PARAMOUNTDAX - Not Just Another Crypto Exchange (ICO)

byron-hazard (50)in #cryptonews • 5 years ago (edited)

Hello friends, what are all the news, I hope you have a good day for your business and your family in a healthy state.

Today I will introduce you a new exchaner and have been a well-made sophisticated, which is a exchanger with a popular platform, easy to use, and friendly of course.

Yes, Paramountdax an exchanger platform and as a newcomer and competitor to the existing exchangers.

What are the advantages that are owned by Paramountdax ?

Let's discuss a little about Paramountdax.

ParamountDax is a Fully - Developed from the scratch, ready-to-use product implemented as a modern-age crypto trading exchange. It aims to revolutionize cryptocurrency trading by serving as an ideal platform for crypto to crypto and crypto to fiat trading while also solving the issues faced by today’s crypto industry .

Referring to Paramountdax's definition itself, Paramountdaxhas a mission to simplify in terms of cryptocurrency trading, with a myriad of experiences from the CEO and Team Paramountdax has the solution of the problems that each user often encountered.

The problem with most Crypto Exchanges

• Security issues

Considering the irreversible nature of crypto transactions, crypto exchanges are very attractive to cyber criminals once they have accessed your funds, there is no turning back. Billions of dollars in cryptocurrencies have been stolen from exchanges in the past only because of poor security protocols.

Main samples of Security issues:

• User security

• Domain Name security

• Web Security

• DDOS protection

Latency problem

Various crypto news and community forums have reported that the differences in connection quality have made trading a difficult and often unfair endeavor in existing exchanges. Usually, automated trading bots having good connections can see order books faster and therefore react efficiently, thus getting unfair edge over normal users. The problem is particularly acute during rallies when exchange throughput limits are reached. As a result of the uneven playing hold created by Low - latency traders, institutional investors may choose or be forced to avoid investing in certain parts of the market because they cannot receive the guarantees they need for fair and transparent price discovery and execution. Also, there are slippage problems caused by lack of liquidity. • Liquidity issues Liquidity is one of the major issues faced by crypto trading exchanges, especially those having a limited user base. Moreover, during a surge of volume across the cryptocurrency trading platforms, even leading crypto exchanges have experienced delays and technical difficulties, as their servers were unable to cope with the massive influx of activity. [Source Bloomberg News, 2017].

• Unannounced service stoppage Unannounced downtime is another major issue faced by traditional crypto trading exchanges. In the first quarter of 2018, Binance - today’s leading crypto trading exchange halted its services for more than 24 hours after a DDoS attack. Similarly, in 2017, Bithumb alone experienced a minimum downtime of 90 minutes during a peak trading period; the estimated impact is more than 60,000 Bitcoin (BTC) worth of lost trade volume. Bithumb also made an organizational decision to cancel all outstanding orders without notice and to put the exchange on hold, causing significant loss for short-term traders and leaving them confused and unable to act. During this downtime, the price of BitcoinCash and other important cryptocurrencies almost halved in value.

• Slow Orderbook Slower processing of order books is another issue faced by crypto exchanges. Usually, if there are not enough tokens that go through the exchange, order Processing becomes really slow and traders have to wait for hours just to perform a simple trade.

• Unfair listing and monetizing policies

Major crypto exchanges have adopted business models that simply consider listing new tokens on their platforms as an opportunity to capture as much money as possible. Today, there is a multitude of crypto trading exchanges that charge a project up to hundreds of thousand US Dollars - or more than 100 Bitcoin - just for the sake of listing an ICO or listing a crypto token. Next come the massive fees that are charged from traders while executing a trade.

• Poor customer Support Delayed customer support tickets, unavailability of enough support staff and Unprofessional behavior from customer support representatives are other issues crypto exchange users have to often face. A simple ticket can take up to a week during which - given the utility crypto market has got - prices can change drastically. This leads to severe financial loss for a user.

• Limitation on trading activities The majority of crypto exchanges today provide only the basic features - such as buy and sell order - which are not good enough for traders who want to implement order limits and stop loss orders. Moreover, there is no OTC feature for institutional investors who, as a result, have to rely on traditional order books that can lead to market manipulation.

• High fees The trading fee on traditional crypto exchanges is very high. With every trade you make, a specific percentage of your order activity is deducted as exchange commission for the trade even if you are in loss. Moreover, as trading fee is deducted from both buyer and seller, this becomes a huge earning opportunity for the exchange while the community gets no share of that.

