Digital currency matching rules
Why do digital currencies need exchanges
as we all know, digital currency is based on blockchain technology and platform, and it is also one of the most typical applications of blockchain
taking bitcoin as an example, its platform provides the function of transferring money among users, but it does not provide the function of transaction and payment, which makes bitcoin unable to communicate with the outside world, let alone circulate, and thus cannot become a real currency
in order to solve this problem, the exchange was born
role of the exchange:
in addition to the above-mentioned trading and payment, the specific functions of the exchange are roughly asset management, matching trading and asset clearing, etc. To put it bluntly, it is equivalent to the Bank of digital currency. The matchmaking transaction here is actually to exchange for other currencies, such as bitcoin for Leyte. Of course, there are also some basic functions such as recharge and cash withdrawal. In principle, it is a centralized account book without being linked
on the other hand, the exchange also plays the role of stock exchange, making ICO (initial token issue) project possible
all kinds of token (token or token) can be raised and issued through the exchange
at this point, some people certainly think that the exchange is a combination of banking and securities trading
but not only that, the exchange also has the functions of futures and financial management, which means it also has the attributes of financial institutions such as futures exchange, securities companies and fund companies
it is not enough. In fact, the exchange also has the function of supervision, because there is no supervision. Therefore, the digital currency exchange can be regarded as a super financial center
the centralized exchange plays an important role, which obviously brings many security risks and trust crisis
all these are closely related to the violation of the "decentralization" advocated by blockchain
fortunately, some "decentralized" exchanges have emerged, which are based on the blockchain platform and rely on smart contracts to achieve the purpose of automation, de trust and transparency
let's briefly talk about how to build an exchange. Generally, a subject is registered first, such as the Singapore foundation, because the Singapore government encourages the development of blockchain, and high-quality project parties are registered in Singapore, which can be more recognized in the instry
the Singapore foundation can register by providing a company name and identity information of directors, and then it can do some legal compliance, which is also the advantage of the Singapore foundation. It can issue effective legal opinions to make the project compliance.
The contract transaction of digital currency is not safe. There are still many loopholes in the digital currency trading platform, for example, the most common are the following six kinds:
1. Denial of service attack
denial of service attack is the most important attack against the digital currency trading platform at present. Through denial of service attack, the attacker makes the trading platform unable to access normally, Because users can not accurately distinguish the degree of attack, it often causes panic asset transfer, which brings some loss
2. Phishing incident
even the best technical measures at present can not make the digital currency trading platform avoid phishing attacks. Some hackers and criminals can confuse digital currency investors by means of fake domain names or fake pages, while ordinary investors can't identify the authenticity, so it's easy to cause asset losses
Many digital currency trading platforms use a single private key to protect the hot wallet. If hackers can access a single private key, they can crack the hot wallet related to the private key. For example, in the attack on yapizon of Seoul stock exchange in 2017, the attackers stole hot wallets from the trading platform twice in a year, resulting in a total loss of nearly 50% of the assets of the trading platform and eventually leading to the bankruptcy of the trading platform Fourth, e to the lack of perfect risk isolation measures, or ineffective supervision on the rights of employees, some employees who have the operation rights of the platform use internal trust to seek unjust wealth for themselves. For example, in 2016, the event of employees stealing bitcoin on shapeshift caused a total loss of US $230000 to the trading platform by stealing and reselling sensitive information to others Fifth, the software vulnerability of digital currency trading platform includes single sign on vulnerability, OAuth protocol vulnerability and so on. At present, all countries have laws requiring banks or other financial institutions to implement information security measures to protect customers' deposits. However, e to the fact that the blockchain field is still in its infancy, there is a lack of such specifications for encrypting digital assets. Therefore, it is not accidental that many trading platforms have a large number of loopholes in the absence of security constraints 6. Transaction malleability the technical supporters of blockchain often think that blockchain transactions are highly secure because they are recorded on records that are said to be unchangeable, but each transaction needs to have a corresponding signature, and the records can be forged temporarily before the final confirmation of the transaction 
extended data:
