[ANN] GenesisEX - Next Generation Digital Currency Exchange

[genesisex_com]

GenesisEX https://GenesisEX.com/

Try our exchange playground. It is a development demo. http://dev.genesisex.com:3000/

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GEX token sale in live now. You can buy and sell on Etherdelta.

https://etherdelta.com/#0xdc071d3a5d10c18ba6270bab73dc2b480fced7d8-ETH

Current offer: 100K GEX token at 0.0001 ETH/GEX

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Introducing GEX Token ...

https://genesisex.com/token/

An ERC20 Utility Token.

100 million GEX tokens. It is the base currency of the platform to exchange between digital currency and GEX token. You use GEX tokens to pay commissions and fees.

Ethereum contract address https://etherscan.io/address/0xdc071d3a5d10c18ba6270bab73dc2b480fced7d8

Fixed Supply
Only 100 Million GEX coins.

Base Currency
Exchange between digital currency and GEX tokens

Payment
Pay commissions and fees with GEX tokens.

R & D
Buy GEX tokens to support the development of Genesis Exchange platform.

Buy or sell on Etherdelta
https://etherdelta.com/#0xdc071d3a5d10c18ba6270bab73dc2b480fced7d8-ETH

Call for smart contract review. Please review the smart contract source https://etherscan.io/address/0xdc071d3a5d10c18ba6270bab73dc2b480fced7d8#code

We will release a maximum 100K GEX tokens per day, with minimum price of 0.0001 ETH per token. The sale lasts for at least 1000 days. If we sell all the tokens at 0.0001 ETH, we can collect 10K ETH, which is $5M USD at the ETH price of $500.

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Whitepaper: https://genesisex.com/static/whitepaper.pdf

Twitter: https://twitter.com/GenesisEX_com

We build the next generation digital currency exchange.

Security

- No private keys on the public server
- Depositing address file MD5 hashes
- Circuit breaker mechanism
- Simulated market order only
- Capped limit order only

100% Transparent

- Real time total user balances
- Published cold wallet address

Insurance Fund

- 20% of transaction fee reservation

Robo Advisor

- Automatic digital currency portfolio rebalance

Social Trading

- Aggregated order and average filled price across the trader and his/her following investors.

Free Independent Report

contact@genesisex.com

If you are interested in GenesisEX project and want to contribute, please PM.

[$crypto$]

Next Generation Digital Currency Exchange are u serious 

[tonychow]

100% Transparent

- Real time total user balances
- Published cold wallet address

How transparent are other exchanges?

[Mlester]

There is still not much information available here.
Waiting for more detailed information to be available to learn more about this project.

[Xypherian]

100% Transparent

- Real time total user balances
- Published cold wallet address

This is something that shouldn't be advertised as a feature considering it's the minimum an exchange should offer...

[genesisex_com]

100% Transparent

- Real time total user balances
- Published cold wallet address

How transparent are other exchanges?

Digital currency exchanges often fails.

In February 2014, Mt. Gox suspended trading, closed its website and exchange service. Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time. The amazing thing about the Mt. Gox incident was not just the number of lost bitcoin, but by the extent of negligence by the company. Investigations into the company showed that it had been losing bitcoins since 2011 in minor failures. In fact, it was not a single hack that led to the loss of the bitcoin, but small amounts being stolen by hackers since 2011. It is not possible to know whether Mt. Gox knew of this, but the company did not have as many bitcoins by 2013 as it thought it had. It was only the mass panic and withdrawals by clients in 2014 that made people aware of the fact.

Bitfinex, which replaced Mt. Gox as the world's largest bitcoin exchange, lost $72 million in bitcoin in 2016.

Study (http://fc13.ifca.ai/proc/1-2.pdf) shows that online bitcoin exchanges have a failure rate of 45 percent, with customer balances often wiped out.

We aim to build world’s most secure and trustable digital currency exchange. In case a security breach happens, this information will be delivered to the public in real time by publishing the real time total user balances and our cold wallet address.

[Beverver]

100% Transparent

- Real time total user balances
- Published cold wallet address

How transparent are other exchanges?

Digital currency exchanges often fails.

In February 2014, Mt. Gox suspended trading, closed its website and exchange service. Mt. Gox announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time. The amazing thing about the Mt. Gox incident was not just the number of lost bitcoin, but by the extent of negligence by the company. Investigations into the company showed that it had been losing bitcoins since 2011 in minor failures. In fact, it was not a single hack that led to the loss of the bitcoin, but small amounts being stolen by hackers since 2011. It is not possible to know whether Mt. Gox knew of this, but the company did not have as many bitcoins by 2013 as it thought it had. It was only the mass panic and withdrawals by clients in 2014 that made people aware of the fact.

Bitfinex, which replaced Mt. Gox as the world's largest bitcoin exchange, lost $72 million in bitcoin in 2016.

Study (http://fc13.ifca.ai/proc/1-2.pdf) shows that online bitcoin exchanges have a failure rate of 45 percent, with customer balances often wiped out.

We aim to build world’s most secure and trustable digital currency exchange. In case a security breach happens, this information will be delivered to the public in real time by publishing the real time total user balances and our cold wallet address.

Even as you said, I think there's no relationship for 100%.

[Dutchyyy]

Security

- No private keys on the public server

Where do you keep the private keys then?
Do you pull out deposing addresses for users from file? What is the file get replaced on the server then?

[genesisex_com]

Security

- No private keys on the public server

Where do you keep the private keys then?
Do you pull out deposing addresses for users from file? What is the file get replaced on the server then?

