a global multi-asset exchange & digital ipo service ...a global multi-asset exchange &...
TRANSCRIPT
A GLOBAL MULTI-ASSET EXCHANGE & DIGITAL IPO SERVICE PROVIDER
WHITE PAPER
First Published March 2019
VERSION 1.0
TABLE OF CONTENTS
Copyright 2019 LiveTrade Exchange & Brokerage 2
TABLE OF CONTENTS
TABLE OF CONTENTS ......................................................................................................... 2
EXECUTIVE SUMMARY ...................................................................................................... 4
MARKET ANALYSIS ............................................................................................................. 5
LIVETRADE EXCHANGE & BROKERAGE ..................................................................... 8
INTRODUCTION .................................................................................................................. 8
MISSION STATEMENT & VISION .................................................................................... 8
VALUE PROPOSITION ........................................................................................................ 8
WHY CHOOSE LIVETRADE ............................................................................................. 11
ENJOY THE BLOCKCHAIN-LESS EXPERIENCE ......................................................... 11
WE ONLY WORK WITH THE BEST IN THE WORLD .................................................. 11
WE ARE LEGAL AND REGULATORY COMPLIANT ................................................... 11
WE EMBED THE “PEOPLE” FORMULA INTO OUR BUSINESS ................................ 11
TOTAL SECURITY WITHOUT COMPROMISE ............................................................. 12
WE EMPHASIZE THE IMPORTANCE OF EDUCATION .............................................. 12
INTEGRITY, RESPONSIBILITY & TRANSPARENCY .................................................. 12
PRODUCT FEATURES ........................................................................................................ 13
MULTI-ASSET EXCHANGE ............................................................................................. 13
DIGITAL IPO SERVICE ..................................................................................................... 15
LIVE WALLET .................................................................................................................... 18
MOBILE / WEB / DESKTOP TRADING APPLICATIONS ............................................. 18
A WIDE RANGE OF P2P, P2B, B2B FINANCIAL SERVICES ....................................... 19
EARN INTERESTS AS LONG-TERM HOLDERS ........................................................... 21
DYNAMIC PRICING, ALGORITHMIC TRADING & ARTIFICIAL INTELLIGENCE 21
FUTURE FEATURES ......................................................................................................... 22
COMPETITION & COMPLICATIONS ............................................................................. 23
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM .................................... 24
LIVE WALLET STRUCTURE ........................................................................................... 24
MULTI-ASSET EXCHANGE & BROKERAGE ............................................................... 26
USER INTERFACE AND APPLICATIONS ...................................................................... 28
EXCHANGE ARCHITECTURE ......................................................................................... 28
ESCROW TYPE FUNCTIONS ........................................................................................... 30
NETWORK OF LIQUIDITY POOL ................................................................................... 34
ASSETS DIGITALIZATION .............................................................................................. 36
ASSETS TRANSFER FROM EXTERNAL BROKER ACCOUNT .................................. 38
SECURITY FRAMEWORKS AND APPROACHES ........................................................ 40
LIVETRADE SECURITY TOKEN ..................................................................................... 42
LIVETRADE SECURITY TOKEN (LTD) ......................................................................... 42
TABLE OF CONTENTS
Copyright 2019 LiveTrade Exchange & Brokerage 3
TOKEN HOLDERS BENEFITS ......................................................................................... 42
LTD TOKENS DISTRIBUTION ......................................................................................... 43
FUND ALLOCATION ........................................................................................................ 44
TERMS OF TOKEN SALE .................................................................................................. 46
OVERVIEW ......................................................................................................................... 46
PRICING AND PROMOTION DETAILS .......................................................................... 47
TOKEN BUY BACK AND UNSOLD LTD TOKEN DESTRUCTION ............................ 47
ROADMAP ............................................................................................................................. 48
INITIATION (2018 Q4 - 2019 Q1) ...................................................................................... 48
PREPARATION (2019 Q2) ................................................................................................. 48
PRIVATE SALE (2019 Q3) ................................................................................................. 48
PUBLIC PRE-SALE (2019 Q4) ........................................................................................... 48
PUBLIC SALE (2020 Q1) ................................................................................................... 48
LIVETRADE TEAM ............................................................................................................. 49
TEAM OF DIVERSITY ....................................................................................................... 49
ADVISORS ............................................................................................................................. 50
PARTNERSHIPS ................................................................................................................... 51
TECHNOLOGY PARTNERS ............................................................................................. 51
LEGAL, TAX, AUDIT, & STRATEGY CONSULTANTS................................................ 53
PRESS & MEDIA PARTNERS ........................................................................................... 54
THIRD PARTY PAYMENT PROVIDERS ........................................................................ 54
VENDORS & STRATEGIC ALLIANCES ......................................................................... 55
EXTERNAL EXCHANGES & BROKERAGES, LIQUIDITY PROVIDERS .................. 55
BUSINESS MODEL ............................................................................................................... 56
TARGET MARKETS .......................................................................................................... 56
KEY REVENUE STREAMS ............................................................................................... 56
MARKET ENTRY STRATEGY .......................................................................................... 58
PHASE 1. LIVETRADE EXCHANGE & BROKERAGE BETA VERSION - 2019 ........ 58
PHASE 2. LIVETRADE EXCHANGE & BROKERAGE V.1.0 - 2020 ............................ 58
PHASE 3. PLATFORM INTEGRATIONS AND FURTHER DEVELOPMENT - 2021 .. 59
PHASE 4. BROADER MARKET ADOPTION 2022-2025 ................................................ 59
FINANCIAL PROJECTION ................................................................................................ 60
CONCLUSION ....................................................................................................................... 61
LEGAL ASPECTS AND DISCLAIMER ............................................................................ 62
REFERENCES ....................................................................................................................... 67
EXECUTIVE SUMMARY
Copyright 2019 LiveTrade Exchange & Brokerage 4
This white paper is for informational purposes only and does not constitute an offer or
solicitation to sell securities or other investments. It may contain forward-looking statements,
subject to risks and uncertainties that could cause actual results to differ materially.
LiveTrade Exchange and Brokerage does not guarantee the accuracy of statements made in
(or in connection with) this white paper or the conclusions reached herein, and expressly
disclaims any and all liability for any direct or consequential loss or damage of any kind
whatsoever arising directly or indirectly from: (i) reliance on any statement contained in this
white paper, (ii) any error, omission or inaccuracy in any such statement, and (iii) any other
matter connected with or attributable to statements contained in this white paper.
EXECUTIVE SUMMARY
Since its inception less than ten years ago, the cryptocurrency market has reached a market
capitalization of over 121 billion USD as of January 2019 (Young, 2019). The future for
digital assets is quite promising although many believe this sector is still in a long tough way
from reaching its peak as it has yet to be integrated into the broader world economy. The
absence of harmonized international regulatory frameworks for the sale and use of
cryptocurrency has impeded its adoption and the growth of global markets in digital assets.
Furthermore, traditional financial markets are out of reach for most people due to its complex
requirements, obscure cost structures and other inherent disadvantages. The global
community needs a solution that takes the best features from both, new and traditional
financial systems and gives the world economy an opportunity to embrace the growing digital
economy.
This is where LiveTrade comes in. By combining proficiency in regulated markets together
with expertise in blockchain technology, Livetrade presents unique solutions to traders and
companies around the world that are tailored towards approaching the broader markets.
LiveTrade is a powerfully simple multi-asset trading platform and brokerage that makes it
possible for anyone to access to diverse financial markets with the speed and convenience of
centralization while maintaining the high standard security offered by decentralization.
The platform will be based on a seamlessly operated mobile and web interface, where users
will have all the necessary data and tools at their fingertips to instantly transact with
cryptocurrency, fiat, stocks, forex, and many other financial asset classes. Our digital
management solution will be built into this robust infrastructure, and will work with crypto,
fiat, and stocks, etc.
While the LiveTrade Platform will facilitate financial operations in fiat, crypto and stocks all
within one platform, LiveTrade Wallet is also an innovative solution that mixes the best
features of a crypto wallet. The Wallet provides features similar to other mobile banking and
investing applications, allowing users to manage their asset portfolio or to buy, sell, exchange
and transfer assets with ease.
The backbone of the LiveTrade ecosystem is the LTD Token, a digital security token used to
cover trading fees, compensate traders/investors for their successful strategies, reward content
contributors and access advanced features of the LiveTrade platform. Fundraising and the sale
of LTD Tokens will finance platform development and marketing strategy to accomplish the
set goals.
This white paper explores the significant challenges and trends impacting the financial
industry and describes a unique approach to unlock the immense value of digital assets
resulting from this new exchange model.
MARKET ANALYSIS
Copyright 2019 LiveTrade Exchange & Brokerage 5
MARKET ANALYSIS
CURRENT SITUATION
Cryptocurrency Market
The past ten years have seen a phenomenal growth in both the valuation and popularity of
cryptocurrencies. For instance, one of the global market’s largest cryptocurrency exchanges
has an impressive $9.5 billion daily trading volume and more than 250,000 new users added
on a single day (Memoria, 2019). Despite such explosive growth, cryptocurrencies do not
enjoy the same access to traditional banking products and services as fiat.
Lack of Trading Terminals with Simultaneous Access to Financial and Cryptocurrency
Markets.
In general, crypto investors cannot trade cryptocurrencies for conventional financial assets
and vice versa unless registered at multiple trading platforms and being subject to transaction
and deposit fees on each. The disconnection prevents easy movements of capital between
asset classes and trading the difference in pricing of similar asset classes. For example, in
order to arbitrage between shares and their global depository receipts, a trader only needs to
go through one trading terminal or API and creates trades in a matter of seconds. With digital
assets, a similar arbitrage style of trading may involve several exchanges and interfaces, while
transfer of digital assets and funds between the exchanges could take hours, if not days.
Insufficient Legal, Compliance and Security Framework for Crypto Investments.
The main problem in the growth of cryptocurrencies is regulatory uncertainty. Many crypto
markets stay largely unregulated and mostly isolated from global financial markets. We
appreciate the promise of shared and distributed economy but must conclude that without
proper legal structure and consistent regulatory compliance, any type of an investment would
become highly speculative, unduly volatile, and vulnerable to a hack.
Lack of Quality Investment Instruments and Ready Liquidity in Crypto Markets.
Investors either face high volatility of individual cryptocurrencies or have a choice of
investing into a variety of even more volatile digital tokens, issued by some projects that may
cease to operate at any moment. Also, their limited ability to purchase goods and services has
led to poor public perception and understanding of the potential benefits of digital asset.
Traditional Financial Markets
Complicated Regulations Prevent Both Internal and External Trading Opportunities
Due to heavily complex regulations, traditional sectors are still inaccessible for millions of
people, especially the crypto community. Moreover, the cost structures are non-transparent
and disadvantageous to most users. Also, traditional banks are very selective in the services
they provide for crypto users within their current banking systems.
And there is an ongoing question: How do projects and businesses raise capital more
efficiently and cost effectively? Statistically, only a small percentage are able to navigate the
Private Equity and Venture Capital world while the majority are forced to use some form of
debt, e.g. loan or bond to finance their plans, which limits cash flow and prospects for growth.
MARKET ANALYSIS
Copyright 2019 LiveTrade Exchange & Brokerage 6
Big Investors Don't Know Where to Put Their Cash
As global crisis makes government and bank bonds look increasingly unattractive,
institutional investors and high-net-worth individuals (HNWI) are finding themselves with
plenty of cash but nowhere to put it. Pension funds and insurance companies are desperately
looking for safe havens which promise even modest returns.
Companies and Projects are Struggling to Raise Capital
Ironically, while the crypto community, global HNWI and institutional investors are
desperately seeking quality investment opportunities for growth, there are thousands of great
companies and projects struggling to get their plans and capital needs recognized through
traditional initial public offering (IPO) process.
Traditional methods are expensive and full of middle men with a long list of fees. Every step
in the process requires specialized bridges built between multiple hands-in middlemen who in
turn keep the process flowing. Multiple hands each having their own individual technology
stacks requiring specialized decoder rings for each, so in order that they can all function. The
average time required for new commitments to be put to work now stands at three years with
no end in sight
In the U.S, banks have cut the percentage of commercial loans to small and medium size
businesses in half since 1995 (From 40% to 20%). This reduction has resulted in 50% of
business loan applications being underfunded or denied.
*Source: FDIC Call Report Data
To date, the financial community has no method to effectively connect potential companies
and projects with investors despite the fact that over the past 5 years, technology and
regulations have evolved to the point where it is possible to create a new financial
marketplace to bring these business and investors together.
So where do we turn? In a world hungry for innovation, LiveTrade could be the answer.
MARKET ANALYSIS
Copyright 2019 LiveTrade Exchange & Brokerage 7
OUR SOLUTIONS
We see unique market opportunities arising from the need to bridge conventional financial
markets and cryptocurrencies, and to provide ready liquidity for crypto investors. We
recognize the limitations of the traditional financial markets and their stringent regulatory
requirements, while also identifying that the crypto world lacks basic regulations needed to
avoid outright fraud. At LiveTrade, we firmly believe that mainstream users will embrace the
new digital currency technology only after a connection between the cryptocurrency and
traditional assets worlds is established
A Multi-Asset Exchange for Traders Around the World
There is obviously an urgent need in the market for a legal and compliant mechanism that
connects conventional and cryptocurrency markets and is capable of partnering with
traditional finance players such as banks and prime broker-dealers. Through the LiveTrade
multi-asset trading platform, our goal is to make cryptocurrency a widespread means of
payment by increasing its utility and to provide traditional financial services to the digital
asset community in a secure and compliant way.
A Marketplace to Bring Disconnected Groups Together
To bring the two disconnected groups – Investors and Businesses - together for their mutual
benefits, LiveTrade is developing a new type of service that barely exists today – a Digital
IPO service. Some might ask, is this an ICO (Initial Coin Offering)? The answer is no. It is
much broader. The term Digital IPO is a much better descriptor, because what we are doing is
putting regulated securities on blockchain, like the IPO people know, but it is now digitized
and more effective.
Benefits for the Investors - A New Market with Digital Securities
LiveTrade opens up a new market for eligible investors such as high-net-worth individuals,
institutions and traditional investment management companies. We offer worldwide investors
new opportunities outside of traditional investment options to diversify their capital through
innovative access to new digital securities. In the interest of investors, LiveTrade is also
firmly committed to maintaining full compliance with all regulators and the protections they
offer to individual and institutional investors.
Benefits for the Companies - Access to Inexpensive Capital
LiveTrade is committed to building a mutually-fulfilling relationship with its institutional
clients. LiveTrade will provide a viable alternative for companies and projects’ owners who
are unable to leverage traditional capital channels. It will assist and support each company in
multiple ways including advising, marketing investor opportunity, and executing the digital
IPO on their behalf.
The LiveTrade model mitigates the impact of economic downturns on companies by allowing
them to raise inexpensive capital when other traditional markets may be closed or
significantly hamstrung. Additionally, LiveTrade’s model helps business owners maximize
the value of their companies by maintaining healthy cash flow that is not pre-allocated for
serving debt. Companies’ denominated digital securities issued and traded on the LiveTrade
will be tied to real corporate assets, providing them with a more robust basis for value.
LIVETRADE EXCHANGE & BROKERAGE
Copyright 2019 LiveTrade Exchange & Brokerage 8
LIVETRADE EXCHANGE & BROKERAGE
INTRODUCTION
LiveTrade is a powerfully simple multi-asset exchange and brokerage that provides global
retail and institutional customers the access to broader markets and the power to trade and
invest in diverse financial instruments. Being fully compliant, regulated and technologically
advanced, the Livetrade Exchange & Brokerage will connect and make interoperable multiple
financial services, products and markets, existing and upcoming, to make them accessible
from a single account.
