As crypto assets grow in popularity and gain traction to be the next money, there is a strong demand in the market to purchase, store and transfer cryptocurrencies. Most e-wallet solutions in the current market do not provide a wholesome experience to the consumers. Tools and services are afterthoughts, and the barrier to onboard is high.
CoinStory set ourselves to be vastly different from other cryptocurrency platforms as we are focusing on being a peer-to-peer cryptocurrencies platform. When consumers buy or sell cryptocurrencies on our platform, their intentions are being broadcasted to our network via a smart notification system. In this way, our network of consumers are able to purchase or sell their cryptocurrencies at a very competitive rate.
CoinStory uses big data and A.I to help understand our consumers’ needs better. CoinStory also wants to build a more robust ecosystem with the crypto and blockchain community by enabling our consumers to be up-to-date and involved in the news and growth of cryptocurrencies globally.
In the short term, CoinStory will provide an all-in-one solution for customers to increase their habits with the adoption of cryptocurrencies, along with the ease of purchasing, selling and transferring of cryptocurrencies.
In the long term, CoinStory will provide a secure platform for long-term storage of cryptocurrencies. A variety of tools will be available to our customers to empower them a safe area to grow their cryptocurrencies value.
Disclaimer of Liability
This confidential overview (the “Overview”) has been prepared by Coin Story LLP (the “Entity”) -*solely for information purposes. This Overview has been prepared to assist the recipient in deciding whether to proceed with further analysis of the matters contained in this Overview and does not purport to be all-inclusive or to contain all of the information the recipient may desire or require. The Entity reserves the right to amend or replace any or all of the Overview at any time and undertakes no obligation to update the Overview or to provide the recipient with access to any additional information. The Entity makes no representation or warranty, express or implied, as to the accuracy or completeness of this Overview or the information contained herein, and shall have no liability for the information contained in, or any omissions from this Overview, or any of the written, electronic, or oral communications transmitted to the recipient as from the date of receipt of this Overview. Each recipient should comprehend, consider and evaluate carefully the full contents presented in the Overview.
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Bitcoin began operating in January 2009 and is the first decentralised cryptocurrency. Today, there are hundreds of cryptocurrencies with market value that are being traded.
The common element of these different cryptocurrency systems is the public ledger that is shared between network participants and the use of native tokens as a way to incentivise participants for running the network in the absence of a central authority.
However, there are significant differences between some cryptocurrencies with regards to the level of innovation displayed. The majority of cryptocurrencies are largely clones of bitcoin or other cryptocurrencies and simply feature different parameter values (e.g., different block time, currency supply, and issuance scheme). These cryptocurrencies show little to no innovation and are often referred to as ‘alt coins’.
Although bitcoin remains the dominant cryptocurrency in terms of market capitalisation, other cryptocurrencies are increasingly cutting into bitcoin’s historically dominant market cap share: while bitcoin’s market capitalisation accounted for 86% of the total cryptocurrency market in March 2015, it has dropped to 72% as of March 2017. Ether (ETH), the native cryptocurrency of the Ethereum network, has established itself as the second-largest cryptocurrency.
The combined ‘other cryptocurrency’ category has doubled its share of the total market capitalisation from 3% in 2015 to 6% in 2017. Though cryptocurrency is still a relatively new concept and it is in its infancy, there are already strong signs of growth and demand in the current and future crypto market.
High Barrier to Entry
If cryptocurrency wants to become the new money, it needs to be the currency for everybody. It has to be both accessibility and usability, that smoothed the market entry for the masses. Coin Story’s goal is to reach out to everybody for mass adoption. In this all inclusive strategy, we want to get everybody onboard.
Like a driver in a car, there is no need for the driver to fully understand how the internal combustion works. CoinStory looks into abstracting away the complexity of pain points like, validating identity, purchasing cryptocurrencies, storing cryptocurrencies and keeping up to date on things like hard-fork. CoinStory wants to make everything more intuitive and simple, where the user can focus more on the growth of the assets and not the technicality of it.
