CRYPTOSIS WHITEPAPER Version 1.0 CRYPTOSIS IS CRYPTOCURRENCY EXCHANGE CONNECTING INDIA TO REST OF THE CRYPTO CURRENCY WORLD!

Transcription

1 CRYPTOSIS WHITEPAPER Version 1.0 CRYPTOSIS IS CRYPTOCURRENCY EXCHANGE CONNECTING INDIA TO REST OF THE CRYPTO CURRENCY WORLD!

2 Abstract With the development of blockchain technology and the rapid growth of the cryptocurrency market, new opportunities appear consistently in the field of Investment. The traditional economy changes its form, new values arise in the digital "world" and a significant role in these processes is played by decentralised technologies, in which cryptocurrencies and digital tokens play a critical role. Most of private investors and even many professional participants do not have enough knowledge about the crypto currency markets or find it difficult to make a choice from a variety of objects for investment. For them, it is important not to miss the opportunities to get additional income, using safe and handy tool. Professionals of the crypto market (portfolio managers and traders) are also often not sufficiently open to potential investors. That s why The Cryptosis was launched. 2

3 Content 1. Introduction 2. Our Vision 3. User Requirements 4. Purpose of Cryptosis ICO 5. Technical Motivation 6. Token Generation Event 7. ICO Details 8. Cryptosis Wallet 9. Roadmap 10. Conclusion 3

4 1. Introduction Since the introduction of Bitcoin, blockchain technology has grown by leaps and bounds. Blockchain has allowed not only cryptocurrencies to flourish but has allowed traditional sectors such as financial institutions to utilize this technology. A sharp rise in price and usage of Bitcoin as well as other cryptocurrencies like Ethereum, Ripple, NEM has shown the world that the global financial system is ready for a change. The change that will take the industry to a whole new level where transparency, data integrity, and decentralization will become the main pillars of its growth. No one needs an introduction as to what tokens are, but we will recap it briefly regardless. A token is designed to represent something else, in most cases, something of value. These tokens are in the Ethereum ecosystem issued on the blockchain, where they represent a financial value or exist as a digital asset. However, these tokens do not necessarily adhere to a particular standard. Ethereum, the popular cryptocurrency and blockchain system, is based on the use of tokens which can be bought, sold, or traded. There are several different tokens which may be used in conjunction with Ethereum, and these differ from ether, which is the currency native to the Ethereum blockchain. Tokens, in this case, represent digital assets that can have a variety of values attached. They can represent assets as diverse as vouchers, IOUs, or even objects in the real world. In this way, tokens are essentially smart contracts that make use of the Ethereum blockchain. One of the most significant token standards of all for Ethereum is called ERC-20, which was developed about a year and a half ago. About Cryptosis Cryptosis platform is an ambitious project, handcrafted in India to deliver next generation trading experiences by revolutionizing the Indian crypto trading industry and provide 0% BTC deduction exchange to maximize trader s profit. This whitepaper discusses design goals, implementations and the upcoming roadmap. Cryptosis is a brand new trading platform handcrafted in India keeping in mind the growing demand of Bitcoin and other coins which can be traded against Bitcoin. We are a passionate team who has been into mining from Later we traded our coins on many platforms and have got ample knowledge of how the trading platform works. We found a variety of trading sites are unusual and differ far from one another with respect to their trading fees. 4

5 In August 2017 we decided to bring a new revolution in trading platform which will keep very decent, fare price which will be minimal of all. In the month of September we began research and decided to jump into the world of Cryptocurrency by introducing our own cryptocurrency for fundraising to accomplish our exchange which will be beneficiary for all future traders. Join us to leave a noticeable mark in the world of Cryptocurrency trading. Why Cryptosis? Cryptosis is online trading exchange platform planning to support almost all coins with 0% trading fees on BTC, which makes it stand out among the current exchange platforms. In addition to it, trading fees for other coins will be kept minimal so it benefits the traders from all aspects. Also, a lot of widely spoken languages will be supported in future by the Cryptosis platform. These languages will cover about 98% of the world s native languages. This will forge Cryptosis the cryptocurrency exchange platform with the most international languages support. What are some of the features Cryptosis Cryptocurrency exchange will offer? Zero trading fee: One of the exciting features of the Cryptosis is the zero-trading fee on margin and spot trading, which will aim to maximize the profits for traders. Cryptosis guarantees 100% reserve. It will also allow all online and offline wallet addresses to be seen for public audit, ensuring no embezzlement of the traders funds. Cryptosis requires two-factor authentication (2FA) to log in. Withdrawal of crypto assets requires an extra confirmation to protect the crypto assets. This will provide an extra security on the user s assets. Offline Mustig Wallet Security System: Every asset will be stored in an offline mustig wallet. About 90% of the assets will be stored offline, while about 10% will remain online to allow faster deposits and withdrawal by the users. Each of the offline mustig contains 8 Hardware security Modules, which means that about 5 of the Hardware Modules will be required to complete any transaction which is done by the mustig wallets. The operators of the hardware modules are located in different countries, which ensures extra security to the Cryptosis security systems. 5

