CoinPulse is a cryptocurrency exchange platform set to be launched in June 2018 that aims to be the world’s first community-based cryptocurrency exchange.
Simply put, the platform will be supported and revolved around the community’s input which offers several advantages over the standard system used in most exchanges today.
While the features of CoinPulse may not seem that different from other exchanges at first glance, the team’s decision to prioritize the community’s feedback makes CoinPulse a top-tier exchange as the team actually listens and cares about the users of the platform.
We recently sat down with the CoinPulse team to have a chat with them about the project as well as learning more about their thoughts and insights.
Hello there! Thanks for joining us today. Can you tell us more about CoinPulse?
Sure, the main idea of CoinPulse is to develop an exchange platform that the community will want to use, not simply because it is the most viable option available. We want to ultimately develop a place for not only novices and experienced traders alike to be able to get all the information they need on a daily basis to trade their assets and expand their portfolios, but also to further their knowledge to enhance their experience and abilities in the general crypto space.
We began this process by surveying the cryptocurrency community and gathering feedback regarding the features they wanted most to create their ideal exchange. CoinPulse also dedicated time and effort to identify the problems and issues common to current exchanges, then incorporated all these details to develop a unique user-friendly global trading platform suitable for both new users and experienced users alike.
Currently, our primary focus is the CoinPulse trading platform. The trading platform utilizes cutting edge trading technologies that allow users to easily stay on top of their trades in real time with an intuitive easy to use format. The entire user interface has been designed with ease of use in mind, yet it is loaded with powerful and convenient features. We also added loads of fantastic features the community requested when we developed the innovative and beautifully designed Trading Dashboard which allows the users to easily manage all aspects of their trades, trading history, portfolio, deposit/withdraw, favorited pairs, etc. from a single page.
Another unique characteristic of CoinPulse is, we never collected any money during the distribution of either its currently native token, EBCH or the rebranded token, CPEX. EBCH tokens were freely distributed to the community and are currently part of coinmarketcap.com. EBCH tokens will be swapped to CPEX tokens in the ratio of 1 to 3 leaving a supply of 20 million CPEX tokens to be awarded free to all users who sign up on the exchange. Our signups are currently ongoing and we are seeing tremendous interest from the community in joining the exchange. We believe collecting money from the backers to finance our project is against the spirit of decentralization and that’s the reason we decided against having an ICO. The only ways to get CPEX tokens are to either signup on the exchange or swap your EBCH tokens. You can find out more about this at CoinPulse Token Swap page
Tell us about how you came up with the idea of CoinPulse.
Did you personally face a problem within the industry or do you think there is a gap in the market for CoinPulse to fill?
In the past, we felt that we were compromising when using other exchanges available to us. We would often find ourselves switching between exchanges because each offered different features that we desired, but no single exchange offered at least the majority of the features we wanted. We then asked the community how they felt and found that nearly all who we surveyed felt the same. This led us to the realization that the crypto world needed an exchange built from the ground up that was centered on the user’s needs. That led us to start building CoinPulse.
What do you think is the biggest problem CoinPulse will solve and why is it important to solve?
Along with some of the core issues that inspired the inception of CoinPulse, we feel that fees are a huge issue. Currently, cryptocurrency exchanges typically charge much higher fees to exchange assets than more traditional asset trading. Our solution is to reduce fees as much as possible.
Let’s talk about putting the emphasis on the community for CoinPulse.
What was the thought process behind the decision to give the community so much leverage in CoinPulse?
Our core tenet which CoinPulse is based on is there should exist an exchange which users would want to use if they could build one themselves. We feel that the time has come for there to be an option that caters to what they want, not using an exchange they don’t really like because they have no other options. We felt the best way to build on this idea was to give the community the power to have as much input as possible. After all, more minds are better than one.
Are you concerned about the community giving suggestions that will negatively impact the platform or does the team always have the final say in what is implemented in the platform?
Our goal is to represent the community as best we can to create an exchange that has the most value to the largest number of our community members. With that said, it is imperative that we make decisions that will enable the exchange to grow as a business in order to become stronger. This will, in turn, provide more resources and abilities to better serve our members time as time progresses. For this reason, CoinPulse will always have the final say as we evaluate any new potential features or changes with the purpose of benefitting the most members of the community possible.
