ParamountDax is a cryptocurrency-to-fiat exchange that has already been accredited by the Ministry of Economic Affairs and Communications of Estonia, even prior to its official launch. The project obtained two licenses: the first one stipulates for conducting operations as an online virtual currency-to-fiat exchange, the second one grants ParamountDax permission to provide the services of a digital currency wallet. The crypto exchange is a chief product of the British company Paramount Blockchain Ltd., registered in Kent, which centers its operations around blockchain development and digital marketing. Apparently, the exchange had been registered with the Estonian authorities due to the country’s generally positive stance on digital currencies and blockchain projects.
In any case, the early obtainment of licenses adds extra credibility to this initiative, which is important to point out as one of its main characteristics.
The ParamountDax team decided to take a multifaceted approach towards resolving the outstanding problems inherent to all contemporary crypto exchanges: security, latency, and user-friendliness.
One of the innovations introduced by ParamountDax with regard to user security is the IP verification. In short, a user would have to access his trading account strictly from the verified IP-address, which seem inconvenient but certainly contributes to security. An attempt to enter the account from another IP must be verified via personal email. The withdrawal procedures are carried out only by the virtue of IP verification as well.
ParamountDax also aims at resolving the latency (speed of transactions) issue by applying a stack of innovative technologies, such as Docker, Go, Apache, and Kafka. Their ultimate goal is to bring the platform to a level that will allow it to handle as much as 1 million transactions/second with the lowest possible latency of 50 ns, thus making it the swiftest exchange in the industry.
The speediness of ParamountDax is accompanied by user-friendliness achieved by the introduction of the so-called ‘Single Page-All Features’ interface that provides access to all crucial trading options and information.
ParamountDax claims to be the first cryptocurrency exchange to provide the Over-the-Counter trading option for institutional investors and traders who handle large amounts of crypto on a regular basis. This mechanism was designed not only to facilitate such trading experience, but also to preclude any chance of market manipulations and liquidity shortages. This option would be made available only to the verified users who have successfully passed the KYC procedure and have a constant balance of no less than 5 thousand PRDX tokens.
Speaking of trading fees, ParamountDax established a flat fee of 0.5% for OTC trading, whilst the conventional trading is subject to 0.12% fee from maker and 0.25% from taker. The withdrawal fee is to be calculated on the basis of specific factors. Since ParamountDax also plans to organize initial exchange offerings, the listing fees will also apply.
ParamountDax introduces a 46% daily profit sharing scheme which implies the distribution of 46% of profits derived from trading fees among the holders of PDRX tokens, which are categorized into four level lines: silver, gold, platinum, and black, entitled to receiving from 25% to 46% of shared profit on a daily basis.
The pre-sale of PRDX tokens began on May 18, due to last till June 24, followed by the rounds of public sale (from June 24) and private sale (from August 20). The ICO hardcap is established at $9.31 million. The pre-sale bonus of 25% off the established token price of $0.15/PDRX applies. The minimum purchase is 500 PDRX. ParamountDax offers both airdrop and bounty programs. Citizens of the United States won’t be able to participate in the token sale.
|Start||June 24, 2019|
|End||August 19, 2019|
|Soft cap||$1 750 000|
|Hard cap||$9 310 000|
|Tokens for sale||65000000|
|Accepting||ETH, BTC, DASH, LTC, Fiat|
The fact that there are only eleven or twelve days of token sale left and ParamountDax is barely reaching its softcap speaks volumes about the prospects of this project. Probably because it was tailored for the Italian audience, otherwise, I can't explain why the guy in the videos on the ParamounDax homepage narrates about the benefits of this crypto exchange in Italian. I don't want to sound discriminatory, but, come on, the majority of your potential users speak English, so please try to convey vital info in this universal language.
I like the 46% profit share feature and the provided referral benefits, but ParamountDax didn’t convince me that they will assure absolute security of my funds, if I decide to use this platform for trading. We all know that hackers are becoming more unscrupulous and skilled by the year, so it should be the number one priority for any crypto exchange to build a state-of-the-art security system even before the initial launch. Unfortunately, ParamountDax appears to be more concentrated on profits than resistance to cyber threats, which is not good enough for me.
The Over-the-Counter trading feature is something that will distinguish ParamountDax from other cryptocurrency exchanges. We are launching a crypto venture capital firm soon, and I was assigned the task of finding a fledgling trading platform to do business with. I reckon that ParamountDax fits the profile perfectly. Our firm will manage a portfolio of around $50 million and we will definitely benefit from the OTP trading, and the profit share feat for that matter. We have already stacked up on PRDX and awaiting the platform launch.
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