6 Cryptosis will enforce KYC (Know Your Customer), just as it works at banks, to comply with Anti Money Laundering laws. Cryptosis provides user-friendly identity authentication services. Cryptosis provides 24/7 on-line customer service. Whenever users encounter problems or need help, customer service specialists will be reached through the Cryptosis website and mobile app. Once a user submits an inquiry, the customer success team will respond within a day. Their goal is to supply systematically wonderful customer help. Cryptosis also plans to build a decentralized cryptocurrency exchange later in the future. 6

7 2. Our Vision Cryptosis is an order book crypto currency exchange hand crafted in India. To maximize traders profits. Indian trader s faces a major problem of trading fees and trading margin between buy and sell price of crypto currencies. Cryptosis wanted to make trading more profitable for the traders, so we have worked to make it possible by providing the lowest fees, safe and secure exchange. As we all know that cryptocurrencies in India trades at a premium price because of less availability and high demand. So, to make it available at a base price, CRYPTOSIS came with an idea of letting people from all over the world to trade under one platform. By this, we can match the demand by making more cryptocurrencies available in India and finally making the price of crypto in India equaling to international price. Cryptosis is making it profitable by charging only 0.18% fees on its standard trades. Traders can make it even more profitable by investing in CRYPTOSIS ICO and avail a lifetime 0% BTC deduction on it all trades. It means that no BTC will be deducted in any of their trade for lifetime. CRYPTOSIS is making Trading profitable Standard CRYPTOSIS fees: % maker/ 0.18% taker. Cryptosis charges only 0.18% maker 0.18% taker fees, which is lowest amongst all trading exchanges in India. CRYPTOSIS ICO investors: - 0% BTC deduction for lifetime (INVEST IN 300 CST TOKENS IN ICO STAGE). Investors who will invest in minimum of 300 CST tokens at the ICO token sale, will avail a service of 0% BTC deducted in cryptosis exchange for lifetime on all their trades. 7

8 3. User Requirements All assets in one place: - Cryptosis not only provide trading platform but also a multi crypto wallet. User can use its wallet to secure it funds, it s safe and secure. Trust and guarantees: - Cryptosis is a decentralized exchange, user holds all the commands to their funds, not even cryptosis can block users account. User can store or withdraw their funds whenever they want. Cross chain exchange: - Rapid increase in demand of cross chain exchange increasing day by day, cryptosis provides a platform with cross chain currencies to trade for user to trade in any currency they want. Many cross chain currencies will be listed for users to trade in. 24/7 Trading :- Users want to trade and perform transactions quickly and securely at any time, 24 hours a day, 7 days per week. Cryptosis provides 24 /7 trading and transaction platform. Speed: - With the integration of smart API, cryptosis have a capability of trading millions of trades in a friction of seconds. Safety and Reliability :- Hacking being one major problem with the crypto currency world, to avoid hacking, cryptosis keep more than 90% of funds in the cold wallet to make theft chances to zero percent and also uses the latest and upgraded protection to keep the users fund safe. 8

9 4. Purpose of Cryptosis ICO Providing investors to avail zero percent deduction on there all trades for lifetime is not only purpose cryptosis have. Taking the business to the next level requires more capital to scale our impact. There are many variables to be considered, such as, to continue developing products, entering new markets, and hiring experts to help build the business. The funds raised during the ICO will allow us accelerate the building of our platform which needs a higher volume of loans than we are able to support at the moment. Offering a token instead of a traditional venture capital round enables the community to participate in the Cryptosis success story, rather than limiting it to a small, selected number of traditional venture capital funds. By acquiring CST tokens, token holders will benefit from our future success. A token sale is fast, transparent, and efficient for exactly this purpose. The main advantages of the ICO model of business expansion: Token sales are a cost effective mechanism for raising funds; The ICO will be not only a fundraising event, but also a great marketing opportunity; Token sales provide an opportunity to engage with the community and build products in consultation with token holders and experts - delivering products that are best-of-breed to customers. 9