Traditional finance models make it difficult and expensive for small and medium sized
businesses to realize their potential and grow their businesses. With LiveTrade, it will no
longer just be large corporation that can use equity to secure the funding needed to grow a
business. Our intended product architecture integrates financial technologies and blockchain
technologies to build what we envision would be the platform of choice for financial market
participants around the globe, integrated with conventional and crypto markets at the same
time.
MISSION STATEMENT & VISION
LiveTrade’s mission is to bridge the world financial markets by developing an all-inclusive
investment environment that allows people to trade between conventional financial
instruments and digital assets in a unified platform at a low cost, at the right time, through the
right channels, and in a legal and fully transparent fashion.
We aim to:
• introduce a marketplace for the financial industry of tomorrow;
• build a new transparent and comprehensive asset digitalization vehicle that would
become a part of the future global financial infrastructure;
• develop coherent protocols to integrate partners and transfer solutions.
Our vision is to become the trading platform of choice for worldwide traders and investors
with a strong focus on building unparalleled superior trading experience,
advanced features and state-of-the-art trading tools while staying fully compliant with
applicable legal and regulatory requirements in each of the jurisdictions of our operations.
We intend to execute this vision in a coherent manner and with attention to detail in each key
part of the proposed solution, such as fintech technology and infrastructure, licensing and
compliance, client interface and integration with 3rd party solution providers.
VALUE PROPOSITION
LiveTrade believes in the democratization of digital asset investing and trading, making
financial markets accessible and reliable for everyone (not only for tech savvy users and
experienced traders and investors). LiveTrade sets high standards to its services because
quality is just as decisive for us as for our clients. We recognize that versatile financial
services require versatility in thinking and a unified policy of business principles.
LIVETRADE EXCHANGE & BROKERAGE
Copyright 2019 LiveTrade Exchange & Brokerage 9
These principles will serve as our requirements and make up the DNA of all LiveTrade
applications.
Bring User-Centered Design to Products and Features
The User-Centered approach has driven the whole development of LiveTrade to develop a
user-first platform designed for the mainstream international adoption of cryptocurrency and
the evolving traditional financial market. In other words, our users have been set at the center
of the entire ecosystem, making it as easy to use as centralized application while being able to
facilitate complex and various orders types as in decentralized applications.
Trade on A Single Platform
LiveTrade provides an opportunity to trade conventional and digital assets on a single
platform, accessed through mobile, web and desktop interfaces.
Start Trading with No Minimum Requirement
A range of various trading instruments combined with low fees and solid legal framework
create a new window of opportunity for investors.
Bridge the Liquidity Gap
LiveTrade connects cryptocurrencies to global financial markets and provides additional
liquidity between the markets through the asset digitalization. Traditional markets feature less
volatility compared with cryptocurrencies, and LiveTrade allows current crypto investors to
participate without leaving the more familiar “crypto-world”.
Implement Arbitrage
LiveTrade business and legal framework allow traditional and crypto investors to execute
arbitrage between exchanges, thus benefiting from price differences between digital assets
and matching conventional assets.
Enable Security and Trust
LiveTrade is using the blockchain technology to assure the emission of digital assets, secure
deposit and withdrawal of crypto assets, and tracking of settlement and trade completion.
Our technology solutions will establish controls and maintain compliance with audit and
reporting requirements. Security systems will monitor, track, filter, and ultimately restrict
various categories of transactions.
Engender Transparency
LiveTrade is developing a securities and cryptocurrency trading platform duly licensed and
complying with capital requirements and AML regimes in jurisdictions of our operations.
This will allow us to satisfy regulatory and compliance criteria in jurisdictions of our
operations, and to work with the strictest of financial and investment partners.
LIVETRADE EXCHANGE & BROKERAGE
Copyright 2019 LiveTrade Exchange & Brokerage 10
Why does LiveTrade require Blockchain technology?
While some still question the future of digital currency, it is clear that Blockchain technology
and innovation are creating a large shift in the way traditional industries are operating. The
development of robust blockchain technology offers a unique alternative way of securely
transferring financial assets around the globe, both inside and outside of the current banking
infrastructure.
LiveTrade will partner with the world-leading blockchain solution providers to produce a
real-time trading platform that would allow investors to invest in digital assets and
conventional financial instruments in a single place and at a low cost. The LiveTrade
blockchain will ensure secure, fast and transparent business processes.
LiveTrade Trading & Investment Environment
PAYMENT PROVIDERS
STOCK EXCHANGES &
BROKERAGES,
LIQUIDITY PROVIDERS
INSTITUTIONAL
CLIENTS
LIVE WALLET
RETAIL CLIENTS
LIVETRADE
BROKERAGE LIVETRADE EXCHANGE
CRYPTO, FOREX EXCHANGES,
LIQUIDITY PROVIDERS
KYC/AML By 3rd Party Partners
PAYMENT PROVIDERS
WHY CHOOSE LIVETRADE
Copyright 2019 LiveTrade Exchange & Brokerage 11
WHY CHOOSE LIVETRADE
Here’s why LiveTrade will be a platform of choice for traders across the full spectrum.
ENJOY THE BLOCKCHAIN-LESS EXPERIENCE
Since its concept, LiveTrade has consistently taken measures to ensure its platform makes
online trading and investing accessible to everyone. By keeping a balance between giving
easy access to beginners and improving upon important elements for experienced traders,
LiveTrade has positioned itself as one of the friendliest multi-asset trading platforms.
The interfaces of the LiveTrade platform and its features have been designed to facilitate the
exchange, buying or selling of any asset in the system without the need for a complex process.
Buying a fraction of Bitcoin or a stock from Google with fiat or any other funding source
would take few seconds. The same will also be true for our tools and services. This type of
user interface will greatly ease the transfer of value and assets. Future integrations will even
allow LiveTrade users to seamlessly send Bitcoins to an Ethereum address; or to a contact’s a
phone number or an email address even if this person does not have a LiveTrade account.
WE ONLY WORK WITH THE BEST IN THE WORLD
LiveTrade connects our clients with the world’s largest brands in order to deliver the most
reliable and convenient way to trade and invest in financial assets. Many are the recognized
leaders in their perspective fields, ranging from crypto wallet management (Coinbase),
cryptocurrency exchanges (Binance, Bittrex...), stock brokerages (TD Ameritrade, Interactive
Brokers...), Forex liquidity providers (Oanda, FXTM, FXPro...), third party payment
providers (Stripe, Braintree, Paypal, Skrill, CoinGate, Payoneer...). For a complete list of
firms and corporations that LiveTrade is currently working with, please refer to our Partners
section.
WE ARE LEGAL AND REGULATORY COMPLIANT
The LiveTrade Exchange does not to run away from regulation but towards it. LiveTrade will
be fully regulated, adhering to the strict guidelines of our operation jurisdiction. Several
exchange and brokerages licenses are already being planned to obtain in the U.S whereas
other regions, including Singapore, Vietnam, Autralia, Japan, Europe are expected to be
facilitated via existing relationships with already licensed and established brokerages.
We are also carefully evaluating additional regulatory developments which are specifically
related to digital currencies and digitized securities in a variety of jurisdictions. The legal
aspect of digitized securities is particulary important to us because of the incredible
applications of such products for institutional or large-scale investments. The LiveTrade team
is fully aware of the complex issues surrounding ongoing legal compliance. Therefore, our
infrastructure will be designed to be able to address these ever-evolving compliance aspects.
WE EMBED THE “PEOPLE” FORMULA INTO OUR BUSINESS
We understand that customers have several choices while looking for a place to invest their
money. In a highly competitive market, we recognize that the successful bottom line of every
business comes down to a very simple formula: PEOPLE. At LiveTrade, we are confident that
our customer-oriented approach as well as compelling and unique features will be the main
reason to attract and retain our customers.
WHY CHOOSE LIVETRADE
Copyright 2019 LiveTrade Exchange & Brokerage 12
From the moment you open your account, LiveTrade is with you every step of the way. We
view interaction with our clients as our top priority and are extremely proud of our customer
service standards. Our objective is to provide you with everything you need to help maximize
your profit potential.
TOTAL SECURITY WITHOUT COMPROMISE
Whether it is about the security of user accounts or user funds, LiveTrade sees it necessary to
allocate an important part of our resources to security that does not compromise the user-
friendliness of LiveTrade.
LiveTrade takes every necessary precaution to keep its clients’ personal information and
funds safe and secure. The hybrid cryptocurrency exchange, as stated, will be based on the
liquidity and functionality of a centralized exchange platform as well as the security and
confidentiality of decentralized exchange platform.
Our technology solutions will establish and maintain compliance, audit and reporting systems
to monitor, filter, restrict, or otherwise oversee various categories of transaction on our
platform which will allow us to satisfy regulatory and compliance criteria in countries where
we intend to launch our operations, and quickly adapt and respond to the changing regulatory
environment.
WE EMPHASIZE THE IMPORTANCE OF EDUCATION
LiveTrade offers a variety of trading technique, training courses and personal assistance to
give you neccessary tools to become a cultivated trader or skilled investor as well as to keep
your funds and personal data safe. We have also partnered with major financial institutions
and experienced advisors to promote online trading and financial education in these markets.
For example, security issues often stem from user mistakes and inattention rather than a
forceful breach of a system. With this mind, education is seen as one of the primary ways to
reduce the risks. Educational tools and resources specifically designed to reduce this type of
risk have been embed within the LiveTrade applications and are present from the initial
onboarding through the advanced user protocols.
Moreover, since all trading involves risks, and LiveTrade wants our clients to make smart
investment decisions. Our platform offers a wide range of responsible trading features.
Beginner traders will receive guidance when making their first steps in online trading, and
experienced traders will enjoy risk-management features to help them trade strategically and
responsibly.
INTEGRITY, RESPONSIBILITY & TRANSPARENCY
We understand that the long-term success of the company requires a business model that
integrates integrity and ethical business as natural parts of daily business operations. In fact,
LiveTrade is one of a few financial exchanges that is committed to carrying out social and
corporate responsibility on a consistent basis across all aspects of our operations. The only
way to make sure our clients get the full benefits of our features and have all the information
they need to use them, is by operating in full transparency. We will make all the information
on the platform accessible on both our web interface and in our mobile app. Additionally,
LiveTrade has no hidden fees or commissions, and all payments are explained in a clear and
simple matter. We believe straightforward pricing, free from surprises, creates a valuable
trading experience for our users.
PRODUCT FEATURES
Copyright 2019 LiveTrade Exchange & Brokerage 13
PRODUCT FEATURES
LiveTrade will tailor its products to the needs of individuals and business clients, ensuring
that both enjoy improved accessibility to transacting in multiple types of assets. With that in
mind, LiveTrade intends to create the following products and unique features:
MULTI-ASSET EXCHANGE
With LiveTrade, users can use their funds (crypto, fiat, and even stocks) to access to an array
of investment products. Choose from cryptocurrency, equities, options, futures, and forex.
LiveTrade will connect with top global exchanges and brokerages to provide our customers
the most secure and convenient way to execute trading strategies.
Contract for Difference (CFD) Trading
Besides providing the feature to buy the underlying asset, LiveTrade will also offer CFD
trading – even for some assets that do not offer this option in traditional trading. With CFDs,
you can trade on margin, and you can go short (sell) if you think prices will go down or go
long (buy) if you think prices will rise. For example, on LiveTrade, users are able to invest as
little as $10 in a stock that actually costs $200.
Stocks
LiveTrade offers a great collection of stocks, including dividend-paying and blue-chip stocks.
Each will be carefully selected based on four primary factors – popularity, growth potential,
dividends and relative stability. The list will be expanded over the time to satisfy all users’
needs.
Earn Regular Income from Stock Investing Via Dividends
How to:
1. Pick a company that offers dividend stock: Most U.S. companies available on public
stock markets must announce their financial information on the SEC's EDGAR public
company database. LiveTrade will keep you informed about investment opportunities
through our effective communication strategy.
2. Once you have found some likely candidates, go to LiveTrade and purchase your
stocks. Done! That was easy.
3. LiveTrade will also announce the day on which you must hold the stock, according to
the company’s policy and statement, to be eligible to receive the dividend (the ex-
dividend date).
4. If you have purchased the stock before the ex-dividend date, sit back and relax.
LiveTrade will handle the rest. You'll get your dividend on the same date as stated.
With LiveTrade, you can earn dividend even when you own a fraction of stock.
PRODUCT FEATURES
Copyright 2019 LiveTrade Exchange & Brokerage 14
Cryptocurrencies
With an ever-growing selection of cryptocurrencies added to the platform, LiveTrade presents
many options for those who wish to trade and invest in the crypto market. Cryptocurrencies
display extremely high volatility, and it is quite common to see double-digit percentage
fluctuations within a single day.
The LiveTrade Platform will be focused not only on mainstream crypto currencies, but also
on granting access to tokens of blockchain projects. LiveTrade aims to support both the crypto
community and prospective projects by allowing its users to buy and sell crypto assets with
higher growth potential. At the same time, tokens listed on the LiveTrade Exchange will
allow those projects to find new adopters and increase their business potential.
Commodities
Trading commodities is one of the most ancient trading practices in the world, dating back
thousands of years. Commodities are unique, given that they have a real-world physical
representation. Whether it is an energy source, such as oil, or a precious metal like gold or
platinum, commodities exist in the real world and therefore are also affected by real-world
events. Commodities are traded on LiveTrade only as CFDs, meaning you don’t need to
purchase the underlying asset to trade them.
Gold will be the first instrument in this asset class to be listed on our exchange. Crude oil and
precious metals, etc. will be added to our portfolio by the end of 2019.
Foreign Currency Exchange
The foreign currency exchange, also known as Forex, market is the biggest market in the
world, with a trading-volume average of more than $12 trillion a day. It is also an incredibly
volatile market, with changes happening within a matter of seconds. Since it is such a
dynamic market, currency traders are usually very active, sometimes opening and closing
trades within minutes. Initially, LiveTrade will offer some popular pairs, but not limited to:
EUR/USD, USD/JPY, EUR/GBP, USD/CHF, AUD/USD, USD/CAD, NZD/USD, CNY/USD
Similar to commodity, forex is traded on LiveTrade only as CFDs.
Notes:
• Other financial instruments such as Exchange-Traded Funds (ETFs), Indices, etc. will
be offered in a few months before or at the official launch of LiveTrade.
• Initially, only equities (blue chips) will be supported. Other asset types can easily be
supported and will be added based on development plan and existing demand.
• Most dividends are paid in cash, and most dividend-paying companies choose to pay
their dividends on a quarterly basis.
PRODUCT FEATURES
Copyright 2019 LiveTrade Exchange & Brokerage 15
DIGITAL IPO SERVICE
LiveTrade’s Digital IPO service is a new alternative to traditional methods to raise capital
based upon equity. Our service makes it easier for small and medium sized businesses to
achieve the fund they need and expand their operations without all of the traditional fees and
debt-based formats, which in turn allows businesses to control their destiny.
Objectives
• To connect investors seeking alternative and quality investments via a single
marketplace
• To help business owners and project owners connect with Investors for capital.
• To provide a vertical IPO marketplace, removing middlemen and extravagant fees.
• To enable a private marketplace, which eliminates regulatory cost associated with
public markets.
Description of Service
Basically, LiveTrade will:
• Review all businesses applicants and grade their investment quality, for those who
pass we will;
• Create digital shares based on the value of business and/or generate an equity offer for
each businesses that investors can review and decide if they want to purchase shares;
• A Digital IPO is then executed in the LiveTrade Exchange with shares provided to
investors and capital to businessess ; and
• Investors will use the LiveTrade Exchange to trade shares in businessess 24/7/365
globally
Client satisfaction will be paramount in ensuring a balance between leveraging our optimum
technology with client experience. We will have dedicated teams focused on the different
needs of our business owners and investors. We will be also partnering with top CRM
platforms in the world to ensure we are able to track performance and the experience of our
customers. Companies will have freedom to access LiveTrade digital shares, or assets on their
balance sheets
Benefits for Business & Project Owners
• To provide fast, lower-cost capitalization using equity in your business.
