THINKCOIN - EXPLORING THE POTENTIALS OF A MULTI ASSET TRADING BLOCKCHAIN BASED SYSTEM

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The domination of financial markets by banks and other financial institutions has some adverse effects on trade which includes a lack of transparency in the execution of trade and making of prices, it lacks flexibility in the trade transfer as well as requiring a longer period of time sometimes up to several days to settle trades unlike on the blockchain which does same in seconds. The failure of established financial institutions to adopt the blockchain technology opportunities is one of the main reasons for the stagnant nature of its operations.

The solution to this problem is the introduction of the TradeConnect network whose major aim is creating a new trading network which will democratize trading. This network platform promotes direct trade between and amongst individuals and institutions on a level field and with a lower cost, the blockchain will be used for execution and in conducting off-chain platform in order to deliver the fastest service possible. This led to the introduction of the ICO of ThinkCoin, a new digital token which will be the leading trade on the TradeConnect network.

The TradeConnect network aims at developing a multi-asset trading network based on the blockchain technology, trying to met the expectations of modern markets in speed of program execution as well as settlement and to do this effectively, it combines blockchain based smart contracts with off-chain transactions. It uses the blockchain ledger as well as its trust, integrity and visibility. As a solution, the TradeConnect platform will also benefit from the ability t hold and settle funds on the blockchain, the increased speed of the off-chain processing is also an added benefit.

Some advantages of the TradeConnect platform are;
  • Trade connect removes the reliance on brokers and in turn promotes direct trading between participants 
  • With funds for trades committed in the blockchain while awaiting execution and settlement of trading contract, the control of the users money by self is assured. 
  • TradeConnect ensures there are no delays and no fees for transferring funds with almost immediate settlements and payments. 
The ThinkCoin (TCO) based on the vast backup of banking networks, is able to hold client funds in a divided manner. TCO will be an asset-backed token and fiat currencies like USD, GBP, JPY and others will be stored on the network for the available TCO. TradeConnect operates without taking risks on a market neutral revenue model and with its long term experience in holding client money, can provide the maintenance of price and liquidity in the token. Participants in the TradeConnect network are divided into Subscribers and Providers.

Subscribers are subdivided into two
  • The MarketMaker (Makers) who facilitates the creation of contract terms for the trade of a particular financial product 
  • The Counterparties (Takers) have the ability to browse and accept contract offers by signing with their private key before it is submitted to an oracle which in turn signs a contract result and submits to the Smart contract. 
Providers are made up of three kinds
  • TradeConnect Contract which is also known as the guard of the rules, stores traded tokens and settles trades made off-chain 
  • Relays are off-chain stores created by market makers for trading offers 
  • Oracles help in delivering information and determining contract result. 
The success of this network however depends on three factors;
  • The number of participants in the network 
  • The speed at which transactions are confirmed 
  • The maintenance of enough liquidity to ensure all transactions are matched and executed instantly. 
Feasible plans and ideas have already been mapped out to further develop and expand this platform like exploring partnership opportunities with other companies, addition of Crypto wallets to the platform (crypto wallets are storage solutions for crypto currencies to be stored with ease on devices with or without internet access. There is also a plan to introduce StableCoins trade token which could have the characters of fiat currencies and could be minted and used for trading and also expect a reduction of barriers of entry for new users since the interface might be a little different from what customers are currently used to.

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