Advantages of InGot Coin Ecosystem

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07_kiss Cryptocurrency market has become impressed in our lives. According to forecasts of The World Bank, 10% of world’s GDP will be refined by means of blockchain by 2025. Cryptocurrencies are already displaying advantages for public, but have not yet received wide opportunities to implement full power of their truly breakthrough technologies in “physical world” mode.

What is the main advantages of cryptocurrency exchange system? The concept is based on a decentralized platform that is on a blockchain technology which joins together to manage the database of all the transactions taking place. Thus, via a decentralized system, we can keep count of all the transaction and transparency is maintained.since the blockchain concept is highly encrypted via a technique called cryptography, tracing the path of the transaction becomes almost impossible. Hence, there is full anonymity and no risk or threat of theft. Therefore this system does not play with the trust of people. the transactions take place from client to client and thus are just a matter of seconds.No third party involvement and hence very low or no fees of transaction. Often the regular payment gateways or online payment do the transactions via a third party and charge high transaction fees. But such is not the case with cryptocurrency system.You can have your own cryptocurrency wallet and you can use it anytime and anywhere for any kind of payment very conveniently. Thus you are your own bank and geographical barriers are not a problem anymore.

These are only one of the few advantages of cryptocurrency exchange system. IC Ecosystem expands the vision of crypto currency world and provides many advantages to users. Some of the major benefits are listed down below;

04_button Crypto VS Crypto

IC ecosystem is designed to provide unique first of its kind innovative solution as well as improved solutions to existing models, through the IC Wallet and exchange users can exchange, store and transfer a variety of cryptocurrencies users will also be able to participate in certified ICOs through the Ecosystem. The figure above resembles a typical crypto/crypto transaction in the IC ecosystem.

After registering for the IC Wallet and depositing crypto funds users are immediately able to send, receive and exchange cryptographic tokens. In this example, Ahmed wishes to exchange some Bitcoins for INGOT Coin; the user transfers the desired amount of Bitcoin from the IC Wallet to the IC Exchange custodial wallet and places a BTC/IC order and a smart contract is initiated, Sandra on the other hand wishes to exchange some INGOT Coin for Bitcoin and respectively transfers some INGOT Coin from the IC Wallet to the IC Exchange custodial wallet, once the funds are available in the IC Exchang custodial wallet the user can place an IC/BTC trade order. Once orders are matched the exchange is completed according to the smart contract and the funds are directly deposited into each user’s IC Wallet with no third-party intervention, meaning the funds do not pass through any third-party wallet before reaching their destination wallet.

05_button Crypto VS Fiat

The Ecosystem will provide an environment for trading crypto/fiat pairs faster and cheaper than all currently existing platforms. Given that the IC Bank and IC Exchange are connected to the same network, transactions are all processed internally. The figure above demonstrates a crypto/fiat transaction where Steve wishes to exchange his crypto for fiat, Laura wishes to buy crypto using fiat. Steve places a USD/IC buy order through his IC Wallet interface which instantly places an order on the IC Exchange order book after transfer of their coins to the IC Exchange custodial wallet. Once the order is matched, the user’s IC Bank account is deposited with the proceeds of the sale in USD.

Anyone places a IC/USD buy order through his IC Digital Bank interface which immediately places an order on the IC Exchange order books, a temporary hold on the order amount is placed on the fiat funds in the user’s IC Bank account. Once the order is matched the recently purchased cryptocurrencies are deposited directly into the user’s IC Wallet according to the smart contract and the previously held fiat funds for the amount of the transaction in the buyer’s IC Bank account are transferred to the seller’s IC Bank account instantly as an internal transfer. Given that the exchange and the bank are under the same umbrella, the system is able to perform deposits first and settlements second in the back offices, it is just as easy as an internal transfer.

04_button Crypto VS Traditional

IC offers the first sustainable model for crypto/traditional (stocks & commodities) trading. By integrating a traditional brokerage with a cryptocurrency exchange we have arrived at an innovative solution that connects the crypto markets to traditional markets such as ICE, CME, NYSE, NASDAQ, EURONEX, LSE & many more.

Someone wants to buy stocks from the IC Brokerage in exchange for IC. In the ordering phase he/she will place a market order on the platform based on the best IC Brokerage bid and ask prices for the specified stock and IC. As orders are place, the IC Brokerage will start the matching phase where the IC Brokerage will connect both participants with the best buy order and the best sell order for the specified pair. The IC Brokerage will base its matching on a price-time priority matching, therefore providing no bias towards any participants. The movement of funds will be from the IC Wallet to the Exchange segregated wallet, then after the sale happens the money is internally transferred to his/her bank account. As soon as the money is there, wang will be able to purchase the specified stock that he is requesting.

05_button Traditional VS Fiat

One customer wants to buy (AAPL) Apple stocks from the IC Brokerage with fiat (USD) while another one wants to sell (AAPL) Apple stocks for fiat (USD) currency. In the ordering phase both participants will place their market orders in the IC Brokerage based on the best IC Brokerage bid and ask prices for AAPL and USD respectively. As orders are place, the IC Brokerage will start the matching phase where the IC Brokerage will connect both participants as their orders were the best buy order and the best sell order for the USD and AAPL pair. The IC Brokerage will base its matching on a price-time priority matching, therefore providing no bias towards any participants. With respect to price, size and value of order, only time will be considered as a factor to match. In other words, if there is a buy order at a price of 100 USD and there are 2 sell orders of Apple shares worth 100 USD, then the system will automatically take the participant with that ordered the sell first.

04_button Fiat VS Fiat

The best option for explanation is giving an example. Marc wants to trade his U.S Dollars for Euros while Julia wants to trade her Euros for U.S Dollars. This order will be considered as Fiat vs Fiat as both participants are only looking to exchange the type of fiat currency that they own. This is done most of the time to hedge different prices if the participants have business in different countries and receive a variety of currencies. The process starts with the participants ordering their requested currency. Let’s take Carlos and Maria as an example. Carlos and Maria will place their market orders in the IC Digital Bank through the IC Platform and based on the best bid and ask prices for the Euro and the USD. As requests are ordered, the IC digital Bank will match the best ask and best bid prices together. As orders are matched, the U.S Dollars are transferred from Maria’s IC Digital Bank account to Carlos’s IC Digital bank and Euros are transferred from Carlos’s IC Digital Bank account to Maria’s IC Digital Bank account.

05_button Custodial services

IC Digital Bank will provide 24/7 automated payment processing with high-level web-based custodial services. The IC Digital Bank will also facilitate the IC Brokerage and IC Exchange duties, along with providing day-to-day online services such as e-payments. Furthermore, clients are able to open different bank accounts ranging from current and saving, to brokerage accounts. The IC Digital Bank will also provide fund management for all interested stakeholders and support their trading activities by providing unmatched settlement and remittance speed at the lowest fees.

02_writer Payment Processing

Fiat funds such as Euro or US Dollar can be deposited in the IC Bank and managed manually by the IC Exchange operator or automated through the implementation of payment processing features through the IC Digital Bank interface.

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