The whitepaper mentions that the community will play a role in determining what coins are added to the exchange but could it be vulnerable to bots or fake accounts that intentionally create accounts to add a coin to the platform?
Will the community have the power to remove or suggest trading pairs in the future?
The community will definitely have input regarding which trading pairs we list and de-list. CoinPulse has a unique community voting program where members of the community can suggest adding their favorite coins and tokens free of charge at https://request.coinpulse.io/. The voting will be used as a guideline for CoinPulse to decide which coins or tokens will be selected for evaluation first. Once selected, all assets will go through a comprehensive review process where they will be analyzed based on the team, size, value, demand, and many other important factors to ensure that CoinPulse only has high-quality assets listed on its platform.
This program has proven to be extremely popular. So far, we have received suggestions to add over 400 cryptocurrencies and 70,000 votes, which is a huge achievement in itself and proves the backing our exchange has among the cryptocurrency community even before our launch. Of course, like any other decision we make, this can affect the health of the exchange and the safety of our community, so we will only approve assets after they are evaluated based on specific criteria.
Can you explain the Trailing Stop-Loss order type for our non-technical readers and its benefits to traders?
The trailing Stop Loss is one of our favorite features. The Trailing Stop Loss is an order that will be automatically adjusted each time the purchased cryptocurrency moves up 20% from the price it started at. There will be Market, Limit, Stop Loss, Stop Loss Limit, and Trailing Stop Loss trading tools available on CoinPulse Exchange.
The regular stop-loss limit is static and once you set it up you can’t change it unless you cancel that order and create another sell order manually. Many users don’t like this feature as cryptocurrencies are highly volatile. On the contrary, the trailing stop-loss is a dynamic feature which will trigger 20% increment in Stop Loss price each time the purchased currency goes up by 20%, this percentage is based on the original Buying Price and Stop Loss.
When you use the Trailing Stop Loss option, the buy order will execute as usual at the price you set and the sell order will execute at the stop-loss limit if the best bid immediately goes down to the price you set to protect from the loss. But, if the market first goes up by let’s say 60%, the Stop Loss Limit will also go up by 60%. So, once your stop-limit is revised automatically by the system and then the price goes down, your sell order will get executed at this revised stop-loss price, thereby making you profit.
So, each time the cryptocurrency goes up by 20%, your sell price protection (Stop Limit) also goes up by 20%, thereby automatically allowing you to take advantage of the currency moving in your favor without having to readjust the Stop Limit to benefit from the increase in price. We knew we wanted to develop powerful innovative ways to benefit our members and we feel this will become a favorite of theirs also.
Are there any plans to add more order types in the future or do you plan to focus more on making sure the current system works first before adding new things?
Since the launch of the exchange is coming up at the end of this June, we are focusing on making sure everything is in working order and will be 100% ready. Since we will be dealing with real assets, this is an absolute priority. Once things are going well after the launch, we are going to make it a priority to continually improve the experience of our users as this is the founding principle of CoinPulse.
What was the idea behind rebranding the EBCH token instead of launching a separate ICO for CPEX tokens?
As the EBCH token was created in the spirit of decentralization and distributed to the community during various surveys we conducted and CoinPulse Exchange was being created from the ground up based on these surveys, we felt the only we to enhance the utility of EBCH is to rebrand it as CPEX and use it as a native token for Coinpulse Exchange. We needed a token that could be fully functional in the role as a vital component of the CoinPulse Platform and that role cannot be better played by any other token than the token which is already owned by the community. Also, to keep the spirit of decentralization active, we also did not feel it was absolutely necessary to conduct an ICO for the CPEX token either.
Is there any advantage to doing that for CoinPulse?
Well, conducting an ICO certainly makes some aspects of development easier, but we felt it benefitted the founders more than the community members. As we mentioned earlier, our focus was to benefit the community, so we decided that with a lot of hard work and creativity we could create CoinPulse in a new way without the need to conduct an ICO.
