Tokenplace Team: Hello Tokenplace community! So excited to have everyone here for our first Tokenplace Tech AMA with CTO Ivan Zhuravlev! This is Gleb Sidorkin, head of content. Welcome, Ivan!
Ivan Zhuravlev: Hello, community! My name is Ivan and I’m CTO of Tokenplace.
TT: We’re pleased to bring our community into closer contact with our amazing dev team. Ivan is an experienced team leader and computer scientist, co-founder of the security consulting firm Geek Hack, based in Saint Petersburg. Let’s get to our first question! We had many good questions about security, which is so important for us, and it’s great that you have such a good background in security.
“One of the biggest fears of any crypto trader/investor is to have their money stolen. What kind of safety measures does Tokenplace follow and what will you implement?”
IZ: Given our two-stage development of the Tokenplace platform, we need to divide this answer into two parts. In our first phase, in which you connect your exchange account via API, the custodial burden is placed on the exchanges, and two-factor authorization processes at those exchanges secure your funds. Some exchanges also have additional measures for more layers of security.
In the second phase, when we become a custodial exchange aggregator, we will create our own systems for keeping track of all operations. This includes a KYC system, antifraud, and KYT, as well as wallet security and insurance for your holdings. Given that we have a team with people on the cutting edge of cybersecurity, we believe we will not only match but also take the lead over major crypto platforms that are well-known today.
TT: I know that besides security, speed is also of great concern to traders
Here’s another question from the community:
“On the developing TOK platform, how will you ensure the transaction execution time which could substantially affect the prices while trading for the best price between exchanges?”
IZ: Yes, this is a very important point that we have been working on for a long time. The lifecycle of the execution of an order is defined by several variables: The RTT (round trip time) reflects the overall speed of the system from the user to the exchange on the other end. To a large extent, this is determined by the exchange to which we connect. What we can do is improve the speed of delivering the data to the Tokenplace platform.
Our infrastructure is designed in such a way that we receive stock data on tickers, order book and market trades with minimal delay. We performed internal data speed tests, and based on the results we can declare that our algorithms are faster than TradingView’s data feed, which is the one used on the most popular crypto platforms and projects.
TT: The next question on our list takes us back to the issue of security, which has been on people’s minds a lot lately:
“How do you ensure the best Wallet security? Fingerprint, code and 2 step authorization don’t seem to be enough when you look at the latest hack at crypto.com. And if you are subject to a hack (worst scenario), are there protocols or financial back-up to reassure people that their money is safe, or at least refundable?”
This is not an easy question, some clarification needs to be made.
TT: Can you comment on the crypto.com hack?
IZ: The crypto.com case is an interesting one. It actually has to do with a failure to properly implement 2FA. To avoid such losses it’s important to have a quarterly security audit conducted by a third party. At the moment, we are able to provide such audits in-house via our connection to the security consulting firm GeekHack, of which CISO Vladislav Svolsky and I are co-founders. But ultimately, as we scale, making sure 2FA is constantly secured will take rigorous external auditing. Ultimately we do want to provide insured custodial solutions that will take the burden off the user and give them peace of mind.
TT: Excellent! For those of you that speak Russian you can check out our CISO Vladislav Svolsky’s public work on cutting-edge security issues. Soon we will have a report on that on our blog! Next question:
“Will it be possible to open several Tokenplace windows in the browser and do something different in each. or the possibility of a multi-window on one page will be implemented. For example, to open several charts from different exchanges.”
IZ: Yes, there will be a variety of options for visualization of different portfolio and trading views, which can be opened in different windows. Up to now we’ve been focused on providing a super user-friendly interface to let people into crypto trading very easily, and have their portfolio tools in one place. We want to be the lowest-barrier-to-entry platform. In the coming months, as we develop our paid service with order-splitting algos and other pro tools, we will focus more on optimizing for the pro user.
TT: I hope everyone’s checked out the platform at app.tokenplace.com. We have a great user feedback system up and running now that allows you to vote on which features should be added next. Another question about the trading platform interface from the community:
“Are there two separated portfolios like a trading and a main portfolio section, which is offered by Kucoin? I really love this feature. So I can split up my funds easily. Let’s say I have 10k to invest and 15k overall in my portfolio. I transferred 5k to my main portfolio and now I can trade with my 10k and use the slide bar with10% 15% 50% 100% without the need to look at my whole portfolio.”
IZ: This particular functionality is one that we can roll out once we move to the custodial phase of our platform. Right now we can’t do that because we don’t have control over your accounts, which remain on the exchanges. However, once the custodial phase hits, we plan to make such tools available to make a convenient single-window experience.
Having a single portfolio across all top exchanges is the real game-changer. We are ready to consider all community proposals for the further development of the platform. You can always leave your suggestions!
TT: Ok cool, so this one is also about the platform, but more about the algos rather than the interface:
“I would like to know how does order splitting work via algorithm in particular? How does shadow trading technically work?”
IZ: Order-splitting works by analyzing the order book data from multiple exchanges and setting up the optimal order for you at a given second. The order may be filled on one exchange or split among multiple, depending on various variables. Shadow trading is enabled by Tokenplace being able to monitor order books and execute the order at an optimal moment without actually appearing in the order book beforehand. Order-splitting also allows orders to be split into smaller chunks so as not to move the market, which is also related to the idea of stealth or shadow orders.
