INTRODUCTION
Cryptocurrency been an encrypted decentralized digital currency transferred from one electronic technology wallet to another which has been digitally signed for security purposes. This process is confirmed in a public ledger called the Blockchain through mining where everyone on the network is aware about the transaction and the history of each transaction can be traced back to the point where the coins or altcoin are produced.
Your first step into the crypto world will most likely occur through an exchange. There are two main types of exchanges presently existing now which are;
Fiat exchange: This is the first type of exchange which most people know very well, it's an exchange that allows the direct transfer of US Dollars, Euros, and most government-backed currencies to be traded for cryptocurrency.
The second type of exchange is refer to as cryptocurrency to cryptocurrency exchanges. This is because it allow cryptocurrencies to be traded with each other alone. The most common pairings on these exchanges are Bitcoin, Ethereum, Litecoin and all other coins including altcoins as well. I will highlight some of the issues faced in most of the cryptocurrency exchange platforms which is more scary and pissed a lot of people off due to inability to cope with it. They are phishing and spoofing payment information, error in user address, loss of a Wallet File, insecure ICOs, hacking of payment pateway, a lot of fraud on the Trading Exchange and high charges in sending and withdrawing of coins.
Some people believes that cryptocurrency is the future and can be the potential medium of exchange, this set of people started to important cryptocurrencies in their wallets and are just looking for the right gateway to treat them as the mode of exchange. Another set of people also thinks that blockchain opens up a cornucopia of opportunities for the investment and aspires to get quick returns in the form of fiat currencies.
I'll be buttressing on the second set of people that I'd mentioned above, this second group of people are facing some kind of challenges or problems when its come to the issue of cryptocurrency exchange platforms. The trading of cryptocurrencies is same as trading shares, commodities, and fiat currencies, i.e the modus operandi is based on generating sell order or purchase order and orders are matched and trade is accomplished accordingly. However, there are certain flaws with the crypto exchanges most especially, the decentralized exchanges.
As we all know that the birth of cryptocurrencies is credited to the manipulative nature of central bodies like banks and so on. Cryptocurrency is run on a blockchain network and it help its network to connects everyone together. Each node of the network has a complete ledger of all the transactions. Hence, there is no central body which accounts for maintaining the ledger or database. They are maintained by the people who are involved in the transactions but, its the purpose of decentralization served when a trader can exchange his cryptocurrency through the central exchanges like Coinbase and Binance to mention a few. These mentioned exchanges are privately owned third-party exchanges and no one knows how long will they exist, they might look authentic today but default tomorrow.
For every exchange investors or traders, they have to store their cryptocurrencies on the central server of these wallets. These wallets are controlled by HUMANS which are vulnerable to hacking, cyber threats and authority snatching etc.
Now, there is an option where you could avoid exchanging or trading of these currencies on the third-party portals. And that is decentralized exchange on the blockchain network itself. Yes, you can transfer your BTC or ether through the decentralized channel of the blockchain itself, but it has its own execution problem.
If you are trading bitcoins or ethereum directly on the decentralized trading exchange, you have got to understand that you are not going to get the same manner of trade in terms of speed, quality, and in terms of knowing your position in the trade. You can compare it with the forex exchange where you can go to the counter dealer and complete the trade. In the case of crypto, it can take a long time to fill, it may take a high cost to complete the trade. Surely, it is not as busy and active as the level of forex exchange but it is yet to reach the point where you feel that all the transactions and trades are homogenous or at least look like that.
There are some factors all crypto trader or cryptocurrency enthusiast needs to take into consideration when determine the exchange you want to trade your hard earned coin so as to avoid remorse and they are;
1.How safe is the website and server? Secure exchanges are better.
How is the liquidity? The higher the exchange’s volume the better.
What are the exchanges fees? The lower the better.
How is the exchanges customer support?
What trading pairs are available?
How many different payment options does it have?
Is the exchange beginner friendly ?
The team that invented such exchange if they are incredible enough ?
SIDERA PLATFORM
Sidera been a complete end-to-end solution for contactless and smartwatch retail point-of- sale (POS) including a full-stack reference implementation of all the components. This includes a mobile application and point-of-sale (POS) terminals that are already in deployment. All of these components will be made widely available through open source and open specifications. By releasing the full-stack reference implementations as open source and open specifications, we can enable ubiquitous worldwide distribution of the Sidera protocols and ensure the rapid expansion of the value of the Sidera Network.
SIDERA as a unique ecosystem that stores cryptocurrency (coin or altcoin) securely with well secure-grade encryption which ensure fund spending in any place and shop in the global market. SIDERA been a revolutionary platform that enables offline transactions from one wrist to another with the aid of contactless smart band and smartwatch, this feature is possible only when the BitSmart devices are within a close range.
SIDERA adopted the use of Smartwatches and smart band to make its platform much more better than others as a result of integrating the latest technology and advanced science inside the smartwatch which will certainly be one of the product in the nearest future.
The vision of Sidera platform are to generate demand for new and old as well as big and small cryptocurrencies and to make sure that no other online cryptocurrency exchange will bring in new cryptocurrency users from this segment and in the same number. Sidera scalable ecosystem revolves around a new revolutionary way of sending crypto i.e Decentralized Wearable Devices (DWD).
As Sidera platform team adapt to new technologies, retailers will be able to collect super data such as a user’s in-store shopping frequency, their basket size, value per item,length of stay etc which means that online advertising placements and scheduling can become more acutely defined and intrusive, thus further limiting our privacy. It will also allow retailers to access personality traits about the customer, such as what you listen to, what you “like”, and what you like to browse. Sidera strongly believes in freedom and privacy, that’s why it started supporting Bitcoin, cryptocurrencies and Blockchain technology.
SmartBit lets people receive, send and manage Bitcoins and any other cryptocurrency or token ERC20 completely from their wrist in a beautiful and secure way. The smartwatch is linked to a companion app which handles features like addresses, contacts, blockchain synchronization, and much more.
SIDERA TOKEN () ANALYSIS
Sidera will reward all of its donators according to these parameters: the total owned tokens amount and the date of donation (an earlier donation will be worth more).
It will be possible to exchange the tokens with Sidera SmartBit devices (BitWatch and BitBand) after the closing of the token distribution phase, prior to the worldwide delivery.
• Target: $15.000.000
• Total Supply: 51.000.000 EQUOS
• To demonstrate the due gratitude to every donor, Sidera Blockchain Technolo- gies, will distribute eQUOS ERC-20 Tokens.
eQUOS Tokens will be converted in EQUOS coins.
1$ = 0.5 EQUOS
CONCLUSION
In conclusion, Sidera's Blockchain uses a principle called INTERSECT in which dApps, cryptographic algorithms and transactions co-exist without weighing down the network. It took note of the problems of Bitcoins and the Ethereum network, developing an alternative solution. To know more about this project, kindly make use of this links provide below.
Website: https://sidera.io
Whitepaper: https://sidera.io/docs/v1.0/Sidera_Whitepaper.pdf
Telegram: https://t.me/sideraofficial
Linkedin: https://www.linkedin.com/company/sidera-blockchain-technologies
Twitter: https://twitter.com/siderabc
Facebook: https://www.facebook.com/siderablockchain/
Author bitcointalk username: lumibaba
Author bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=2151502
Author Eth address: 0x83b1556667E1A776Db4Eb9e9373c5Ea1F3308a24