ICO Review: KuBitX Project

OverView:

KuBitX is a cryptocurrency exchange aiming to satisfy banking needs in most emerging markets through strategic partnerships with significant banks. The project was launched in Q4 2017 by a team of professionals with extensive work experience in companies such as Dell, Huawei Technologies, PricewaterhouseCoopers (PwC), Google, BP Oil, Amazon Web Services (AWS), MTN, etc. The project is about 80% complete, while its MVP trade engine can handle over 12 million transactions per second. The engine is equipped with strong compliance architecture tools to ensure top-level security.

Digital gold fever has made cryptocurrency exchange platforms consolidate in a short space of time, where investors from all over the world try to take advantage of cryptocurrencies such as Bitcoin, Ethereum and the tokens offered by innovative projects through ICOs.

The purchase and trading of cryptocurrencies can be extremely profitable and, at present, there are different types of cryptocurrency exchange platforms that offer various characteristics but that mostly operate in the main world markets, leaving aside access to emerging markets, enthusiasts of cryptocurrencies, blockchain technology and decentralization.

KuBitX is a cryptocurrency exchange, situated in Malta, which aims to build an advanced, user-friendly and secure trade engine platform, focused on opening up the adoption and economic inclusion of cryptocurrencies for emerging markets, allowing access to many users in remote locations.

KuBitX Features:

Kubitx is led by a professional team that has worked in Fortune 500 companies, as well as some of the biggest consulting firms in the world
All trading fees are to be paid using its token
Its trading fees are expected to be up to eight times cheaper than those being used by other exchanges
You can convert Kubitx token into cryptocurrencies or fiat money
To provide a guarantee for all the client funds, 70% of the assets generated through this platform are to be stored in a cold storage wallet
Any new coin listing process being introduced is to be assessed via the platform in a period of less than one day.

KuBitX Vision:

The ideation process behind KuBitX was undertaken keeping in mind the broader vision to educate, enable and engage people from emerging markets in the cryptocurrency ecosystem. The technological development that has taken shape since the dawn of the Internet era has been top-down, i.e., from the developed nations towards the developing nations. This has created a gap in the overall development process thus compelling people from the emerging markets following the trail of development rather than being active contributors in shaping the process. KuBitX aims to leverage the emerging technology to move forward in the vision and mission that we have.

The broader areas upon which the vision of KuBitX has a focus upon are:

1. Education about Blockchain technology enhancing adoption by masses – KuBitX has come up with a unique initiative called Global Channel Ambassadors to enter, understand and capture local emerging markets. We aim to tackle the socioeconomic hindrances to adoption. The KuBitX Global Ambassador Initiative will reach the grassroots to drive local adoption.

2. Liquidity improvement – Liquidity is one of the most important pillars of any exchange that exists. Many exchanges today suffer from a liquidity crunch leaving users stranded with their currencies. To tackle this, we plan to involve market makers to build sustainable volume on the exchange, reducing cost of transactions and simplifying the complete process. To avoid wash trading, we have Anti Market Manipulation (AMM) tool on the platform. Market surveillance, supervision and compliance are being looked into very carefully. The admin can choose to freeze an account associated with suspicious trading.

3. Robust Security – Security is one of the most crucial pillars surrounding a cryptocurrency exchange. We at KuBitX do take the security of the whole platform very seriously. Hereby, we not only are developing our own exchange system secure but also plan to make users aware of various frauds and hacks going on in the market. Following are the security measures taken by the team:

We are storing the password hashes and not the original passwords in our servers.
All user data is encrypted using the AES-256 before being inserted into the database.  KuBitX has designed a customized security architecture to ensure encryption keys are stored very well.
Secure offline multi-signature cold wallets/vault system.
Our system is fully GDPR compliant.
KuBitX has developed a third-party code verification and penetration testing functionality.

4. Financial Inclusion – The emerging markets today especially in Africa and Asia suffer from a large chunk of their population being out of reach of the traditional banking system. Banks become controllers but here the person becomes the controller because P2P transactions are possible through their phones. The philosophy of the Blockchain era is excluding the third party and use P2P transactions. Africa has large amount of unbanked people hence KuBitX will educate people how to take advantage of Blockchain philosophy thus enhancing financial inclusion.

5. Economic development of the emerging markets – On a macro level, the emerging markets like Africa experience from low GDP rates, high inflation and generally poor economic growth. KuBitX with extensive strategic partnerships with the private and public sector, have designed an institutional investment plugin on the KuBitX engine to enable a higher volume of crypto trading and traditional capital trading functionalities. For instance, Zimbabwe uses a legal tender which is not native to their country thereby creating a negative impact on all aspects of their economy. KuBitX will be creating opportunities for a digital economy thereby allowing each nation to run its own economy and giving it an opportunity to play in the global market.

KuBitX Benefits

Secure

Its developers have carried out extensive benchmarking with the platforms already in use today. This has made it possible for them to ensure that they are a few steps ahead of their competitors. In addition, their security team has been sourced from some of the leading security organizations.

Scalability

The Kubitx platform is very scalable. This means that it is always ready to accept new features, and additions meant to improve the overall user experience.

Ecosystem

The people behind this platform are strong believers in the power held by P2P payment ecosystems. As such, they believe that it is only a matter of time before the traditional finance systems get replaced by more robust, and efficient payment systems.

Blockchain

The Kubitx token will initially be based on ETH blockchain. However, there are plans to launch an independent chain in the near future.