ChainUP provides the technology and high-level security support needed to level
the playing field for small- and medium- sized exchanges.
11th February, 2020, Singapore – In the world of cryptocurrencies, exchanges constitute the core
infrastructure, attracting countless users by providing profit-making
opportunities and cash flow. As early as April 2018, the number of exchanges on
the market had exceeded 500. Today, there are as many as 417 exchanges globally
with a daily turnover of more than 10 million, whereby the TOP 30 exchanges
account for 82% of the entire market’s trading volume.
Despite fierce competition in the industry and
the challenges of technology, maintenance and cost, the crypto exchange circuit
has been constantly crowded with newcomers. In the last two years, some new
exchanges, for example MXC and BiKi.com, have developed impressively. Within short setup times, they have
achieved performance and service levels on par with second-tier exchanges,
ushering in a new era of professional exchange platforms with accelerated
development times.
Blockchain technology and service providerChainUP offers the requisite support behind
such expedited growth.
Security – the Lifeblood of Exchanges
For the average investor, the fad of blockchain
technology opened the doors to digital currencies and digital asset
investments. Undergoing baptism of the bull and bear markets, the past two
years 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 in
total lost more than USD 2 billion, causing the biggest bottleneck in the
development of the exchange industry presently – the issue of asset security.
Security incidents like lost and stolen coins continue to occur on established
exchanges. Even more worrisome are the newly established exchanges that have
weak technical teams who lack industry experience. These are all barriers to
entry for many non-crypto users.
ChainUP offers exchanges the solution to this predicament by providing professional services that offer strong
technical advantages, allowing
platforms to develop and function securely, putting users’ minds at ease.
The Perfect Risk Control System
Over the
past two years since ChainUP has been established, it has served more than 300 exchange customers, providing
smooth functionality with zero security incidents. It has contributed in no
small way to the breakthrough of these exchanges, who have stood out from the
thousands of platforms.
For exchange transactions, ChainUP has a set of special risk control systems, conducting all-round risk management of the system. It also provides
three-way reconciliation of finances, real-time monitoring of fund security in
wallets, active security interventions, intelligent monitoring of asset
circulation, withdrawal blocks, defense against DDoS attacks, traffic cleanup
and 30-over other defense mechanisms.
ChainUP’s proprietary AUROR situational awareness system performs large-scale data
analysis on user behavior, multi-dimensional monitoring, real-time risk and threat detection, actively
prevents high-risk behaviors and conducts system attack analyses and
interception.
ChainUP also maintains in-depth cooperation with
more than a dozen global blockchain
security institutions. These organizations issue professional audit reports
for customers, adopt formal verification technology, and automatically scan
security codes. Dozens of security tests have been conducted to troubleshoot
security risks, avoid hacking and ensure the security of smart contracts.
In addition, ChainUP also isolates permissions
and performs multiple confirmations for high-level operations. It self-examines
administrator behaviors such as abnormal login audits, attempted unauthorized
operations, high-frequency server access, and abnormal pre-order behaviors.
With such a complete risk control and security system, ChainUP has
managed to ensure two years of safe operation and maintenance services to 300
customers worldwide without any security incidents.
In terms of technology, ChainUP possesses a
strong technical background with a team of more than 100 “technology genes”
from BAT (Baidu, Alibaba and Tencent) companies and other well-established
blockchain companies, providing the best technology services to the market.
Scalable, Extensible and Efficient Technology Architecture
Very importantly, the overall technology
architecture must be scalable, extensible, and efficient. The architecture
needs to be able to achieve automatic horizontal expansion according to
business requirements; the scalability must be highly configurable to support
secondary development of customers; finally, efficient matching ensures that
transactions are not unduly blocked.
ChainUP’s matching engine uses lock-free
circular queue memory, reaching millions of TPS (transactions per second);
asynchronous data persistence, with liquidation of up to 10,000 per second; and
has a perfect disaster recovery mechanism. In
case of downtime, recovery can be achieved in seconds.
In terms of wallet services, ChainUP provides structure and
security to ensure the security, stability and efficiency of the wallet system.
For business purposes, it includes traceability, accounts reconciliation, withdrawal
reviews, external scanning and other content processing. At the same time, via
the network topology, operations and maintenance measures such as deployment
specifications, database and server monitoring have comprehensively improved
the system’s security, stability and disaster recovery capabilities.
While exchange downtime and security incidents
may be inevitable, ChainUP’s
comprehensive security risk
control system and strong technical architecture help customers to discover, block and
resolve risks in a timely manner, ultimately ensuring that users’ assets do not
leave the exchange, helping customers to minimize losses.
Helping Small- and Medium- Sized Exchanges Break Through
“All the
numbers displayed on the centralized exchange are closely related to the funds,”
according to BiKi.com founder, Winter. “If there is an
error, the losses will be huge, so the matching system, clearing system, wallet
system, and market-making tools are very important to the exchange. The
technical team of hundreds of people at ChainUP and the experience of hundreds
of users have played irreplaceable roles in our rapid development process. Our
refined operations have allowed BiKi to rise against the tide and become one of
the 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 depth
of more than 200 cryptocurrency exchanges from top global exchanges. It
provides the exchange with the best
quotes, the lowest spread and the best liquidity, helping exchanges
solve liquidity issues and enhance transaction volumes and trading experience.
As the saying goes, competition breeds
innovation. Fierce competition has played a positive role in the development of
the exchange industry. Only when more participants enter the market can the
industry be guided towards a more diversified and healthy direction in
development.
The blockchain technology services provided by ChainUP not only provides solid technical
backing for new exchanges, it also saves high technical and maintenance costs,
allowing the team to focus more on the operation of the exchange, while
contributing to the overall security of the industry and allowing investors to
invest with peace of mind.
About ChainUP
ChainUP is one of the leading blockchain technology solution providers in the world. It owns eight well-developed
product lines: digital currency trading, wallet, situational awareness, public
chain and consortium blockchain, mining pool, blockchain cloud media,
liquidity, broker, and has constructed an industrial closed-loop from
technology service to traffic and traffic commercialization. So far, it has
served 300+ exchange clients, 100+ digital wallet clients, 150+ liquidity
service clients, which include 50+ million users in over 20 countries from
Asia, Europe, America and Oceania. The team members behind ChainUP have worked
in top blockchain or internet companies and institutions in technological
development and operation management, and are highly experienced in the
blockchain industry. It has obtained several rounds of investments from
well-known top institutions in the
industry, such as Morningside Venture Capital, Joy Capital, Node
Capital, Albatross Venture, Taoshi capital, amongst others.
Media Contact
Cecilia Wong, yourPRstrategist.com
[email protected]
+65-91826605
