Short answer? No.
In fact, we offer a comprehensive ecosystem for the entire crypto and blockchain community. But let’s explore the exchange first and then we’ll have a look at other components of the system.
HighBank’s Exchange at a Glance
Most of the exchanges in the industry only allow you to trade ERC20 based tokens as they are in abundance and allow more Return on Investment to the exchange owners. However, HighBank’s team believes that in order to promote the usage of blockchain and cryptocurrencies, maximum number of people should be facilitated. Therefore, we offer cross-platform compatibility. We allow you to trade tokens belonging to (pretty much) all protocols in the industry. So it is not important for you to own BTC, ETH or any other ETH based coin to use HighBank’s exchange effectively.
As per our core technology is concerned, we always ensure that the main-chain works seamlessly with other networks. In order to achieve that, we make use of Polkadot.
It allows our system to interact with an array of chains (with different characteristics) while achieving a sheer level of anonymity. Since all of the validations are conducted in parallel, HighBank has the ability to execute simultaneous transactions with different blockchains way more efficiently than the rest.
So, for instance, if your business model requires you to accept/exchange a variety of tokens, you do not have to create accounts on several different platforms. Just sign up for HighBank exchange and you are good to go.
Our salient features
The following list summarizes all of the salient features offered by the exchange:
- High liquidity – you will find a trader (buyer or seller) at any given instance
- Minimal transaction fee. That too gets halved if you pay through HIGH token
- No downtime – our servers are never down
- The data of each coin available at the exchange is transparent and we retrieve it from the server of the respective cryptocurrency. It ensures the least discrepancy in the values being shown to the users
- Most currency pairs in the industry
- Multiple payment options for packages
- User friendliness
We have also incorporated the following in our exchange:
- Sell order
- Buy order
- Stop limit order
- Atomic swap
Sell and buy orders are self-explanatory and do not have any ‘out-of-the-box’ functionality that needs a detailed explanation. However, what makes the real difference are our stop limit order and atomic swap.
Talking about the stop limit order, it is pretty simple yet crucial. It allows the trader to preset the price for selling or buying any given token on the exchange. As soon as the exchange hits that price for the particular token, the order is executed automatically. Basically, this is an automated version of sell and buy orders.
However, atomic swap is rather different and only a handful of platforms are implementing it as of yet, including HighBank.
Essentially, it gives you a sheer authority over the type of trade you execute.
It is very different from the regular crypto exchange mechanism and under atomic swaps, even if a hacker gets through the security of the exchange, he cannot steal the coins, whatsoever. Basically, it is the next generation of security.
Let’s have a look at how the mechanism works at its core:
- Suppose Smith has some WAVES and Mike possesses BTC and they both are willing to swap their coins
- Through HighBank’s dashboard, both of the parties will start a payment channel and the user who initiates the swap process also creates an address for this smart contract
- Now, this contract address happens to be a highly safe vault that stores coins for both of the parties. The encryption for this vault is not to be joked about. It’s secured with multiple encryption layers
- The transaction initiator, let’s say, Smith, will proceed forward and deposit all of his WAVES tokens into the vault. Hence, a value will be created, which is very important in a decentralized environment
- The ‘value’ created by Smith will act as a key to the vault
- The hash generated, as a result, will serve as a lock for the ‘secure address box’
- You must have understood that both of these elements are crucial for unlocking the vault at the other end of the transaction (Mike)
- As soon as these steps are over, this hash is shared with Mike
- Now Mike further generates a contract address using the hash shared by the initiator
- Mike’s BTC tokens are deposited into the vault
- Please note that at this stage, Smith can unlock the tokens sent by Mike
The procedure is simple as Smith just needs to sign a transaction for the smart contract sent by the other party and the same goes for Mike.
Furthermore, our off-chain matching engine allows us to achieve great transaction speed since some of the tasks are executed off the main network and hence, we successfully avoid a bottleneck situation.
If you are a newbie and you think that exchanges are not your thing, you can always ask us for training sessions and our experts (either remotely or at a community center) will guide you how to use the system efficiently for profit maximization. But we don’t think that would ever happen since HighBank has already incorporated several indicators on the exchange for comprehensive guidance.
Well, that’s all from the exchange section, but we have a couple of more ventures going on under the HighBank umbrella which make us the first choice for many users as they do not have to register at different platforms. We offer an ICO listing and crowdfunding platform, marketing and partner program, community centers (for customer facilitation at an International scale) and consultancy. So when you sign up here, you do not only get to earn from the exchange. In fact, you have the opportunity to launch an ICO, be a marketer, a consultant, a legal expert, a reviewer and pretty much anything under your skillset that could benefit HighBank or our clients.