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The article is penned by Vasily Alexeev, CTO @Serenity
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Serenity blockchain platform is the most eagerly awaited and talked about ICO of 2018 in the financial industry. The main goal of the Serenity project is to create a transparent, secure and standardized space for trading in the Forex international exchange market, in stock, cryptocurrency, and derivatives markets. Serenity is not only a blockchain platform for protection of traders and a comfortable business development platform for honest broker companies, but also an online exchange for trading financial instruments.
Serenity project has so far raised $1,886,786
At the end of 2017, Serenity carried out a successful pre-ICO round, having presented the platform to the financial community and investors at more than 40 conferences all over the world. Prototypes of the Serenity exchange, the automated non-market transactions verification system and the system of automated payment of fees to introducing brokers (IBs) have already been presented. Besides, there has been concluded an agreement with Financial Commission – the most well-known mediator in the financial sphere, which will consider traders’ disputes and claims.
80-90% of financial brokers and dealers are not regulated
Serenity solves a huge number of problems existing in the financial industry. The Forex market is the largest global financial market, which is vastly superior in terms of its volume to the stock market, bond market, oil market, gold market and any other asset markets. According to various estimates, from 6 to 7 thousand broker companies work in the retail brokerage services market. In addition, 80% of all broker companies advertise their services and accommodate their clients from non-regulated or poorly regulated jurisdictions. Eighty percent of the huge market with USD 5 trillion daily turnover are left without a proper brokerage activity control system and without any uniform business conduct standards and effective trader protection methods. It basically means that tens of millions of traders are left vulnerable and unprotected against illegal acts and fraud.
Serenity guarantees security of funds
As a blockchain platform, Serenity records in blockchain digital signatures of trading and non-trading transactions of traders and brokers. Specifically, Serenity receives data from Metatrader4 and Metatrader5 trading platforms, liquidity providers and independent platforms via the inter-bank FIX protocol, as well as from the back office systems, and records every transaction. Recording of transactions in blockchain guarantees that it is not possible to change or falsify the data. Access to information about every single transaction is provided and is subject to certain confidentiality conditions to the following trading participants: a broker, a trader, and Serenity.
To keep traders’ deposits, a Serenity smart contract is used. Such measures make it possible for Serenity to guarantee the integrity of the information about all transactions, as well as to guarantee that the trader will always receive its funds and will not be deceived.
Transparency for Introducing Brokers
In addition to brokers, traders, and liquidity providers, platform participants include introducing brokers (IB) — partners of broker companies. These are legal entities and individuals engaged into attraction of traders for financial trading on a commission basis. According to some estimates, there are up to 500 thousand IBs working in the global market. They are also exposed to the risk of non-payment by broker companies, and Serenity solves the problems related to these participants of the market.
Besides, a unified KYC center for verification and identification of counterparties will be used for all the participants of the platform in order to prevent the use of the system by doubtful companies and clients. The single KYC center will make it possible for traders to undergo the procedure on a once-only basis and not to spend time and money for submission of documents to each of the brokers participating in the system.
Even now, the platform is supported by large broker companies and well-known experts of the financial industry. The project’s advisors include 14 recognized specialists in the sphere of brokerage business, financial law and regulation. On January 20, 2018, after a careful analysis of the Serenity project and its concept, structure, documents, technology and prototypes, the DigRate agency assigned a high rating to the project, which is an additional confirmation of high appreciation and recognition of the project by experts in the sphere of ICO and financial technologies.
Just recently, it was reported that Serenity and the Yobit exchange had reached an agreement on listing of Serenity tokens (SRNT) on Yobit. After the final round of ICO, tokens will be freely traded on that exchange. Serenity is planning to attract 100-150 brokers by the end of 2019, which means that about 5 million of companies’ clients will need Serenity tokens. With the growth of the number of brokers participating in Serenity, the demand for tokens will grow, whereas no tokens will be issued after the ICO, and tokens used for services payment will be withdrawn from circulation and destroyed. It will assure the growth of SRNT quotations and obtaining profit by token holders after the final ICO round.
It should be reminded that the main Serenity ICO round is held from January 25 through March 7, 2018.