Various blockchain and cryptocurrency companies are looking to revolutionize the way in which people trade. Right now, trades occur through centralized platforms, which bring a lot of risks and problems to the table. TradeConnect is a venture designed to shake things up in the years to come.
The TradeConnect Concept
Competition in the financial industry often leads to innovative solutions. TradeConnect is designed to let traders exchange any financial asset instantly and without intermediaries. It is similar to a decentralized exchange model, although there are some key differences to take note of as well. Combining blockchain tech with financial trading seems like a powerful concept, assuming projects like TradeConnect can deliver.
Under the Hood
While TradeConnect mainly relies on blockchain, it is not the only technology to be utilized. As the project’s web page explains, there will be support for artificial intelligence, which is something we’ve been seeing more and more of in the financial sector. Using AI will, according to the team, lead to a higher degree of flexibility and personalized trading.
The removal of intermediaries is not just done for ideological reasons. In a practical trading environment, trades need to be executed immediately without a central point of failure. TradeConnect connects individuals and institutions with one another to create a balanced playing field. How this will play out exactly remains to be seen.
The trading aspect of TradeConnect will mainly rely on contracts. Said contracts will reside on the blockchain powering this ecosystem and can be verified at all times. It is this technology which allows for instant settlement. Although other projects are thinking along the same lines, TradeConnect can prove to be successful in its own way.
The Thinkcoin Token
A project such as TradeConnect seemingly cannot exist without its own native currency. This particular currency is aptly named Thinkcoin and will be sold through an initial coin offering. Users will be able to use ThinkCoin – or TCO for short – as a unit for all trades on the TradeConnect network. This applies to CFDs, Forex, commodities, shares, and so forth.
What’s Next for TradeConnect?
Although TradeConnect has a working MVP in the form of a mobile application for both Android and iOS, there is still much work to be done. The official roadmap does not include much information, other than getting the token listed on various exchanges by next month. Additionally, work on the mobile app, as well as the native technology, will continue behind the scenes.