Problems in the Existing Exchange Systems and their Solutions
” Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. “
–Peter Thiel, Co-Founder of PayPal
In recent years, the popularity and value of Bitcoin and other cryptocurrencies have risen significantly. And nowadays there is a huge amount of trades that are executed on a daily basis in lots of crypto exchanges. That is because the cryptocurrency has changed the world, changed the value of money, now cryptocurrency is real money. But In this new era of technology, many people got hacked and lose their money/cryptocurrencies, just because exchanges they use to trade with. You'll come to know about the problem in currency trading systems and how WALAHALA provides a reliable solution for them and for business. The main reason why exchanges got hacked is a centralized platform, and because of vulnerabilities in design. As a centralized web application with functions to execute transactions and one or a few big crypto wallets inside, exchanges are prone to the same security problems as all other websites.
Security Issue:
Almost all the cryptocurrencies are immutable and no option remains to revert once the transaction has been made, because of such an issue the exchanges refuse to take responsibility for transactions. Several exchanges went down after being hacked.
OUR SOLUTION:
WALAHALA is built to high standards, audited, and rift free platform. We have experienced building financial systems, tested to the highest security standards, and strive to ensure security in every possible way. Your transactions are safely carried through WALAHALA. WALAHALA’s well-developed financial system assures security all the time.
Liquidity Issues:
Since the crypto business is the latest phenomenon, therefore, it is not precisely available in liquidity. Having an insubstantial order-book risks-high slippage when trading cryptocurrency, which makes it exceptionally unaffordable for the traders.
OUR SOLUTION:
To dispel all the doubts in the crypto business, we provide liquidity to the maximum level that is equally affordable for the clients.
Architectural Issues:
Trade frameworks must prioritize security, effective speed, and users’ flexibility while designing. Usually, many exchanges go for the easiest way to deal with the framework running and working. The network functions might seem admirably adaptable in the beginning as the activity develops. Later, it becomes difficult for such a network to deal with a great amount of load. This turns out to be a failure as it frequently affects the advancement of the exchange, yet it is primary for haul achievement.
OUR SOLUTION:
While designing out programs, WALAHALA prioritizes security, effective speed, and users’ flexibility. The framework is adaptable at any stage, even when the activity rate increases, i.e. WALAHALA’s developed network can work easily with the greater amount of load.
Poor Customer Support:
Traders are more of our clients when they become users. Understanding the users’ problems is vital for running a successful exchange. At the point where the exchange demonstrates in a way that undermines the trust of the traders and becomes unacceptable, resulting in tones of unmanageable users’ complaints.
OUR SOLUTION:
WALAHALA understands our users’ problems faced while running an exchange. We provide 24/7 services to cater to our users’ complaints and concerns.
“WALAHALA supports its customers”
Banking Hurdles:
Banks are additionally obstructing boundless trade selection of the exchanges, due to the extremely volatile condition of the cryptocurrency market. Banks put themselves in the back foot when it comes to the verification and user's background checks.
OUR SOLUTION:
WALAHALA avoids bank involvement, through which we provide boundless trade selection of exchanges without any banks.
Reference: https://walahala.com