What is Cobinhood?
Cobinhood is a cryptocurrency service platforms that provides the world’s first ever cryptocurrency trading with zero trading fee. Cobinhood provides a high-frequency cryptocurrency trading that will solve the pre-existing cryptocurrency exchange problems.
Another service provided by Cobinhood is the ICO underwriting that helps to solve ICO token liquidity problems.
Some of the existing cryptocurrencies exchange problems that Cobinhood aims to solve are;
1. Problem of high trading fees.
2. Difficulties of Real-time Trading.
3. Asset Security Issues
4. Lack of Multilingual Support
5. Slow Customer Services and KYC Process
Website : https://cobinhood.com/
The Cobinhood Plan
Some of the planned Crypto-Currencies supported by Cobinhood:
Cobinhood will support these cryptocurrencies; Bitcoin (BTC), BitConnect (BCC), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Neo Coin (NEO), Monero (XMR), Zcash (ZEC), Ripple (XRP), OmiseGo (OMG), Cobinhood (COB),Tether(USDT), Golem (GNT), Dash (DASH), Iota (IOTA), Augur (REP), Eos (EOS).
The fiat currencies supported by Cobinhood include; US dollars (USD), Euro (EUR), British Pound (GBP), Hong Kong Dollar (HKD), Canadian Dollar (CAD), Japanese Yen (JPY), South Korean Won (KRW), Australian Dollar (AUD), New Taiwan Dollar (NTD).
Also, a lot of widely-spoken languages will be supported by the Cobinhood platform, some of which include ; English, Spanish, French, German,Chinese, Portuguese, Japanese, Korean, Russian and Arabic. These languages cover about 98% of the world’s native languages. This makes Cobinhood the cryptocurrency exchange platform with the most international languages.
What are some of the features Cobinhood Cryptocurrency exchange will offer?
● Zero trading fee: One of the exciting features of the Cobinhood is the zero-trading fee on margin and spot trading, which will aim to maximize the profits for traders.
● Cobinhood guarantees 100% reserve. It will also allow all online and offline wallet addresses to be seen for public audit, ensuring no embezzlement of the traders’ funds.
● Cobinhood requires two-factor authentication (2FA) to log in. Withdrawal of crypto assets requires an extra email confirmation to protect the crypto assets. This will provide an extra security on the user’s assets.
● Offline Mustig Wallet Security System: Every asset will be stored in an offline mustig wallet. About 98% of the assets will be stored offline, while about 2% will remain online to allow faster deposits and withdrawal by the users. Each of the offline mustig contains 8 Hardware security Modules, which means that about 5 of the Hardware Modules will be required to complete any transaction which is done by the mustig wallets. The operators of the hardware modules are located in different countries, which ensures extra security to the Cobinhood’s security systems.
● All crypto asset deposits in Cobinhood’s online wallet will be backed by insurance, and since offline multisig wallet is basically impossible to be compromised, all users’ crypto assets will be fully covered by insurance.
● Cobinhood will enforce KYC (Know Your Customer), just as it works at banks, to comply with Anti Money Laundering laws. Cobinhood provides user-friendly identity authentication services.
● Cobinhood provides 24/7 on-line customer service. Whenever users encounter problems or need help, customer service specialists will be reached through the Cobinhood website and mobile app. Once a user submits an inquiry, the customer success team will respond within a day. Their goal is to supply systematically wonderful customer help.
● Cobinhood also plans to build a decentralized cryptocurrency exchange later in the future.
The Cobinhood ICO Underwriting Services.
Subsequent to perceiving that ICO obstacles are constraining the development of cryptocurrency markets all in all, Cobinhood chose to find a solution to the liquidity issue by offering an ICO underwriting service. Cobinhood’s committed ICO audit group will just endorse high caliber, promising ICOs that have passed stringent due steadiness, brilliant contract code surveys, and legitimate consistence audits. ICO tokens endorsed by Cobinhood can be quickly exchanged on the Cobinhood trade after the ICO, which gives a solution to the liquidity issue.
Also, the Cobinhood ICO Spark Program will assist the renowned enterprises, successful startup companies and celebrities launch their ICOs.
Some of the features of the Cobinhood ICO Underwriting Services are:
1. ICO Due Diligence: Many ICO investors don’t find it easy to detect if an ICO project is assuring or not. The ICO review team has an immense effect. They will survey ICO extends on various angles, including venture achievability, thought curiosity, money related justification, and legal compliance.
2. ICO Smart Contract Code Review: The highly experienced technology team will perfectly review all Smart Code Contracts to remove all bugs, errors and backdoors. In 2016, the Decentralized Autonomous Organization raised $150m, but due to the imperfections in their smart contract code, $50m was stolen by a hacker. This kind of error will be avoided by the Cobinhood Review Team.
3. ICO Legal Compliance Review: The Legal team of Cobinhood are highly experienced in security laws and banking laws. Cobinhood is focused on accomplishing the most noteworthy conceivable models for legal compliance.
