WOWX

What is WOWX

WOWX is a centralized crypto to crypto exchange operating on ERC20 platform that accepts Ethereum, and in the near future Bitcoin, as base currency for trading other coins. The native currency is called WOWX token (WOWX). A centralized exchange like WOWX can offer:

High Liquidity

Centralized exchanges are more popular with investors and enable faster trading, hence higher trading volume

Faster Transaction Speed

Off-chain or centralized matching systems help facilitate far greater transaction speed than decentralized/P2P exchanges.

Easy-to-Use Interface

A user-friendly interface, especially familiar for users of traditional exchanges, lowers barriers to entry and allows easy on-boarding of new traders.

Better Regulation

Most centralized parties are licensed companies and have to adhere to governmental regulations, lending them greater accountability.

WOWX seeks to better customer participation and retention by engaging users on the platform through highly remunerative activities. In doing so we enable greater liquidity of digital assets within our system and higher trading volume. WOWX currently has several features such as our unique token distribution to help our users profit, and plans to embrace even more convenient rewards for users for trivial yet desirable behaviour.

WOWX is committed to growing its user base to increase trading volume and liquidity which will benefit everyone on the WOWX exchange. We will commit a percentage of revenue taken from trading fees to incentivise users to invite other traders to trade on the platform.

Registered WOWX users will receive an invitation bonus for every new user they bring on board. Users invite others via a referral code unique to them. Those who successfully invite others to trade on WOWX will receive a share of the invited person's trading fee as a bonus. The user who sends the invitation will receive a portion of trading fees accrued by the invitee. This has a network effect, so a user can accumulate bonuses from the traders that their referrals invite. The user who invited the referral gets a portion of the transaction fees.

There will be two tiers of referrals, and users will only get referral commissions from users they invite directly on the exchange and one tier below. (Referral bonus will be paid out in the same cryptocurrency in which the transaction fee was paid in, in proportion to a user account level ranging from 50% to 100% of transaction fees collected. This means, for example, a blue tier member will get 50% of the 20% transaction fees collected from a user he directly invites to trade on WOWX; whereas a platinum tier member will get the full 20% transaction fees from a user he directly invites). Referral bonus will be applicable to all transaction fees paid for 6 months from the date of the user account creation, paid out on a monthly basis.

WOWX reserves the right to make any changes including complete terminal of the referral program at any stage without any prior notice.

Security is our priority when operating an exchange, especially since users are sending their valuable assets to a single location to be held, and vulnerability remains a concern for a centralized exchange.

As a supplementary precautionary measure, WOWX will be integrating a hardware technology that functions as a portable, secure storage for your private keys and coins, boasting multiple security features with a large storage capacity. We may even further develop the use of the wallet to include a cryptocurrency-spending function will be integrated in the near future.

WOWX Smart Card will consist of multi-factor authentication. Industry research shows that approximately 66% of successful breaches involved a hacker using compromised log-in credentials. Multi-factor authentication methods like two-factor authentication (2FA) are used every day by millions of users to secure network access, protect financial accounts, digitally sign transactions, and offer high levels of security to protect against hacking attacks. We will incorporate two kinds of authentication for user authentication and transaction signing:

One-button Authenticator

Having a one-button authenticator function, the WOWX device supports strong authentication with one-time passwords (OTPs) that expires every minute. This will be used for logging into the platform, as well as to authenticate withdrawals.

Transaction Data Signing Authenticator

A transaction data signature is a short piece of information used to authenticate a message. Our solution works by creating a transaction data signature unique to each transaction. Data signature will be based on information including account numbers, transaction amount and time stamp. Not only does this preserves data integrity and ensures authenticity, any changes made after transaction has been electronically signed will be invalid.

The WOWX Smartcard will comprise of an E-Paper Display (EPD), an EMV chip, power and option buttons to input or make selections, and a rechargeable battery with its own charging terminal. Through the EPD, one will be able to view account balances and QR codes for blockchain wallet addresses for Peer-2-Peer transactions. Option buttons will allow for input of PIN codes and addresses for verification and transfers. Rechargeable battery life will be ~30 days.