• To create a platform to share your company or project with investors.
• To increase your company’s cash flow by eliminating loans, down payments or
collateral.
Benefits for Investors & Fund Managers
• To offer investable businesses and projects with strong history and financials.
• To become a marketplace for connecting directly with business owners.
• To be an Amazon-like shopping experience for digital shares to build portfolios.
• To settle trades into your bank account in minutes while the industry norm is 2 days.
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Competitive Advantages
Advanced Technology
The LiveTrade ecosystem will be built on a combination of AI, machine learning, predictive
technology, blockchain, a regulatory compliant alternative trading system, and smart
contracts. LiveTrade’s blockchain technology allows market participants to monitor network
activity and, in tandem with cryptography, creates an indelible record of secure transactions
authenticated by network consensus. Records cannot be changed or compromised. The
investor/shareholder web experience will be like a traditional brokerage. All trade data tied to
companies issuing digital shares on LiveTrade’s platform will be written to, and freely and
publicly accessible on, the blockchain, giving investors equal footing in the race for returns.
Low & Transparent Price
Think of existing capital markets as a bunch of building blocks. Each block is company
providing a service and charging a fee for their services. If you take these blocks and stack
them inside a single company, you remove redundant fees and can provide lower cost
services. Through vertical integration and new technology, we bypass legacy systems, middle
parties and overhead to provide cost effective services for business owners. LiveTrade will
charge a one-time flat fee for services enabling a company to raise the required capital. This
ensures the company’s cash flow remain strong and debt load low resulting in a higher
valuation. We have calculated and expected that our fees would be 3-7 times smaller than a
similar sized bank loan.
Business Owner & Project Focus
We are singularly focused on helping investors have access to small and medium businesses
market and helping business owners get capital for growth by selling their equity. LiveTrade
combines investment banking, brokerage, exchange and reporting services into a single
solution for our customers.
Speed
Our infrastructure will reduce clearing and settlement speeds from days to minutes with plans
to eventually adopt a 24/7/365 global model. Investors in client companies’ shares should be
able to settle all secondary trading transactions in a matter of minutes instead of the standard 3
days. 24/7/265 trading is the future of secondary trading LiveTrade intends to capitalize on by
sponsoring or affiliating with an alternative trading system.
Terms
Digital assets and securities issued by LiveTrade are subject to all the traditional custodian,
regulatory, security levels of protection, and are held on a public blockchain, thus ensuring
full transparency. A special mechanism is integrated, permits us to ensure that all movements
of our digital assets are done through LiveTrade platform, allowing KYC/AML compliance
and security protection.
The expected settlement window for asset conversion is T+0 or T+1. Specific clearing hours
will be determined later. General clearing procedure will be conducted 1-2 times per trading
day. To comply with rules and regulations of the local governing law, purchased securities
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may subject to a certain lockup period after which the securities will be tradable on
LiveTrade’s digital exchange.
Asset Digitalization
1. Clients deposit assets such as stocks, commodities, bonds, real estate, etc. into the
LIVE Wallet custodian accounts or places assets, such as fine arts, into an escrow
account or an escrow deposit (an underlying asset) through LiveTrade’s licensed
audit partners.
2. Assets are frozen at the LIVE Wallet, and the digital shares are issued under the
LiveTrade’s blockchain, in future, via other blockchains.
3. Clients receive digital shares in their LIVE Wallets and may then trade those for
crypto.
4. When the clients would like to receive underlying shares, they will have to send a
request to LiveTrade to redeem digital shares. LiveTrade shall transfers the shares
into the clients’ accounts and burn the digital shares.
5. The total number of digital shares (tokens) is equal to the number of underlying
shares. All LIVE Wallet funds are publicly audited, all digital asset offerings are
written on the public blockchain.
General Flow of Digitalization
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LIVE WALLET
The LIVE Wallet enables users to store and trade multiple assets from a mobile device or
desktop as well as to transfer and exchange digital assets to fiat currencies and traditional
assets without the need for multiple logins and 2FA verifications every time the user decides
to execute a trade. All of your needs will be fulfilled by a single log-in and 2FA verification.
This gives users complete control over their funds on each individual exchange through one
central interface, thus increasing security of the users’ funds.
The LIVE wallet is designed to better connect users with their finances with a greater
emphasis on monitoring and simple payment transactions and asset management while the
trading application is a mobile, web and desktop application focused on the trading aspect.
In future, the application will also provide easy access to collateral credit and be capable of
making a payment with the use of the LiveTrade debit card or the NFC features of their
smartphones. A user could use any asset supported by the exchange as a payment or collateral
source. For instance, users will be able to pay their bill with their Apple stocks, Bitcoin, US
Dollars, digital assets, or any collateral credit.
MOBILE / WEB / DESKTOP TRADING APPLICATIONS
The LiveTrade Trading Platform will be our flagship offering and is expected to be a primary
driver of user acquisition. The platform will initially focus on delivering the most value to
high-end and more sophisticated traders who are looking for a user-friendly yet professional
trading platform.
LiveTrade’s App will be available on iOS and Android, desktop, as well as a web-based
application. LiveTrade multi-asset platform will include various products and features that
work together to provide users with a seamless transaction process.
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The platform will initially focus on delivering the most value to high-end and more
sophisticated traders who are looking for a user-friendly yet professional trading platform.
The trading platform is also projected to provide users with an innovative user experience
through several other advanced tools such as trade analyzer, market sentiment monitor, one
click-trading, and other more traditional technical analysis tools and technical indicators will
help ensure proper screening and analysis of the market
The goal is to focus on the most important yet simple tasks such as taking and managing a
trade or making and sharing analysis, and with a great emphasis on enhanced social features,
such as tipping for rewarding contributors.
A WIDE RANGE OF P2P, P2B, B2B FINANCIAL SERVICES
LiveTrade users can take advantage of a variety of P2P tools such as P2P Lending or P2P
Loans to explore more accessible and flexible source of funding.
If you cannot find a match, LiveTrade is willing to act as your counterparty. With LiveTrade
P2B services, you can access to our financial services at the most affordable cost without
having to worry that it will affect your credit history. For instance, you loan your Apple
stocks in exchange for an amount of BTC or ETH to meet your trading strategies though a
quick and simple application. In addition, LiveTrade will regularly review and evaluate
potential projects. Our B2B services are established to offer users more high-quality
investment oppportunities and to increase the revenue for our company’s shareholders.
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A variety of financial services are also in our development plan and will be implemented in
the demo version.
Over-The-Counter (OTC) Trading Desk
Trade BTC, ETH and a wide range of other digital assets in large order directly with our OTC
trading desk. LiveTrade is consistently connected to a wide variety of international partners
who are capable of providing liquidity through their positions across market making, high
frequency trading, fund management and more to offer users sharp pricing on all major
crypto-to-crypto and crypto-to-fiat pairs
Buy and Sell Between $50,000 to $50,000,000
We facilitate cryptocurrency trades of between $50,000 and up to $50 million, for a low fixed
price thanks to our global liquidity partners.
Professional & Personal Trading Support
Work privately with one of our experienced traders straight through settlement. All our clients
are unique, and we respect their privacy. Upon completing AML/KYC your information is
held in our own internal cold storage and never used outside of our trade desk.
Simple, Upfront Cost
We will make you a price to buy or sell at any hour of the day, and you can trade as much as
you like, every day of the year. For each trade, we quote you a “all-inclusive” single price,
with no other fees.
Fast Settlement
With our liquidity partner network, we can settle cryptocurrencies into your account in most
cases on the same business day.
Initial Exchange Offering (IEO) Service
Participating in ICOs can be very risky when you are bad at evaluating ICO projects and
spotting the scams online. It can be a daunting process as you could be overwhelmed with
hundreds of ICO projects which are promising good returns. So, what is the alternative if you
want to be part of the blockchain ecosystem while not risking your investments? The answer
could be investing in an IEO.
Why should you consider an IEO instead of ICO? Similar to our IPO service, our IEO service
offers blockchain investors and projects several benefits, but not limited to:
Security
Scammer often create a look-a-like official communication, tricking investors to contribute to
fake addresses. Instead of sending crypto fund to a Smart Contract governing the ICO, the
investors can purchase the token directly from LiveTrade when the IEO commences.
For an IEO, all transactions are carried out on the LiveTrade exchange, which in turn reduces
the risk of sending your crypto to a wrong wallet address
Simplicity
There is no need to undergo different KYC processes for every ICO project. With your
verified KYC profile on LiveTrade, you can participate in all IEO launched. There’s also no
need to pay for gas when buying IEO tokens on LiveTrade. All purchases will be on a first-
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come, first served basis. You can also buy your IEO tokens in advance, depending on the
IEO, and availability.
Credibility
Analysing the ICOs could be time-consuming and you need some specific skills and business
acumens to assess an ICO. IEO functioning as a vote of confidence from the exchange and
sponsor. LiveTrade will ensure high quality of ICO projects to be listed on the IEO platform.
Moreover, the exchange will not allow any scam related ICO projects as we will conduct our
own due diligence on the projects prior listing on the IEO platform.
Accessibility
With an IEO, you will have your invested tokens immediately in your LIVE wallet, which
allows you access to the wider crypto market. You will be able to immediately trade your
tokens after it launches, as opposed to waiting for it to list. In addition, from the project
owners’ perspective, they can tap on our existing user base to obtain contributions for the
IEO.
Aggregation
Imagine you can access to a wide variety of blockchain projects just by browsing one
platform. You would able to save time and make better and informed decisions by comparing
all the blockchain projects on LiveTrade.
EARN INTERESTS AS LONG-TERM HOLDERS
LiveTrade users are eligible to earn interest when open a saving account or make a loan to
LiveTrade. Besides keeping the value of your funds safe, you can earn up to 20% annual
interest on certain cryptocurrency, fiat or stocks balance at the end of every year which is
applicable for retail customer accounts only. For example, if you hold 1000 XRP from 1st
April 2019 to 31st March 2020, you will be paid 1200 XRP on March 31st, 2020.
Key benefits for users will include the ability to easily loan and collect interest on holdings
while also maintaining easy access to the LiveTrade system which provides liquidity and
interoperability for your assets should you decide to change their portfolio allocation or
holdings.
DYNAMIC PRICING, ALGORITHMIC TRADING & ARTIFICIAL
INTELLIGENCE
By combining deep pricing experience with artificial intelligence (AI), LiveTrade puts pricing
science on steroids. Users no longer need to spend hours comparing different exchanges’
pricing; instead, LiveTrade will use a real-time market data and advanced AI algorithm to
calculates and select pricing based on with users’ demand, which ultimately help us take care
of the most important thing: our customers.
LiveTrade applies dynamic pricing, which is a flexible e-commerce pricing strategy that
works on pricing the assets at the optimum price point, taking in account our users’ fees and
our external partners’ prices through the use of big data. The benefits of using dynamic
pricing are increased profits and revenue because we are able to stay competitive and offer the
price in accordance with size order, trade volume, and market events.
We are also confident to deliver a very precise prediction model built by artificial neural
network (Long short-term memory). The algorithm is consulted with AI experts who have
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already created a working model of short-term prediction for gold spot price. For some
people, AI prediction can by no means be seen as the only instrument for informed investment
decisions, but it can be a very helpful starting tool for beginners in the field.
FUTURE FEATURES
Assets Transfer from External Brokers
Making transfers of assets within LiveTrade platform is extremely easy and fast.
Nevertheless, it doesn’t stop there; LiveTrade is developing a feature that allows users to
transfer their stocks and other assets from their current brokers to LiveTrade without a hassle.
Users then can take the benefits of various features and products offered by LiveTrade and
continue their trading strategies without having to re-invest in the assets. Detailed
explanations of this feature will be described later in this white paper.
Conflict Resolution Process
If at least one of the parties believes that the deal’s terms and conditions have not been
complied with, they may notify LiveTrade via a message within the LiveTrade Platform.
LiveTrade will then provide notification to the other party (the “responding party”). If the
responding party does not respond to LiveTrade's" notifications within five days of the first
notification, the funds locked in the Smart Escrow will be transferred according to
LiveTrade’s decision. That decision will be based on LiveTrade’s internal investigation of all
of the conditions of the deal and all supporting documentation. If an unsatisfied party begins
the conflict resolution process, the LiveTrade team will review all details and documents
regarding the transaction (if available). The team will then make contact with all parties and
make every effort to resolve the conflict. LiveTrade will consider every dispute on a case-by-
case basis and choose between mediation or arbitration "to resolve the conflict. LiveTrade's
conflict resolution team will consist of vetted high-skilled international lawyers. The conflict
resolution process will be covered by the Smart Escrow fee, charged as a % of the value of the
transaction.
Auto Exchange
Auto Exchange is one of the key features of the LiveTrade Exchange and the LIVE Wallet
helping users to manage their highly volatile assets. At the heart of this feature is a set of
smart contracts that lets users specify conditions for an automatic asset exchange, protecting
themselves from market volatility. This feature is similar to a stop-loss order or take-profit
order used in traditional stock markets. Making an automatic conversion for a defined amount
of cryptocurrency or stocks to fiat, if the market value moves to a certain pre-specified point,
allows the user to lock in and secure profits", ensures that losses are capped and allows for
purchases at a desired price. Auto Exchange can:
• Make an automatic exchange of a predefined amount of a user's cryptocurrency or
stocks to fiat, should relative prices hit a specified level.
• Make an automatic exchange of a predefined amount of a user's fiat into
cryptocurrency or stocks, should relative prices reach a specified level
• Make an automatic exchange of a predefined amount of a user's stocks into
cryptocurrency or fiat should relative prices reach a specified level.
COMPETITION & COMPLICATIONS
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Social Elements
Everything is better with a friend, why should trading be any different? LiveTrade is
committed to creating a system dedicated to social trading and investing in financial
instruments and cryptocurrencies. LiveTrade’s goal is to make a complicated market simple,
fun, social, entertaining, rewarding and safe for everyone – especially for 2 billion
underbanked people.
LiveTrade allows members to learn from other members’ trading strategies and benefit from
their expertise. In its development, LiveTrade will feature group chats, categorized by topics,
currencies etc. Real-time chat will allow users to share their knowledge and experience,
communicate with others, ask for help or share a solution. Our goal is to bring various traders
together in a social and interactive platform, where together users can share ideas, strategies
and improve their trades together, as a result, increase the return on their investment.
The collaborative nature of the platform means that each participant in the LiveTrade
ecosystem is incentivized to maximize profit on their trades and become an active member of
the LiveTrade community. This way the community can grow, strive and become stronger in
a truly win-win fashion.
Portfolio Management
Users will enjoy a complete asset management at their fingertips via LiveTrade’s easy-to-use
tools, all available from a single dashboard. In addition to a full view of all their digital asset
investment portfolio in a single place, they will be able to access detailed information on each
asset class, real-time & historical market pricing data, set alert to better monitor the price
movement of certain assets in real-time and get notified when the price crosses a certain
threshold; subsequently, they can react quickly to events in the market.
COMPETITION & COMPLICATIONS
The Company will experience significant competition from other financial technology companies
and from established market participants who may be operating with a business plan similar to
that of the Company. Most of the Company’s competitors will have greater financial resources
than the Company. Traditional competition will come from companies currently offering debt
or loans to small and medium Businesses such as traditional banks or other fintech companies.