In more abstract terms, we can say that since we are in the business of gathering real-time data from all top exchanges, so we can analyze that data and compare it in various ways. We get the order book data, analyze it, and create the optimal route. This includes taking into account fees and the funds available on a given exchange. Right now, we can’t give much detail on the technical aspects of our order-splitting and shadow order technology, given that it is a trade secret in a very competitive field.
TT: Thanks! Next question is about partnerships:
“Partners are very important for every project today, may I know which partners you have now? and which partners in the future you will be heading to?
IZ: One key partnership is related to processing fiat (fiat on/off ramp). We are planning a strategic partnership with Mercuryo, and are currently in talks with them. We are also constantly working to expand our partnerships with leading exchanges, both centralized and decentralized. However, these talks can’t be made public ahead of time. Keep a close eye on our info channels to keep up with the latest developments!
TT: Excellent. Lots of questions about the TOK use case as well:
“Can we expect the expansion of TOK token’s usecase in the future? What are/will be the advantages to buy and hold/stake them?”
IZ: The implementation of our plan for TOKs use cases within our platform is ready to go. At the moment, our team is working out the economics of an interesting staking platform.
We are also preparing the way for the token to be a medium of exchange in the platform among various corporate accounts. This will be a huge jump in terms of the token’s use cases. There are some other aspects of the use case that we can’t speak on fully until due diligence is done by the legal team, but any crypto token has the capacity to be used as a medium of payment, or investment, and so on. Also check out our white paper’s section on Tokenomics, where we propose the idea of a coin-creation service called Tokenplace Delta.
TT: Awesome, well that wraps up Part 1, let’s open the floor to the community!
People will have 5-7 minutes to write their questions, and then Ivan will pick a few to answer!
Let’s go!
“One of the benefits that I see when using several exchanges at the same time is the possibility of doing arbitrations since the prices of the assets vary from one exchange to another. Is there or is it planned to create an arbitrage bot to take advantage of this opportunity? It would be great in this scenario!”
IZ: We plan to provide an API that will allow you to implement arbitrage, we are also considering the possibility of integrating automated trading algos right in the trading terminal interface.
Q: I see that Tokenplace’s main objective is to provide a single working window through which users can participate in all exchanges in a unified way. However, in several exchanges it is mandatory to carry out KYCs of various levels to be able to operate. How will this problem be solved when several users access this type of exchange through Tokenplace?
IZ: As I answered earlier, this will be solved by custodial storage and single point of entry with single KYC verification.
Q: When do you think the app will be released?
IZ: We’re pleased that we’ve been able to meet our roadmap, and even get ahead in some cases, such as with the release of our DEX functionality before the end of 2021.
We have an ambitious yet doable plan for 2022: connecting 30+ exchanges, and releasing our order-splitting system. These two factors will make us a leader in the API-terminal space in terms of functionality. 2022 will also include the release of Tokenplace wallets and mobile apps. Tokenplace 2.0 will be the release that truly reveals our full potential as a single-window exchange aggregator. That’s planned for Q1 of 2023.
Q: Tokenplace for the operation needs to know in real time the value of assets from multiple places. To carry out this function, will some oracle system be used at some point?
IZ: At the moment there are no plans to completely decentralize the platform.
Oracle is used by leading DEXs for decentralized architecture. We take primary information from various DEXs, and pass it on to the user.
However, it’s important to note that our systems don’t favor any one exchange over another.
Q: In most exchanges there are plugins that allow a more satisfactory user experience. I mean trading bots, copytrade function, futures trading, etc. Will these types of plugins also be considered in Tokenplace?
IZ: Sure! In our backlog for future features we have ideas about adding functions of copytrade/futures trade/write simple bots.
Q: During the year 2021 the development of DeFi projects had a vertiginous growth. Within this type of projects, DEXs stand out. There are several DEXs like Uniswap, PancakeSwap, etc that handle large volumes of transactions. The question is: Will Tokenplace also include this type of exchange within its platform?
IZ: Thanks, we had several questions about DEX trading and it is certainly reaching a new level this year. We care a lot about our DEX functionality and have already rolled out a very interesting product with smart-routing for DEX Pools. Check out our update on Release #7 (https://t.me/tokenplace/74250)
Q: What’s your main focus right now, are you focused on the community or market/Exchange or the products?
IZ: The short answer is Product. The crypto industry has some amazing features, and we are really happy to interact with the community and work with exchanges. But we are still building a software product. The quality of our product will dictate the success of our business, and that’s what we are focused on.
Q: Which chains are supported in general with Tokenplace Wallet and when do we expect it to be released?
IZ: We are considering integrating NFT, but this is a complex issue, so there are no details or any official promises yet
Q: Is there a possibility to store nfts in the Tokenplace Wallet as well?
IZ: I think we’ll add support for Ethereum and Binance Smart Chain network first
Stay tuned for more info and follow us at:
- Website: tokenplace.com
- White Paper: tokenplace.com/white-paper
- Twitter: @TokenplaceTOK
- Telegram Community: @tokenplace
- Telegram Announcement channel: @TokenplaceAnnouncement
- FAQs: tokenplace.com/faq