10 5. Technical Motivation Cryptosis is Ethereum-based tokens and follows ERC20 protocol standard. The ERC20 protocol standard contains basic function that it should implement to enable trading, which includes transferring tokens inquiring the balance of tokens at a certain address, and the total supply of tokens. ERC20 token is less risk, more uniformity, reduced complexity, and enhanced liquidity of tokens. A successful ICO can have their ERC20 tokens trading on exchanges without any communication between themselves and the exchange developers. ERC20 has encouraged a positive feedback loop, as token purchasers can be more certain that they can trade new ICO tokens, leading them to purchase more ICO a token, causing more ICO s to be created, and ultimately more innovation and value in the Ethereum blockchain. Why Ethereum Ethereum was designed with the explicit goal of doing more than just creating and recording transfers of a blockchain network s native tokens. Instead, it can be thought of as a generalized blockchain technology with a builtin Turing-complete programming language. The language enables anyone to write programs with custom transaction formats and state transition functions, essentially specifying whichever rules they want that can then be uploaded to the blockchain, and the blockchain will automatically interpret the rules for them. ERC 20 token The CST token is implemented on the public Ethereum blockchain (using an Ethereum smart contract) as an ERC20 token. ERC20 establishes a standard contract ABI for tokens on the Ethereum blockchain and has become the de facto representation for all types of digital assets. All ERC20 tokens share the same core contract interface, simplifying integration with external contracts. Core ERC20 functions include: transfer (to, value) balance Of (owner) approve (spender, value) allowance (owner, spender) transfer From (from, to, value) 10

11 In addition to the core ERC20 interface, the CST token smart contract will have additional functionality to create new CST tokens, finalize the crowdsale and send money to a hardware wallet, and refund users in the case of a failed crowdsale. The ERC20 token smart contract is written in the Solidity programming language and will be publicly accessible and free to use. ERC20 Cryptocurrency enthusiasts are well aware of how a lot of tokens are issued on the Ethereum blockchain. It also appears a lot of tokens are being issued which adhere to the new ERC20 token standard. A lot of people remain unaware of what ERC20 is all about and how it makes a difference compared to issuing tokens before this new standard was introduced. Let s take a look at what makes ERC20 so special. That is about to change, thanks to the ERC20 token standard introduction. Although this will change very little for tokens on the surface, it is an interesting development. Tokens are still issued on the Ethereum network, and can be exchanged against other currencies. However, the ERC20 standard makes the assets more easily interchangeable and ensure they can work with Dapps adhering to the same standard. As one would expect, the magic provided by ERC20 can be found under the hood. The ERC20 standard makes it easier for all compatible tokens to be natively supported by new projects and services. Moreover, the introduction of this standard allows for the tokenization of other features, including voting rights. Most native project tokens offer investors a vote on how the future of said project should look like. ERC-20 Empowers In short, the ERC-20 defines a common list of rules for all Ethereum tokens to follow, meaning that this particular token empowers developers of all types to accurately predict how new tokens will function within the larger Ethereum system. The impact that ERC-20 therefore has on developers is massive, as projects do not need to be redone each time a new token is released. Rather, they are designed to be compatible with new tokens, provided those tokens adhere to the rules. Developers of new tokens have by-and-large observed the ERC-20 rules, meaning that most of the tokens released through Ethereum initial coin offerings are ERC-20 compliant. ERC-20 Specifies Six Functions ERC-20 defines six different functions for the benefit of other tokens within the Ethereum system. These are generally basic functionality issues, including how tokens are transferred and how users can access data about a token. ERC-20 also prescribes two different signals that each token takes on and which other tokens are attuned to. 11

12 Put together, this set of functions and signals ensures that Ethereum tokens of different types will typically work the same in any place within the Ethereum system. This means that almost all of the wallets which support the ether currency also support ERC-20 compliant tokens. ERC-20 is technically still in draft form, meaning that it has gone unenforced by the broader Ethereum community. Still, it seems that the momentum is strong enough that all new tokens are highly likely to conform to the ERC-20 rules. Because the standard remains young, there will likely be some troubleshooting which must occur as Ethereum continues to develop. One significant issue with Ethereum tokens so far is that tokens sent directly to a smart contract will lose money. An error in the protocol means that a token's contract cannot respond to an attempt to make a direct transfer, resulting in the "loss" of the money associated with that transfer. Cryptosis Smart Contract A CST token is an ERC-20 standard Ethereum token. The Smart Contract guarantees the following: 1. Ownership. Only Ethereum users and contract holders can be token holders. Each token belongs to one user/owner. No tokens are shareable. A token can be transferred to another user only by the direct command of its owner or by the command of the receiver that is directly authorized by the owner. No token transfers may be initiated by another user. 2. Token Supply. The tokens are issued only once, at the time of the deployment. The token supply is set at the time of the deployment. 3. Transparency. The information about the number of tokens held by any user is public. All information about transfers is also public and can be traced. 4. Contract owner's right. The contract owner can relinquish this ownership in favor of any other Ethereum user or contract. 12