The signal is the truth.
The noise is what distracts us from the truth. Most people hardly read any cryptocurrencies news or any financial related news, not because they are lazy but because the most of the public simply do not have the time or resources to do so. CoinStory is looking to change that by bringing related content to the attention of our users so they can make an informed decision.
Top 10 cryptocurrency wallets (source www.cryptocompare.com)
High prices in markup during fluctuation
Most e-wallets allow customers buy and sell their crypto assets on their platforms using the traditional passive approach where the platform will buy/sell their crypto assets with a certain markup. As sudden fluctuation in crypto assets prices can vary quite drastically, platforms generally have to hedge against these risk by putting a premium on their markup. Hence, customers on these platform will not be getting a good value for their crypto assets due to the mentioned markup.
Tools and services
Between 5.8 million and 11.5 million wallets are estimated to be currently ‘active’. The lines between wallets and exchanges are increasingly blurred: 52% of wallets surveyed provide an integrated currency exchange feature, of which 80% offers a national-to-cryptocurrency exchange service. In contrast with exchanges, the majority of wallets do not control access to user keys.
As a PaaS that focus on the users. We do not just want to build another wallet or exchange, but a user centric service.
Ease of mind — Safe Secure Solutions
No more having 10 printed pieces of your cryptocurrencies wallet’s private keys, no more multiple backups. Users do not have to worry about file corruption or losing their cryptocurrencies wallet’s’ private keys and addresses. CoinStory will be the complete solution to the storage of users’ cryptocurrencies. Users can rest assured with a piece of mind that their cryptocurrencies will always be secured.
Design Overview and Mechanism
Coin Story seeks to be the crypto assets trading solution for the busy professional. We hide away all the noise from the ecosystem and directly brings the best value to the consumer. Our end user do not need to sift thru the entire network of crypto exchanges in order to find the best deal, Coin Story platform will do the work for them. Coupled with our unique peer to peer trading approach, Coin Story is able to offer price points that is competitive to our network of users when compared to other crypto exchanges.
Coin Story seeks revolutionise this buy/sell process by adopting an active approach via our SNAP (smart notification alert priority) network. Coupled with our BOLT (buyer optimum linking technology), we ensure that we are able to keep our price fluctuation risk to the lowest.
Introducing S.N.A.P. (Smart Notification Alert Priority)
When a customer wants to sell a crypto asset on our platform, his crypto asset will be transacted at the price indicated on our platform. Then his crypto asset will be dispersed via SNAP network to potential buyers at an attractive rate. The crypto assets are being offered to buyer by buyer according to the priority determine by BOLT, this process occurs one by one until all the assets has been consumed by our network.
B.O.L.T (Buyers Optimum Linking Technology)
Leveraging on deep learning algorithms, our B.O.L.T seeks to understand the behaviours of our customers on our platform. It seek to rationalize the buying/selling patterns such as frequency, quantity and price points for our network of customers and determine which are the potential customers to offer via our SNAP network. BOLT will also ensure fairness in our customer base in the sense that the offer deals are being offered to everyone within the network and not limited to a few customers. Hence it will actively reach out to new potential customers within our customer network.
G.A.I.T (Gain Aiding Insights Tool)
Keeping up to date with the latest and upcoming ICO information with our news alerts . Our customers will always be kept abreast with the latest crypto assets investment opportunities and news.
If you are investing in the long term growth in Ethereum, why not invest your Ethereum in Coin Story? Support our ICO now and be able to redeem back our token into Ethereum with profits when we turn profitable! This way, instead of letting your Ethereum sit in cold storage, let coin story maximise the profits for you!
What It Means For the Masses
With the massive growth of 5000% of Ethereum for the past year, let Coin Story bump that up further for you! When you redeem back your token back, we will give you profits in ethereum. That way, you are making your ethereum is working harder for you.
