Exchange Union aims to bridge digital currency exchanges around the world. Find out how Exchange Union plans to do that today in our review.
What Is Exchange Union?
Exchange Union is a digital currency exchange platform that promises to boost interoperability between exchanges. The platform aims to be the best option for cross-exchange trading, cross-exchange clearing, and deposits and withdrawals among different digital currencies and assets.
The overall goal is to improve trading efficiency and boos the performance of exchanges, and “realize the market-oriented distribution of digital currencies’ liquidity and best price offers,” explains the official ExchangeUnion.net website.
Basically, it wants to act as a “union” for different cryptocurrency “exchanges”. The project wants to implement common standards and platforms between exchanges. It would mean users can purchase tokens from one exchange, then have those orders cleared through the Exchange Union system to purchase tokens from any other exchange within “the Union”. “The Union” would consist of partner exchanges from around the world.
How Does Exchange Union Work?
Exchange Union has ambitious future plans to provide a connection between all cryptocurrency exchanges.
To start, however, the company wants to simply bridge the exchanges in terms of deposits, withdrawals, trading, and clearing. To do that, Exchange Union will create agreements among digital currency exchanges. The agreements will outline things like the mechanism and rules of interconnection and networking.
The next step after that is to build the Exchange Union Chain, which will provide the full interconnection of digital currency exchanges through a blockchain-based platform.
In more basic terms, Exchange Union doesn’t initially plan to use blockchain technology to unify exchanges. Instead, they simply hope to convince all exchanges to adopt similar deposit, withdrawal, and trading procedures, making it easier to create a unified system among exchanges.
In the future, Exchange Union will launch its Exchange Union Chain, which will be a blockchain-based platform providing interoperability among cryptocurrency exchanges.
The ecosystem will be powered by the Exchange Union Coin, or XUC. XUC token holders will enjoy a liquidity premium, a universality premium, and all exchange privileges.
In terms of a road map, Exchange Union plans to sign contracts with the first batch of exchanges in December 2017, then sign contracts with major worldwide exchanges in June 2018. Before the end of 2018, Exchange Union hopes to launch its Exchange Union Chain blockchain technology.
The Exchange Union Technical Plan
Exchange Union’s technical plan includes the following steps:
Step 1) Invest in digital currency exchanges around the world. Exchange Union plans to make strategic investments in digital currency exchanges in order to build the Union. Synergies will be developed among members of the Union on a contractual basis. XUC will be traded on all exchanges in the Union, and the back-end of the Union will have a system that contains order books, customer portfolios, KYC information, and more.
Step 2) The Union will build the Exchange Union Chain and set its own consensus algorithm. In order for a transaction to be considered valid, that transaction needs to be approved by at least 80% of the Union. The process should take less than one second.
Ultimately, a customer can buy a token from one exchange, have that transaction processed through the Exchange Union Chain, and purchase those tokens from an exchange anywhere in the world. Even if that customer’s current exchange doesn’t list the token, it can still be purchased through the Exchange Union platform.
Benefits Of Exchange Union
Exchange Union aims to provide all of the following benefits for customers and cryptocurrency exchanges:
- Faster: Quick transaction confirmations on Exchange Union Chain
- More Secure: The consensus algorithm will be built by leading digital currency exchanges.
- Cheaper: Exchange Union Chain will not charge any transaction fees.
Who’s Behind Exchange Union?
Exchange Union is led by James Wo, Founder & Chairman of Digital Finance Group. Other key members of the team include Terry Culver, Vice Dean for Development at the Columbia University School of International and Public Affairs, Mikael Wang, former CTO of BTCC, and William Hou, former vice president of AJ Securities.
Exchange Union has partnered with Digital Finance Group and OK Coin to bring its cross-exchange compatibility platform to market.
Exchange Union Conclusion
Today’s cryptocurrency exchange industry is far from perfect. Users face different withdrawal, deposit, and trading terms on each exchange. Certain currencies – even major currencies – can only be purchased from certain exchanges. Traders need to pass through different KYC/AML procedures to be verified on any particular exchange.
Ultimately, Exchange Union plans to work as a “union” between “exchanges”. It plans to implement common standards across exchanges, and allow exchanges to access common resources and trading clearing platforms. It’s an ambitious project – but it’s one that has the backing of several major players.
Visit ExchangeUnion.net to learn more about the ongoing project.
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