Examples of such competition: Wells Fargo, Bank of America, Fundera, OnDeck, Kabbage.
Because not so many have ever launched a truly multi-asset exchange and a trusted digital
IPO service, it is difficult to predict with absolute certainty what obstacles we will run into as
LiveTrade grows. We expect to encounter these obstacles as we launch LiveTrade; However,
we see them as challenges to overcome, not insurmountable roadblocks. By building a one-
stop solution, LiveTrade, can shake up the competition by offering a complete suite of the
products and services that global traders are craving.
We believe the pros of our platform outweigh the cons. That is why we decided to circumvent
the major obstacle to current models of exchanges and created a way to sync decentralized
actions and centralized actions via LiveTrade network.
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TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
By merging both on-chain and off-chain solutions, LiveTrade makes available technology that
provides a superior experience and greater benefits to users than centralized or decentralized
technology alone. This interoperability of all systems is vital because it will allow for greater
scalability and a smoother path to decentralization through several steps. An additional benefit
to this approach is that it helps ensure greater compliance and compatibility with existing
legacy financial systems and regulations.
LIVE WALLET STRUCTURE
LiveTrade employs the most reliable, effective security technologies available for our users’
asset management solution. We leverage an elastic, multi-stage wallet strategy to ensure that
most funds are kept in cold storage for additional safety. LiveTrade Exchange uses a custodial
wallet, backed by Coinbase technology and some security providers such as Kyber, BitGo, to
manage users' digital assets in a decentralized way with a maximum protection. Not only does
the multiple wallets structure help reduce risk, comply with various regulations, but it also
facilitates features such as escrow and collateralization functions.
Storage & Management
The LIVE Wallet is where user’s funds (BTC, ETH, tokens, stocks, fiat, etc...) are deposited
and withdrawn. It can hold both fiat, digital currencies, and stock. Funds in this wallet are
automatically categorized and moved to the sub-wallets in the exchange structure based on
their classes (Crypto, Fiat, Stock). On the main screen, all assets are converted into one base
unit and shown in USD for the current total balance. Users will also have the option to deposit
their funds into a saving wallet to earn interests. The fund kept in this wallet is locked and
cannot be used for trading.
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Trading Features
- With LIVE Wallet, users are able choose which assets they would like to trade,
exchange, or use for margin trading.
- The fund will be locked at the rate when the orders are placed.
- The orders will be transferred to LiveTrade Exchange & Brokerage to process.
- When completed, LiveTrade Exchange & Brokerage shall return the result of the
orders back to LIVE Wallet.
- Users can withdraw fund from LIVE Wallet to their designated locations.
The following flow illustrates a few examples of services that LiveTrade offers to our
customers. In general, these services are, but not limited to:
1. Exchange from one type of asset to another (crypto-stock, token-fiat, stock-BTC,
etc.) supported by LiveTrade.
2. Purchase the underlying assets (stock, Bitcoin, ETH, etc.) with any type of assets
supported by LiveTrade.
3. Withdraw funds in any types of assets supported by LiveTrade.
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MULTI-ASSET EXCHANGE & BROKERAGE
LiveTrade Exchange
LiveTrade Exchange will not only be the instrument for users to exchange and trade fiat,
stocks and digital assets, but also the underlying technology enabling LiveTrade's other future
products
In order to protect the value of their portfolios and realize profits on appreciated crypto-assets,
users need ways to promptly exchange their crypto holdings to traditional assets, while
allowing for the possibility of rapid conversions in the opposite direction. Within the LIVE
Wallet, users will be able to choose to promptly convert their crypto holdings into a
traditional asset type available or others.
The app integrates with multiple asset exchanges through the APIs of each exchange,
allowing users to trade crypto, fiat, forex, stocks and other digital assets at one place.
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LiveTrade Brokerage
Similarly, the brokerage functionality will allow LiveTrade to provide qualified users with
both traditional and crypto derivative financial instruments. These trading assets supported by
LiveTrade will be carefully selected by our analysts. LiveTrade Brokerage is created to
provide brokerage services for a wide range of users from different countries. In order to do
so, LiveTrade is working to obtain all applicable brokerage licenses required in our operating
regions. In the meanwhile, LiveTrade plans to connect with third-party providers. The
LiveTrade Platform will be integrated with stock brokerages and other liquidity providers and
financial markets via API connections.
The first stage products and features development will focus on the integration between
LiveTrade Brokerage and external partners. Until some certain conditions (capital, markets,
regulations, licenses, etc.) are met, LiveTrade Brokerage will be using a mirroring solution.
This consists of LiveTrade opening an account with the world’s leading exchanges, brokers,
liquidity providers and placing identical trades to match the trades placed with LiveTrade.
This solution was chosen as it has been found to be more scalable, secure and faster to
implement at this time.
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USER INTERFACE AND APPLICATIONS
All of LiveTrade’s products and services have been designed to provide a user-friendly and
blockchainless interface for the technology framework behind the LiveTrade Exchanges. The
user-friendly interfaces combined with the interoperability technology solution will directly
compete with traditional fintech applications.
A good user interface solution shouldn’t require any difficult user action or input in order to
leverage and derive value from the underlying technology. Whenever possible, the existing
trading processes need to be automated so that the frontend just helps users to request an
action which is fulfilled automatically. The various processes and steps such as transferring,
or cancelling an unconfirmed transaction, or the acquisition of specific tokens to work with a
specific DApp’s, or moving funds within wallets, or contributing to a specific crowdsale, or
the collateralization of assets to trigger a collateral credit will be done automatically and
seamlessly.
EXCHANGE ARCHITECTURE
General Aspect
So far, there are already hundreds of different exchanges and protocols with new solutions
being launched all the time. A new offering might highlight their scalability, security,
decentralized structure, the number of assets listed, or their user-friendly interfaces as their
value proposition. The LiveTrade Exchanges will follow these best practices and even deliver
more.
It is important to note that this is possible because the LiveTrade Exchanges and the
technology framework have been built from the ground-up to fulfill our user-centric vision
and to provide enough flexibility to keep up with the rapidly changing technologies and
regulations.
It is clear that in order to maximize the functionalities, provide the greatest range of assets,
and facilitate both technical and legal compatibility with the existing financial systems, there
will initially need to be many components which are centralized in nature. The centralized
exchange will be launched first and will then be followed by the development of the semi-
decentralized features. The initial setup of a centralized exchange will provide users more
features and functionalities due to its ability to be easily compliant with existing regulations
and legacy technology. However, it is expected that as regulations and technologies continue
to evolve, decentralizated parts will be added for more features and traction.
The LiveTrade technology framework provides the seamless interoperability of centralized
and decentralized exchanges which are united through a single frontend and interoperable
backend. This unique architecture allows users to leverage from various on-chain and off-
chain exchanges, protocols, applications and liquidity.
On the backend, a hybrid exchange will leverage from a network of centralized and
decentralized liquidity pools as well as from escrow and collateralization type functions. This
technology framework helps LiveTrade to facilitate and automate all the complicated and
visible processes behind the transfer, exchange, trading, and payment of digital assets. It also
helps to simplify private key management to deliver a smooth user experience.
This structure will ease a variety of different types of transactions such as sending Bitcoin to
an Ethereum address; exchanging Bitcoin for Apple stocks; trading Forex from a Litecoin
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deposit; paying a bill with Dodgecoin; or accessing a DApp without having the correct
number of required tokens. On the frontend, most aspects of the underlying technologies will
be delivered in a simplified user interface that does not require understanding of how the
technology works.
The centralized exchange will be the first part of the framework to be delivered. This was
done to facilitate the fiat gateway and to ensure compatibility with existing regulations and
legacy financial systems.
On-Demand Infinite Scalability
The ability to provide unlimited scaling is vital. The exchange framework, matching engine,
messaging bus, and various components will be built to allow for a primarily decentralized
but extremely scalable backend infrastructure. This infrastructure framework allows any part
or component of the system to be expanded and provided more resources both generally or
specifically. This way the additional resources can be allocated to any specific component
such as a matching engine, messaging bus, or they can be allocated based on another
parameter such as be pair specific so as to provide additional resources specifically for the for
BTC pair, ETH pair etc. depending on the needs.
All parts of the system can also be divided and expanded into sub components. This
framework allows for theoretical infinite scalability of all these parts as long as they are
provided with the correct hardware resources. The exchange structure also needs to be
designed so that any component can replicate itself and expand the load distribution
automatically to other available hardware resources. This scaling structure can be
implemented at both macro and micro levels to optimize performance to the highest level
through “On Demand Scaling” and planned load balancing. This load distribution structure
has also been designed so that key components are located directly with or very near the user
and not the exchange to increase security and allow for superior scalability.
Distributed Servers and Decentralized Load Resource Structure
Other aspects are expected to further support a network load of tens of millions of
simultaneous users. This includes but is not limited to having a decentralized load resource
structure where user specific information is stored both by the user on their device as well as
on encrypted servers which are distributed around the world with commercially available
solutions including Amazon Web Services and Microsoft Azure, as well as decentralized
storage solutions. With this distributed and decentralized structure, historical data can easily
be made available to the users from “Geo-Local” servers.
Matching Engine and Messaging Bus
The matching engine should be able to sustain prolonged periods requiring more than 1
million transactions per second. A single messaging bus is required to easily deliver just under
1 million transactions per second when not optimized and is expected to almost double the
capacity after further optimizations are completed. Should any negative performance appear
due to reaching a component capacity, it is possible to subdivide or create multiple matching
engines and/or messaging buses. For example; if it was expected or needed for the system
load to reach 10 million transactions per second it can be easily distributed between additional
matching engines. This dynamic scalability can be set to occur well in advance of any limits
or closer to when they would be reached.
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ESCROW TYPE FUNCTIONS
LiveTrade ecosystem can provide escrow function to serve several purposes such as peer-to-
peer trading or triggering a loan – referred as collateral credit. Depending on the currency and
associated protocol that is being used, the way escrow function will work will slightly differ.
Locking assets in an escrow can be done directly using a multi-signature transaction (for
BTC, LTC etc.), or by using smart contracts connected through API (Figure 1. 1) (ETH, NEO
etc.), or directly by calling the locking function when the crypto or the token has these
features in their code (like EOS).
Collateral Credit
One of the use cases of the escrow type function is to issue collateral credit (Figure 1). When
assets are requested to be locked (Figure 1. 2), it triggers a collateral credit within the
liquidity network (Figure 1. 3) for a percentage of the value of the asset. The credit could be
issued in the same asset or different asset as the collateral, depending on the needs of the user.
Figure 1
The amount of collateral credit and the fees associated may vary according to the liquidity and
volatility of the collateral. For example, by setting 1 BTC as collateral, users can get collateral
credit in BTC or in USD or others asset, minus a premium fee. They will obtain 1 BTC
(Figure 1. 4) or up to 50% of the Bitcoin value in dollar (Figure 1. 5). To ensure that all loans
are always sufficiently collateralized, an off-chain margin monitor (Figure 1. 6) is always
checking the relative value of the collateral. Should the value of the collateralized asset drop
below the required level, the margin monitor will automatically trigger a margin call which
could be to end the loan partially or completely. This action will be in accordance with the
user’s preferences and settings.
When a loan is ended, users will pay back the loan with the designated interest. If the user no
longer has sufficient funds to cover the loan amount and interest, then a percentage of the
collateralize asset will be sold to cover the remaining amount of unpaid interest.
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
Copyright 2019 LiveTrade Exchange & Brokerage 31
Peer-To-Peer Trading
When a user would like to place either a market or pending order, funds will remain in the
user’s or counterparty’s wallet but will become locked (Figure 2.1). The funds will remain in
this holding state until:
- A trade is placed and matched by the off-chain matching engine, or;
- The user requests the funds to be released back to the wallet when no trade takes place
or when a timeout function implemented by the user is reached.
Following a trade match, the trade information is sent to the settlement engine which sends
the request to release the locked funds from escrow (Figure 2.2) into the correlating
blockchain (Figure 2.3).
Peer-to-peer exchanges can be done with any assets provided by the liquidity network. Some
crypto assets will be able to be exchanged without any KYC, while some assets such as stocks
will require the user to have completed KYC.
We will be using some side-chain protocols which allow for the delayed settlement of trading.
There are a wide range of use cases when such functionality could be helpful. For example, a
trader would like to make multiple trades over a short period of time without having to settle
each trade, but rather have one single on-chain settlement for the group of trades. This results
in lower fees for the user and less burden on the network.
Figure 2
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
Copyright 2019 LiveTrade Exchange & Brokerage 32
Collateralization Functions
The escrow functionality enables peer-to-peer trading as well as margin trading as has been
previously described, but this technology can go far beyond these simple use cases.
Collateralization will help eliminate the existing need of specific fiat or crypto currency
deposits in order to trade most assets or perform a task. The collateralization allows users to
leverage from the underlying value of digital assets and utilize them as reserve of value.
Collateralization makes possible the instant transfer of assets in a decentralized way and
provides a very similar user experience as a centralized solution. The use of escrow type
functions to deliver the collateral credit allows funds to be instantly exchanged off-chain
within the liquidity network.
Figure 3
Collateralization makes it possible to use instant payment solutions directly in the custodial
wallet (Figure 3). Users can trigger a loan (Figure 3.1) within the liquidity network which is
connected to the payment gateway (Figure 3.2). The Bitcoin would be immediately
exchanged for USD (Figure 4.3) which can then be used in the payment gateway such as
debit card. Following the initiation of the payment, the Bitcoin will be released from escrow
and sent back to the lender (Figure 3.4). This settlement transaction happens on-chain,
making it possible to use any asset to pay anything in Fiat.
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
Copyright 2019 LiveTrade Exchange & Brokerage 33
On-chain settlement
In contrast to the centralized exchange where transactions happen off-chain, the semi-
decentralized exchange transactions will be settled on-chain. The blockchains processing time
will be improved through side chain or other scaling technologies. Currently there are many
scaling solutions being tested on live Blockchain networks which will allow for some creative
ways to resolve some of these problems. Solutions such as atomic swaps, the Lightning or
Raiden networks, as well as independent scaling solutions such as Bancor, Kyber network, or
0x could be creatively utilized to address liquidity and speed issues. Different blockchains
will require the utilization of different scaling solutions and so the result will be a mix of
external protocols and scaling solutions working together through the interoperable
framework.
Cross-chain Exchange Compatibility
By providing the escrow logic within the wallet, it will allow users to perform cross-chain
transactions between chains that support functionalities such as time locks, smart contracts,
multi-signature dependent actions, etc. The settlement engine acts as a coordinator between
the different chains and communicates to the wallet when and to whom to release the funds.
The funds could be released either back to the user’s wallet or to the counterparty. In the
future, protocols enabling blockchain interoperability such as Polkadot, Cosmos or the
Komodo technology might be used to further facilitate different types of cross-chain
transactions.
Enable Off-Chain Trust
To provide trust within the centralized components, an audit of some off-chain components
such as the order book will be performed every 30 minutes and published on the Ethereum
blockchain. The audit feature will be outlined later in the white paper.
Enhanced Privacy and Security
The most compelling reason for users to select the hybrid exchange compared to a centralized
option is that there is not a need for KYC for most crypto transactions and that users are able
to retain the keys to their wallet. If a user stays in crypto-only-mode, it is possible to enable
full privacy and anonymity. KYC would only be required if the user decides to use the fiat
gateway functionality, or to trade on assets on some external liquidity pool that requires KYC
like those providing Forex or Stocks (non-tokenized); or to move funds into the centralized
exchange.
