Ecex Exchange
Press Release 2018-07-04
Ecex Exchange and Withdrawals, Security & MaintenanceAs you might have noticed lately Ehtereum network transactions are painfully slow in last days. The issue is well described in this article
https://stocksgazette.com/2018/07/03/ethereum-eth-network-experiences- congestions-gas-price-rises/
Ecex Exchange is no exception in this matter. Technically speaking the network situation is not an issue, at least not the huge one. The issue is that we want to offer best-priced services to our customers and with the current situation, it creates big delays.
How will Ecex Exchange address this matter?
We will restructure and redesign our withdrawal engine.
Fees options will be changed and rephrased:
A) I want my assets now (10-20 minutes)
B) I want it in 24h with more reasonable fee price.
C) Speed is not an issue, make it cheaper (might take 1-3 days).
Fees pricing model will be changed:
a) Fees will be dynamic and be changing by Ethereum network gas price.
b) Fees for different tokens will be different according to the gas limit they need for
transfer.
c) ZIG transaction fee (where available) will be 75% of ETH transaction fee on the base
of current lowest sale offer.
What will ZIG new transaction fees model give?
1) It will make more publicity to ZIG token.
2) It will rise ZIG token trading volume.
3) It will make ZIG token price and actual transaction fee more transparent.
4) When ZIG price rises the fee nominal price automatically lowers.
SecurityAs a security measure, every customer can make one automatic withdrawal per 24 h. Next withdrawals will require supervisor’s manual approval. Also, for every token certain maximum automatic limits are set. Depending on customer’s history both limits can be raised.
Supervising usually takes place in business hours 6:00 AM UTC to 8:00 PM UTC. If possible Ecex Exchange will extend those hours.
In case of an anomaly in price fluctuations withdrawal can be suspended if needed.
MaintenanceAs you might have seen we have daily maintenance break from 8:00 PM UTC to 8:15 PM.UTC. 8:00 PM UTC is considered as trading day end for Ecex Exchange. This will also allow us to implement one day orders what will be flushed after trading day end if not fully executed before.
When will this take place?
It is planned to take place step-by-step latest in the second week of July.
Ecex Exchange
