CoinLion is a cryptocurrency portfolio management and trading platform. The platform makes it easier than previously for users to get into the cryptocurrency trading market, based on traditional portfolio management and trading platforms based on fiat currency like E-Trade, Scottrade or TD Ameritrade.
In return for sharing portfolios, research and strategy CoinLion users can earn LION as an incentive token.
The founder and CEO of CoinLion, Josh DeWitt, has a background as a wealth manager at Merill Lynch. DeWitt’s experience and education in the financial sector gave him an advantage in knowing what was available in trading technology. Mining Bitcoin on the side while working, DeWitt saw that there were not many good ways to trade with cryptocurrency. Most of the systems of trade took too much time or were hard for users to have confidence in using the platforms.
CoinLion started its journey last year announcing CoinLion platform and LION cryptocurrency token that relies on the ERC20 smart contract powered by Ethereum currency. The plan is to follow the current progress made with a research portal due to be realized in February. In regards to the whole of the platform being available, CoinLion will have its core functions collections by late summer or early fall.
DeWitt said recently to ArgusLeader: “The crypto traders that are out there, and some of the people that are getting into this, they do not even know what they are missing because they have not had the opportunity to use these tools that we are going to be building. They think it is OK the way it is, but wait until you see this.”
Trading, portfolio management and profiles
The cryptocurrency trading system has three main sections – Trading, portfolio management and profiles. The trading and portfolio management systems have been mentioned above, and user profiles is an addition that adds a social element to cryptocurrency. Users of CoinLion will be able to create public profiles, communicating with each by sharing tips, advice and connecting users with others on CoinLion. Users will be able to share a profile, portfolio and sharing this information with the public will result in rewards for the user.
CoinLion has a wide range of features now and in the future that show the thought that has gone into all areas of cryptocurrency trading. The portfolio management tool allows you to create and manage portfolios, uses state of the art research and analytics, gives users the ability to track multiple positions, to create portfolios based on amount, quantity or percentage and has a built in digital assets screener.
The blockchain is essential for cryptocurrency readers. The platform has a dual blockchain system that can process over one million transactions a second, makes sure of data transparency and integrity, interacts with the matching machine, is the first blockchain stores all data relating to orders and the second blockchain stores all data relating to transactions. Users can trade in all major currencies with new ones regularly planned to be added; there is ICO underwriting and due diligence, the primary markets that have a focus on them are Bitcoin and Ethereum with plans to expand into more cryptocurrencies as they gain popularity.
Security in the platform
Security is apparently essential when it comes to financial trading, and CoinLion has advanced security measures in place. These security services include a reserve promise, a circuit breaker preventing flash crashes, integrated two-factor authentication, IP whitelising and offline multisig wallets placed in cold storage. CoinLion wants to be fast, with fast trade execution, lightning speed dual blockchain system, atomic swaps, raiden and lightning networks, programmed in GO lang and optimised for speed and rapid withdrawals with low confirmation requirements on smaller amounts.
DeWitt worked with Justus Luthy, a software developer, to get this off the ground. “The cryptocurrency space has very much been termed the Wild West. It’s the early days. There’s really no regulation,” Luthy said. “We as a company wanted to come out and say, ‘We’re doing everything above reproach and above board.’”
DeWitt said in an interview with ChipIn about his choice of Ethereum as the core “..as it is the most widely distributed protocol that allows for the execution of turing-complete smart contracts. Right now, ethereum has provided the best practices and resources and has the longest history of successful projects launched on the blockchain. In addition, using an ERC20 token allows LION to be held in Ethereum wallets, providing users ease of use and familiarity. Requirements lends itself well as we build out the platform making it faster and easier to add tokens as they are launched. We are exploring other options for our own proprietary blockchains and will keep participants informed of our progress and releases.”
In a world full of cryptocurrencies and trading platform there will be always space for new-comers. And if we compare CoinLion with some of the trading platforms, we can instantly see the differences.
Overall CoinLion is a great idea that can help users all over the world to manage their cryptocurrency trades and portfolio efficiently, something that was missing in the cryptocurrency built-in. Adding new currencies, both fiat and digital will broaden the appeal of CoinLion, making this company one to watch in 2018.