Firm readies landing page to provide additional details to users, uploads whitepaper and application paper drafts – Personal Blockchain adoption would enhance the integrity of sector, where top 10 exchanges earn $3m per day in trading fees, according to Bloomberg data
Vancouver, Canada: Symetria, a blockchain development startup, is pleased to announce the development of a cryptocurrency wallet and exchange service in what is the first example of the company’s innovative solution, Personal Blockchains, in action.
Personal Blockchains are a published consensus of rules governing interactions between a centralized system and each of its users, to allow for proof-of-integrity between the two parties and to any concerned observer. They are established when the centralized system publishes a set of rules for interactions with services provided and both service-provider and customer each sign their requests or service receipts. This verifies the validity of each completed step in a transaction as and when they are received by either party. This ensures that the service provider (in this case, Symetria) is accountable for its actions should it have wronged its customers and can defend itself in the event of erroneous or defamatory claims.
Commenting on the project, Josh Lang, Founder – Symetria, said:
“We’re excited to be building this technology out into a crypto-to-crypto exchange. Many of the challenges that exist today with major cryptocurrency exchanges stem from a general lack of accountability. Just look at the major social media channels and you’ll see no shortage of complaints. Users are not empowered to hold exchanges they are using accountable, and this greatly contributes to the reputation problem we see in the space. We seek to change this, bringing peace of mind through Personal Blockchains, to the trading process.”
Symetria also takes the offering a step further. The team is focused on developing an enhanced, user-centric trading product to ensure that the experience is smooth and intuitive for traders of all experience levels. This is something much-needed in the space, with blockchain-related businesses typically focused on product development, paying little attention to usability.
“Increased adoption and popularity in the space is certainly positive, but there is still a fundamental flaw in the way that centralized exchanges function in the space. When we designed Symetria with Personal Blockchains built-in, we identified three main areas in dire need of improvement that we will address: the general lack of accountability from centralized exchanges, the slowness and patchy reliability of decentralized exchanges, and the prevalence of overall poor system engineering and product design from both centralized and decentralized exchanges,” said Adnan Abdel-Razzak, co-founder – Symetria.
“With Symetria, we bring the best of both worlds — the speed and privacy of centralized systems, with the fairness of decentralized processes, all in an intuitively-designed user experience,” added Abdel-Razzak.
Ahead of the exchange launch, slated for later in 2018, Symetria will feature a utility token sale. Upon sale end, the token will be redeemable on the exchange in return for a waiver on trading fees. The token economics and further details will be announced in a subsequent release. Worth noting, however, that the project is fully funded, and the wallet and exchange services will be fully developed ahead of the token sale. To learn more about Personal Blockchain technology, and to stay up-to-date on the project development, please visit https://symetria.io.
About Symetria Symetria is a blockchain development company based in Vancouver, Canada. As a startup founded in 2018, the organization is in aggressive growth mode. Its first project under development is a wallet and exchange service incorporating the firm’s novel technology: Personal Blockchains. The exchange will launch in 2018 and aims to disrupt the status quo by building solutions that feature proof-of-integrity by default in products that people actually want to use. For more information please contact email@example.com
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