Bitcoin Forum

We're building mobile hybrid crypto excahnge -Monitok.io
 (http://Monitok.io)
We are at alpha version release and looking for general feedback on the project.

If you would like to join our early testers pool, let us know by filling a form:

https://g35xd7c6u4y.typeform.com/to/uHszHGnO (https://g35xd7c6u4y.typeform.com/to/uHszHGnO)

1. Unless the name means something in some other language, it's a bit bad imo

2. "Monitok ensures that your crypto assets are always secure with a built-in decentralized wallet that nobody but you can access." Is it really decentralized? I doubt it. You probably meant non-custodial?

3. DEXs can have price aggregation and friendly UX. Don't unnecessarily skew the CEX/DEX/HEX comparison just for you to be in favor.

4. How are you better than Uniswap wallet or Rainbow wallet?

Is there any rewards on joining your alpha test?

I agree on what @mk4 mention above, I don’t understand how this exchange become a HEX by just getting the easy UI and customer support feature. Being centralized exchange means the service is fully controlled by the operator. This is just a DEX exchange with minor improvement. It’s confusing for a service to called HEX since Centralized and Decentralized are two opposite feature mainly due to how the user funds being handle.

Allright, another project that wants to combine CEX and DEX together. Explain to me, to what extent decentralization will be provided to users while hex is legally bound (this is written on your site)?
I noticed that several hybrid exchange developers in the context of management are being intensified. Considering global regulations, it seems that the space for centralized business is more limited. Will Hybrid Exchanges be the next hype element in the next bull run after memecoins in the previous bull run?

I started to notice that the cool thing now is to combine the terms CEX and DEX with the word “best” to get a new platform. Words like decentralization, we don’t ask for your data, and high liquidity are no longer attractive.
I hope that the introduction to the project will be more specific and explain the platform’s features instead of CEX and DEX.


Since you give users the option to encrypt their private keys, this means that the code is closed source cloud and you can also know those keys.
The service is still centralized as you need to connect to your application and not to a decentralized network

It's probably best to create a proper announcement thread for this. You're announcing a new project, after all. And there are probably certain details that many here would want to know.

In any case, I'm amazed at how new projects are marketing their products. They always come up with a unique way of presenting themselves to attract curiosity and attention. They claim to be a breakthrough or revolutionary. They want people to see them as fresh. But they're probably not.

I suppose centralization and decentralization are mutually exclusive. It cannot be possible, for example, to claim to be decentralized at the same time specifically provide in the terms and conditions that KYC may be requested and that failure to provide personal information shall be a ground for one party to terminate any relations. This essentially means there's a central authority that has the power to decide.

You can start a review campaign on the forum that will not cost you much, usually between $30 and $50 per review, and you can choose the number of reviews that you find appropriate, as long as your service does not require identity verification, otherwise it will not be hybrid, but rather central.
You need to redesign the UI so that it is professional, simple, and responds to the questions that users may ask, such as the required data application, do I need to connect my wallet, deposit and withdrawal fees, and how will liquidity be provided.
If you create something special, you will find sufficient support.

I don't see your exchange are accepting Bitcoin (not a fake Bitcoin e.g. wrapped Bitcoin), so you should move this thread to Service Discussions (Altcoins) section.

Hybrid exchange, sounds interesting, but the reality isn't. It just a centralized exchange that also has an instant exchange, people are obviously choose to use centralized exchange than the instant one because CEX has lower fee and both of them don't have any privacy.

Hi,

Yes, the reward for joining and completing the alpha test is 50 USDC

HEX (hybrid crypto exchange) is a relatively new term, and it may be confusing at the moment.

What potentially could be the major improvements of DEX?

Hi,


That's a good question, thanks.

While we don't offer complete anonymity or a "wild west" approach, we do review transactions when needed to prevent activities like money laundering or terrorism support. However, it's important to highlight that assets are stored in a self-custodial wallet. This means users can interact directly with the blockchain. If suspicious activity is detected, we might restrict access to the app, but unlike many centralized exchanges, we can't freeze or interfere with transactions.

