Developing the first multifunctional hybrid digital asset exchange ecosystem, Qurrex merges a decentralized blockchain protocol with a centralized industry platform. The company’s public pre-sale already commenced and ends on March 27.
The growth of the cryptocurrency industry has attracted hackers, who try to steal digital assets from users and exchanges. Although there is immense growth potential in coins and tokens due to scalability and multitude of use cases, there are also vulnerabilities. Market participants often ask the same question: “Are my investments in digital assets safe?”
Exchanges need to ensure properly secured funds, as well as creating high-performance architecture, in order for market participants to feel safe trading digital coins. Now, Qurrex is developing the first multifunctional hybrid cryptocurrency exchange architecture that helps to combat some security flaws inherent to digital tokens.
Crypto Security is a Big Issue for Exchanges
Due to exponential development in the cryptocurrency space, coupled with the demand for services for converting from fiat currencies to digital assets, many users have started to use exchanges to store their funds. However, storing digital assets on some crypto exchanges could lead to users losing all their funds. Cumulative losses in the cryptocurrency community has amounted to nearly 1 million bitcoins, totaling over $5B at the market’s current valuation.
This security issue brings about the need to develop decentralized exchanges, which could be set to replace centralized exchanges in the long term. Currently, a plethora of companies are looking to develop decentralized exchange of digital assets, looking to address issues such as:
● Secure storage of fiat currencies and digital coins
● Transparency of completed operations
● Cross-blockchain exchange, e.g. exchanging Bitcoin for Monero
● Supply and demand volumes being equal in terms for market participants
Although some projects have solved some of these problems, other issues arose, including:
● Automated operations
However, Qurrex has developed an exchange with high-level security in order to protect users’ information and digital assets.
Qurrex is Developing Solutions to Protect Users’ Funds
Qurrex is looking to introduce a number of non-trivial solutions, allowing the company to increase security in the cryptocurrency space to a whole new level.
Here’s a look at Qurrex’s architecture:
One of the main highlights of Qurrex’s architecture is its plan to implement cold storage, which is one of the best ways to secure funds. Qurrex plans to store up to 98% of funds offline, multi-signature, and protected by a Hardware Security Module (HSM). Qurrex is offering highly-secure storage of digital assets in a separate encoded contour of the node, which should prevent hackers for stealing digital assets.
When users store digital assets in hot wallets, or those connected to the internet, they are at a considerably higher risk of hacking. With the rise in price of digital coins, exchanges and hot storage wallet providers are increasingly susceptible to theft.
These cold storage solutions are the future for the security of cryptocurrency assets and Qurrex will lead the market in making it actively accessible for the everyday user.
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