To further enhance the privacy of this exchange, other features such as coin mixing will be
developed and facilitated through 3rd party technologies. These features and technologies are
already available for many top cryptocurrencies. These matching technologies have often
been designed to break apart and restructure trade requests into alternate sizes, match the
trades, and then re-structure the trades back into one confirmation for the end user. This and
other obfuscation technologies are expected to be utilized as much as possible to allow the
users to have a truly private decentralized trading experience. On some protocols and digital
assets, it is anticipated that this type of technology will not be utilized initially but will be
utilized as soon as legally or technically feasible.
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
Copyright 2019 LiveTrade Exchange & Brokerage 34
NETWORK OF LIQUIDITY POOL
Many concepts and ideas have driven the development of the LiveTrade Exchange
technologies and framework. Among them is the underlying ideology that a platform should
facilitate access to any market or any asset from a wallet. Not only should there be access, but
these assets should be exchangeable and usable at any time.
A key component of the LiveTrade Exchange architecture is not just one aggregator but
multiple liquidity aggregators and matching engines. These components are capable of
working together, combining, re-routing, and facilitating a wide range of liquidity solutions.
Together they form a network of liquidity pools providing a unique multi-asset offering and
facilitate any exchanges of value. This liquidity aggregation solution is not limited to the
LiveTrade Exchanges but will be capable of delivering aggregated liquidity to external parties
though our FIX and REST APIs.
Liquidity Providers
Figure 4
The LiveTrade liquidity network (Figure 4) will consist of several connected liquidity
providers of different asset classes with various internal regulatory requirements. The
aggregator technology allows some of the liquidity to be aggregated externally and other
liquidity to be aggregated internally. In order to meet appropriate regulatory and security
requirements, users have passed the KYC process.
Among traditional liquidity providers such as others exchanges, market makers and various
pools, there are already several crypto token and assets solutions which are helping to create
liquidity. Alternative solutions such as the Kyber Network or Bancor can be included to
enable the instant exchange of a wide range of Ethereum tokens. The LiveTrade technology
framework will be designed to work with these solutions alongside with upcoming scaling
solutions such as atomic swaps, blockchain interoperability and lightning network.
1
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
Copyright 2019 LiveTrade Exchange & Brokerage 35
In addition to these external liquidity pools, any user, or partner can freely participate in the
liquidity network (Figure 4.1) and make their funds available for the short term or long-term
use of other users or others liquidity pool.
For example, a user might choose to allocate part of their holdings to the payment pool by
deposit their fund to the Saving wallet. The pool will split its revenue among participants
proportionate to their holdings. Such actions will be rewarded through ongoing interest
payments and premium while also helping to increase the internal liquidity within the
network. Another key component of this structure is the ability for external partners to
contribute to the liquidity pools indirectly, privately, or anonymously where the regulations
allow for such.
The liquidity pool holdings will be maintained in offline cold storage as much as possible.
These holdings will be added back to the active liquidity pool should there be increased
demand or need.
Interoperable Network
The LiveTrade liquidity network will allow a wide range of liquidity pools to seamlessly
work together and to be combined with native liquidity to facilitate the instant exchanging of
cross-chain and cross-asset transactions and issuing of credit. When a direct exchange
between products or assets is not possible, the exchange protocol will coordinate different
liquidity providers to perform several transactions to achieve the desired result.
An example of this would be if a user wanted to trade their Bitcoin for Apple stocks (Figure
7.). Depending on the volume, the asset liquidity, volatility and the custody of the user’s
funds, various algorithms will determine the associated fees, the exchange rate and how the
transaction will be performed to provide a favorable fast exchange. For less liquid assets, the
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
Copyright 2019 LiveTrade Exchange & Brokerage 36
transactions will happen one after another until all parts are completed before the
confirmation is provided in order to reduce risk. In the Apple Stock/Bitcoin example, both
assets are more liquid and this conversion would be able to happen almost simultaneously.
The Bitcoins will be sold against the dollar (Figure 7. 1) in one liquidity pool at a locked and
lower exchange rate to offer a premium; in the meantime, the Apple stocks will be bought
through an aggregated dollar pool (Figure 7. 2). Finally, the dollar bought by selling the
Bitcoins will be sent to the aggregated dollar pool. While there are multiple steps the
transaction time can be near instant when the Bitcoin is settled with a side chain or internal
liquidity pool. The same mechanism is used for cross-chain transaction or to exchange any
crypto to any fiat (Figure 7. 3).
The second role of this structure is to provide ongoing liquidity and exchange functionality
for all of the financial instruments supported within the liquidity networks and protocols. The
automatic interoperability of assets provides great value as this facilitates the user experience
by automating the procedures and making all assets a medium of exchange or payment.
Through its API, the true utility and liquidity of the LiveTrade system can be delivered to the
ecosystem. Centralized and decentralized financial applications, payment solutions, other
exchanges and wallets will all be able to directly and indirectly benefit from this solution.
It is expected that some features or levels of interoperability might not be available to all users
in all jurisdictions due to regulations or the lack thereof. LiveTrade will strive to deliver the
highest level of interoperability and availability of functions to all users either directly or
through partnerships with existing regulated entities in key jurisdictions such as the USA, the
UK, Singapore, Vietnam, Japan, South Korea, and Australia.
ASSETS DIGITALIZATION
All the assets on the LiveTrade multi-asset platform will be digitalized (tokenized) using the
LiveTrade private blockchain. Input and output of crypto and fiat assets will be performed by
the Internal Core Banking Platform connected with the crypto, fiat payment gateways,
liquidity providers and the LiveTrade Digitalization Core.
The process flow of the digitalization will be the very similar for fiat and cryptocurrency. The
deposit of fiat/crypto assets will be managed by the treasury module and safely stored either
in a bank account or crypto wallet. The LiveTrade Platform’s treasury module will work with
hot and cold wallets and liquidity providers to both ensure the security of our customers'
assets and to optimize the amount of available liquidity in order to meet customer requests.
LiveTrade Digitalization Core will be responsible for the Digitalization on of acquired assets
via Smart Contracts controlling pre-issued tokens on the LiveTrade blockchain. In this way,
digitalized assets will be available in all LiveTrade products and displayed in all LiveTrade
applications.
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Copyright 2019 LiveTrade Exchange & Brokerage 37
Enabling Fast, Convenient Payments & Transfers
From a user’s point of view, the process of selling cryptocurrency assets to make a payment in
fiat takes just a couple of taps on the LIVE Wallet, rather than the multiple steps required with
more traditional methods. The steps in the process are as follows:
1. If the chosen tokenized asset is a cryptocurrency, LiveTrade will use its Internal Core
Banking Platform and Exchange Platform to automatically exchange the tokenized
asset for tokenized fiat and then send it to the Asset Management Engine for de-
tokenization.
2. If instead the chosen tokenized asset is fiat, it will be immediately sent to the Asset
Management Engine for de-tokenization.
3. The Asset Management Engine will then detokenize the fiat and send it from the
Treasury Module of the LiveTrade Internal Core Banking Platform through the
relevant fiat payment gateway
TECHNICAL DESCRIPTIONS OF LIVETRADE PLATFORM
Copyright 2019 LiveTrade Exchange & Brokerage 38
ASSETS TRANSFER FROM EXTERNAL BROKER ACCOUNT
Account Registration
1. Clients open an account at LiveTrade Exchange & Brokerage and goes through
“Know-Your-Client” (KYC) procedures. The clients also supply their bank account
details for settlements in money, bank and broker details for settlements in money and
shares, and e-wallet details for settlements in cryptocurrency.
2. Once KYC is completed, LiveTrade signs a broker agreement with the clients, and
assigns a unique client ID. LiveTrade Exchange also provides its bank account details,
broker details and e-wallet instructions.
3. The clients wire the assets (currency, cryptocurrency, shares) into the LIVE Wallet
accounts under the broker agreement, and LiveTrade Brokerage will conduct the anti-
money-laundering (AML) checks to verify the source of the funds involved in
transaction.
4. Once AML checks are completed, and the wire transfer is successful, the clients will
have the access to trade their shares on the LiveTrade exchange platform.
Workflow of External Transfer to LiveTrade
1. Clients open LiveTrade accounts as described above.
2. Clients send a request to LiveTrade, our LiveTrade Brokerage will initiate the
Automated Customer Account Transfer Service (ACATS) to deliver already existing
ABC shares from their own brokers to the LIVE Wallet account;
3. Client will also be able to send a conversion order to LiveTrade to convert shares into
Crypto-ABC digital shares. ABC shares would stay frozen at the LiveTrade broker
account against issued Crypto-ABC digital shares.
4. Once the conversion has been done, the clients will be able to place an order to sell
Crypto-ABC digital shares at LiveTrade Exchange for cryptocurrency.
5. LiveTrade Exchange matches the order and executes the deal.
6. Clients receive the cryptocurrency and can either:
o Convert this to other cryptocurrencies or fiat currencies; or
o Send a withdrawal order for cryptocurrency as described below.
7. The new owners of Crypto-ABC digital shares are able to either:
o Sell those for cryptocurrency; or
o Send a conversion order to exchange the Crypto-ABC digital shares for the
underlying ABC shares and then send a withdrawal order to receive ABC
shares in his broker account as described below.
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Copyright 2019 LiveTrade Exchange & Brokerage 39
Processing Time:
In general, approved transfers complete within 4 to 8 business days. Typically, all transfers
complete within 10 business days.
Fees:
While LiveTrade does not charge a fee to transfer your account via ACATS, some brokers do
apply a fee for full and partial transfers. Prior to initiating your transfer, you should contact
the "delivering firm" to verify any charge.
The National Securities Clearing Corporation (NSCC) developed the ACATS system,
replacing the previous manual asset transfer system with this fully automated and
standardized one. The ACATS simplifies the process of moving from one brokerage firm to
another. The delivering firm transfers the exact holdings to the receiving firm. For example, if
the client had 100 shares of Stock ABC at the delivering firm, then the receiving firm receives
the same amount, with the same purchase price. This makes it more convenient for clients as
they do not need to liquidate their positions and then repurchase them with the new firm.
Another benefit is that clients do not need to let their previous brokerage firm or advisor
know beforehand. If they are unhappy with their current broker, they can simply go to a new
one and start the transfer process. For a complete list of NSCC members can be found here:
http://www.dtcc.com/~/media/Files/Downloads/client-center/NSCC/nscc.xls
Withdrawal of Assets
1. Client sends a withdrawal order for currency, cryptocurrency, shares or digital shares to
LiveTrade Exchange.
2. LiveTrade Exchange executes a withdrawal order through bank transfer, the ACAT
system or through the transfer of cryptocurrency and digital assets after the exchange
has cleared such transfer (specific clearing hours will be established later, but the
general clearing procedure will be conducted 1-2 times per trading day).
LiveTrade Exchange
Clients send
transfer
request
the ACATS process
LIVE
Wallet
External Brokerage
Accounts
(NSCC Members and DTC
bank participants)
LiveTrade
Brokerage
1
2
3
Stocks, ETFs, etc.
etc.
SECURITY FRAMEWORKS AND APPROACHES
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SECURITY FRAMEWORKS AND APPROACHES
The security approach in LiveTrade will be based on an adaptation of the SABSA (Sherwood
Applied Business Security Architecture) framework. In development and operation of the
LiveTrade Platform, the following approaches and frameworks will be used:
o Secure Code Development Standard
o Information Security Roles & Responsibilities
o Security Testing Framework
o Information Security Framework
o Information Security Risk Management
o Operational Risk Management Framework
o Involvement of Executive level management and the Board on cybersecurity
issues and the execution of regular Cybersecurity risk assessments.
In general security features could be divided into two different categories. The first are those
which are designed to help protect against and prevent external threats. The second are
features designed to help reduce or prevent user errors. LiveTrade has carefully considered
both types of risk and security features when designing the technology framework.
HUMAN ERROR PREVENTION
To protect users from committing unwanted mistakes, the LiveTrade AI will be developed.
This feature can help prevent users from making mistakes such as sending crypto-assets to a
non-existing, wrong or blacklisted address. The AI will also be able to perform requested risk
checks like asking users to double-check details for transactions over a specified amount.
In addition to the AI solutions the various LiveTrade interfaces and systems have been
designed to give the user greater control and the ability to control their activities.
LiveTrade implements the latest in encryption technology to ensure your online safety.
Traders are able to credit their accounts using the world leading payment processing services.
We are committed to ensuring that deposits and withdrawals are fast, easy and safe. Our
privacy policy guarantees the safety of all your personal details. Our customers will enjoy the
freedom and flexibility that cryptocurrencies offer while we take care of day-to-day security
issues. The blockchain technology used to develop and run the LiveTrade Platform is itself
the best security solution, due to the mechanism of public witness.
FUNDS PROTECTION
When users delegate the security of their funds to the Live Wallet or other 3rd party partners,
these funds will generally be stored in multiple multi-signature cold storage wallets located in
different locations and secured by different regulated teams. Extensive AI and monitoring
solutions combined with ongoing audits every 30 minutes will be utilized internally to help
reduce risks to funds to the greatest extent possible.
At any one-time LiveTrade may hold a variety of cryptocurrencies. To ensure the on-going
security of portfolio holdings, a mixture of smart contracts, hot storage and cold storage will
be used. Cryptocurrency held in hot storage will be limited to the amount necessary to
conduct rebalancing and provide smart contract liquidation facility. The majority of holdings
will be on cold storage devices or directly within smart contracts with public and audited
code.
All LiveTrade smart contracts will be thoroughly tested and audited prior to launch to ensure
safety, efficiency, and functionality in line with this white paper. Further to this an external
SECURITY FRAMEWORKS AND APPROACHES
Copyright 2019 LiveTrade Exchange & Brokerage 41
audit will be conducted to verify the existence of the above security measures. To help
compliment the other hardware and software security features, LiveTrade has already
arranged with external companies to implement a very extensive auditing program. This
program is currently planned to provide a general audit every 30 minutes and a full audit
every 12 hours.
USERS ACCOUNT & PERSONAL DATA PROTECTION
While LiveTrade will do all that is possible to ensure the highest level of security against
external threats, it is clear that just merely complying with existing financial regulations or
industry “Best Practices” such as providing multi-factor login, IP or device monitoring, is
woefully inadequate when it comes to fully protecting clients. LiveTrade will be compliant
with the directives set by the United States Privacy Act, the Safe Harbor Act, and other
related regulations such as the European Commission in the General Data Protection
Regulation (GDPR).
SSL ENCRYPTION
LiveTrade will use 256-bit SSL for all communications between server and web browser,
eliminating the possibility of a "man-in-the-middle attack". SSL (Secure Sockets Layer) is the
standard security technology for establishing an encrypted link between a web server and a
browser.
INTELLIGENT SECURITY COMPLIANCE TOOL
The platform will develop innovative engines to secure payment platforms and fraud
monitoring systems to check against cyber essentials/PCI DSS/ISO27001 compliance
requirements.
TWO-FACTOR AUTHENTICATION (2FA) AND EMAIL CONFIRMATION
2FA is an extra layer of security that requires not only a password and username, but also
something that only that user has access to, i.e. a piece of information only they should know
or have immediately at hand - such as a physical token. Email confirmation will be used to
increase the security of customer identification. SMS and other messaging systems via mobile
networks based on phone numbers will add a new layer of authentication security.
Our future security options in LiveTrade will be further enhanced by hardware solutions for
3FA logins, and more. This type of solution would only allow either trading or a login to the
account when this device is connected. There are a wide range of hardware solutions which
can be implemented. Some examples include a USB key or magnetic card that needs to be
connected to the user’s phone or computer either manually or through an NFC or Bluetooth
connection. Such devices could also include a requirement for a fingerprint or to push buttons
for a manual confirmation of any account related action.
These solutions combined with algorithmic authentication codes (like Google Authenticator)
could help ensure a wide range of options which will be convenient yet ensure a very secure
trading environment for LiveTrade users.
