, or read the whitepaper.