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Author Topic: [ANN] [STAKING+] [FRT] 1st Trade - Cryptocurrency Exchange  (Read 289 times)
1sTrade (OP)
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November 13, 2019, 02:28:49 AM
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1st TRADE is an independently-developed blockchain asset trading system with independent intellectual property rights
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1st TRADE will offer derivative services such as institutional high-frequency trading quantification, node Staking business, VC, PE, hedge funds and blockchain insurance based on blockchain wallet system and multi-signature architecture blockchain asset escrow.

1st TRADE embedded blockchain asset white label system is reasonably configured. 1st TRADE will also offer users institutional accounts according to the user grading system so that the institutional account can be established independently of the trading system, and the exchange depth information can be shared in real-time. The system single-server matching rate can up to 50,000/TPS, and it can grow linearly with a reasonable scale-out. The current system used by the platform has been operated for one and a half year, and its back-end operating system, risk control system, financial system and operating system have been working smooth and stable during this period.

In response to the security issues of exchanges that frequently happen, 1st TRADE team jointly developed an independent risk control system with a well-known third-party and embedded it into the existing business module, enabling the platform to react quickly to abnormal transactions and wallet system anomalies. Besides, all the codes have been reviewed by a professional team, and 1st TRADE got a security report issued by a senior security company. The internal control system was strengthened by security optimization, back-end grading authority, and independent private CA certificate to reduce internal damage.



1st TRADE platform performs a weighted average based on the latest transaction prices of multiple exchanges on the market and calculates the index price
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1st TRADE adopted the average 7-day OTC exchange rate as the latest exchange rate.

Latest average exchange rate = the last 7 days average exchange rate(data retrieve once a day at 4:00 pm (HKT))

Exchange rate change occurs at 4:00 pm (HKT) every Friday after the delivery. That is, before the delivery of contracts every week, the same exchange rate is used, to prevent the influence of the exchange rate fluctuation on users’ operations. The exchange rate updated after delivery is the average exchange rates obtained from last Saturday to this Friday, every 16:00 (UTC+8).


Quote
Each contract has an index. The index is used for the same kind of contract with different expiration dates. For example, the weekly, sub-weekly, and quarterly index price of BTC contract is all the same

Data sampling: the latest price of the following exchanges are obtained through the API every 3 seconds (depending on the interval of index update)

Accounting currency: within the indexes if the accounting currency of the exchanges is different from the transaction pair accounting currency, it will be displayed in index accounting currency after the conversion based on exchange rates



How to handle abnormal situations? We have a solution!


  • "The price of a single exchange deviates greatly from other exchanges"
    Quote
    If there are more than 2 valid exchanges within the index, when the price of a certain exchange deviates more than ±10% from the average price of other exchanges, for such exchange, its price will be calculated as ±10% of the average price of other exchanges:

    For example: Let's say the BTC price of X exchange is 560 USD, and the prices of other exchanges are 500, 501, 502, 503, 504 (USD).
    The average price of other exchanges is 502.5, so the price of X exchange deviates from others by (560-502.5)/502.5=11.44%, which is more than 10%.
    Instead of 560 USD, system will take 502.5*(1+10%) =552.75 as X exchange's price.
    Therefore, the final index will be (552.75+500+501+502+503+504)/6=510.46 USD

    If there are only 2 valid exchanges within the index (only 2 exchanges within the index: the temporary removal of some exchanges due to the loss of the market). If the price difference between two platforms is greater than 25%, then the price of the exchange, which has a smaller deviation from the previously calculated index price, is considered normal, while the other exchange is considered to have a Fat Finger index. In this situation, the index price is temporarily anchored at the price of the exchange considered normal.
  • "Data loss of a single exchange"
    Quote
    If the valid data available from a single exchange not retrievable for a certain period (due to exchange closed, market suspended, attacked or other reasons), then the price at that point will be calculated according to the latest efficient price obtained.

    If the valid data obtained by exchange from the previous 100 data points (10 min) is less than 10%, it will be considered that this exchange’s price loses its guiding significance, and the weight of this exchange will be temporarily adjusted to zero. When the data of this exchange recovered, and there are at least 90 efficient data points out of 100 (90%), then the weight of this exchange will be recovered.
  • "Large price deviation of a single exchange"
    Quote
    When the price of exchange has deviated significantly from that of other exchanges for a long period of time, it is considered that the index of this exchange may lose guiding significance, and the index samples and the weight will be adjusted. Notice 1st TRADE announcement for more details.

Decentralized community node + Onchain use cases
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FRT is mainly used for building and motivating FRT global community activities, transaction fee deduction, transaction fee discount, platform and community rewards, trust insurance, mortgage lending, community decision making, and voting, etc.
The POS node ecosystem is developed by top-level blockchain technical team, whose source code structure is independent and originally developed, and the main network ecosystem is tailored according to the applicability, which is irreversible, fair, open, transparent and traceable.


Project advantages

1. Create a sustainable ecosystem by applying DPOS ecosystem + POC community incentives + POS-based Staking
2. Apply a multi-dimensional balancing mechanism that combines the neutralized community with the use cases on the chain to prevent the high-speed expansion of the ecosystem nodes.
3. Community members from the blockchain industry worldwide co-build a strong FRT ecosystem.
4. Open & Transparent:on-chain ecosystem code is open-sourced and third-party validation contract is open.
5.Experienced operation team: 1st TRADE team members engaged in economic model design, brand building, traffic attraction, community construction and other professional services for multiple blockchain projects.
6.Including the full range of payment services for decentralized finance (DeFi) based on blockchain technology.
7. Self-governance, content discovery engine and eco-investment fund will come soon.





All right, why us?!
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Well, that's interesting, because we have

  • Rich global blockchain operation experience: the founder Jearon is experienced in global brand and community operation in the blockchain industry. The foreign team members have rich experience in overseas community and media operation.
  • Solid technical strength: the platform has independent intellectual property rights, and its core matching engine can process 10,000 orders/second with a single server, which can be scaled out. The technical team has experience of platform architecture and coding and has its trading robot system.
  • Mature trading system: The restructuring system has been running stably for more than 6 months, and the core functions such as code review and embedded risk control system have been gradually improved.
  • 1st TRADE team will finish the multi-level reward and punishment mechanism such as onchain cross-token Staking service, onchain incentives mechanism and trading contribution incentives in the future.
  • 1st TRADE will focus on blockchain technology, continuously developing blockchain-based financial derivative services according to the development trend of blockchain industry while ensuring the basic exchange functions such as trading, wallet and community, to efficiently combine traditional finance and blockchain technology.

We are open to suggestions and feedbacks

Just ask the Founder of 1st TRADE about STAKING+ idea directly on TWITTER!

Jearon Wong is very professional, for real. You're welcome to check on LINKEDIN

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Our team hopes that 1st TRADE will become users’ first choice for exchange that offers blockchain-based trading and derivative service in the near future
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kudil
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November 27, 2019, 07:39:55 AM
 #2

I'm personally have a bad experience in withdrawal my funds at several exchanges with a reason, withdrawal take manually so takes several hours. How about this exchange, manually or automatically? Can you give me the average time for withdrawal process in this exchange?
AltcoinBuilder
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November 27, 2019, 10:41:19 AM
 #3

what are the fees?
1207Lmcin
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January 08, 2020, 08:09:59 AM
 #4

It has been a long time since the media has updated news about the project, please update it more often. I would like to know that the project is still active.
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