LIVETRADE SECURITY TOKEN
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LIVETRADE SECURITY TOKEN
LIVETRADE SECURITY TOKEN (LTD)
LiveTrade is introducing a decentralized unit of account on its platforms – The LiveTrade
Security Token, hereinafter referred to as “Token”, “LTD”, or “LiveTrade Token”.
LIVETRADE TOKEN
Symbol LTD
Standard ERC20
Maximum Supply 1,000,000,000 units
KYC required? Yes
WhiteList Yes
All activities in the network will evolve around the LTD, from serving as the main base
currency for transactions and conversions, growing user base, accessing various premium
features, to incentivizing community sharing and value creation through a dynamic reward
system. This token and its associated structures aim to create an unending cycle that will
continue to support the growth of the project.
With the LiveTrade Token, LiveTrade aims to establish the world’s leading platform to trade
stocks, CFDs, ETFs, and any other sort of financial instruments and virtual goods on a global
scale in a secure and transparent way. LiveTrade shall become the trading platform for any
financial products of the future. It’s time for everyone to be able to buy any asset LiveTrade
Token or other cryptocurrencies with full transparency and efficiency with low or no
transaction costs.
TOKEN HOLDERS BENEFITS
Most token sales are actually security tokens disguised as utility tokens through the citing of a
number of primary use cases. They do this to evade the regulations governing security
tokens. Our security tokens will first be issued in accordance to the U.S. Securities and
Exchange Commission regulations.
Having said that, besides the privillege to access to premium features, LiveTrade Token
holders become co-owners of the platform and eligible to receive dividend. On a quarterly
basis, a minimum of 20% and a maximum of 60% of the profits generated by LiveTrade
Exchange & Brokerage will be dispatched among token holders (in Fiat, BTC, ETH, or LTD).
Holders (institutions or individuals) who possess more than 300,000 LTD will receive
additional benefits:
- An additional 5% of net profit distribution
- Voting rights on how the company will make decision in Token listing and IEO
investments from reserve fund (B2B services).
Distribution details will be published in advance in the press release on LiveTrade website.
LIVETRADE SECURITY TOKEN
Copyright 2019 LiveTrade Exchange & Brokerage 43
LTD TOKENS DISTRIBUTION
Team & Advisors
We will vest 50% of our Team’s tokens for a period of 12 months to affirm our commitment
to the long-term vision of LiveTrade. Advisors will have different vesting periods depending
on their contribution and the number of tokens they receive. All vested tokens will be held in
dedicated publicly shared wallets.
Employee Option Pool
The Employee Option Pool is intended to help attract, retain and incentivize talent in a highly
competitive market. The pool will have different lock up periods depending on the seniority
and remuneration package of different employees.
Rewards
It is important for almost all client-oriented companies to focus a significant portion of their
energy toward growing the user base. The LiveTrade team expects the LiveTrade community
will grow exponentially due to a wide range of factors. These factors include the user-friendly
interface with a wide range of features, a competitive fee policy, a wide range of assets with
deep liquidity, extensive DApp solutions, etc. Further community growth will be supported
through traditional marketing campaigns; a very competitive referral program, and such
projects as will be proposed and endorsed by the LiveTrade Tokens.
The LiveTrade rewards program consists of a multi-tiered reward program which benefits
users, partners and developers who invite new users to join by redistributing a portion of the
referred parties’ fees to the respective person who introduced the user to LiveTrade.
Reserve Fund
10%2%
16%
2%
70%
Team & Advisors Employee Option Reserve Funds Rewards Token Sale
LIVETRADE SECURITY TOKEN
Copyright 2019 LiveTrade Exchange & Brokerage 44
It is imperative for the team and community behind LiveTrade to maintain an interest in LTD
tokens following the STO. The ownership of LTD will incentivize the team to continue
working in the best interests of token holders. Part of the fund will also be used as initial
support for the LiveTrade Platform, which may be distributed in airdrops, bounty, free trials,
or other benefits for users (not more than 5%).
In later stages, the funds reserved as working capital and social funds will be kept in a
professionally managed portfolio of cash, LTD and other major cryptocurrencies. They will
be prudently used to support LiveTrade’s long-term business goals such as to build a stronger
eco-system, to attract many new participants into the community, to increase the LTD value
via buy-back program, support general business development and unplanned opportunities to
build growth, or to be loaned to the project to cover any unexpected shortfall or change in
long-term funding structures.
More importantly, LiveTrade firmly believes that companies should consider the social
impact of their business and ensure that they invest back into the communities that help drive
their business. Studies have shown that positive social responsibility improves a company’s
public image and relationship with consumers, employees. CSR also helps retain and attract
investors. Hence, about 5% of the funds will spearhead our Corporate Social Responsibility
program.
FUND ALLOCATION
Platform Development
In order to continue building and sustaining a scalable and secure platform, a significant part
of our budget will be allocated to continuous improvement of the end-user experience, IT
resources and security infrastructure, smart contract protocols, additional social elements
40%
35%
10%
10%
5%
Platform Development Sales / Marketing Legal & Regutory Operating Expenses Data Acquisition
LIVETRADE SECURITY TOKEN
Copyright 2019 LiveTrade Exchange & Brokerage 45
integrations and standalone mobile application, implementation of various new features,
expansion of integrated exchanges and services.
Data Acquisition
In order to properly train our machine learning applications, we need access to numerous data
sources, settings and techniques for selectively acquiring information. The unstructured data
then needs to be analyzed and converted to numerical indicators before being fed to the
models.
Marketing & Partnerships
In order to tap into the vast market opportunity and raise awareness, we will allocate a
significant portion of the funds towards securing key partnerships and running concurrent
marketing campaigns in multiple markets. Our marketing strategy is centered on expanding
customer acquisition. The envisaged strategy includes digital and traditional promotion in
various environments, LiveTrade presentations and events, promotional registration offers and
token bounty/ airdrops.
Trade Operations
LiveTrade envisions the creation of a number of trade related products to be released. Also, a
part of the fund will have to be used to purchase beginning inventory (i.e. stocks) to process
orders quickly. Many of our features, such as our Auto Exchange and Social/Copy Trading,
whilst existing in some shape or form have never been used by such large audiences and in
order to ensure they work correctly, LiveTrade plans to perform extensive testing and
optimizations.
Legal
Legal structures and compliance are vital to the long-term success of the LiveTrade Platform.
The allocation of funds to cover legal costs will warrant that we cover regulatory and
licensing requirements in all existing and new markets we target. We at LiveTrade make no
compromise with the credibility of our platform.
Operating Expenses
To certify that daily operations continue running efficiently as our company grows, we focus
heavily on internal processes, hiring of additional key team members and managers, office
space and equipment.
TERMS OF TOKEN SALE
Copyright 2019 LiveTrade Exchange & Brokerage 46
TERMS OF TOKEN SALE
OVERVIEW
We will be at the cutting edge of technological advancements to ensure a scalable and easy
to use platform. Due to the size of this undertaking, LiveTrade is launching a SEC-compliant
STO, a similar pathway to our Digital IPO service, and is targeting a raise of up to $50
million via a 506(c) and Reg S offering to accredited investor
A total of 1 billion (1,000,000,000) LiveTrade Tokens will be authorized and pre-mined.
For the Presale and Public Sales, a total of 700 million (700,000,000) LTD will be distributed
to participants. This allocation represents 70% of the total number of LiveTrade Tokens that
will ever exist. LiveTrade estimates that up to 50% of the total tokens issued can be sold at the
Private Sale, and all remaining tokens will be available for the Public Sale stages. As the LTD
token is a security token with a global market, the risk of token value depreciation due to
early investor sell offs is countered by the influx of new user registrations and participants.
The long-term value of LTD will reflect LTD’s adoption and its active user base. Early
participants who purchase LTD during the token pre-sale will receive the tokens at a steep
discount, and they will have the opportunity to participate from the start in LTD’s traction and
growth.
The STO will be followed by strategic phases as illustrated in the tables below.
TOKEN
RELEASE
DETAILS
PRIVATE PUBLIC
PRE-SALE SALE
Maximum Supply 350,000,000 175,000,000 175,000,000
Soft Cap $3.0 M
Hard Cap $50.0 M
Minimum
Contribution
20,000 LTD 5,000 LTD 2,000 LTD
Maximum
Contribution
160,000,000 LTD 120,000,000 N/A
Currency Accepted Fiat, Crypto Fiat, Crypto Fiat, Crypto
The list of acceptable cryptocurrencies and tokens will be listed on our STO page during each
phase and will continue to expand for investors’ convenience.
The progress of the STO will be updated in real-time on LiveTrade official STO page. In case
that we are unable to reach the soft-cap requirement, all contributions will be refunded to the
original contributors.
Anyone who does not participate in the STO campaign will be unable to acquire LTD tokens
until the tokens are listed on a cryptocurrency exchange. Our team is planning to introduce
LTD tokens to more than 10 international cryptocurrency exchange markets by the end of
2020.
TERMS OF TOKEN SALE
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PRICING AND PROMOTION DETAILS
The LiveTrade security token price starts at $0.03 and different bonus rates are applied to
each phase, as per the table below:
PHASE START Period Price Promotion
Private
90 days
2019 Q3 Days 1 - 30 $0.03 30%
Days 31 – 70 $0.04 30%
Days 71 - 90 $0.05 30%
Public Pre-Sale
90 days
2019 Q4 Days 1 - 30 $0.07 25%
Days 31 – 70 $0.85 20%
Days 71 - 90 $0.10 20%
Public Sale
90 days
2020 Q1 Days 1 - 30 $0.13 10%
Days 31- 60 $0.15 5%
Days 61 - 90 $0.20 0%
All contributions are allocated by their confirmation time to the respective bonus tier. The
current bonus tier will be visible on LiveTrade.io during all phases. LTD Tokens will be
distributed to each participant within 5 days of the End Date of their respective Phase of
contribution. Special Affiliate Bonus Program will also be available for the recommendation,
which represents 10 % from the realized payment in LTD tokens. Please contact the
LiveTrade Marketing department via email: [email protected] for other incentive
programs or visit https://livetrade.io
TOKEN BUY BACK AND UNSOLD LTD TOKEN DESTRUCTION
To further ensure that the LiveTrade Token maintains as much value as possible for its
holders both at the conclusion of the offering and for years to come and to allow the
ecosystem to mature enough to always ensure an effortless user experience, two different
solutions will be used:
• First, any of the tokens for the LTD which have been allocated for sale, referral, or
promotion programs, which are not sold, will be destroyed after each sales stage. This
will help to ensure that the initial token value is preserved.
• The second method will be used to increase token value after the STO campaign is an
ongoing buyback and destruction of LiveTrade Tokens by the company. The way this
will work is that a portion of the company revenue will be allocated for token buy
back. Then the company will use these allocated funds to purchase LTD from time to
time from the open market (to the maximum of 50% of total supply). Any tokens
purchased by the company will be destroyed, and the record of the destruction will be
published on the blockchain.
This approach will lead to an ongoing and continuous reduction of LTD tokens at the same
time that the company is becoming more profitable. The lower the number of tokens, the
greater the reward. We expect the value of the tokens should increase at an exponential rate
over time because the increasing profitability will further facilitate the company to have more
funds to buy back and destroy more tokens while at the same time, the increased profit of the
company will also be distributed each month.
ROADMAP
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ROADMAP
INITIATION (2018 Q4 - 2019 Q1)
• Generate idea, concept
• Perform legal & technical research, market analysis, etc.
• Reach out to potential investors & strategic partners.
• Initiate the process of obtaining required exchange licenses in the US, UK and other
regions
• Develop product’s Scope of Work and gather proposals from potential technology
providers.
• Design LiveTrade’s landing page
• Establish LiveTrade LTD
PREPARATION (2019 Q2)
• Launch the official LiveTrade homepage
• Review and evaluate strategic partners’ proposals
• Pre-announce in major publications
• Begin to build LiveTrade Exchange & Brokerage POC
• Facilitate the STO compliance and legal process
• Complete White paper v.10
PRIVATE SALE (2019 Q3)
• Initiate LiveTrade Private Sale
• Launch the official LiveTrade homepage
• Select technical partners and develop UX, UI for MVP
• Acquisition of additional licenses for future development
• Prepare for business expansion to other Asian countries and the UK through strategic
partnerships
PUBLIC PRE-SALE (2019 Q4)
• Release beta versions of LIVE Wallet and LiveTrade platform (Web/Mobile/Desktop)
• Update White paper to 2.0 (multiple languages)
• Complete listing major financial instruments.
• Perform platforms Survey & Evaluation
PUBLIC SALE (2020 Q1)
• Official launch of LiveTrade Exchange & Brokerage v.1.0 and LIVE Wallet v1.0
• Further front-end and backend development.
• Implement Social trading features
• Improve platforms performance based on user's feedback
LIVETRADE TEAM
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LIVETRADE TEAM
TEAM OF DIVERSITY
The LiveTrade team is what sets us apart from the competition. Just like our platform, we are
a globally distributed and collaborative team. With varying backgrounds, experiences and
knowledge. LiveTrade’s team combines deep competency in trading, banking, education,
customer service, and blockchain technology with the right mixture of start-up spirit and
corporate professionalism to bring enthusiastic innovation and measurable results to our
client.
LE V PHAM – CHIEF EXECUTIVE OFFICER
Le is an experienced entrepreneur who has spearheaded
several businesses in the e-commerce, e-learning, and
FinTech industries. Today, his entrepreneurial spirit
drives him towards the development of new technologies,
with a dedicated focus towards Big Data and Blockchain
to assist traders and investors across the full spectrum. His
impeccable dedication, strategic mind and extenstive
knowledge in global finannce, supply chain and banking
system provide the necessary tools and experience to
assist LiveTrade’s journey towards becoming one of
globe’s best exchanges.
HUNG PHAM – CHIEF TECHNOLOGY OFFICER
Full-stack engineer with over 10 years of rich experience
building custom software products and solutions for
multiple industries. He was involved in several successful
projects in which he designed and developed several
applications in the blockchain and IoT space. As the CTO,
Hung is an irreplaceable asset for the LiveTrade team to
drive the project on the wheels of innovation and advance
technology.
SEM KOKHUIS – LEAD PRODUCT DESIGNER
Sem is an expert in delivery of complex IT projects. He
has a strong background in managing large-scale
technology projects in the financial sector. Besides
providing UI, UX to our applications and to tackle deeper
challenges of the user-centric approach for blockchain
design, he is also responsible for leading the vision,
strategy and execution of the end-to-end consumer
experience. of LiveTrade’s evolving value creation
through our platform. Sem is also the owner of
NowSquare Location Marketing.
ADVISORS
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ADVISORS
LiveTrade advisory board is comprised of entrepreneurs, investors and senior figures in
blockchain and banking industry.
ANDREY SHYPUNOV – STO ADVISOR
Andrey is a crypto enthusiast and trader with more than 3
years of experience. He is a multidisciplinary specialist,
experienced ICO/STO advisor and member of Alliance of
Blockchain Professionals (ABP). Andrey advises LiveTrade
on fundraising, operations, marketing and content.
RUMEN ZAPRYANOV – STRATEGIC TRADING ADVISOR
A distinguished banking professional with track leadership
records across the spectra of society locally and
internationally. Rumen has a long-term experience (27+
years) in financial trading. Prior to joining LiveTrade, Mr.
Zapryanov was a Chief Dealer at 2 BACS banks, treasurer at
the Alpha Bank Bulgaria and Chairman of Assets and
Liabilities Committee. He was able to secure a Bonds deal for
€919 million as well as other significant deals. Currently, he
is advising LiveTrade as a strategic trading advisor.