No websites is 100% secure if it is connected to the Internet. When user deposits the digital currency, exchanges are providing a deposit address and controls the private key. But if the website is hacked, the hacker can change the source code and replace the deposit address.

Deposit address file contains all the deposit addresses. When user requests depositing, one unused address is provided. Users can verify if this address is in the deposit address file. The MD5 hash of the deposit address file is published on our website. Users can download the deposit address file and calculate the MD5 hash to verify the integrity. A custom software monitors the web page which publishes the MD5 hash. If this hash is changed, the website will be shut down for safety.

No private keys of deposit addresses are on the server, and hence digital currency won't be lost. So these addresses can be considered as cold wallets. Private keys are stored offline. We do not have hot wallet at all. The deposit and withdraw information are pulled from websites and processed offline.

The goal here is to make digital currency safe. We add these new features, so deposits are guaranteed to be safe, and no digital currency will be lost even if our online servers are hacked.

[CllickerQluicker]

what is youre service crypto curency exchanger or what
iam visit youre site without market

[tonychow]

- Circuit breaker mechanism

What is circuit breaker mechanism? No other exchanges support this?

[Saoha]

Security

- No private keys on the public server

Where do you keep the private keys then?
Do you pull out deposing addresses for users from file? What is the file get replaced on the server then?

No websites is 100% secure if it is connected to the Internet. When user deposits the digital currency, exchanges are providing a deposit address and controls the private key. But if the website is hacked, the hacker can change the source code and replace the deposit address.

Deposit address file contains all the deposit addresses. When user requests depositing, one unused address is provided. Users can verify if this address is in the deposit address file. The MD5 hash of the deposit address file is published on our website. Users can download the deposit address file and calculate the MD5 hash to verify the integrity. A custom software monitors the web page which publishes the MD5 hash. If this hash is changed, the website will be shut down for safety.

No private keys of deposit addresses are on the server, and hence digital currency won't be lost. So these addresses can be considered as cold wallets. Private keys are stored offline. We do not have hot wallet at all. The deposit and withdraw information are pulled from websites and processed offline.

The goal here is to make digital currency safe. We add these new features, so deposits are guaranteed to be safe, and no digital currency will be lost even if our online servers are hacked.

-  Your idea is great and looks pretty safe. You separate the home page and the client account. Although the home page is hacked, the hacker can not access the client account and steal it. It is important for you now to build a community. Hope your project will be successful.

-  You can explain more clearly  "Circuit breaker". I do not understand yet?

[genesisex_com]

- Circuit breaker mechanism

What is circuit breaker mechanism? No other exchanges support this?

Digital currency exchanges often suffer DDoS attack. Just before the site became inaccessible, if there was a large sell order, it could trigger a cascade of liquidations. On May 7 2007, Kraken was attacked. The Ethereum price went from around $90 to a bottom of $26, in effect liquidating everyone with a long position. On June 21 2007, Coinbase was attacked. Ethereum’s order book at Coinbase’s GDAX was completely obliterated as someone sold millions of dollars worth of Ethereum at market price, leading to a cascade of 800 stop orders and margins, sending Ethereum’s price to ten cent.

Circuit breaker is used to prevent market crashes. It prevents both speculative gains and dramatic losses within a small time frame. As a result of being triggered, circuit breakers stop trading for a small amount of time.

For example, 10% change in value within a 5-minute window will trigger a trading stop for 5 minutes.

[tonychow]

I like that you plan to reserve 20% of the transaction fees as an insurance funds. Waiting for your whitepaper ...

[genesisex_com]

Whitepaper: https://genesisex.com/static/whitepaper.pdf

Here is our first draft whitepaper. Any suggestions and thoughts are welcome.

[everest556]

Next generation digital currency exchange but without an team member.
Could you show us any big name in this?

[genesisex_com]

If you are interested in GenesisEX project and want to contribute, please PM me.

[genesisex_com]

We have over 150 followers now. Follow us on Twitter to get the latest updates.

Twitter: https://twitter.com/GenesisEX_com

[genesisex_com]

We are working hard on our ICO Ethereum smart contract now. The smart contract will be available on Github soon for public audit.

[genesisex_com]

Introducing GEX Token ...

http://genesisex.com/token/

An ERC20 Utility Token.

100 million GEX tokens. It is the base currency of the platform to exchange between digital currency and GEX token. You use GEX tokens to pay commissions and fees.

Ethereum contract address https://etherscan.io/address/0xdc071d3a5d10c18ba6270bab73dc2b480fced7d8

Fixed Supply
Only 100 Million GEX coins.

Base Currency
Exchange between digital currency and GEX tokens

Payment
Pay commissions and fees with GEX tokens.

R & D
Buy GEX tokens to support the development of Genesis Exchange platform.

Buy or sell on Etherdelta
https://etherdelta.com/#0xdc071d3a5d10c18ba6270bab73dc2b480fced7d8-ETH

Call for smart contract review. Please review the smart contract source https://etherscan.io/address/0xdc071d3a5d10c18ba6270bab73dc2b480fced7d8#code

Token sale is coming soon after public smart contract review. Planned starting sale date: Feb 17, 2018.
We will release a maximum 100K GEX tokens per day, with minimum price of 0.0001 ETH per token. The sale lasts for at least 1000 days. If we sell all the tokens at 0.0001 ETH, we can collect 10K ETH, which is $5M USD at the ETH price of $500.