Blockchain technology appears to be taking over the tech world. Recently, with offerings from investment platforms to dental care, it seems like blockchain-based platforms are becoming ubiquitous. With this sort of competitive startup ecosystem, it’s really difficult for a platform to distinguish itself from the masses.
Legolas, a startup founded by businessman Frederic Montagon, has been able to do just that, however. The platform called Legolas Exchange functions as a hybrid digital exchange in which cryptocurrencies are able to be traded rapidly and securely. The Legolas exchange is powered by blockchain and is intended to be the first secure, transparent, premium exchange of its kind.
A Hybrid Platform
Its not often that users in the cryptocurrency world are able to ‘have their cake and eat it too’, as the saying goes. However, Legolas Exchange has created a blend of decentralization and platform security with its hybrid blockchain system.
The difficulty with decentralized exchanges is that they cannot provide reliable, long-term means for cross-chain transactions. CoinMarketCap recently indicated that 3% of its transactions are within the same blockchain, 22% are between two different blockchains, and an amazing 75% are between fiat and cryptocurrency.
This means that financial movement between blockchains and fiat currencies are impossible on decentralized exchanges. Though some exchanges are developing cross-chain platforms, the expansion has been limited to just 25% of the market, leaving 75% unaccounted for.
In response, Legolas is developing a system that unites both decentralization and centralization for their respective benefits. The dual system “incorporates a decentralized ledger within its proprietary centralized platform in order to neutralize front-running and guarantee the inalterability, temporality, and transparency of the order book.”
This hybrid exchange technology is intended to create a secure ecosystem where all types of transactions are fluid whether intra-chain, cross-chain, or fiat related. Legolas also represents a dynamic solution for other financial groups intent on entering the crypto marketplace but are not able.
The platform’s centralized features facilitate the transactions that would be impossible, to execute on current decentralized exchanges. Legolas has entered a partnership with BankQix in Luxembourg, through their PayQix system, to provide large currency transactions.
The blockchain platform creates transparence, security, and accountability, which ensures that manipulation and fraud cannot occur. The team has found a way to eliminate the risks of centralized platforms while retaining the security that they provide.
Controlling the Hack
It should not come as a surprise that cryptocurrencies are regularly stolen–the technosphere understand that digital funds are easily stolen, which is why ICOs are a hacker’s paradise. However, fiat currency platforms are often hacked as well – the NYSE or the NASDAQ or the London Stock exchange are certainly not free from security issues.
Recently, even the SEC was criticized not only for a massive security breach but for not even being aware that a security issue had taken place. Legolas Exchange may not be perfect, but it is certainly a welcome improvement to current alternatives.
Legolas is able to use blockchain protocol to create accessible, transparent history and order books while allowing users access to real-time reports. The protocol also eliminates front-running and market manipulation. Decentralization of the platform keeps users safe and transactions standardized.
The Rollout of Legolas Exchange
The Legolas token, LGO, powers the platform. Tokens can be obtained with Bitcoin throughout the presale. Tokens will no only be generated through the time of the sale, with no further offerings in the future.
Legolas intends to develop its platform which was initiated in Q2 2017 with the proof-of-concept creation. The beta will be released in October, and the fully functional version is slated for rollout in Q4 2017.
Legolas could, however, hit the market much quicker than anticipated, assuming investor interest remains high. Investors and traders alike would benefit from the Legolas Exchange as it revolutionizes currency transactions.