Cryptocurrency Exchanges

Feature: CryptoZink: A Hybrid Cryptocurrency Exchange

February 1, 2019
Saad Mohammad


Feature: CryptoZink: A Hybrid Cryptocurrency Exchange

In the wake of major recent exchange hacks such as multiple Cryptopia hacks and numerous cryptocurrency exchanges closing down due to the ongoing bear market, we thought it would be interesting to showcase a new exchange that is prepping for launch to see whether the things they are doing and the plans they have devised would likely stand up to the test of time and weather market swings – and succeed where others have failed.

Crypto and blockchain initiatives took off over the last few years as companies realized that not leveraging new solutions would eventually find it difficult to compete in the global marketplace. However, despite the many benefits of these innovative pieces of tech, individuals and businesses have faced an uphill battle when it comes to adoption and ease of use. Some of the major challenges that still plague this space include:

  • How to empower people and businesses to participate in – and interact with – blockchain and cryptocurrency initiatives.
  • Assuaging the fears and concerns that investors have when it comes to cryptos and digital tokens.
  • Educating users with regards to best practices and how to leverage tools and services
  • The factors to consider when choosing a platform or service from amongst over 200 publicly listed cryptocurrency exchanges, hundreds of different cryptocurrency wallets, and virtually thousands of news, data, and information feeds.
  • How to overcome the challenge of low liquidity, extreme price volatility, and time delays during the execution of trade.
  • Sidestepping the pitfalls that come with the territory when doing business in an unregulated field.
  • Improving overall customer experiences, facilitating trade despite a lack of usable integrations, and scaling services to a unified and highly performant platform.

These are the challenges that CoinZink was specifically designed to overcome.

CryptoZink touts itself as a highly secure and global hybrid cryptocurrency exchange. They participated alongside 40 other high-profile businesses and projects at the Malta Blockchain Summit last year, and you can read about the summit here.

The project combines the best features of centralized exchanges with everything that a decentralized exchange (“DEX”) has to offer. It enables users to securely and confidently buy, sell, and manage cryptocurrencies. By improving the average cryptocurrency trading experience and by addressing all of the problems and challenges highlighted above, CryptoZink plans to redesign trading into a user-centric experience that lays the foundation of how things are to be done in this space.

Here is how they will do this.

1. The first step is pretty standard: CryptoZink’s native digital asset, the ZNK Token, will be paired with all currencies and tokens listed on the exchange. All transactions are to be executed in ZNK, giving traders and investors a highly liquid secondary market for ZNK tokens in their possession.

2. The service has been designed to be very user-friendly and safe, and it uses enterprise-grade security, two-factor authentication (2FA), fingerprint verification, and secure offline storage options that will help users avoid the hacks and security compromises that have become common fare in the crypto space.

3. CryptoZink will set up 24/7 email, live chat, and Zendesk customer support. Their guaranteed response time is two hours or fewer.

4. The platform is one of the first of its kind that will establish a cutting-edge education platform. This will benefit both beginners as well as experienced traders. An extensive content library will be developed using the skills of professional cryptocurrency and blockchain educators, as well as subject-matter experts. Users will have interactive access to webinars and online classes. In-person workshops and one-on-one tutorials will also be provided. Users will be able to pace themselves and set their own learning goals while earning rewards in the form of ZNK tokens for completing learning objectives.

5. The platform will also launch a news, data, and analysis aggregator customized to the cryptocurrency space. This service will provide real-time and predictive cryptocurrency information to CryptoZink users and will help them overcome the problems posed by a lack of trust and a general lack of credible information. Data to be provided by this service includes market, coin, and token comparisons; news updates; GitHub commit information; trading volume and price data; regulatory rulings; and social media information relevant to specific tokens or projects.

6. Establish trans-fee mining. Trans-fee mining has been a popular topic in the crypto space for some time. This is how it works: Every time anyone executes a trade, the maker or taker has to pay a transaction fee to CryptoZink. However, the maker or taker receives ZNK Tokens in his or her ZNK wallet equal to the transaction fee. This encourages trade and gives traders an alternate income stream alongside (or even instead of) day-trading gains.

Only time will tell how well this project will do, but right now, it looks like it is on the right track. The exchange website is currently undergoing a cosmetic lift, but it will be interesting to see what the project team can do in 2019 and beyond.