Privacy and security issues continue to dog the cryptocurrency exchange industry, but not for long. Aidos Kuneen (ADK), a open source platform focused on both privacy and scalability, has developed a novel solution with its novel application of Distributed Ledger Technology (DLT).
A New Era of Banking
Unlike existing blockchains, which still experience their own fair share of privacy concerns, Aidos Kuneen uses DAG (directed acyclic graph) to develop a new distributed ledger for the direct verification of transactions. Geared towards ensuring greater legitimacy and a more secure environment for the nascent crypto industry, ADK aims to bring about operational transparency to cryptocurrency exchanges. These have come under criticism in recent times due to opacity in their methods of storage and exchange of funds on centralized exchanges.
To further secure the privacy of its ecosystem for users, ADK will be backing up the exchange of funds through physical banking facilities, having acquired 16% shares in Sumac Bank in Kenya and 23% in a Tanzanian bank (official announcement coming soon) to establish its presence in Africa. The company is set to expand into the EU region and is currently awaiting approvals for the launch of its EU-based bank. Adding the EU-based bank is part of efforts to create an enviable crypto-friendly banking network that will also offer remote account opening and debit card services.
Following the launch of the bank, Aidos Kuneen (ADK) will offer a 5% share of the bank to 20 trustworthy cryptocurrency exchanges for improved transparency, credibility, and auditability of operations.
Banking veteran and founder of the company, Ricardo Badoer, says:
“Since its launch in June 2017, the ADK project prides itself as one the few credible in the industry not to have conducted neither an ICO nor airdrops or pay for unnecessary hypes. Rather, it has been positioning itself to be the go-to platform for, among other things, offshore banking which projection says will produce more than 90% of crypto value in the next decade.”
The founder also noted that this is the first time a blockchain platform will undertake such action in enhancing crypto-exchanges’ performance and ensuring cryptocurrency users have access to secure and trusted service, while giving worthy cryptocurrency projects the right recognition and exposure.
ADK aims to be a both a crypto-friendly banking network and a physical bank for the seamless exchange, storage, and transaction of funds. The company will provide banking services including debit cards and remote account opening, while ensuring the privacy of users.
A recent research by Satis Group, an independent equity research provider, Satis Group, published by Bloomberg revealed that by 2028, the cryptocurrency market would have reached a $3.6 trillion USD market cap with 90%+ of asset value derived from penetration of offshore deposits. The research also predicted Offshore Deposits to start rising in a year or two due to countries’ increased capital restraints, fiat devaluation, national debt, budget deficit, and unfavourable fiscal policy.
In preparing for the launch of the the bank, ADK has recently upgraded its system boasting Proof-of-Work (POW) transaction confirmations down to 3 seconds. The second stage of this upgrade will improve anonymity with through a brand new protocol, AKshuffle. This protocol shuffles and mixes up all transactions.
About Aidos Kuneen (ADK)
An open source, commissionless trading platform, ADK, was founded in 2017 by Ricardo Badoer as a Quantum secure and scalable platform without actual blocks. Designed to be a privacy chain, ADK transaction system is built to protect users’ identities via a complex and technical protocol. ADK is backed by the Aidos Foundation.
Visit the website: http://aidoskuneen.com/
ADK Github: https://t.co/zWudEswsg5
ADK Whitepaper: www.github.com/AidosKuneen/whitepaper/releases
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Image Courtesy: Aidos Kuneen