Expert Token is taking on the massive crypto market by storm
Eo.trade is a new platform entering the blockchain markets; actually, they are entering three markets at once.
They plan to make an all-encompassing user experience for trading by making a wallet that would hold most cryptocurrencies. This will make a powerful cryptocurrency exchange and a place where traders buy stocks and other assets with fiats and crypto.
Eo.trade will also provide a crypto news outlet with the most current updates on everything crypto. This will allow them to reach their ultimate goal: to create a currency that is a cohesive platform for everything: Crypto and stock.
What’s in their wallet?
Their simplified wallet is able to hold twenty (20) different cryptocurrencies. This includes bitcoin, bitcoin cash, Ether, other Altcoins, and, of course, their native currency, the EO coin.
This makes Eo. trade very similar to Coinbase, the leading online wallet, but what makes it stand out is that it will be able to hold fiat currencies. This is a term used by the blockchain community to refer to ordinary currency, such as the US Dollar and the Euro.
This would make Eo.trade the first of its kind, which is a major utility of this wallet since it will allow easy transfer of funds and will give so much use to the Eo.finance wallet. For example, if you wanted to have one central wallet, to keep track of funds or trade on, then that would be almost impossible to do with the current wallet options out there.
It would be impossible, because even if you had one crypto, you would have to have specified wallet for it. This is just really annoying for the user and Eo.trade fixes this.
Why Are They Making ANOTHER Crypto Exchange?
There are already a plethora of online cryptocurrency markets, and they are quite big. In fact, thousands of customers are going through these market to buy and sell crypto, every day. Eo.trade thinks they can do it better than the other exchanges for many reasons.
Increased Bandwidth for More Customers
Let’s look at the big problems they are trying to solve. First, some of the markets shut down when too many new users log on, and a lot of big crypto exchanges have had to shut down because they could not process transactions quickly enough.
These exchanges simply did not have the bandwidth to deal with a large number of users and activity that is going on on their platform. Shutting down exchanges slows the progress of cryptocurrency and of blockchain technology.
The second big problem they are solving is the inability of other exchanges to allow users to open new accounts or to make withdrawals.
Exchanges struggle with these because of the really strict anti-money laundering and knowing your customer laws, which, by law, must be processed when a user is signing up and withdrawing.
These are laws that have been placed on crypto exchanges to prevent money laundering. The reason this is a big problem for exchanges is that it takes a lot of time to process the information that those laws require them to have.
If a user signs up for an exchange, he has to enter in a lot of information about himself to prove that he’s not a criminal; then the exchange processes this information. All of that processing is crippling a lot of exchanges because, once again, they simply do not have enough manpower and computer power to do that amount of processing and securing.
These laws are vital to having a good exchange and a lawful exchange; however, they are also very hard to abide by because of the amount of work that must be put into each and every one of the customers.
This may seem like an unsolvable problem, but in other online exchanges, such as the stock market or fiat currency exchanges, the very same know your customer process that takes a week on the crypto exchanges, takes, at most, 48 hours.
The final big problem that a lot of exchanges are facing involves the withdrawal process. It is too slow for this lighting fast pace we currently live in.
The problem with withdrawals on crypto markets is that it must go from standard servers, the servers of the market, to the blockchain, where the user is transferring the crypto.
The process they are currently using to get this is taking up a lot computer power and a lot of markets simply don’t have enough computers to pull a lot of those withdraws off.
So How Are They Going to Fix These Problems?
They plan to fix these problems and make their exchange better than the competition in many ways.
First, to address the know your customer problems, they will have a focus on these processes and will expand their team accordingly. This is their really simple solution to the problem that plagues a lot of exchanges.
The second problem they must face is the large number of users that generally come all at once to a crypto exchange. They have actually made a stock and asset exchange before, so they have faced this problem by hiring new employees and more effectively using the existing manpower at their disposal.
They must also resolve the issue of slow withdrawals and deposits. Since they are experienced in designing an exchange, they are well familiar with the requirements of transferring money. The difference is now they are working within blockchain, and they are adapting to this by hiring people who have worked in blockchain and crypto before.
Enhancing their Features
However, they are not just solving problems other exchanges have, but they are also adding new features and functionality to their exchange that other exchanges do not have, including the addition of more Altcoins, good customer care, and an IOS app.