13 6. Token Generation Event Many new ICO s raise funds and holds most of the share with them. By this they holds a much more portion then the total investors and can manipulate the market whenever they want by dumping the coin in market. By this, traders and investors do suffers a loss. To avoid this situation and in order to further develop and promote the CST platform, CST will conduct a token generation event that will offer for sale 3,90,00,000 CST tokens as total supply. Cryptosis have a clear vision, we want our investors to become a partner and gain more profits. Cryptosis will have all 100% token for sale and wants the investors and traders to have a control over the token market. By this, investors don t have to worry about the circulating coin supply, total coin supply and max coin supply. They can invest and trade without any worry of huge amount of coin dump in the market. We have restricted single user to purchase a maximum of 3000 coins only. Only limited people or a group of people will not have the hold of CST coins rather than that, more and more people will have a hold of coins. This will decrease the chances of market manipulation and will also give more investors a chance to invest in token sale. 13

14 7. ICO Details Name Symbol Total Supply ICO Decimal Places ICO Date Price CRYPTOSIS CST 39,000, th Dec th Jan CST= ETH Token price - 1 CST = ETH Start - Token sale starts on December 28th End - Token sale till Jan 27th Maximum purchase amount CST To avail service of 0% BTC deduction on Cryptosis exchange minimum 300 CST tokens should be purchased at the time of ICO sale. The maximum purchase of the token will be 3000 CST. There will be no minimum limit to purchase the amount. 14

15 8. Cryptosis Wallet The CRYPTOSIS Wallet is a cross-platform wallet, enabling users to store CRYPTOSIS. For the CRYPTOSIS, the wallet provides the following functionalities: Generate a new address on the blockchain network. View cryptosis balance. View transactions, pending releases. Create payment request and display them as QR codes. How to keep Cryptosis Cash? There are ways to keep your Cryptosis cash: 15

16 HOW DOES THIS WORK IN PRACTICE? Step-by-step process: 1. Creating a State Channel: The user loads their CST token into the Cryptosis mobile wallet, which authorizes the creation of a State Channel with the CST platform. Both the user s device and Cryptosis keep a local copy of the current state of the channel. Creation of a state channel requires an on-chain operation. 2. Conducting Transactions and State Changes: When the user initiates a point of sale transaction using Cryptosis, they receive a visual prompt in the Cryptosis wallet showing the value of the transaction, similar to using traditional tap-to-pay mobile applications. Behind the scenes, the user authorizes a transaction to send the equivalent cryptocurrency to the CST platform. Almost immediately, the CST platform receives the signed transaction, counter-signs and stores a copy of that new state off-chain. CST then authorizes its local currency account to pay the requested purchase through its global payment network rails on behalf of the user. Because the transaction occurs off-chain, there is virtually no delay except for a small amount of computation time and network latency. 3. Keeping Funds Ready: So long as the State Channel is open, there are no fees for conducting any number of transactions between the user and CST (This offer applicable only for the traders who have minimum 300 Tokens). Moreover, there is no fee for keeping the channel open. 4. Withdrawing Funds: If the user wants to retrieve all or part of their CST token in the channel that has not been sent to CST, they can do so by withdrawing their funds. The user signs and publishes a withdrawal request, which requires an on-chain operation. It is possible to make partial withdrawals, so the user is always secure in being able retrieve his or her ether while still keeping the channel open for future transactions with the CST network. 5. Closing: To close a State Channel, one of the parties signs and publishes a close request to the State Channel. This initiates a period during which either party can submit their most recent transactions, which determines the final state of the state channel. 16

17 9. Roadmap 17

18 10. Conclusion We believe that blockchain and cryptocurrencies are the payment method of the future. Trading plays a major role in creating awareness about crypto in whole world. So trading plays an important part in making the whole world aware about crypto currencies. India being the second largest county in terms of population have a whole lot to offer to the crypto currency world. Cryptosis want to offer an easy to use interface to all users and also being the safest, fastest and secure platform. Cryptosis will make trading profitable in India and will offer its participation in the crypto currency world. With the ICO to be conducted by the cryptosis, a wide range of individuals will have the opportunity to participate in our long-term growth and success story Cryptosis is a protocol that facilitates decentralized exchange of ERC20 tokens on the Ethereum blockchain. Cryptosis allows multi-token transaction exchange, as well as liquidation exchange on the blockchain under different circumstances. Cryptosis offers benefits to both users and exchanges by deferring risk from both parties in decentralized smart contracts, minimizing fees and cost to create more profitable orders through ring-matching and ordersharing, and as a cross platform protocol. Cryptosis protocol fits any ERC20 and smart contract blockchain platform. After many discussion, our team will developed Cryptosis on the Ethereum blockchain. 18

19 THANK YOU For your confidence in Cryptosis