Coin Story wants to be the e-wallet for the masses. We seek to tear down the technological barriers and simplify process of crypto-assets ownership. On top of that, we want to be the defacto goto location for crypto-assets transactions by bring the best value to our users regardless if they are selling and buying.
Coupled with our wide range of tools offered on our site, we seek to help the user make the best informed decision in their crypto-assets investments.
Goals and Milestones
We have mapped out the following milestones and goals! You can help us to achieve it by supporting our ICO!
Evolution of CoinStory
We are always looking into new technologies to evolve our product and we will alway innovate with our customers in focus.
A few key technology we are looking at includes, big data and machine learning, to better understand our customers’ needs. We are also looking to extend our services beyond the mobile phone by being more integrated with the consumers’ day to day applications that they use.
CoinStory is made up of many moving parts: the wallet which is all our transaction location, the ledger views that are the history of the input and output of the user, the reference area that is the social elements and so on.
With the emerging range of crypto assets and solutions appearing daily, users are left flustered on the choices. This creates an unparalleled opportunity for more user centric solution to bridge the technology to user gap.
In order to fill in this void, it requires not only sifting thru all the different networks for best deals, but also separating the noise from the facts for the busy professionals.
Eventually, CoinStory seek to provide an all-in-one solution for customers to increase their habits with the adoption of cryptocurrencies, along with the ease of purchasing, selling and transferring of cryptocurrencies.
The server architecture proposed for this project have the following considerations in mind : high availability, high reliability and optimum cost effectiveness. The roles and responsibilities for each different components are defined in the later section. The entire stack shall be hosted on cloud services with the following core technologies.
Backend : .Net Core
Frontend : Redux React
By adopting a horizontal scaling approach to our architecture, we have the ability to increase and decrease capacity based on demand. This way, we might increase the numbers of servers during the daytime when our customers are active and decrease the number of servers down to the minimum during the night when lesser customers are using our service. On top of that, this approach also allow us to eliminate single points of failures as we have multiple machines running the same service, hence offering high reliability standards to our customers.
Internet facing server that holds SSL certificate and routes the internet traffic to the backend servers. Clustering of the web service via DNS round robin so that scaling out will aid to off load the incoming traffic and prevent DDOS attacks.
Static Content Cluster
Serves the web application to the web browser. Can be offloaded to any CDN services in the future if required. Currently scale out by starting new instances of the server and hooking up to the frontend server.
Application logic for the entire site. Performs user management and transaction management. Communicates with the web application via RESTful APIs. Scaled out when traffic increases to handle the load and scale down when traffic decreases to reduce operational cost.
Persistent storage cluster for customers data. Will be periodically backup to the backup server for disaster recovery.
For customer service support staffs to query and manipulate customer information. Also acts as the customer relations management portal where all service requests are stored and monitored to flag out any user experience issues or unresolved bugs in production versions.
Analyse and determines the buy/sell price for consumers based on the current spot price and market depth information.
Performs regular audit of the system currencies in all accounts and flag out any irregularities to management for investigations.
Stores all activities from all servers. Used for investigation of intrusions and reconstruction of all transactions.
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Who we are
Chan Wai Hsuen
A software engineer by training, Wai Hsuen is an experimenter, a creative and a coder. A multi-disciplinary award winner in the creative industry, he has worked with global brands such as Levi’s, Chupa Chups, Hasbro, Yahoo, MINI, Axe, Google, F&N and Nike. An innovator and entrepreneur, Wai Hsuen co-founded It’s Friday, an agency focused on digital solution and business transformation. Under the leadership of he and his partner, It’s Friday grew to a company that serviced major brands such as S.C Global, Axe Brand Universal Oil, Sumi Restaurant and etc.
Kwang Seng has been actively participating and creating internet businesses since 2000. He has actively been learning new technologies and always looking innovative ways to tackle any issues that cropped up. In his last start up, he managed to turn the company profitable on the first year of incorporation. Bringing in close to half a million of sales and growing the team to a size of 10 staffs on the first year of operation from zero investment/startup capital.