Regardless of a rapid increase in crypto markets, exchanges and other market intermediaries, it still is comparatively complicated and uncertain to buy, sell and store digital assets. Recognizing the largest Bitcoin and cryptocurrency markets today, they chiefly exist from centrally structured exchange features. It presents traders with agility and liquidity, but this invalidates the fundamental trustless points of digital blockchain based assets. Besides, most of these exchanges are intended for professional traders and lack an intuitive interface.
An Amsterdam-based exchange called Blockport intends to solve these problems by implementing beginner and advanced traders, investors, and institutions with a user-friendly crypto exchange that merges best methods from both centralized and decentralized trading platforms. Their intuitive trading platform reduces counterparty risk, transaction charges and vulnerability to fraudulent actions. They strived to provide liquidity, security, transparency and enhanced the user experience.
Blockport is known as a hybrid-decentralized exchange with a definite focus on user-friendliness, social trading features and building a data sharing community. It was established to bridge the missing link between the ultra-modern blockchain and the people yearning to utilize the platform who might not be that tech-savvy or specialists in economics. As a social platform, they execute social trading and knowledge sharing innovations in the center of their exchange. Additionally, they grant their members the best of both divisions by connecting centralized trading with decentralized banking of crypto assets.
It also targets an entirely new crypto trading ecosystem by combining social, technological and crypto economic ideas.
Liquidity: Blockport enhances liquidity by exchanging the assets of the users in the internal exchange. The aggregated liquidity is then connected with public transactions. Liquidity in simple terms means, the frequency of buying and selling of assets. When the system is illiquid, the rates of purchasing can be high.
Security: This blockchain is based on the concept of hybridization between centralized and decentralized blockchains. The tokens are collected in the wallet preserved by private keys, and the transactions are recorded in the decentralized system. The private keys bind the funds in these wallets, and thus, the possibility of getting hacked is eliminated. The private keys are needed to mine the coin. Unless the user does not enter the private key, the tokens cannot be mined.
Transparency: Transparency is one such problem that is hindering mass adoption. Lack of transparency in a platform creates distrust among people, and they direct to shy away from using it. Blockport has solved this issue by building a system of continuous analysis of the market prices across multiple platforms and thereby, contributing the best price for the asset possible.
Usability: The developers’ team is directed at making the user interface as friendly as viable. This modern blockchain will also feature an intuitive user activity to cater to the requirement of all the users.
Education: There is a 24/7 customer support set up by the company. Users can even share cryptocurrency portfolio with other users and get paid in BPT for it. There’s a component of education and training that will help in dispersing the word about Blockport transactions.
Although the user-experience of Blockport has a feel of smart and simple, all the hard work are done in the back-end. The system architecture describes and visualizes the complete high-level functional design of this exchange. It uniquely utilizes technology architecture from both centralized and decentralized exchanges.
The Blockport social trading platform permits members to interact with other traders, communicate investment strategies and automatically copy each other’s portfolio. It signifies that a beginner investor ‘Alice’ can copy the portfolio of an accomplished trader ‘Bob.’ The figure below illustrates the functional process within the Blockport environment when members use social trading features.
Blockport host a knowledge base where members can obtain information about frequently asked questions concerning cryptocurrencies and trading. This knowledge base will serve as a repository that will be renewed regularly to serve as Blockport’s first aid. Additionally, Blockport members will be capable of contacting the customer support by live chat and email. This live chat functionality will be included in the exchange environment so that members can ask the Blockport customer support for instant help throughout the crypto trading process.
Secondly, members can also ‘ask a question’ to other Blockport members on the Blockport community page. This community page has similarities with the worldwide known Q&A platform: Quora. It excites experienced Blockport members to assist each other and curate the best answer. As part of the ‘Social trading features,’ they contribute members that follow each other to communicate with each other and give insights about their trading tactics. It will significantly stimulate the social interaction and engagement on the platform. High performing traders will develop an expert status and share their knowledge and insights solely with their followers.
The Blockport system and transaction currency BPT is an Ethereum (ERC20) based token that comprises various functionalities within the Blockport ecosystem. The Ethereum Blockchain is presently the largest platform that helps the production of tokens and therefore allows BPT to associate with other ERC20 tokens seamlessly. Members can trade BPT for premium services, discounted trading expenses and social trading functionalities.
BPT is a service token that members can possess or apply within the exchange, and thus determine their entire value from services rendered by the Blockport platform. The tokens are not meant for speculation and do not signify company shares or any claim in the decision making of the company. BPT are not contracts and are thus not associated with anticipated revenue streams or values other than acquired from platform usage. Members are consequently always capable of earning BPT by engaging on the platform and are not compelled to buy BPT straight on the market.
Blockport’s team are based in Amsterdam, the Netherlands. The team includes five core team members and three advisors. All have established expertise in the field of software engineering, financial technology and developing technologies such as artificial intelligence and blockchain. Additionally, the team are supported by qualified advisors in the areas of digital marketing, blockchain and smart contract development, regulatory compliance, and cybersecurity.
Sebastiaan Lichter and Kai Bennink founded the team. Both founders have years of background in technology and Bennink concentrated in blockchain at the Delft University of Technology.
Most distinctly, the team lately partnered with Ark, a project that’s building an ecosystem of interconnected blockchains. With Ark’s center on design and ease-of-use, it makes understanding that these two companies would partner. Lars Rensing, the CFO of Ark, was also taken on as one of Blockport’s Advisors.