The Altcoin is a double-edged sword on the crypto markets because one of two things happens with Altcoin:
- The exchanges do not have enough Altcoins on their exchange, and no one has access to those coins, which causes users to leave.
- When there are too many Altcoins, processing them drains money from the exchange and increases fees on the users because of the wasted money.
Eo.trade plans to fix this by having a voting process for all of the EO coin holders and having a vetting process for new Altcoins that want to be on the exchange.
What about the Asset and Stock market?
Their plan for an asset and stock market is to build blockchain and crypto into their already-existing stock and asset exchange. This way, people will be able to buy stocks; assets, such as gold, silver or oil; and cryptocurrencies, and they can trade these for other currencies, such as USD or Yen.
It may be a little confusing why they would make two different exchanges, the cryptocurrency one and the stock and asset market. It becomes clear when you look at both what is already built and the functionality of the two exchanges.
Eo.trade’s existing Expert Option exchange currently supports trades, such as exchanging USD to Peso, or buying Apple stock with Yen.
The Cryptocurrency exchange will be built from scratch and will support solely crypto trades, such as Litecoin for Bitcoin or Ether to Bitlumens. The intersection of blockchain and existing technology exists on the Expert Token platform where Eo.trade is evolving to token-based accounts.
This means that accounts will run on the ethereum blockchain, which will make the withdraws and deposits faster and will make the fees much lower. Eo.trade will open these token accounts with the native token EO coin.
What is EO coin?
EO coin is the native currency to Expert Option platform, and it will be used in all of the new platforms they are making and in the original trading platform.
It will be built on the Ethereum network, and it will be a utility coin, meaning it serves a purpose, instead of just existing as bitcoin does. This means that no one will be mining EO coin, but it will be up and running on the ether blockchain.
It will be treated as a typical cryptocurrency, so it can be transferred and traded between people and can be used to buy things. They will also offer a fifty percent discount on fees that are paid in EO coin.
If you want to buy Bitcoin with Ether, then you would generally just take a bit of the Bitcoin you just bought to pay the fees. Instead of doing that you can pay the fees in EO coin, and those fees will be half the price.
This discount will also apply to wallet they are making. To explain, if you withdraw dollars from the wallet, but you only have Bitcoin, then you would pay a fee. If you paid this fee in EO coin, then it would also be half as much.
This big of a discount will only exist during its first year. After that, the discount will be reduced each year.
In the second year, the discount will become twenty-five percent; the third year, it will become ten percent; the fourth year, it will become five percent, and in the fifth year, this discount will completely go away.
They are offering this discount and then getting rid of it is to give the coin initial value and purpose. A lot of ICO coin start with very little value. Expert Token is trying to avoid this problem with this discount.
EO coin also allow members to participate in a voting process to make important decisions that will impact Expert Token. Traders will have a vote on issues, such as including new Altcoins or excluding a currency, and the number of votes is proportional to the number of tokens you own.
Withdrawals and Deposits
The final use of the EO coin is to open token based accounts on the Expert Option asset and the stock market. Having a token based account will give users a faster withdraws and deposits, because their transactions will be put through the Ethereum blockchain.
This makes their transactions much faster by comparison to the normal servers of markets. Due to its flexibility, the EO coin will be very useful in all of the new platforms the Expert Option is building and should have a high value.
Can We Finally Get to Their New News Platform?
They are making a new news platform to support their other markets. It will be completely free to use, and they are focused on high interest topics, such as new developments in Ethereum or interesting market information.
It will have the important market and trading information too. The whole goal is to have an open source of information for their investors to be able to make informed investment and trading decisions off of.
My Final Thoughts On This ICO
I see this ICO being very successful for many reasons. Expert Option already has experience, which differentiates them from the ICO’s that include a few people who just have a good idea. Expert Option has that experience and expertise needed.
They are also incentivizing investment and putting a focus on getting the investors. The users of the platform will want to buy the native token, for the discount, and this will get them some blood in the game. This will encourage them to use the platform and increase the value of the token. This marketing tactic will lead to their success.
The final, and probably most important, reason they will succeed is that they have clearly explained their ideas in their whitepaper, which can’t be said of most ICOs. They will be a new superpower in the crypto world if their plans come to fruition.