Cobinhood

 

 

COBINHOOD logo

COBINHOOD is a cryptocurrency service platform providing crypto-financial products such as a zero-fee cryptocurrency exchange, COBINHOOD Exchange, and ICO underwriting services. COBINHOOD Exchange provides spot trading and margin trading with zero trading fees to maximize traders’ profit and market liquidity. It has a utility ERC20 token, called COB, which aims to maximize traders’ profits with benefits tied to the exchange.

Contents

History

Cobinhood exchange review

COBINHOOD Exchange was officially launched on December 18, 2017[1], with the early platform and company developments started August of the same year. The project is incepted by the former CEO of 17 live streaming, Chen Tai Yuan[2], a 26-year-old serial entrepreneur, and former engineer at Google, Wei-Ning Huang[3].

On September 13, 2017, COBINHOOD’s ICO officially launched with the introduction of the COB token. The funds raised from the COB token ICO sale is used by the company to develop COBINHOOD Exchange. Few days later, actor Jamie Foxx tweeted [4] his support for the ICO.

On October 22, 2017, the COBINHOOD Exchange ICO ended [5] and received a total of 45,254.9 ETH (equivalent to US$13,216,883 during the date of ICO end) with 244,773,856 COB tokens distributed to 17,433 ICO participants.

ICO Underwriting Service

While the exchange platform was still under beta testing, the company launched underwriting services to help established companies issue ICOs on November 7, 2017 [6]. To kickoff this service, COBINHOOD collaborated with CyberMiles’ ICO [7], which finished less than one day—among the fastest-moving ICOs in history [8].

Cobinhood Review

Cobinhood is a cryptocurrency service platform for the blockchain era aiming to solve problems faced by both traders and cryptocurrency-based companies. As the exchange provides zero-fee trading for users, COBINHOOD’s ICO underwriting services aim to solve the problem of ICO token liquidity issues by blockchain-based companies. COBINHOOD features ZERO trading fees for spot trading and margin trading with up to maximize the profits for traders all over the globe. Additionally, all crypto assets deposited in COBINHOOD’s online wallet will be backed by insurance.

COB token

COBINHOOD’s token symbol is COB. COB tokens are based on Ethereum ERC20 token standard. A total of 1 billion COB tokens will be issued, with 500 million COB tokens available during the ICO. Unsold COB tokens from the ICO will not be burnt but are reserved by COBINHOOD, Ltd. 10% of COB tokens held by COBINHOOD, Ltd. vests every year, which means there is a 10-year vesting period for COB tokens. If COB token-holders deposit their COB in COBINHOOD Exchange, they are eligible for several token benefits. For example, 50%-off margin trading loan interest can be availed when paid with COB tokens. Another privilege is when COBINHOOD underwrites an ICO, COB token holders will be able to get future ICO tokens at significantly lower rates.

Cobinhood price (COB)

The price of COB token or Cobinhood coin is always chaining, however, BitcoinWiki gives you a chance to see the prices online on Coin360 widget.

 

Price history of Cobinhood (COB) token is presented in the table below.

Date Open High Low Close Volume (USD) Market Cap (USD)
Jun 01, 2019 0.003080 0.003098 0.003047 0.003079 5,623 1,265,417
Nov 01, 2018 0.023326 0.024680 0.023200 0.023594 19,691 9,073,059
May 01, 2018 0.099345 0.099345 0.078731 0.085517 1,178 30,978,283
Jan 01, 2018 0.159336 0.205168 0.158963 0.192311 65,849 65,999,674
Oct 01, 2017 0.040400 0.055957 0.039002 0.051657 41,446 –

Technical components

Multi-level assets security mechanisms

Every kind of crypto assets deposited at COBINHOOD will be stored in an offline multi-signature (multisig) wallet. It is estimated that 98% of assets will be stored offline, while 2% of assets will remain in an online wallet allowing for faster user deposit and withdrawa. Each offline multisig wallet consists of 8 HSMs (Hardware Security Modules), which will require passcodes from 5 out of the 8 HSMs to be accessed. If one of the HSM administrators is compromised, the multisig wallet will remain secure. Furthermore, the administrators of the HSMs are located in different countries (geo distributed) adding to security system. Furthermore, all crypto asset deposits in online wallet will be backed by insurance.

Self-trading restriction

Self or bot trading will also be regulated in the COBINHOOD Exchange as the trading engine is equipped with multiple automated configurations to prevent self-trading of orders entered by the same person with multiple accounts. Furthermore, machine learning and data analysis will also be set up to bolster security mechanisms for self-trading restrictions.

Distributed Order-Matching Engine

The COBINHOOD platform is built on Google Cloud Platform and is programmed with Golang for high concurrency. By design, each trading pair is transmitted through a dedicated order matching engine to ensure high order matching speed. COBINHOOD’s order matching engine is composed of microservices, including frontend, API backend, order matching system, and job/message queue services deployed with Docker and Kubernetes to achieve high availability and high scalability. All of the transaction records are stored in Spanner DB, a Google Cloud Platform database that features strong consistency and the ability to do horizontal auto-scaling. The information of the order book is stored in Redis cluster, an in-memory database technology featuring horizontal auto-scaling and distributed in-memory replication.

Transactions and order book updates are sent through Web Application Messaging Protocol (WAMP) to achieve real-time information update at every tick. In stress tests, COBINHOOD is able to process 1,154,284 orders per second and achieve 10,142 order book updates per second for each trading pair on average—making it the world’s first cryptocurrency exchange capable of high-frequency trading. At COBINHOOD, software development follows test-driven development (TDD). By using Docker and Kubernetes together with CircleCI, continuous delivery (CD) and continuous integration (CI) we can ensure system stability and strength.

KYC and AML compliance

COBINHOOD has developed a propriety smart-KYC process which involves multi-layer user-risk identification, transaction monitoring, and various other steps which will allow us to create necessary measures in classifying or taking the right actions for an account. It is also seen to gradually improve as AI and machine learning mechanisms mature into a smarter, highly-responsive KYC tools.

Moreover, all the employees undergo periodic AML and CTF training to ensure that the team is well versed in these issues, as well as establishing an AML committee to improve our service. Third-party service providers also help audit and keep our process in check with the latest security standards.

See Also on BitcoinWiki

Resources

References

  1. ↑ https://bankinnovation.net/2017/12/new-high-frequency-zero-trading-fee-cryptocurrency-exchange-cobinhood-goes-live/
  2. ↑ https://www.huffingtonpost.com/entry/interview-with-popo-chen-of-cobinhood_us_5a4b86b8e4b0d86c803c795f
  3. ↑ https://www.buzzfeed.com/rabbiyitziweiner/21-bitcoin-experts-share-their-predictions-about-t-37p3h?utm_term=.qyVPAEYP7#.wb6enNZeJ
  4. ↑ https://www.coindesk.com/actor-jamie-foxx-promotes-cryptocurrency-exchange-ico/
  5. ↑ https://www.prnewswire.com/news-releases/cryptocurrency-service-platform-cobinhood-completes-successful-ico-prepares-for-zero-fee-exchange-launch-300542295.html
  6. ↑ http://markets.businessinsider.com/news/stocks/Cryptocurrency-Service-Platform-COBINHOOD-Launches-Underwriting-Services-To-Help-Established-Companies-Issue-ICOs-1007178118
  7. ↑ https://venturebeat.com/2017/11/20/cybermiles-announces-initial-coin-offering-aimed-at-decentralizing-online-marketplaces/
  8. ↑ https://www.businesswire.com/news/home/20171122005160/en/CyberMiles-Successfully-Completes-ICO-Record-Token-Contribution