PARTNERSHIPS
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PARTNERSHIPS
To bring our customers the disruptive experience and ensure the success of the project,
LiveTrade is developing strategic partnerships with the world’s most innovative blockchain
technology developers, business consultant firms as well as other well-known advisors around
the world.
TECHNOLOGY PARTNERS
LiveTrade Exchange & Brokerage will be a product from the strategic coalitions between
LiveTrade LTD - a US-based corporation, and experienced traders and engineers around the
world with a proven track record automating distribution, increasing system transparency, and
building marketplaces and other digital services across the world. We are currently reviewing
and evaluating our partners’ proposals. Each will be selected with care on the basis of cost,
service quality, response rate as well as technical, commercial and financial reliability and
other strict requirements. We know both the art of matching people and the science of
technology.
LeewayHertz
LeewayHertz has delivered over 500 Digital
products in different verticals and business domains.
Established in 2008, since then they have helped
over 100 Fortune 500 and enterprises for their
software development projects. Their portfolio
includes companies like Siemens, P&G, O’Reilly
Auto Parts, Hershey’s, ESPN, McKinsey, the U.S.
army, and many more.
DevExperts Inc.
The Devexperts development team is recognized
as one of the world’s best, having received in the
past ten years more than 25 of the global software
and financial industries most prestigious awards.
Devexperts specializes in the development of
financial software solutions (of highly complex software solutions) for the Capital markets
industry.
Spotware Systems Ltd.
Spotware is a team of over 100 experts in financial
technology and collectively has more than 100 years
of experience. The company has been raising the
standards of the online trading industry since 2010 by
delivering meaningful solutions that solve real
problems for banks, brokers and their clients.
TraderEvolution
An Irish company registered and headquartered in
Dublin with the R&D center located in Eastern
Europe, and sales and support offices in Brazil and
India, specializing on one product – Multi-Market
trading platform.
PARTNERSHIPS
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Rival Systems
Rival Systems was originally built as the proprietary
trading and risk management system for Ronin Capital.
Over 12 years, they worked with some of the best
traders and risk managers in the industry to build
enterprise solutions across a wide range of products
and strategies. They have earned multiple awards for
our innovative trading and risk management capabilities and ultra-low latency performance.
NinjaTrader Group, LLC
Founded in 2003, NinjaTrader has
evolved into an industry leader
supporting over 60,000 traders
around the globe with best-in-class
technology, deep discount commissions and world class support.
Distributed Lab
Distributed Lab is a blockchain expertise center.
The team consists of researchers, developers,
analysts. Main activities are creation of
innovative products and architectures, education
events and conferences. The goal of Distributed
Lab is to create financial internet that uses open,
uniform protocol that facilitates trade and value transfer.
Around25
Founded in 2006 Around25 is a great team of
developers who provide offshore software
development, custom software design and
outsourcing application development, as well as
software solution customization and support.
Their commitment is to provide client with the
best solutions possible at the highest standards.
GMEX Group
GMEX Group is a set of companies that offer
leading edge innovative solutions for a new era of
global financial markets by being a global provider
of innovative multi-asset exchange trading and post
trade business solutions and technology ecosystems
QuillHash Technologies Pvt. Ltd.
QuillHash Technologies is a blockchain
development company and QuillAudits is their
secure smart-contract/dApp/protocol auditing
platform committed to making the Blockchain
ecosystem more secure
PARTNERSHIPS
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LEGAL, TAX, AUDIT, & STRATEGY CONSULTANTS
Grant Thornton LLP
Grant Thornton LLP (Grant Thornton) is the U.S.
member firm of Grant Thornton International Ltd,
one of the world’s leading organizations of
independent audit, tax and advisory firms. Grant
Thornton has revenues in excess of $1.7 billion and
operates 59 offices.
American Management Services, Inc.
As the leading provider of implementation-based
profit management and cash management
services, the American Management Services’
team of professional operating executives works
directly with owners to implement the changes
necessary to improve the results of their business
and promote business growth.
The Jacobs Law, LLC.
The Jacobs Law, LLC is a Boston-
based business law and litigation law
firm that provides high-quality legal
services to businesses, entrepreneurs,
in-house legal departments, and individuals. The Managing Partner and Business Litigation
Counsel, Travis J. Jacobs, has been recognized by SuperLawyers as a Rising Star in Business
Litigation for the last four (4) consecutive years.
Prospectus.com LLC
Founded in 1999 by serial entrepreneurs who have
personally launched numerous start-up companies
across various industries, Prospectus.com is a
world class leader in the Public and Private
Placement markets.
PARTNERSHIPS
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PRESS & MEDIA PARTNERS
THIRD PARTY PAYMENT PROVIDERS
PARTNERSHIPS
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VENDORS & STRATEGIC ALLIANCES
Beside working with some of the world’s biggest financial brokers and exchanges, LiveTrade
will be offering and marketing its services/products in Asia to capture the Earth's largest and
most populous continent. Connections with Asia-based fintech companies have already been
developed and will be publicly announced in the late 2019.
We are open and actively looking for partnerships with firms that have the licenses and
experience to establish a complete solution for our users. We intend to implement the
governing legal ecosystem for all LiveTrade services by 2025 to operate in Asia, North
America, Europe, Australia, and other critical regions. Strategic partnerships may be formed
through acquisitions, joint ventures, umbrella services or vendor relationships.
EXTERNAL EXCHANGES & BROKERAGES, LIQUIDITY PROVIDERS
BUSINESS MODEL
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BUSINESS MODEL
TARGET MARKETS
KEY REVENUE STREAMS
LiveTrade is planning to exploit the exchange capabilities through various revenue streams
and business models.
The first and more obvious one is through transactions fees. We will establish transparent fee
structures & financial products The targeted fees are expected to be as low as 0.1% for the
taker and 0.05% for the maker, and a 0.5% fee for all fiat withdrawals when the exchange will
reach certain milestone. However, our business model has to be aligned with our mission
statement - to be a platform of choice for traders with the lowest transaction fees possible;
therefore, these fees will not constitute the main stream of revenue for Livetrade. As
LiveTrade continues to grow, it is expected that it will become more autonomous from
liquidity aspects of the business and will be fully capable of offering other exchange pricing
models such as a fixed monthly fee or even no-fee trading. Instead, clients can take advantage
of other tools and resources in the system which will generate other revenue channels for the
company. For example; the successful token sales will provide additional funds to the
exchange to setup an additional internal liquidity pool which could help lower the fees. For
some assets and operations fees might be adapted higher or lower depending on market needs
or conditions.
Forex
Stock
Digital Assets
Other financial
instruments
Financial Institutions
Businesses
BUSINESS MODEL
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Over the long term, one of the key revenue streams of the company will come from the
market place and the store. While the market place will list partners’ tokenized assets and
funds along with ICO/STO, digital IPO, etc. the store will list applications and widgets, as
well as services for traders. It is expected that this will increase exponentially as the user base
continues to grow. Transactions in the marketplace and the store will eventually generate a
large share of the profit among LiveTrade’ activities. The model consists of offering an
exposure for partners applications, widgets, services or investment opportunities (STO,
managed funds, etc.) and then charging a commision on the transactions conducted.
By providing a public API, LiveTrade will be able to provide liquidity to compliment
solutions and products being offered by partners. The LiveTrade API will help partners
provide wallets, a fiat gateway, or as convenient way to exchange one asset for another. The
API would also be able to support a wide range of DApps and will be able to provide access
to both centralized and decentralized exchange liquidity. This will allow other exchanges to
share our liquidity pool, external trading platform, and other software components. Any entity
using the API will be considered as a partner and will be incentivized through various profit-
sharing programs or other appropriate options. Some of the institutional side will include
providing liquidity to other exchanges over a wide range of assets as well as white label
offerings of the LiveTrade Exchange
LiveTrade might as well offer a much lower transaction fee for our IPO service in exchange
to become an equity partner in our client companies. The equity position ensures LiveTrade
will always be mindful of the client companies’ needs and success.
In sum, LiveTrade shareholders can profit from the following revenue channels, but not
limited to:
➢ Transaction commissions, including withdrawal and settlement fees.
➢ Financial services such as lending, loans, etc.
➢ Profit-sharing programs with partners, affiliates, introduction brokers, and white label
offering
➢ The increased value of assets collected such as ETH, BTC, stocks, bonds, etc.
➢ Profits and/or interests from strategic investment activities.
➢ Commissions from OTC markets (Broker fees or Trading Desk)
➢ Initial Exchange Offering and Token Listing fees, Digital IPO Service
➢ Commission/ Bonus earned when a certain trading volume is met with external
exchanges & brokers
➢ Advertisement (sponsored articles, news, banner, logo, etc.)
➢ The increase in LTD value through buyback and burning techniques
➢ Subscription fees/ comission for social/ copy trading features.
➢ And other revenue streams developed in the futures as LiveTrade grows.
We see this business structuring as vital to ensure ongoing value for token holders and for the
longevity of the company
The business model will evolve to adapt with the competition, new technology, and the legal
landscape. LiveTrade will keep exploring new business models to ensure that users of the
platform will always have access to tools and resources that help them financially. One
example of this could include various ways that users will be able to monetize data that they
generate through activity in LiveTrade.
MARKET ENTRY STRATEGY
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MARKET ENTRY STRATEGY
There are several distinctive phases in our market entry strategy, subject to technology,
regulatory and financial constraints.
We will stay focused on launching the key product elements to create a proof of concept.
Afterwards we will be scaling the solutions while creating opportunities with potential
partners. The phases for our launch are detailed below:
PHASE 1. LIVETRADE EXCHANGE & BROKERAGE BETA VERSION - 2019
We will start with a niche market o the crypto community. We expect both big crypto holders
and micro investors to adopt LiveTrade as other ways to reinvest in crypto.
➢ We consider Asia as our long-term key market both for professional and non-
professional investors, and we will focus on providing priority access to our platform to
clients from the region;
➢ LiveTrade will offer the deposit and withdrawal of popular cryptocurrency, forex pairs,
commodity and other financial assets;
➢ LiveTrade Exchange & Brokerage will offer shares listed on US markets, and a
selected range of digital shares, based on most liquid US stocks; and
➢ We aim to continue working with professional investors in the United State, Europe,
Asia, and Australia to set up additional countries of entry and appropriate licenses
according to our legal roadmap, using our acquired experience and knowledge, and
taking into consideration the expected regulatory changes.
PHASE 2. LIVETRADE EXCHANGE & BROKERAGE V.1.0 - 2020
Our official launch will happen in a few carefully chosen jurisdictions in Asia and with
predictable investment regulations and favorable crypto regulation. We will add services for
the crypto-funds, investment funds and High-net-worth individual (HNWI), including, but not
restricted to:
• FIX/FAST/API protocols and individual setups for companies, subject to
compliance, risk management and liquidity needs;
• We will add Social/Trading feature, AI trend prediction, and other related tools to
help users to learn from each other and collaborate for mutual benefits;
• We intend to grow our client base in both retail and professional investments and
launch industry-specific instruments and products, such as mobile solutions and
wallets, investment advice, AI for trading strategies and more;
• We expect to add European and Asian stocks to the pool by 2020 Q2 and offer a
wider range of digital shares based on the liquidity of the underlying shares, such as
top-100 NASDAQ, NYSE, top-50 European stocks, top-50 Hong Kong stocks;
• We intend to add other major cryptocurrencies for deposits and withdrawals in
2020;
• In general, we plan to add assets and digital assets based on the regulatory
environment, client demand, exchange risk management and our ongoing broker-
dealer partnerships in different markets;
• We expect that by this point we would be fully operating in the United States of
America, as well as serving U.S. customers; and
• We also expect to continue setting up additional countries of entry and obtaining
appropriate licenses according to our legal roadmap, using acquired experience and
knowledge, and taking into consideration the expected regulatory changes; and
MARKET ENTRY STRATEGY
Copyright 2019 LiveTrade Exchange & Brokerage 59
• We expect to continue negotiating with investment funds and exchanges and with
payment providers for the platform to the broader markets, based on the business
demand.
PHASE 3. PLATFORM INTEGRATIONS AND FURTHER DEVELOPMENT - 2021
Our efforts would mainly be focused on Asian markets, with the aim of scaling retail
capacity:
➢ We intend to integrate the LIVE Wallet mobile application into payment providers’
system based on our partnerships and in accordance with approved legislative and
licensing requirements, and available market infrastructure;
➢ We aim to launch partnership bank cards and wallets for the U.S and Asian markets;
➢ We aim to add other digital asset types, such as digital commodities;
➢ We aim to launch Digital IPO services for Asian companies that are fundraising;
➢ We aim to attract clients from the world of professional investors (traders, funds,
broker- dealers) through organic and paid marketing, and through partnerships with
investment counterparties;
➢ We plan to continue setting up additional countries of entry and obtaining appropriate
licenses according to our legal roadmap, using acquired experience and knowledge, and
taking into consideration the expected regulatory changes;
➢ We aim to integrate asset management and trading partners so that digital assets of the
LiveTrade Brokerage would be available at LiveTrade Exchange and at other trading
platforms; and we expect that by this point we will be able to work within many central
banks and the U.S. in full capacity.
PHASE 4. BROADER MARKET ADOPTION 2022-2025
We expect broader market adoption once the upcoming relevant regulation in different
markets, including, but not restricted to Europe and the UK, Asia, North America and Latin
America, Russia, is in place and tested, and once our entire legal framework is set up.
➢ We intend to continue setting up additional countries of entry and obtaining appropriate
licenses according to our legal roadmap, using acquired experience and knowledge, and
taking into consideration the expected regulatory changes;
➢ We will consider partnering with global educational and financial institutions for
education and future employment in finance, investment and crypto-economy;
➢ We expect that by this point we will be able to work within the People’s Republic of
China.
We anticipate that the jurisdictions and/or persons where the use of some LiveTrade and its
partners’ services would not yet be available during some phases include, but are not limited
to, the United States of America, Canada, Australia, New Zealand, the UK, the People’s
Republic of China and South Korea;
In general, the jurisdictions and/or persons where the use of LiveTrade and its partners’
services is not allowed or explicitly banned, include, but are not limited to Cuba, Iran,
Venezuela, North Korea, Sudan, and Syria.
FINANCIAL PROJECTION
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FINANCIAL PROJECTION
LiveTrade projects that we will be officially and fully operating in March 2019 and expected
to profit in 2020 Q4.
Revenue
Net Profit
Forecast Assumptions
The financial forecast was established based on the following assumptions, but not limited to:
- that LiveTrade will operate in accordance to its business core values and model. We will
reduce the withdrawal & settlement fees over time to support our traders. Instead,
LiveTrade may offer completely commission-fee transactions or a monthly subscription
fee structure.
- that the B2B services of LiveTrade are recognized and become popular to companies and
financial institutions.
- that LiveTrade will successfully execute its marketing strategy to attract new customers,
retains existing users, and build a vibrant community.
- that LiveTrade will successfully secure $5 million-dollar fund through its security token
offering ending in March 2020.
- that LiveTrade and its partnership programs will continue and expand in the future.
- that LiveTrade will invest a significant amount of fund in completing legal process,
developing tools, and performing market research in 2019.
- that our team members learning curves are improved, our operation become more
effective and efficient.
- that marketing and sales efforts take up about 30% of overall revenues.
For details, please access to our 2020-2025 Financial Projection at the following address:
https://drive.google.com/open?id=1W9P0yfuSpiiRAX71M4Hg4cmYKmHn5AW3
CONCLUSION
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CONCLUSION
The world of today is built on the top of the traditional financial system. It is the legacy of
hundreds of years of evolution and has delivered a lot of value. Over time it has evolved in a
way that empowers itself, banks, governments and other large corporate structures, more than
the individuals with access to banking and the billions of unbanked people around the world.