• Complex user Interface User interface plays an important role in user adoption of a crypto exchange platform. Generally, crypto exchanges provide complicated user interfaces with poorly designed architecture. This makes the trading activity a lot harder for ordinary users. Research suggests that on most of the crypto exchanges today, a user needs to scroll down to find the order book, the buy and sell orders, open orders, and trade history etc. This may cause a lot of distraction while manipulating trades and orders, as users don’t have everything in front of their eyes and have to move down to another page only to be able to complete certain operations. This ultimately results in low user retention especially in a highly volatile market. Moreover - given the universal nature of the crypto industry multi-language support should be a must, but unfortunately isn’t provided by the majority of the exchanges.

Wowww, And So what The solutions ??

ParamountDax solutions to the problems

Security issues solved

We follow a two-way approach to ensure the security of both users and the exchange.

The steps we have taken in this regard are:

- ensuring user security

- ensuring exchange security

• User security

Some of the protocols for user security are:

1. Two-factor authentication In order to log in to the ParamountDax website, a user won’t be allowed simply through a ‘login + password’ access type. ParamountDax will enforce a secure 2FA protection for the client. By default, weak 2FA like OTP/Google Authenticator / SMS won’t be authorized or will be only temporarily tolerated, since these methods are vulnerable to phishing attacks. This way, similar attacks to the one on Ether Delta will be avoided.

2. Password strength assessment In order to ensure the password remains as strong and difficult to guess as possible, users are allowed to generate passwords that exceed the minimum of 8 characters. Moreover, passwords have to be a combination of case sensitive letters, numbers, and special symbols.

3. Account creation email A user needs to verify their account via the email that he/she has signed up with. This ensures that in the future, a user will be able to recover their account if they have forgotten their login ID or password.

4. IP address verification through email.

A user logging in to their account is allowed to access their account only when they are logging in from a verified IP address. For a new IP address, the user needs to confirm via a confirmation link emailed to their verified email (the one the user account has been created with).

5. IP address validation on withdrawal For every new withdrawal, a user needs to validate their IP address through the registered email. 6. Email notifications For every login, successful or not, a user is notified via email. Similarly, a withdrawal is also notified via registered email.

• Exchange security

1. Secured protocol ParamountDax has implemented security protocols such as: Secure Header on HTTP Request / Response such as: X-Frame-Options, X-XSSProtection, HTTP Only, Set Secure flag.

2. CSRF protection Cross-Site Request Forgery (CSRF) protection for victims of fraud will be reported to the Administrator.

3. Avoid suspicious Suspicious users will be prevented by the xss-clean method which also prevents the malicious file from uploading.

4. Authentication & detection Authentication & Detection will be provided by ParamountDax to make the transaction fulfilled by the participators to the trade.

5. Prevent DDoS attacks The DDoS attacks can be prevented using periodic penetration testing, Custom WAF rules, security notifications, etc.

6. Secure web services ParamountDax will offer a highly available and customized DDoS shielded hosting solution with network and application-level firewalls. ParamountDax will use secure HTTP headers like HSTS to enforce TLS encryption, and keep the passwords salted and hashed.

7. Security audits In order to ensure maximum security of the exchange, ParamountDax will conduct a periodic security audit so that vulnerabilities are avoided. For trader’s patience, we will sign a regular contract with some External Audit Agency. The name of Company Audit will be communicated soon through official ParamountDax social media channels.

Excellent point for Paramountdax which here is clear about the problems that users often encounter and Paramountdax provide the best solution.

Is clearly not , hehehehe, Now let's head to the Sale Token of Pramountdax.

Here is Date Plan of Pramountdax :

ICO Dates

1 PRDX Token Price = $ 0.15

ICO Presale Period > Bonus 32% (From 18 May to 23 June)

ICO Sale Period > Bonus 12% (From 24 June to 19 August)

ICO Private Sale > Bonus 35% (From 20 August to 23 September)

Minimum purchase amount is 500 PRDX

Unsold tokens after ICO crowed sale will be burned.

PRDX Coin will be sold to supporters of ParamountDax Exchange, giving them a Daily profit. ParamountDax will pay 46% of all Trading Fee's charged by the platform as Bonus reward to the PRDX holders.

To know more about Paramountdax, about the Team behind Pramountdax, how good we visit Pramountdax official website and we register ourselves and participate in the sale of PRDX.

Paramountdax is a large project, it is very unlucky for us not to follow the Token Sale organized by Paramountdax.

Well, maybe at first glance this article can lead you to the disadvantage with Paramountdax.

Useful Links :

Website : https://www.paramountdax.io/

Whitepaper : https://www.paramountdax.io/whitepaper.pdf

Bitcointalk Ann : https://bitcointalk.org/index.php?topic=5137789.780

Social Media :

Facebook : https://www.facebook.com/Paramountdax-2024636494500768/

Twitter : https://twitter.com/ParamountDax

Medium https://medium.com/@paramountdax

Reddit : https://www.reddit.com/user/ParamountDax

My info details :