LightBitAtom Builds Decentralized Future of Crypto Exchanges

The new project aims to create a peer-to-peer system for cryptocurrency trading, providing a platform that cannot be stopped or censored
30 April 2018   14702

Crypto markets have been booming recently, with new altcoins springing up like mushrooms after the rain. This plethora of options has highlighted the need for an extensive and sophisticated framework enabling market participants to buy, sell and exchange their digital assets safely and efficiently.

Existing crypto exchanges and other intermediaries have numerous weaknesses and limitations. They remain illiquid and fragmented, charge high transaction fees, offer a limited choice of traded currency pairs, and the process of account verification might take up to several days. Besides, due to geographic location and national regulations peculiarities, not all of them are available worldwide.

Last but not the least, when using such a centralized exchange, you have to open an account wallet and entrust your funds to this exchange, thus running a high risk of losing your money or confidential data as a result of hacker attacks or hardware failure like it was with MT GOX, Cryptsy, Mintpal and etс.

ComparisonComparison of centralized and decentralized exchanges

LightBitAtom has a solution that can overcome all the vulnerabilities of existing exchanges by introducing a new multi-crypto decentralized exchange (DEX). It has an automated trade execution p2p system designed to facilitate buying and selling multiple cryptocurrencies all over the world safely and with the lower exchange rate as compared to other platforms. No identity verification means that users will have a high degree of privacy and protection from identity theft.

LBALightBitAtom

LBA promises to be a significant contribution to decentralization. The project represents a concept, on which the combined technologies of the Lightning Network and atomic swap are implemented. Atomic swap allows to exchange cryptocurrency without a third party. Without a trusted third party, it becomes less vulnerable and is better protected from attacks. The LBA platform becomes a global marketplace for all digital assets and applications.

Atomic swapLightning network + atomic swap

Everyone can be part of a new global decentralized marketplace which facilitates anonymous and safe high-speed p2p trading, with no third parties and censorship and full control of your funds. LightBitAtom will also offer token rewards for high volume traders and for new sign-ups through a special referral program. Customers will be also able to use LBA tokens to pay trading fees or gain premier access to the platform.

The pre-sale round commenced on April 15, 2018 and will last until May 6. The ICO starts on May 7 and is scheduled to close on July 15. The total supply of LBA tokens is limited to 1.205 billion, with 87% of them to be distributed in the ICO. The exchange rate of 100 LBA is set at $1, with bonuses available for early adopters. The project developers hope to reach a hard cap of $8 million. All unsold tokens will be destroyed.

For more information please visit the website of the project

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3 ICOs of Extrabit banned by Alabama Securities Watchdog

Alabama Securities Commission (ASC) has ordered alleged cryptocurrency mining firm Extrabit to stop its token sale offering in the state
25 May 2018   97

The U.S. state's securities regulator, the Alabama Securities Commission (ASC), has supported its colleagues in Texas and New Jersey in hitting out at ICOs that are soliciting local citizens. The cease-and-desist order which was published yesterday  claimed that the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.

The ASC declared the company has been illegally begging Alabama investors with what it considers an unregistered securities offering after it announced its token sale on the website of WSFA, an NBC-affiliated TV station recognized in the state capital, Montgomery. While presently the online advertisement appears to have been taken down, the agency said in the order that the firm originally claimed that investors in the pre-ICO phase could buy Extrabit's token "EXB" at half price.

The advertisement claimed that in order to take part in the pre-sale, the user should invest $20,000 and after the purchase, the tokens will be sent to MyEtherWallet within 48 hours. Then, Extrabit's white paper states that, since the firm generates its profits chiefly from mining bitcoin, zcash and monero, it pledges a 185 percent return on investment every quarter for investors who maintain a positive balance in their EXB wallet.

As well as offering unbooked securities, the ASC said the project made "materially misleading" suggestions to deceive investors. Extrabit is not the only token project that is targeting residents in Alabama. A Google search for "token sale" on the WSFA website currently comes up with over 200 press release-style ads from various ICO projects. 

The ASC has also checked two other token sale projects, called LEV and Platinum, with cease-and-desist orders entered on May 2 and May 18. Like with Extrabit, the agency charged the two projects of selling unregistered securities in Alabama while making vaporous promises to potential investors over the likely returns on investment.