PARAMOUNTDAX: Serves The Real Needs Of The Crypto Community, Not Just Other Crypto Exchanges:
The General Concept Of The Paramount Exchange:
Introduction:
ParamountDax aims to provide a sophisticated trading platform that really caters to the needs of the crypto community by offering intuitive user interface, instant liquidity, multilingual and real-time customer support and by enabling seamless, secure and risk- free trading opportunity at minimal fee. As one of the few crypto exchanges licensed before its launch date, ParamountDax serves the real needs of the crypto community. In this respect, we created a highly proficient, stable and secure decentralized hub for your crypto assets. We're committed to strengthening the reliability of your financial operations on ParamountDax and to ensuring fair listing and monetizing policies.
ParamountDax is a Fully Developed from the scratch, ready-to-use product implemented as a modern-age crypto trading exchange. It aims to revolutionize cryptocurrency trading by serving as an ideal platform for crypto-to-crypto and crypto-to-fiat trading while also solving the issues faced by today’s crypto industry. ParamountDax aims to provide a sophisticated trading platform that really caters to the needs of the crypto community by offering intuitive user interface, instant liquidity, multilingual and real-time customer support and by enabling seamless, secure and risk-free trading opportunity at minimal fee. This Whitepaper gives a detailed account of how we aim to disrupt crypto trading by providing a cutting-edge crypto trading exchange. It aims to demonstrate how we are using our team’s expertise to make cryptocurrency trading simplified for everyone.
ParamountDax allows you to manage all your digital assets effortlessly in a trading exchange that offers you. We're envisioning ParamountDax as one of the fastest exchange, payment transfer and peer-to-peer transactional networks in the world - from the current 10,000 transactions/ second ParamountDax supports, we're improving to 2,000,000 transactions/second by adding cloud hosting and load balancing of each blockchain node separately into the network.
KEY FEATURES PARAMOUNTDAX EXCHANGE:
Discover all the benefits of trading on ParamountDax
a. Daily Profit:
PRDX Coin will be sold to supporters of ParamountDax Exchange, giving them a Daily profit. ParamountDax will pay 46% of all Trading Fee's charged by the platform as Bonus reward to the PRDX holders
b. Trade From Chart:
TFC Trade from Chart (Advanced) is a module that allows users to perform operations directly from chart
c. Strong Referral:
Referral is Based on 3 Level Invitee: A-B-C the invitee is direct invitee, the Other 2 (B&C) are indirect invitee. The Inviter will get 17% from User 'A'. The Inviter will get also 8% from User 'B' (The user invited by User 'A').The Inviter will get also 5% from user 'C' (The user invited by User 'B').
d. Risk-Free:
Risk-management on our trading engine is handled with utmost care. The same goes for our desire to comply with financial regulations, ParamountDax being one of the few crypto exchanges licensed before its launch date, under license FVR000363 - for exchanging virtual currency vs. fiat currency - and license FRK000304 - for the right to provide virtual currency wallet services. Our specialists spare no effort to improve the ParamountDax KYC (Know Your Customer) protocol, so that you benefit from enhanced security ensured by:
- MultiSig wallets and Smart Contract
- Cold wallet storage
- Expire pass
- SSL Encryption
- IP change verification
- Fraud detection.
e. Easy Trade:
Getting to the next level with your trading has never been easier: the ParamountDax trading platform doesn’t restrict or limit your trading activities. Moreover, we created a custom trade indicator which tracks and assists you with real-time, accurate profit/loss data. With 10,000 transactions per second ParamountDax will provide a sophisticated trading platform that really caters to the needs of the crypto community by offering intuitive user interface, instant liquidity, multilingual and real-time customer support and by enabling seamless, secure and risk- free trading opportunity at minimal fee.
e. Advanced Customer Care:
We're providing highly responsive customer support to our users, 24/7, all year long. Regardless of the nature of your issue, you'll hear back from us in 24h.Bonus ParamountDax supports all high-circulation languages (English, Chinese, Russian, Hindi, Japanese, Korean), with more being added continuously.
