An ICO preview of an upcoming crypto exchange
Security is a crucial area of consideration when it comes to selecting a crypto exchange. In the short history of the crypto industry, we have seen hacks and scams that have deprived many people of their funds. But with each of these events, the community grows wiser and better especially in the area of security.
Not every crypto project or crypto exchange is considered secure today. The security issue remains a huge challenge in the crypto industry. This is why Encrybit, an upcoming crypto exchange, has created a multi-tier security feature on its platform to ensure optimum security.
What is Encrybit?
Encrybit is an upcoming crypto exchange based in Hong Kong, offering remarkable features on its platform according to the needs of crypto traders. Encrybit has had 2 surveys for crypto traders where the traders expressed their thoughts concerning the present problems with the current crypto exchange and the solution they will like to see implemented.
Encrybit is working on the implementation of these features to create a modern crypto exchange that meets the all-round need of traders. These features include alerts on coin movement, latest news on coins, social trading, demo trading, coin-specific group chat and more.
Encrybit had over 10,000 crypto traders participate in its second survey. The Telegram group chat for Encrybit has over 16,500 members already.
Encrybit Security Measures
Encrybit understands the importance of security on a crypto exchange and has designed the following basic security measures:
- Two-factor authentication
- Wallet address whitelisting
- Withdrawal authentication
- IP whistling
- Multi-signature wallet
- Anti-phishing alert
On the technical level, security measures implemented include; cross-site scripting, SQL injection, remote OS command injection, buffer overflow, CRLF injection, parameter tempering, denial of service (DDOS attack) and more. On the systems level, security measures include:
- HWS certified cold and active storage for managing funds
- Regular security auditing for system upgrade and stability
- Test environment for applying security-related patches
- Regular encrypted database and system image backup with full mirror functionality
- API calls are wrapped with SSL encrypted and cryptographic sign to prevent any phishing attack
The Encrybit Token (ENCX)
Encrybit is creating a utility token for its platform. The primary use of the token is for the trading fee of the crypto exchange. The trading fee is discounted if payment is in ENCX tokens. This will drive demand for the token.
ENCX is an ERC-20 token with a total supply of 270M tokens. The token price at ICO will be $0.2. The presale is expected to take place before the end of 2018 and the public sale is expected Q1 2019. The soft cap for the ICO is $5.4M, while the hard cap is $32.4M.
Funds generated from ICO will be allocated as shown below:
Encrybit aims to create a reliable platform for crypto traders, filled with all the necessary and desirable exchange features. Traders will be able to trade with ease as their funds are protected with multi-tier security and other necessary security measures.
For more information about the project, see the following:
Encrybit to Protect Cryptocurrency Funds With Multi-tier Security was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.