There's always some chatter and apprehension regarding centralized exchanges (CEXes), especially following significant fraud events. While decentralized exchanges (DEXes) offer a degree of self-custody, they can be challenging for newcomers and tend to be cautiously approached by regulators. As for "HEX", it does seem that the market is leaning in that direction, potentially bridging concerns of both users and regulators.

Can you mention some of these projects leaning in the same direction?

 hey,

Thanks for the feedback.

I think soon enough, we will revise the content on the page.

Recently, we made a thread on Twitter (X) listing current features:
https://twitter.com/MonitokHEX/status/1710296940657754496 (https://twitter.com/MonitokHEX/status/1710296940657754496)

We don't have access to private keys. We simply offer a backup feature that allows users to save their private key in a digital format, either on their phone or on a private cloud service like iCloud/Google Drive. It's up to the user to decide where to store the key. This kind of feature has become standard among wallets these days - Uniswap wallet, Trust Wallet,   Ultimate Wallet,   Spot Wallet and etc. has it too.

Hey, thanks for the tips.

I believe you're right, it offers decentralization to a certain degree that's why it's called 'hybrid'.

As a platform is under the guidance of EU regulations, we must comply by ensuring access is granted only to verified users. However, the true ownership of assets always remains with them.

Put it simply, if users steer clear of any suspicious activities, they are free to use the app - hold, send, receive, swap, convert assets and etc. And no matter what, users will always have access to their private keys. At most, we can only request restricted access to our app and report the user to authorities.

Does it make sense?

hey, thanks for the tips
During the testing phase, we don't require verification, also testing is being done with our small deposit of USDC. Can you share an example of this review campaign? I  am new to this forum  ???
I will forward these points to my team. BTW I think the UI of the app is good, hope you join the testing campaign to investigate it too.

---

Hey, Thanks for your point,

I believe user selects a service to what is important to them. Our decentralization part is ownership of the assets; we don't promise anonymity. DEXes has its own flaws, especially if you are starting or ending with FIAT.

Thanks for noticing, I think the admins moved this section to the altcoins marketplace.

Start up usually not being trusted but maybe try to convince more users here that you are serious and legit project. Some users were right, you need to set up campaigns and marketing for the product OP.

Also why making your comment red on your replies, its actually eye sore in my opinion. A normal one would do.

Backup private key in a digital format is a bad option, and it is even worse if it is not encrypted and on a private cloud service like iCloud/Google Drive. since the user has access to the private key, why do you not provide seeds that the user can write down on a piece of paper and keep them.

We cannot say here that this thing is more secure than CEX. The platform’s code is still closed source, meaning that you may be able to access the private key, so why not be like Uniswap and have a smart contract that can be controlled from a wallet instead of generating the user’s private key.

Your platform now increases the risks on the user's part without providing additional features. Instead of collecting the advantages of CEX/DEX, you have collected the disadvantages.

The way you describe the "hybrid" aspect makes sense, but you should phrase it carefully in order to avoid giving the message "we are a way to survey your trading even when you use a noncustodial wallet" you know, we crypto users are a very "special" target audience

On the other hand, I agree with previous posters that it wouldn't appeal to the very security oriented users and about your alpha test deserving its own  announcement

Don't you want to have a Review campaign and also  a bug finding campaign ? this are effective way to find better result in
the future if you are planning to widen your project in crypto world.

Looking for finalization though I think this will took you another months before delivering the project as Hybrid exchange
sounds interesting to use.

Having a Hybrid exchange has its ups and downs, knowing the situation of things in the space as it concerns the exploitation and vulnerabilities, are you prepared enough to weather the strom.

How are you to guarantee that funds are SAFU under your platform?

In this era of regulations and sanctions, how do you think this exchange will thrive without the whims of SEC and her clamping down on exchanges, although I believe this works with resect to regions.