Cryptocurrency Startup Altcoin.Io Gets Great Investments
The Altcoin.Io, a decentralized and secure cryptocurrency exchange powered by Plasma, based in San Diego, announced that it had secured $ 1 million financing through WeFunder’s crowd-hosting service.
Altcoin.io’s wallet gives a cryptographic code confirming both parties have sent the coins, alongside a code declaring the settlement was complete, much like a receipt.
A large investment in Altcoin.Io is another indicator of the current state and the expected future state of the cryptocurrency. Every day, there is an exchange of billions of dollars of digital assets (mostly tokens). Most of this activity is carried out through centralized exchanges.
One of the problems in this activity is cybersecurity, given that central exchanges are a target for hackers. It was estimated that from 2011 about $ 3 billion was stolen from exchanges, based on data collected by Crypto Aware.
Altcoin.io aims to solve this problem by developing a peer-to-peer, reliable and decentralized exchange. The concept here is that users will retain control over their tokens.
To overcome cybersecurity, Altcoin.Io is developing a blockchain model for a decentralized exchange. This is called “Plasma”, a smart contract on the Ethereum network which locks value and provides proof of locked value (i.e. tokens) to a sidechain, and it is the basis for a scalable hierarchical lock-up where transactions are guaranteed by smart contracts.