ChainUP provides the technology and high-level security support needed to level the playing field for small- and medium- sized exchanges.
11th February 2020, Singapore– In the world of cryptocurrencies, exchanges constitute the core infrastructure, attracting countless users by providing profit-making opportunities and cash flow. As early as April 2018, the number of exchanges on the market had exceeded 500. Today, there are as many as 417 exchanges globally with a daily turnover of more than 10 million, whereby the TOP 30 exchanges account for 82% of the entire market’s trading volume.
Despite fierce competition in the industry and the challenges of technology, maintenance and cost, the crypto exchange circuit has been constantly crowded with newcomers. In the last two years, some new exchanges, for example MXC and BiKi.com, have developed impressively. Within short setup times, they have achieved performance and service levels on par with second-tier exchanges, ushering in a new era of professional exchange platforms with accelerated development times.
Blockchain technology and service provider ChainUP offers the requisite support behind such expedited growth.
For the average investor, the fad of blockchain technology opened the doors to digital currencies and digital asset investments. Undergoing baptism of the bull and bear markets, the past two years has seen the crypto industry make the necessary corrections.
However, exchanges continue to store user assets on their platforms, making them easy targets for criminal hacking and theft.
|Major Security Incidents on Crypto Exchanges in 2018|
|Number||Exchange||Hacked Time||Country||Loss (in USD)|
|5||Huobi||3.13||China||no transactions for 3 hrs|
|6||Dubai Exchange||3.23||Dubai||0.2 M|
|7||Binance||3.26||Japan||10% market decline|
|11||Coinrail||6.11||South Korea||37 M|
|12||Bithumb||6.21||South Korea||30 M|
According to some statistics, exchanges have in total lost more than USD 2 billion, causing the biggest bottleneck in the development of the exchange industry presently – the issue of asset security. Security incidents like lost and stolen coins continue to occur on established exchanges. Even more worrisome are the newly established exchanges that have weak technical teams who lack industry experience. These are all barriers to entry for many non-crypto users.
ChainUP offers exchanges the solution to this predicament by providing professional services that offer strong technical advantages, allowing platforms to develop and function securely, putting users’ minds at ease.
Over the past two years since ChainUP has been established, it has served more than 300 exchange customers, providing smooth functionality with zero security incidents. It has contributed in no small way to the breakthrough of these exchanges, who have stood out from the thousands of platforms.
For exchange transactions, ChainUP has a set of special risk control systems, conducting all-round risk management of the system. It also provides three-way reconciliation of finances, real-time monitoring of fund security in wallets, active security interventions, intelligent monitoring of asset circulation, withdrawal blocks, defense against DDoS attacks, traffic cleanup and 30-over other defense mechanisms.
ChainUP’s proprietary AUROR situational awareness system performs large-scale data analysis on user behavior, multi-dimensional monitoring, real-time risk and threat detection, actively prevents high-risk behaviors and conducts system attack analyses and interception.
ChainUP also maintains in-depth cooperation with more than a dozen global blockchain security institutions. These organizations issue professional audit reports for customers, adopt formal verification technology, and automatically scan security codes. Dozens of security tests have been conducted to troubleshoot security risks, avoid hacking and ensure the security of smart contracts.
In addition, ChainUP also isolates permissions and performs multiple confirmations for high-level operations. It self-examines administrator behaviors such as abnormal login audits, attempted unauthorized operations, high-frequency server access, and abnormal pre-order behaviors.
With such a complete risk control and security system, ChainUP has managed to ensure two years of safe operation and maintenance services to 300 customers worldwide without any security incidents.
In terms of technology, ChainUP possesses a strong technical background with a team of more than 100 “technology genes” from BAT (Baidu, Alibaba and Tencent) companies and other well-established blockchain companies, providing the best technology services to the market.
Very importantly, the overall technology architecture must be scalable, extensible, and efficient. The architecture needs to be able to achieve automatic horizontal expansion according to business requirements; the scalability must be highly configurable to support secondary development of customers; finally, efficient matching ensures that transactions are not unduly blocked.
ChainUP’s matching engine uses lock-free circular queue memory, reaching millions of TPS (transactions per second); asynchronous data persistence, with liquidation of up to 10,000 per second; and has a perfect disaster recovery mechanism. In case of downtime, recovery can be achieved in seconds.
In terms of wallet services, ChainUP provides structure and security to ensure the security, stability and efficiency of the wallet system. For business purposes, it includes traceability, accounts reconciliation, withdrawal reviews, external scanning and other content processing. At the same time, via the network topology, operations and maintenance measures such as deployment specifications, database and server monitoring have comprehensively improved the system’s security, stability and disaster recovery capabilities.
While exchange downtime and security incidents may be inevitable, ChainUP’s comprehensive security risk control system and strong technical architecture help customers to discover, block and resolve risks in a timely manner, ultimately ensuring that users’ assets do not leave the exchange, helping customers to minimize losses.
Helping Small- and Medium- Sized Exchanges Break Through
“All the numbers displayed on the centralized exchange are closely related to the funds,” according to BiKi.com founder, Winter. “If there is an error, the losses will be huge, so the matching system, clearing system, wallet system, and market-making tools are very important to the exchange. The technical team of hundreds of people at ChainUP and the experience of hundreds of users have played irreplaceable roles in our rapid development process. Our refined operations have allowed BiKi to rise against the tide and become one of the world’s leading exchanges.”
“Professional people do professional things” is ChainUP’s philosophy to help exchanges win. BitWind, a liquidity system launched by ChainUP, aggregates the trading depth of more than 200 cryptocurrency exchanges from top global exchanges. It provides the exchange with the best quotes, the lowest spread and the best liquidity, helping exchanges solve liquidity issues and enhance transaction volumes and trading experience.
As the saying goes, competition breeds innovation. Fierce competition has played a positive role in the development of the exchange industry. Only when more participants enter the market can the industry be guided towards a more diversified and healthy direction in development.
The blockchain technology services provided by ChainUP not only provides solid technical backing for new exchanges, it also saves high technical and maintenance costs, allowing the team to focus more on the operation of the exchange, while contributing to the overall security of the industry and allowing investors to invest with peace of mind.
ChainUP is one of the leading blockchain technology solution providers in the world. It owns eight well-developed product lines: digital currency trading, wallet, situational awareness, public chain and consortium blockchain, mining pool, blockchain cloud media, liquidity, broker, and has constructed an industrial closed-loop from technology service to traffic and traffic commercialization. So far, it has served 300+ exchange clients, 100+ digital wallet clients, 150+ liquidity service clients, which include 50+ million users in over 20 countries from Asia, Europe, America and Oceania.
The team members behind ChainUP have worked in top blockchain or internet companies and institutions in technological development and operation management, and are highly experienced in the blockchain industry. It has obtained several rounds of investments from well-known top institutions in the industry, such as Morningside Venture Capital, Joy Capital, Node Capital, Albatross Venture, Taoshi capital, amongst others.
Cecilia Wong, yourPRstrategist.com
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Last modified: May 19, 2020 7:47 PM