As the market for cryptocurrency exchanges heats up, Konios has emerged with a unique method of allowing users to exchange cryptocurrencies using “face-to-face” (F2F) transactions along with a trust rating system. Using this platform, users can find other users close to them who are willing to buy or sell cryptocurrency for cash.
Cryptocurrency traders have had difficulty converting them to fiat currencies. Among the constraints are limits placed by exchanges that are concerned about potentially violating anti-money laundering (AML) laws. An additional obstacle is that exchanges may offer different cryptocurrencies, due to the immaturity of the market, thus affecting their liquidity. Besides the difficulty of illiquidity, the immaturity of the market means that exchanges are not meeting a consistent standard of customer service provided in the financial industry as a whole. These issues have hindered mainstream adoption of cryptocurrencies, as investors tend to shy away from risk. By offering a trust-based system with strong security measures, Konios aims to build consumer confidence and liquidity within the market.
To make trading cryptocurrencies as easy as possible for beginners and experts, Konios will develop a user-friendly app that can be accessed using a mobile device, tablet, or desktop. Users will be able to see the cryptocurrencies they own, the value of their cryptocurrencies, their transaction histories, and will be able to set security preferences. Additionally, users can send and receive cryptocurrencies, exchange cryptocurrencies, trade cryptocurrencies for goods and services, and find other users close to them to buy or sell cryptocurrency for cash.
Once a user finds another user with whom they wish to transact, they can send a message to that user expressing their interest. The other user can then accept the request, if he or she wishes, and thus set up a F2F meeting at a place and time of their choosing. By accepting the request, a smart contract is created that will temporarily hold from the seller the agreed upon amount of the cryptocurrency. Upon meeting, the users will scan a QR code to verify their presence. The buyer will then hand cash over to the seller, who will then verify that the cash is authentic, with tips available on the app to detect counterfeit cash. At this point, the buyer and the seller will confirm that cash has exchanged hands. After the seller counts and verifies the cash, both sides will confirm that they have fulfilled their obligations, and the smart contract will release the cryptocurrency to the buyer. Following the transaction, the users will rate each other, allowing those who might trade with them in the future have a better idea of their trustworthiness. For high transaction amounts, users can opt to have a third-party validator oversee the transaction for a small fee.
The native token of the platform is KON, an ERC20 token based on the Ethereum blockchain. Users will be rewarded in KON for their participation, including registering and receiving positive feedback from other users. KON will be used by the platform for all transactions. Businesses can earn KON by providing a secure meeting place for users.
The main crowdsale for Konios starts May 1, 2018 and ends June 30, 2018. During the crowdsale, KON can be bought for $0.01, with bonuses available to early buyers. The company is headquartered in Zug, Switzerland, in a part of Europe with strict regulations and high standards in finance, perhaps adding credibility to the project among cryptocurrency enthusiasts. As an exchange using a trust-based system, Konios will have a competitive over other exchanges with questionable reputations.
*I am receiving KON tokens for the growth of the community.
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