On the topic of CPEX tokens, the whitepaper mentions that using it instead of other cryptocurrencies gives users a 70% discount on trading fees which is huge.
Will this discount be permanent and is this discount sustainable in terms of the platform’s revenue in the long run?
We intend to continue this discount as long as possible. We want to benefit the community, and this is one of the ways we can do this. If there comes a time when we cannot operate the CoinPulse Platform effectively as a result of this discount, we will consider an adjustment. After all, we wouldn’t be able to benefit anybody if we weren’t able to continue a functionally operating platform.
20 million tokens to be given away is a lot but it is definitely a great thing for the community.
Would the initial release of the 20 million tokens cause some problems to the token’s liquidity and performance in the market or is that something that the team has already planned beforehand?
We plan out all aspects of the exchange and the impacts of our decisions beforehand. Since the CPEX tokens will be necessary to receive the 70% discount, we don’t feel that there will be any major sell-off of CPEX tokens. We also have plans to add other benefits to users holding CPEX tokens in the future.
Are there any more plans to do more giveaways like this in the future?
We don’t have any immediate plans to have this large of a giveaway in the near future, but part of the innovative operation of the CoinPulse Exchange will involve all kinds of exciting ways to make the user’s experience more fun and rewarding. We just can’t tell you exactly what all of these plans are so soon. We want to save some surprises.
While working on the project, what’s something that you believed to be true for a long time until you found out that you were wrong, or if you don’t like the dichotomy of right versus wrong, what’s something significant that you have really changed your mind about over time?
Literally speaking, our plan was well thought out from day 1 and with management skills I learned from my career and intense experience of my other co-founders who have been in business for over 20 years serving several Fortune 500 companies, we had enough experience in managing the project of this size. We didn’t encounter anything significant that we have to change our mind over time.
What is the current progress on CoinPulse’s partners?
Are there any interesting partnerships that the team is working on?
We are always working with partnership ideas. At the moment, we are keeping that information close to the vest.
What do you think is the biggest challenge or obstacle CoinPulse will face? How do you plan to tackle that challenge?
We feel that our biggest challenge will be to compete with some of the other exchanges that have conducted ICO’s. When one conducts a moderately successful ICO, there is so often way more money than is needed for that project. We felt this was inherently contrary to our mission. We feel that not having a huge budget instills creativity and unity in our team and in our development. It can be difficult to compete with companies that can simply throw money at a generic marketing campaign. We are confident that users will see the difference in our product.
Moving on to more personal stuff, what does a typical day in your life look like?
My days are extremely busy. I start by waking and checking in with our team. I also make sure I am present in our Telegram community with the general public, I then check in with the developer team and go through the days’ tasks and goals with them. There are typically a number of unexpected issues arise with the territory of developing a new product. We are in the process of training staff at the moment, so I make sure that this is going as planned also and I am personally involved in this training as well. For a few hours after I am usually in appointments with vendors and possible collaborative partnerships, more staff meetings and then it is usually time to go to bed to do it all over again the next day. With the Exchange launch rapidly approaching, my days are pretty chaotic.
Can you express one personal opinion of yours about the blockchain? It doesn’t matter if it’s negative or positive, we just want to hear your thoughts on it?
I feel that blockchain technology is just now being recognized for the powerful changes that it will bring to human society. If you are referring to the Ethereum Blockchain that the CPEX tokens will be running on, I feel that Ethereum is here to stay and that we will see major scalability improvements very soon.
I personally feel the blockchain technology is the next internet moment in our society and those who doubt it will be sidelined. Today, most of the wall street bankers and giant corporates like IBM has recognized the power of blockchain and they are working on their own blockchains to integrate with their product lines, so I would say that we have just scratched the surface and there is a lot to come.
Finally, what other personal goals (besides your career) do you have in life? Is there anything else in life you want to achieve?
I truly believe in Vasudhaiva Kutumbakam, a Sanskrit phrase found in Hinduism, which means “the world is one family” and if given chance I can work whole my life towards this one goal! I want to see a global village where there are no borders and information is being exchanged and transactions occur with less or minimal government involvement.
That concludes our Interview with the CoinPulse team, thank you very much.
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