THE PROBLEM WITH MOST CRYPTO EXCHANGES:
• Security Issues:
Considering the irreversible nature of crypto transactions, crypto exchanges are very attractive to cyber-criminals - once they have accessed your funds, there is no turning back. Billions of dollars in cryptocurrencies have been stolen from exchanges in the past only because of poor security protocols.
Main Samples of Security Issues:
• User security
• Domain Name security
• Web Security
• DDOS protection
LATENCY PROBLEM:
Various crypto news and community forums have reported that the differences in connection quality have made trading a difficult and often unfair endeavor in existing exchanges. Usually, automated trading bots having good connections can see order books faster and therefore react efficiently, thus getting unfair edge over normal users. The problem is particularly acute during rallies when exchange throughput limits are reached. As a result of the uneven playing hold created by Low - latency traders, institutional investors may choose or be forced to avoid investing in certain parts of the market because they cannot receive the guarantees they need for fair and transparent price discovery and execution. Also, there are slippage problems caused by lack of liquidity.
Liquidity Issues:
Liquidity is one of the major issues faced by crypto trading exchanges, especially those having a limited user base. Moreover, during a surge of volume across the cryptocurrency trading platforms, even leading crypto exchanges have experienced delays and technical difficulties, as their servers were unable to cope with the massive influx of activity.
Unannounced Service Stoppage:
Unannounced downtime is another major issue faced by traditional crypto trading exchanges. In the first quarter of 2018, Binance - today’s leading crypto trading exchange halted its services for more than 24 hours after a DDoS attack. Similarly, in 2017, Bithumb alone experienced a minimum downtime of 90 minutes during a peak trading period; the estimated impact is more than 60,000 Bitcoin (BTC) worth of lost trade volume. Bithumb also made an organizational decision to cancel all outstanding orders without notice and to put the exchange on hold, causing significant loss for short-term traders and leaving them confused and unable to act. During this downtime, the price of BitcoinCash and other important cryptocurrencies almost halved in value.
Slow Order Book:
Slower processing of order books is another issue faced by crypto exchanges. Usually, if there are not enough tokens that go through the exchange, order Processing becomes really slow and traders have to wait for hours just to perform a simple trade.
Unfair Listing And Monetizing Policies:
Major crypto exchanges have adopted business models that simply consider listing new tokens on their platforms as an opportunity to capture as much money as possible. Today, there is a multitude of crypto trading exchanges that charge a project up to hundreds of thousand US Dollars - or more than 100 Bitcoin - just for the sake of listing an ICO or listing a crypto token. Next come the massive fees that are charged from traders while executing a trade.
Poor Customer Support:
Delayed customer support tickets, unavailability of enough support staff and Unprofessional behavior from customer support representatives are other issues crypto exchange users have to often face. A simple ticket can take up to a week during which - given the utility crypto market has got - prices can change drastically. This leads to severe financial loss for a user.
Limitation On Trading Activities:
The majority of crypto exchanges today provide only the basic features - such as buy and sell order - which are not good enough for traders who want to implement order limits and stop loss orders. Moreover, there is no OTC feature for institutional investors who, as a result, have to rely on traditional order books that can lead to market manipulation.
High Fees:
The trading fee on traditional crypto exchanges is very high. With every trade you make, a specific percentage of your order activity is deducted as exchange commission for the trade even if you are in loss. Moreover, as trading fee is deducted from both buyer and seller, this becomes a huge earning opportunity for the exchange while the community gets no share of that.
Complex User Interface:
User interface plays an important role in user adoption of a crypto exchange platform. Generally, crypto exchanges provide complicated user interfaces with poorly designed architecture. This makes the trading activity a lot harder for ordinary users. Research suggests that on most of the crypto exchanges today, a user needs to scroll down to find the order book, the buy and sell orders, open orders, and trade history etc. This may cause a lot of distraction while manipulating trades and orders, as users don’t have everything in front of their eyes and have to move down to another page only to be able to complete certain operations. This ultimately results in low user retention especially in a highly volatile market. Moreover - given the universal nature of the crypto industry - multi-language support should be a must, but unfortunately isn’t provided by the majority of the exchanges.