4. ICO Spark Program: Cobinhood ICO Spark Program is propelled with vision to enable organizations to coordinate their items and administrations using the blockchain technology. Apart from enterprises, the ICO Spark Program focuses on helping individuals start their own ICO. With assistance from the ICO Spark Program team, a reputable person can launch his own ICO for fundraising. Cobinhood will launch ICOs for renowned enterprises, successful startup companies, notable individuals not just for fundraising alone, but in order to build a credible ICO scheme.
According to the white paper on Cobinhood website, their Business Model will be like this:
COBINHOOD’s Business Models
1. Margin Trading Loan: Interest Users can opt in to become margin trading loan providers and receive interest earnings with their asset deposits. Cobinhood will automatically determine the interest rate based on margin trading loan supply and demand. A portion of earnings generated from interest payments will be collected by Cobinhood.
2. Cobinhood Prime: Cobinhood will launch Cobinhood Prime service for individual traders in 2018. Traders can subscribe to Cobinhood Prime service for higher leverage on margin trading, lower latency ticker, and higher trading API rate limit on Cobinhood exchange. Also, Cobinhood Prime subscribers will have escalated customer assistance, dedicated phone support, a committed customer success account manager, and 100% uptime SLA. Cobinhood Prime service will be subject to annual subscription fee.
3. Cobinhood High-Frequency Trading Server: Cobinhood will launch its high-frequency trading server subscription service for investment banks, hedge funds, and institutional investors. These servers will be hosted on the same network with Cobinhood order matching engine, providing ultra low latency ticker and unlimited API rate on the Cobinhood exchange. Trading algorithms can be deployed onto these servers for high-frequency algorithmic trading. The high frequency trading servers will be subject to annual subscription fee.
4 Cobinhood ICO Underwriting Service: A percentage of ICO tokens underwritten by Cobinhood will be collected as underwriting service fee.
5 Cobinhood Financial Center: Cobinhood will launch more financial products and services in the future, for example, crypto assets trading with stocks, forex, commodity, market indexes, and futures. In addition, Cobinhood will also launch cryptocurrency wallet and payment services.
Cobinhood ICO Plan
The symbol of Cobinhood token is COB, which are based on Ethereum ERC20 token standard.
1 billion COB tokens will be issued, half of it (500 million tokens) will be available for ICO. 400 million COBs will belong to the team, while the remaining 100 million COBs will be used as private placement.
The Cobinhood ICO started on 13th September, 2017 and will end on 22nd October, 2017. Ethereum is the only accepted payment, and the rate is as follows:
13th September — 19th September
1ETH for 5600COBs (40% bonus)
20th September — 26th September
1ETH for 5200COBs (30% bonus)
27th September — 3rd October
1ETH for 4800COBs (20% bonus)
4th October — 10th October
1ETH for 4400COBs (10% bonus)
11th October — 22nd October
1ETH for 4000COBs (0 bonus)
After the ICO, the Cobinhood Exchange will go online on November 1st, COB token can then be traded once it goes online.
The Benefits Of Being A COB token holder
From the white paper on the Cobinhood website, The Cobinhood ICO participants will enjoy these benefits :
50% off margin trading loan interest can be availed when paid with COB tokens.
When Cobinhood underwrites an ICO, COB token holders will be able to get future ICO tokens at significantly lower rates. The amount of ICO tokens that a COB token holder can get at a lower rate is as follows:
(ICO Tokens Received by Cobinhood from ICO Underwriting Service) * (The Amount of COBs Owned) / (Total Amount of COBs)
LCOB token holders can bind their Ethereum wallet address, which is holding COB tokens to their Cobinhood trading platform account, by calling the binding function in COB token smart contract.
After the binding is complete, COB holders can get the ICO tokens at a lower rate on the Cobinhood exchange.
As an example, Cobinhood underwrites an ICO for a token called XYZ. The total issuance of XYZ tokens through ICO is 100M and Cobinhood takes 5% as underwriter service fee. 10M COB tokens holder will have a lower rate, i.e. : 5M * 10M / 1B = 50k XYZ tokens. Cobinhood will make efforts to maximize a COB token holder’s benefits.
There may be more privileges for COB token holders in the future. (Source: Cobinhood White Paper)
In an interview with the CEO and founder, Popo Chen, he was asked “Why Cobinhood Vests 10% of COB every year”
The reply he gave was that “the vesting of the ICO tokens is 10% after the ICO ends, every year. Then for the team to release some tokens sold to the market, we can stillget some returns from releasing some of the tokens to the market and we buy back the tokens at the same time so have a reserve of the token to use.”
If More and More Regulations Come Out, Cobinhood will survive because they offer a lot of customer satisfaction, this will make many traders have a lot of good things to say about the platform. They also ensure they are working in line with procedures of the current exchange market, and also, with their high-performance matching engines, all investors will be assured of knowing when there is any change in the market plan, thereby enabling them to secure their COB tokens.
As we have seen, the Cobinhood promises to be very effective and trustworthy cryptocurrency service platform, this will make them rise greatly in the cryptocurrency market.