rules of contract transaction
1. Transaction time
contract transaction is 7 * 24 hours transaction, which will be interrupted only ring the settlement or delivery period of 16:00 (UTC + 8) every Friday. In the last 10 minutes before delivery, the contract can only be closed, not opened
Transaction types are divided into two types, opening and closing. Opening and closing positions are divided into two directions: buying and selling:buying open long (bullish) refers to buying a certain number of contracts when users are bullish and bullish on the index. Carry out "buy open more" operation, match success will increase long position
selling pingo (multi order closing) refers to the selling contract that the user makes up for when he is no longer bullish on the future index, offsets with the current buying contract and exits the market. Carry on "sell flat much" operation, match after success, will rece long position
short selling (bearish) refers to the new sale of a certain number of certain contracts when the user is short or bearish on the index. Carry out the operation of "sell short" and increase the short position after successful matching
buy close (short single close) refers to the buy contract that the user will not be bearish on the future index market and make up for, offset with the current sell contract and exit the market. Carry out "buy short" operation, after matching successfully, short position will be reced
3. Order method
limit order: the user needs to specify the price and quantity of the order. Limit order can be used for opening and closing positions
order at opposite price: if you choose to order at opposite price, you can only enter the order quantity, not the order price. The system will read the latest competitor price at the moment of receiving the entrustment (if the user buys, the competitor price is the selling price of 1); If it is a sell, then the counter price is buy 1 price). Issue a price limit order for this counter price
4. Position
the user owns the position after opening and trading, and the positions in the same direction of the same contract will be merged. In a contract account, there can only be 6 positions at most, that is, multiple positions of current week contract, short positions of current week contract, multiple positions of next week contract, short positions of next week contract, multiple positions of quarterly contract and short positions of quarterly contract
5. Order restriction
the platform will restrict the number of single user's positions in a certain period of contract and the number of single open / close positions, so as to prevent users from manipulating the market
when the number of positions or entrustments of users is too large, the platform has the right to require users to take risk control measures, including but not limited to cancellation of orders, closing positions, etc. The platform has the right to adopt measures including but not limited to limiting the total number of positions, limiting the total number of consignments, limiting the opening of positions, withdrawing orders, forcibly closing positions, etc. for risk control
Hot currency OTC is the most reliable
bitcoin does not rely on specific currency institutions to issue. It is generated through a large number of calculations of specific algorithms. Bitcoin economy uses a distributed database composed of many nodes in the whole P2P network to confirm and record all transactions. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction
bitcoin is very similar to cash
the advantages of bitcoin are: no freezing, no tracking, no taxes, and extremely low transaction costs. Compared with people who speculate in currency, it is wealth, and people outside the currency circle may think it is a fraud
bitcoin is a relatively mainstream digital currency, which can be properly invested. There are risks in the transaction. You can invest cautiously. You can search the fire coin, coin security, OK, dobby trading platforms on the Internet, which can trade bitcoin. These are relatively large trading platforms. Invest in mainstream digital currency, do not invest in counterfeit currency or air currency. The rules of each trading platform are different. Now they are basically 24-hour trading, and the digital currencies that may be exchanged are different. You can go to the trading platform.
People often talk about these initiatives in the context of digital money supply. In fact, more than 90% of the money in circulation has become digital money. In most instrial countries, only about 10% of the money is in the form of physical cash. The central bank is making a huge investment to further accelerate and simplify the digital payment process. In the US, the Federal Reserve will soon unveil a new solution, fednow. It can support nationwide real-time electronic payment. In addition to the United States, Britain, Australia, Mexico and Nigeria have also built and deployed similar infrastructure
in 1935, the currency system reform of the national government promoted the development of China's commodity economy and the formation of a unified domestic market, put an end to the chaotic state of China's currency system, realized the unification of the currency system, and greatly promoted the economic development. Modern China's economy and finance realized the unification
response time: October 10, 2020. Please refer to the official website of Ping An Bank for the latest business changes
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