Decentralized technologies allow for a user-centric financial system that is free of these
legacy limitations and where value can be shared by everyone. But these decentralized
technologies are still in their infancy and do not allow users to leverage from them with ease
or at a large scale. The LiveTrade technology framework has been specifically designed to
leverage from the best of both centralized and decentralized systems and to make all of these
benefits interoperable; ultimately, it allows users to be efficient in the digital asset trading
markets through a transparent portal. LiveTrade utilizes cutting-edge technology, analytics,
data science, and predictive algorithms to provide traders with unique insights via real-time
seamless integration with multiple exchanges, arbitrage opportunity detection and execution,
advanced trading mechanisms and other complex features that expand on the functionality of
the LiveTrade Platform.
Ultimately, LiveTrade’s strength lies in the provision of services through an easy-to-use
interface, connecting exciting machine learning technology with asset exchanges while
allowing full transparency and traceability of digital assets and fiat currency trading.
The trading platform is highly optimized and automated for trading on digital assets,
including creation and execution of tailored strategies.
With a growing number of connected providers, brokers and publishers, the LiveTrade
ecosystem will grow exponentially. Together with its partners, LiveTrade will form the
largest community for forex, stocks and cryptocurrency traders around the globe. The future
of finance will be split between the evolution of the current centralized system built around
traditional actors, and an open-source, distributed, decentralized, automated and tokenized
one built around users. LiveTrade will be an important player of decentralized finance and
will enable everyone to build their own financial ecosystem with a superior value proposition
when compared to traditional finance.
LEGAL ASPECTS AND DISCLAIMER
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LEGAL ASPECTS AND DISCLAIMER
This document does not give any personal, legal, or financial advice.
You are strongly encouraged to seek your own professional, legal, and financial advice.
The LiveTrade Token White Paper (hereinafter — ‘the White Paper’, ‘the Document’) is
presented for informational purposes only and does not require any action to be taken by the
general public. All information and materials published, distributed or otherwise made
available on LiveTrade website are provided for informational purposes, for your
noncommercial and personal use, only.
Nothing in the Document shall be construed as an offer to sell or buy shares, rights or any
other securities nor virtual currencies in any jurisdiction. For the time being, LiveTrade is not
an investment advisor, a bank, a broker or a dealer and therefore does not participate in the
offer, sale or distribution of securities, nor does it provide any investment advice or
solicitation for investment. No information or materials published on LiveTrade website
constitutes a solicitation, an offer, or a recommendation to buy or sell any investment tools, to
affect any transactions, or conclude any legal act of any kind whatsoever. The content of this
Document should not be considered as a financial advice in any circumstance. You are
responsible for your personal finances.
The White Paper may be updated or altered, with the latest version of the Document
prevailing over previous versions. We are not obliged to give you any notice of the fact or
content of these changes.
The latest version of the White Paper in English is available at the website
https://LiveTrade.io/. While we make every effort to ensure that all data submitted in the
White Paper is accurate and up to date at the point in time that the relevant version has been
disseminated, the proposed document is no alternative to consulting an independent 3rd party
opinion.
The White Paper and the related documents may be translated into languages other than
English. Should a conflict or an inconsistency arise between the English language version and
a foreign-language version, the English language version of the Document shall govern and
prevail.
The White Paper does not constitute an agreement that legally binds LiveTrade to any entity.
LiveTrade, its directors, officers, employees, and associates do not warrant or assume any
legal liability arising out of or related to the accuracy, reliability, or completeness of any
material contained in the White Paper. To the fullest extent permitted by any applicable law in
any jurisdiction, LiveTrade shall not be liable for any indirect, special, incidental,
consequential or other losses arising out of or in connection with the White Paper, including
but not limited to loss of revenue, profits, and data.
All actions related to LiveTrade may be executed at your own risk and the LiveTrade may be
provided on an “as-is” basis without warranties of any kind, either explicit or implied. It is
your responsibility to determine if you are legally allowed to purchase the LiveTrade Tokens
in your jurisdiction and whether you can then resell the LiveTrade to another purchaser in any
given jurisdiction. You bear the sole responsibility for determining or assessing the tax
implications of your participation in the crowd sale, purchasing, receiving, and holding the
LiveTrade in all respects and in any relevant jurisdiction.
LEGAL ASPECTS AND DISCLAIMER
Copyright 2019 LiveTrade Exchange & Brokerage 63
No regulatory authority has examined or approved of any of the information provided in this
White Paper. No such action has been or will be taken under the laws, regulatory
requirements or rules of any jurisdiction.
The regulatory status of tokens and distributed ledger technology is unclear or unsettled in
many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply
existing regulation with respect to such technology and its applications, including the
LiveTrade Platform. It is likewise difficult to predict how or whether legislatures or
regulatory agencies may implement changes to law and regulation affecting distributed ledger
technology and its applications, including the LiveTrade Platform. Regulatory actions could
negatively impact the LiveTrade Platform in various ways. The LiveTrade Platform may
cease operations in a jurisdiction in the event that regulatory actions, or changes to law or
regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to
obtain the necessary regulatory approval(s) to operate in such jurisdiction.
COMPETITIVE ANALYSIS
The business model of LiveTrade comprises the development, marketing and promotion of
applications in the area of financial technology and online trading. In this respect, there is a
risk that other companies with (much) more human and financial resources could enter the
market as a competitor and could possibly copy the business model of LiveTrade. These
companies could offer more attractive and competitive products and services, showing a
longer company history, better established customer relationships, and use their experience
and resources in different ways in order to compete with LiveTrade, e.g. through acquisitions,
aggressive investment in marketing, or the offer of more attractive conditions for customers,
service providers and business partners. In addition, other start-up companies, could get
access to equity and debt capital significantly easier than LiveTrade. Aa a result, LiveTrade
might grow slower than expected thus losing its customers to its competitors.
FORWARD LOOKING STATEMENTS
Some of the statements in the White paper include forward-looking statements which reflect
the LiveTrade and/or the management current views, with respect to the Product
Development, Roadmap, and future plans, with respect to the LiveTrade and the fields and
industries in which the LiveTrade operates. Statements that include the words ''expects'',
''intends'', ''plans'', ''believes'', "projects'', ''anticipates'', ''will'', ''targets'', ''aims'', ''may'', ''have'',
''would'', ''could'', ''continue'' and similar statements are of a future or forward-looking nature.
All forward-looking statements address matters that involve risks and uncertainties.
Accordingly, there are or there will be some important factors that could cause the Group
actual results to differ materially from those indicated in these statements. These factors
include, but are not limited to those that are described in the part of the White paper entitled
''Risk and Uncertainties'', which should be read in conjunction with the other cautionary
statements that are stated in the White paper. Any forward-looking statement in the White
paper reflects the LiveTrade’s current views with respect to future events and are subject to
these and further risks, uncertainties and assumptions related to the LiveTrade's operations,
results of operations and strategy of growth. These forward-looking statements only refer
from the date of the White paper. Subject to industry acceptable disclosure and transparency
rules and common practices, the LiveTrade undertakes no obligation publicly to update or
review any forward-looking statement, whether as a result of some new information, future
developments, or otherwise. All subsequent written and oral forward-looking statements
attributable to the LiveTrade or individuals acting on behalf of the LiveTrade are expressly
qualified in their entirety by this paragraph. For further information on the LiveTrade
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Copyright 2019 LiveTrade Exchange & Brokerage 64
Exchange project and to read the full terms and conditions, disclaimers, and other important
information related to the project please go to www.LiveTrade.io
RISKS AND UNCERTAINTIES
Prospective clients of LiveTrade Exchange(as referred to in this White Paper) should
carefully consider and evaluate all risks and uncertainties associated with the Company and its
business and operations and the underlying assets (each as referred to in the White Paper), all
information set out in this White Paper and the T&Cs prior to any use of LiveTrade. If any of
such risks and uncertainties develops into actual events, the business, financial condition,
results of operations and prospects of the Company could be materially and adversely
affected.
This White Paper includes market and industry information and forecasts that have been
obtained from internal surveys, reports and studies, where appropriate, as well as market
research, publicly available information and industry publications. Such surveys, reports,
studies, market research, publicly available information and publications generally state that
the information that they contain has been obtained from sources believed to be reliable, but
there can be no assurance as to the accuracy or completeness of such included information.
Save for the LiveTrade and its respective directors, executive officers and employees, no
person has provided his or her consent to the inclusion of his or her name and/or other
information attributed or perceived to be attributed to such person in connection therewith in
this White Paper and no representation, warranty or undertaking; Is or purported to be
provided as to the accuracy or completeness of such information by such person and such
persons shall not be obliged to provide any updates on the same.
Neither the LiveTrade nor any of the LiveTrade Team has conducted any independent review
of the information extracted from third party sources, verified the accuracy or completeness of
such information or ascertained the underlying economic assumptions relied upon therein.
Consequently, neither LiveTrade nor its directors, executive officers and employees acting on
its behalf makes any representation or warranty as to the accuracy or completeness of such
information and shall not be obliged to provide any updates on the same.
To facilitate a better understanding of the businesses and operations of the LiveTrade, certain
technical terms and abbreviations, as well as, in certain instances, their descriptions, have
been used in this White Paper. These descriptions and assigned meanings should not be
treated as being definitive of their meanings and may not correspond to standard industry
meanings or usage. Words importing the singular shall, where applicable, include the plural
and vice versa and words importing the masculine gender shall, where applicable, include the
feminine and neuter genders and vice versa. References to persons shall include corporations.
Hackers or other malicious groups or organizations may attempt to interfere with the
LiveTrade Platform in a variety of ways, including but not limited to malware attacks, denial
of-service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing.
Furthermore, because the LiveTrade Platform is based on open-source software, there is a risk
that a third party or a member of the LiveTrade team may intentionally or unintentionally
introduce weaknesses into the core infrastructure of the LiveTrade Platform, which could
negatively affect the LiveTrade Platform.
All product names, logos, and brands used in the Document are property of their respective
owners. All company, product and service names used in this website are for identification
purposes only. Use of these names, logos, and brands does not imply endorsement.
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Copyright 2019 LiveTrade Exchange & Brokerage 65
GLOSSARY
Centralized: A type of network where all users connect to a central server, which is the
acting agent for all communications. This server would store both the communications and
the user account information. Most public instant messaging platforms use centralized
networks. Also called centralized server-structure
Decentralized: describes the design of a network that isn’t managed by a central party.
A decentralized network relies on a host of computers. As a result, blockchain technology
resides on a P2P network. It physically cannot work with a single computer or point-of-
connection. Instead, it requires a slew of other computers to join in, in order to complete a
specific task on the network.
DApp: is an abbreviated form for decentralized application.
A DApp has its backend code running on a decentralized peer-to-peer network. Contrast this
with an app where the backend code is running on centralized servers.
A DApp can have frontend code and user interfaces written in any language (just like an app)
that can make calls to its backend. Furthermore, its frontend can be hosted on decentralized
storage such as Swarm or IPFS.
Escrow: Escrow is a legal concept in which a financial instrument or an asset is held by a
third party on behalf of two other parties that are in the process of completing a transaction.
The funds or assets are held by the escrow agent until it receives the appropriate instructions
or until predetermined contractual obligations have been fulfilled. Money, securities, funds
and other assets can all be held in escrow.
Liquidity pool: is the trading volume created by institutional orders executed on private
exchanges and which are mostly unavailable to the public. The bulk of pool liquidity is
represented by block trades facilitated away from the central exchanges.
Cross-chain: Cross-chain atomic swaps. The exchange of tokens between users across
chains, without trusting a third-party.
Cross-chain atomic swaps are only possible if both chains offer a native escrow function. This
requires bitcoin-esque script functions at a minimum. Some chains, such as IOTA and Sia, for
example, don’t support on-chain trustless escrows at all, and as such cannot implement
trustless cross-chain atomic swaps
One of the greatest limitations of cross-chain atomic swaps is settlement time. By definition,
these transactions can only settle as fast as the block time of the slower of the two chains.
Block Collider’s system allows for settlements that are theoretically even faster than the block
times of either chain. Enabling cross-chain swaps to settle more quickly than the block times
of either chain is a pretty wild idea. Given how slow bitcoin blocks are, Block Collider could
carve out an interesting niche.
On-chain: On-chain transactions refer to those cryptocurrency transactions which occur on
the blockchain - that is, on the records of the blockchain - and remain dependent on the state
of the blockchain for their validity. All such on-chain transactions occur and are considered to
be valid only when the blockchain is modified to reflect these transactions on the public
ledger records.
Off-chain: Off-chain transactions refer to those transactions occurring on a cryptocurrency
network which move the value outside of the blockchain. Due to their zero/low cost, off-chain
transactions are gaining popularity, especially among large participants.
Matching engine: A trade matching engine is the core software and hardware component of
an electronic exchange. It matches up bids and offers to complete trades. Matching engines
use one or several algorithms to allocate trades among competing bids and offers at the same
price.
The most commonly used algorithm is time price priority, meaning those bids and offers
entered into the match engine first have priority over similar bids or offers that were
subsequently entered into the system.
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Copyright 2019 LiveTrade Exchange & Brokerage 66
Matching engines support different order types, such as a limit order or market order.
Matching engines may have unique APIs, or use standard ones such as FIX APIs.
Peer-to-peer trading: A peer-to-peer (P2P) service is a decentralized platform whereby two
individuals interact directly with each other, without intermediation by a third-party. Instead,
the buyer and the seller transact directly with each other via the P2P service.
Custodial wallet: A custodial wallet is a wallet in which your private keys are stored by a
third party. Thus, you do not have full control over your funds, which makes these wallets a
dubious choice.
Non-custodial wallet: may be web, paper, mobile, desktop and hardware wallets — as is the
case with custodial ones. However light (non-custodial) wallets allow you to fully control
your funds and therefore are more secure
Hot wallet: Hot wallet refers to any cryptocurrency wallet that is connected to the internet.
Generally hot wallets are easier to setup, access, and accept more tokens. But hot wallets are
also more susceptible to hackers, possible regulation, and other technical vulnerabilities.
Cold wallet: Cold storage refers to any cryptocurrency wallet that IS NOT connected to the
internet. Generally cold storage is more secure, but they don’t accept as many
cryptocurrencies as do many of the hot wallets. Cold storage devices (e.g. Trezor, Ledger)
also cost close to $80 USD, where as hot wallets are free.
Asset custody structure: A service in which a brokerage or other financial institution holds
securities on behalf of the client. This reduces the risk of the client losing his/her assets or
having them stolen. They are also available to the brokerage to sell at the client's demand.
Multi-signature: Multi-signature (often called multisig) is a form of technology used to add
additional security for cryptocurrency transactions. Multi-signature addresses require another
user or users sign a transaction before it can be broadcast onto the block chain. The required
number of signatures is agreed at the start once people agree to create the address.
Contract for difference (CFD): CFD allows you to invest in assets such as stock and forex
without having to own the asset itself.
REFERENCES
Copyright 2019 LiveTrade Exchange & Brokerage 67
REFERENCES
Memoria, F. (2019, March 3). Binance Coin (BNB) Becomes 8th Largest Crypto After
Gaining 75% in a Month. Retrieved from CryptoGlobe:
https://www.cryptoglobe.com/latest/2019/03/binance-coin-bnb-becomes-8th-largest-
crypto-after-gaining-75-in-a-month/
Young, M. (2019, FEBRUARY 9). Crypto markets are on fire for the first time in 2019;
Litecoin shooting for the moon, the rest not far behind. Retrieved from NewsBTC:
https://www.newsbtc.com/2019/02/09/crypto-market-wrap-10-billion-pumped-back-
in-to-cryptocurrencies/