PARAMOUNTDAX SOLUTIONS TO THE PROBLEMS:
User Security:
Some Of The Protocols For User Security Are:
Two-Factor Authentication:
In order to log in to the ParamountDax website, a user won’t be allowed simply through a ‘login + password’ access type. ParamountDax will enforce a secure 2FA protection for the client. By default, weak 2FA like OTP/Google Authenticator / SMS won’t be authorized or will be only temporarily tolerated, since these methods are vulnerable to phishing attacks. This way, similar attacks to the one on Ether Delta will be avoided.Password Strength Assessment:
In order to ensure the password remains as strong and difficult to guess as possible, users are allowed to generate passwords that exceed the minimum of 8 characters. Moreover, passwords have to be a combination of case sensitive letters, numbers, and special symbols.Account Creation Email:
A user needs to verify their account via the email that he/she has signed up with. This ensures that in the future, a user will be able to recover their account if they have forgotten their login ID or password.IP Address Verification Through Email:
A user logging in to their account is allowed to access their account only when they are logging in from a verified IP address. For a new IP address, the user needs to confirm via a confirmation link emailed to their verified email the one the user account has been created with.IP Address Validation On Withdrawal:
For every new withdrawal, a user needs to validate their IP address through the registered email.Email Notifications:
For every login, successful or not, a user is notified via email. Similarly, a withdrawal is also notified via registered email.
EXCHANGE SECURITY:**Secured Protocol: **
ParamountDax has implemented security protocols such as: Secure Header on HTTP Request / Response such as: X-Frame-Options, X-XSS Protection, HTTP Only, Set Secure flag.CSRF Protection:
Cross-Site Request Forgery (CSRF) protection for victims of fraud will be reported to the Administrator.Avoid Suspicious:
Suspicious users will be prevented by the xss-clean method which also prevents the malicious file from uploading.Authentication & Detection:
Authentication & Detection will be provided by ParamountDax to make the transaction fulfilled by the participators to the trade.Prevent DDoS Attacks:
The DDoS attacks can be prevented using periodic penetration testing, Custom WAF rules, security notifications, etc.Secure Web Services:
ParamountDax will offer a highly available and customized DDoS shielded hosting solution with network and application-level firewalls. ParamountDax will use secure HTTP headers like HSTS to enforce TLS encryption, and keep the passwords salted and hashed.**Security Audits: **
In order to ensure maximum security of the exchange, ParamountDax will conduct a periodic security audit so that vulnerabilities are avoided. For trader’s patience, we will sign a regular contract with some External Audit Agency. The name of Company Audit will be communicated soon through official ParamountDax social media channels.
PARAMOUNT TOKEN INFORMATION:
Ticker: PRDX
Type: Utility-token
Token standard: ERC20
Token price in USD: 1 PRDX = 0.15 USD
Accepted currencies: BTC, ETH, USDT, B2BX, DASH, LTC, NEO, XRP, PAX, BNB (EUR / USD)
Token Distribution:
2% – Bounty Bonus
10% – Angel Investors
65% – ICO Participants
23% – Team
Funds Allocation:
22% – Initial Development Cost
12% – Liquidity Reserves
11% – Team аnd Advisory Board
33% – Marketing
22% – Emergency Reserves.
ROAD-MAP:
TEAM:
For More Information Please Kindly Visit The Links Below:
Website: https://www.paramountdax.io
Whitepaper: https://www.paramountdax.io/whitepaper.pdf
Ann Thread: https://bitcointalk.org/index.php?topic=5137789.0
Twitter: https://twitter.com/ParamountDax
Facebook: https://www.facebook.com/Paramountdax-2024636494500768/
Telegram: https://t.me/ParamountDaxICO
Medium: https://medium.com/@paramountdax
Reddit: https://www.reddit.com/user/ParamountDax
Author’s Details:
Bitcointalk Username: Dtotti78
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2343031
My Eth Wallet Address: 0xc5a639f58cb8deffff8513e2ad5f28f46d678b74