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A platform for intuitive building and running automated crypto trades will start an ICO on February, 7th. It won’t be easy for them to gain an audience as the 80% of trades on the market are reported to be done by bots. However Kryll project still has fair chances to get a market share. It’s a lot like Tilda, an easy-to-use responsive page builder requiring no coding skills, which has undergone a revolution in web design in recent years making it understandable and painless to use for a beginner, experts say.
Simple Yet Powerful
Waking up from a nightmare: the market is falling, money is lost – how many traders had such a frightful experience? The philosophy of Kryll project is aimed to solve the problem. Kryll is a platform for automatic crypto trading that provides intuitive ways to design sales and purchasing strategies. And not only to design. According to the project’s whitepaper, users will be able to experiment and test a strategy as long as they need until they are sure it’s really profitable. Payment will be only taken for live trading.
“Through What You See Is What You Trade interface, you can design trading strategies making use of the industry’s most powerful tools and safely test them with backtesting and sandboxing. Once your tools prove their worth you can set them to live-trade on your behalf, taking the right positions at the right time, as if you’re following the markets,” – it says.
A crypto strategy is built up like LEGO. One of the project’s main ideas is to make a user-friendly interface, including different blocks: market trends, trading actions, signals from professional traders or telegram channels and notifications to keep up with the news. One doesn’t have to have any coding skills to build a strategy. Additionally users will have plenty of logic operators (IF, ELSE, AND etc.) in order to make their script more flexible. The company has also announced to launch a mobile app.
Kryll intends to create a strategy constructor, a sort of WordPress or Tilda for traders. The project offers a comprehensive multi-platform solution, and that may be its main advantage. I’ll also note the unusually high number of exchanges they’ve partnered with: Bittrex, Cryptopia, KuCoin, HitBTC, and more”, – says Denis Suslov, Chief Financial Officer at Finom AG.
The World of Bots
Crypto trading keeps on growing but the reality is that the market is now mostly controlled by bots. It is estimated that the automatically-made trades account up to 80% of all deals on the crypto market. Many experts agree on the fact that the best way to survive on such market is to take advantage of auto trading but not to rely on it solely – users still need to conduct their own analysis.
“Advanced traders do use them and there are professional and institutional traders running their entire trading activity through automated strategies and algorithms. However, totally automated trading strategies, running 24/7 are still affected by market inefficiencies, especially buy lack of liquidity or gaps in prices which might very well occur given the level of volatility shown so far,” – says Roberto d’Ambrosio, CEO Alpari Research & Analysis Limited (UK).
It’s not that cheap to use trading bots. The Haasbot, which is one of the most popular among cryptocurrency enthusiasts, takes between 0.12 BTC and 0.32 BTC per three-month period. The ones that are cheaper, like Tradewave, have only few strategies shared by community members for others.
Kryll project is going to use “fuel” system. Tokens gained during the ICO (KRL) can be spent while using a strategy in live trading. The fee depends on the complexity of a task: the more complicated is a script – the more it costs.
The platform will give users an opportunity to share a winning strategy with fellow traders and get rewarded with the passive income for doing so. Creators will be free to set their own fee in KRL for using their systeem by others. Moreover the developers plan to organize competitions where people will have to achieve the best performing strategy. The marketplace will also feature a chat section, whitepaper claims.
Besides Kryll will organise hackathons for developers to build up new winning blocks to integrate in the platform. The project team has already designed about 50 blocks to release in future and the community can vote on the next ones to come.
The project aims to raise up to $29 million through ICO starting in February. Minimum Purchase is 100 USD. Closed Alpha-version for investors will be released in summer, the full release is expected in early 2019.