Blockport aims to develop an end-to-end trading platform that addresses these problems by effectively combining proven technological, social and crypto economic concepts to create a completely new crypto trading experience.
Additionally, Blockport will create its own Ethereum (ERC20) based token that acts as a functional token for members to pay for discounted trading fees and to utilize the social trading features in the exchange environment. Members can earn these tokens by engaging on the platform.
The Blockport ICO, based out of the Netherlands, raised over $15 000 000 during the duration of their crowdsale.
How Blockport Works
All Blockport members interact with the exchange through the user-friendly UI. The UI will be designed in such a way that it addresses different user profiles. These user profiles range between beginner crypto investors and semi-advanced crypto traders.
In general, the user experience will look and feel: simple, smooth, smart and intuitive. Members will be able to switch between a simple and advanced UI. The exact design of these two different UIs will be based on extensive A/B testing among Blockport’s early users.
The UIs fundamental functions include: portfolio balance, market data, trade portal and account settings. The portfolio balance shows members’ current portfolio balance and is based on real-time market data.
Buy and sell trades from fiat to crypto, crypto to crypto, and crypto to fiat, can be done through the trade portal. Additionally, the trade portal will assist members in making a correct buy or sell trade. This means that members will be advised on the amount and price of their crypto investment to ensure transparency and healthy investment decisions.
All trade requests will run through the Governance Manager. This ensures that members’ accounts and orders are valid and compliant with internal and external rules and constraints. The Compliance Manager will ensure that regulatory Know Your Customer (KYC) and Anti-Money-Laundering (AML) requirements will be updated and correctly installed in the Governance Manager and Account Settings.
Issues
There are several concerns with Blockport. First off, network lag could create havoc within the platform, as it utilizes a complicated model with a number of systems needing to communicate to make a trade. Another point would be that the team also seems to lack any significant experience. Finally, Blockport claims to be decentralized but requires KYC/AML verification, which is always a pain point with decentralization.
Overall, Blockport isn’t a project to dive headfirst into. The technology it offers is nothing too exciting and many existing exchanges pretty much outclass it at every level. This doesn’t mean that we shouldn’t put it on the map. The Blockport exchange could find its place on the market, just not at this point in development.
