ChainUP provides the technology and high-level security support needed to levelthe playing field for small- and medium- sized exchanges.
11th February, 2020, Singapore – In the world of cryptocurrencies, exchanges constitute the coreinfrastructure, attracting countless users by providing profit-makingopportunities and cash flow. As early as April 2018, the number of exchanges onthe market had exceeded 500. Today, there are as many as 417 exchanges globallywith a daily turnover of more than 10 million, whereby the TOP 30 exchangesaccount for 82% of the entire market’s trading volume.
Despite fierce competition in the industry andthe challenges of technology, maintenance and cost, the crypto exchange circuithas been constantly crowded with newcomers. In the last two years, some newexchanges, for example MXC and BiKi.com, have developed impressively. Within short setup times, they haveachieved performance and service levels on par with second-tier exchanges,ushering in a new era of professional exchange platforms with accelerateddevelopment times.
Blockchain technology and service providerChainUP offers the requisite support behindsuch expedited growth.
Security – the Lifeblood of Exchanges
For the average investor, the fad of blockchaintechnology opened the doors to digital currencies and digital assetinvestments. Undergoing baptism of the bull and bear markets, the past twoyears has seen the crypto industry make the necessary corrections.
However, exchanges continue to store user assets on their platforms, making them easy targets for criminal hacking and theft.
According to some statistics, exchanges have intotal lost more than USD 2 billion, causing the biggest bottleneck in thedevelopment of the exchange industry presently – the issue of asset security.Security incidents like lost and stolen coins continue to occur on establishedexchanges. Even more worrisome are the newly established exchanges that haveweak technical teams who lack industry experience. These are all barriers toentry for many non-crypto users.
ChainUP offers exchanges the solution to this predicament by providing professional services that offer strongtechnical advantages, allowingplatforms to develop and function securely, putting users’ minds at ease.
The Perfect Risk Control System
Over thepast two years since ChainUP has been established, it has served more than 300 exchange customers, providingsmooth functionality with zero security incidents. It has contributed in nosmall way to the breakthrough of these exchanges, who have stood out from thethousands of platforms.
For exchange transactions, ChainUP has a set of special risk control systems, conducting all-round risk management of the system. It also providesthree-way reconciliation of finances, real-time monitoring of fund security inwallets, active security interventions, intelligent monitoring of assetcirculation, withdrawal blocks, defense against DDoS attacks, traffic cleanupand 30-over other defense mechanisms.
ChainUP’s proprietary AUROR situational awareness system performs large-scale dataanalysis on user behavior, multi-dimensional monitoring, real-time risk and threat detection, activelyprevents high-risk behaviors and conducts system attack analyses andinterception.
ChainUP also maintains in-depth cooperation withmore than a dozen global blockchainsecurity institutions. These organizations issue professional audit reportsfor customers, adopt formal verification technology, and automatically scansecurity codes. Dozens of security tests have been conducted to troubleshootsecurity risks, avoid hacking and ensure the security of smart contracts.
In addition, ChainUP also isolates permissionsand performs multiple confirmations for high-level operations. It self-examinesadministrator behaviors such as abnormal login audits, attempted unauthorizedoperations, high-frequency server access, and abnormal pre-order behaviors.
With such a complete risk control and security system, ChainUP hasmanaged to ensure two years of safe operation and maintenance services to 300customers worldwide without any security incidents.
In terms of technology, ChainUP possesses astrong technical background with a team of more than 100 “technology genes”from BAT (Baidu, Alibaba and Tencent) companies and other well-establishedblockchain companies, providing the best technology services to the market.
Scalable, Extensible and Efficient Technology Architecture
Very importantly, the overall technologyarchitecture must be scalable, extensible, and efficient. The architectureneeds to be able to achieve automatic horizontal expansion according tobusiness requirements; the scalability must be highly configurable to supportsecondary development of customers; finally, efficient matching ensures thattransactions are not unduly blocked.
ChainUP’s matching engine uses lock-freecircular queue memory, reaching millions of TPS (transactions per second);asynchronous data persistence, with liquidation of up to 10,000 per second; andhas a perfect disaster recovery mechanism. Incase of downtime, recovery can be achieved in seconds.
In terms of wallet services, ChainUP provides structure andsecurity to ensure the security, stability and efficiency of the wallet system.For business purposes, it includes traceability, accounts reconciliation, withdrawalreviews, external scanning and other content processing. At the same time, viathe network topology, operations and maintenance measures such as deploymentspecifications, database and server monitoring have comprehensively improvedthe system’s security, stability and disaster recovery capabilities.
While exchange downtime and security incidentsmay be inevitable, ChainUP’scomprehensive security riskcontrol system and strong technical architecture help customers to discover, block andresolve risks in a timely manner, ultimately ensuring that users’ assets do notleave the exchange, helping customers to minimize losses.
Helping Small- and Medium- Sized Exchanges Break Through
“All thenumbers displayed on the centralized exchange are closely related to the funds,”according to BiKi.com founder, Winter. “If there is anerror, the losses will be huge, so the matching system, clearing system, walletsystem, and market-making tools are very important to the exchange. Thetechnical team of hundreds of people at ChainUP and the experience of hundredsof users have played irreplaceable roles in our rapid development process. Ourrefined operations have allowed BiKi to rise against the tide and become one ofthe world’s leading exchanges.”
“Professional people do professional things” is ChainUP’s philosophy to help exchanges win. BitWind, a liquidity system launched by ChainUP, aggregates the trading depthof more than 200 cryptocurrency exchanges from top global exchanges. Itprovides the exchange with the best quotes, the lowest spread and the best liquidity, helping exchangessolve liquidity issues and enhance transaction volumes and trading experience.
As the saying goes, competition breedsinnovation. Fierce competition has played a positive role in the development ofthe exchange industry. Only when more participants enter the market can theindustry be guided towards a more diversified and healthy direction indevelopment.
The blockchain technology services provided by ChainUP not only provides solid technicalbacking for new exchanges, it also saves high technical and maintenance costs,allowing the team to focus more on the operation of the exchange, whilecontributing to the overall security of the industry and allowing investors toinvest with peace of mind.
About ChainUP
ChainUP is one of the leading blockchain technology solution providers in the world. It owns eight well-developedproduct lines: digital currency trading, wallet, situational awareness, publicchain and consortium blockchain, mining pool, blockchain cloud media,liquidity, broker, and has constructed an industrial closed-loop fromtechnology service to traffic and traffic commercialization. So far, it hasserved 300+ exchange clients, 100+ digital wallet clients, 150+ liquidityservice clients, which include 50+ million users in over 20 countries fromAsia, Europe, America and Oceania. The team members behind ChainUP have workedin top blockchain or internet companies and institutions in technologicaldevelopment and operation management, and are highly experienced in theblockchain industry. It has obtained several rounds of investments fromwell-known top institutions in the industry, such as Morningside Venture Capital, Joy Capital, NodeCapital, Albatross Venture, Taoshi capital, amongst others.
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