ThinkCoin ICO details
Start Date: 2018-4-3
End date: 2018-4-16
- Category: Cryptocurrency
- Token: TCO
- Platform: Ethereum
- Type: ERC20
- Initial price: 1 TCO = 0.30 USD PreICO price: 1 TCO = 0.25 USD
- Accepting: ETH
- Soft cap: 5,000,000 USD
- Hard cap: 30,000,000 USD
- Site: ThinkCoin site
- Twitter: https://twitter.com/ThinkCoinToken
- Facebook: https://www.facebook.com/ThinkCoinToken
- Reddit: https://www.reddit.com/user/thinkcointoken
- Bitcointalk: https://bitcointalk.org/index.php?action=profile
- Medium: https://medium.com/thinkcointoken
- Telegram: https://t.me/thinkcointoken
ThinkCoin – Multi Asset Trading on the BlockChain
ThinkCoin (TCO) is the cryptocurrency fueling the revolutionary new peer-to-peer trading network called TradeConnect. This network will decentralize and democratize trading, allowing individuals and institutions to trade directly with one another. With ThinkCoin traders and investors will be able to trade everyday financial products such as Currencies (FX), Equities, Precious Metals, Commodities and crypto currencies using a single cryptocurrency designed for exclusively for trading and investing.
TradeConnect has several advanced features that make it stand out from other network such as complex scoring models for Liquidity Enhancement called Digital Personas, a unique AI engine for predictive modeling of your trades, a trade matching engine that removes commissions and creates a connect fee that allows the trader to take part in a rebate pool based on volume.
TradeConnect is being developed by the ThinkMarkets Group, an established multi-asset brokerage with a decade of experience and knowledge within the financial sector. ThinkCoin and TradeConnect will leverage the vast pool of intellectual property, technology and financial resources of ThinkMarkets to significantly accelerate the development and use of ThinkCoin as the premier cryptocurrency for trading of any financial asset in the world.
How TradeConnect will work
Transaction speed, liquidity and user base
There are three factors that will determine the success of the TradeConnect network:
• the number of participants in the network,
• the speed at which the transactions are confirmed
• the maintenance of enough liquidity to ensure all transactions are matched and executed instantly.
A hybrid approach to the blockchain
The blockchain has certain limitations that could make delivering these guarantors of success difficult. If we assume each trade is offered as a smart contract on the blockchain, a significant number of ethereum transactions would be required regardless of whether each trade is then accepted by a counterparty. This approach would cause significant delays across the whole ecosystem and cause transaction times to expand significantly.
A simple trade would require two ethereum transactions:
• A Market Maker offering their trade
• A Counterparty accepting the offer
This would therefore result in the minimum transaction time being equal to the time to mine two blocks: in practice, tens of seconds. We will solve the latency of the public blockchain with various hybrid approaches below.
Off-chain transactions – aggregation and netting
To overcome these challenges, we propose creating and initially storing trading contracts off-chain on the TradeConnect network to settle the majority of the price-making and liquidity-matching transactions near-instantly. Once these transactions are settled offchain, the profit and loss are aggregated as one bulk transaction onto the ethereum blockchain and then netted out.
Before trading begins, the participants will be required to lock an amount into an ethereum trading contract.
The parties can then only trade their account balance. A Market Maker creates off-chain trades to offer to other participants and signs it with their private key.
The trade would then be propagated off-chain to potential counterparties. Counterparties who decide to accept the offer to trade would sign the off-chain contract with their private keys, and the contract to trade is generated.
The contract would then be determined by an oracle – such as an independent price feed – to determine the results of the trade.
The result is finally made available and submitted to the blockchain along with the transaction, and payment occurs through the blockchain automatically.
Private BlockChain Ledger: A Hybrid Approach to Centralized Trust
As the volume the network grows we anticipate there will be a greater dependency on verifying the actual process of the connect fees, persona auctions, margin lending pools, distribution of the connect fee rebates from the maker/taker pools, and more.
Since only the final end result of the trade is sent to the public blockchain, TradeConnect will launch a private blockchain ledger driven on a consortium model.
Private blockchains suffer from the same fate as centralized models, where there is only one signer and the data can be modified. TradeConnect will allocate signing rights to a consortium from the pool of Oracles that are providing prices on TradeConnect.
Initially we expect to have several Oracles as price makers who will provide a mid price for the markets we trade in. As the network expands, we expect to create an election system for oracles to create as fair a mid price and consortium process as possible.
Mid Market Price. The Search for the truth
In any fast-moving market such as cryptocurrencies and FX trading, there will be times when market makers will pull their bids and offers based on their perception of risk, volatility, and liquidity.
This results in erratic price spikes, liquidity gaps, increases to the cost of trading and ultimately is not to the benefit of the trader. We will create a fair mid market price by allocating the mid price for each market to oracles that will set the mid that other makers will have to trade around. This is already done in financial markets as many high frequency firms create a proprietary view of the market using a similar process of oracles or, in their case, price makers.
I think this project has right to exist because their idea is workable and needed for traders.