Altcoin.io, the cryptocurrency startup, has announced that it has managed to achieve around $1 million in funding by way of the crowdfunding platform, WeFunder. The campaign has brought in $950,000 from a tally of 1100 investors.
Altcoin.io is a decentralised cryptocurrency exchange headquartered in San Diego. It aims at creating a peer-to-peer, trustless exchange that will enable users to control their crypto without giving up any control to a third party platform.
This is in stark contrast to how a centralized cryptocurrency exchange works where users’ funds are held in a centralized manner. These exchanges are much more likely to attract hackers and hence are deemed unsafe for funds storage. So much so, that around $3 billion, in total, have been stolen from such exchanges since 2011.
On their WeFunder campaign, Altcoin.io stated that:
“By holding your tokens in a single vault during each transaction, they create a single point of failure, a weakness hackers can easily exploit. The market wants a secure way to trade. At Altcoin.io, we’re building a decentralized exchange that puts safety first: you stay in control of your coins the entire time. Already, 110,000+ traders have pre-registered since September 2017.”
Taking part in trading on Altcoin.io is a much smoother experience than other centralized exchanges. The transactions are almost instantaneous, scalable and cost a fraction of what it takes on a centralized exchange along with better user experience.
Altcoin.io will provide 24/7 user support and the ability to keep track of any traders of choice. It is meant as a platform that beginners can use while keeping their funds absolutely safe.
The CEO and co-founder of Altcoin.io, Andrew Gazdecki, goes further to say:
“The team and I are really excited about building an exchange where you can trade securely, staying in complete control of your tokens at all times. Altcoin.io combines the safety of decentralization with the speed and useability of a centralized exchange, which we believe is the next evolution of cryptocurrency trading.”
One of the features of the exchange platform is their atomic swap wallet. It allows trading at incredibly fast speeds between different networks. The very first atomic swap was executed by the two co-founders, Andrew Gazdecki and Sulejman Sarajlija, using Ethereum and Bitcoin.
Another outstanding feature is the use of a sidechain model called Plasma. It was first proposed by Vitalik Buterin and Joseph Poon.
“Plasma is a scalable, hierarchical blockchain where transactions are underwritten by smart contracts. In the event of system failure or a security breach, users can trigger a mass exit event to release their funds from the smart contracts.”
Altcoin.io intends to use the funding they have thus received to make their decentralized exchange active and invest in developing the technology further. They will also focus efforts on advancing the marketing and customer support sector.