iCoinbay is a cryptocurrency exchange platform designed to be fully decentralized and transparent in nature. It presents an innovative way to protect the tokens of the community members from depreciating due to market fluctuations in the secondary market. iCoinbay has introduced an insurance mechanism with customized policies for corresponding TPG. Under this insurance, TPI (Trading Premium Insurance) tokens will be issued and iCoinbay will jointly bear the depreciation risks of tokens with their community members.
Whenever a community member pays an insurance premium, they will receive TPI > Trading Premium Insurance tokens of equal value. When the policy expires, iCoinbay will automatically return a value equal to the average value the day TPG was originally issued to the member. The exchange also allows the users to terminate their insurance policy in advance if they wish to do so. In such cases, corresponding TPG will be “unfrozen” and the member gets full discretion over their TPG, including in the secondary market.
iCoinbay is using the incentive mechanisms based on a token economy and developing a series of measures that will help in maintaining the stability of the tokens, to protect the interest of its members. The platform will issue TPG tokens equal to the value of transaction fees and the community members who have received the tokens will be entitled to receive a portion of the exchange’s income.
iCoinbay has currently issued a total of 10 Billion TPG (Trading Premium Gain) tokens which will be used to circulate value in the iCoinbay community and represent the holder’s rights and interests. Through this token, the members of the iCoinbay community can be rewarded for their contributions and penalized for their negative impact on the community. In addition, TPG will also serve as a proof of equity by providing the community members rights in the TPG plan including income distribution, right to decision making and more. Together, iCoinbay and TPG tokens represent a new generation of decentralized digital asset exchanges that overcome the shortcomings of the traditional, centralized exchanges.
Although there are several innovations that have been done to develop a blockchain based decentralized exchange yet a number of them end up being another rendition of the centralized exchanges. iCoinbay however, is aimed to be a truly decentralized exchange based on the principles and ideas of a token economy, asset transparency, regular information disclosure, and community-based management to find the perfect match between technology, tokens, and community.
iCoinbay also features candlestick charting which is one of the leading visual market charts in the world, with a variety of chart options, providing a smarter chart-drawing tool. It ensures the security of the user’s accounts through multiple layers of security including IP address tracking and dual authentication. This platform also offers hot and cold wallets along with comprehensive wallet management and has a server designed from the ground up with security in mind. In addition, the multi-language support enables users from around the globe to conveniently and quickly get their queries resolved.
More information about the iCoinbay exchange can be found on their official website.
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