Review of LIQNET Cryptocurrency Exchange

festdfirst (39)in #blockchain • 6 years ago (edited)

The blockchain technology as the most disruptive technology that changed the technology space over the years, got its prominence when bitcoin came to limelight. Cryptocurrencies are bought or sold on exchanges. We have had several exchanges before now and more springing up on daily basis. Due to the increasing number of cryptocurrency exchanges, it is not easy to track trades because some users register on different exchanges and prices are not always the same on the different exchanges. There is a need to have a system that collates prices from other exchanges and have a readable and accessible platform where such data can be displayed to enable traders to make a more informed decision. LIQNET is the solution to liquidity in the cryptocurrency market, it will pool data from different exchanges and have an order book with detailed information about buying and selling orders obtained. Below I will enumerate how LIQNET tend to solve the liquidity problem. security is a strong issue that no exchange should ty with ad recently there was ews of Bancor been hacked.

What is LIQNET All About?

This is an exchange where cryptocurrencies will be traded with the aid of a tool designed by LIQNET platform known as the Liquidity Exchange Network. This tool will gather prices of different cryptocurrencies from other exchanges and there will be a unified order book that will give insight to traders and cryptocurrencies enthusiasts to have better knowledge of market prices at every point in time. With this tool, there will be concrete information that will lead to wise investment decisions been made. The exchange proposed by LIQNEt will be a secure platform devoid of high risks associated with the majority of existing exchanges that are prone to hacks and other malicious activities. As depicted on the below diagram, it is clearly demonstrated how the data (buy/sell) order information will be gotten and that is through different exchanges. There is an Application Programming Interface (API) that will enable data collection and also combine data on request to get the buy/sell on other cryptocurrency exchanges.