It is quite amazing that more people, companies, and businesses are beginning to show their interest in cryptocurrency and its underlying technology, Blockchain, as new use cases for the technologies get discovered by developers looking to exploit the tech.
At different times, we heard about cybersecurity expert, John McAfee’s move into the cryptocurrency sphere, including his intentions to launch a cryptocurrency called the ‘McAfee Freedom Coin’. However, It may interest you to know that instead of the cryptocurrency, a new cryptocurrency trading platform called ‘Magic’ has been launched, and it comes with some interesting features.
Being a crypto platform owned by a cybersecurity expert, it is safe to assume that the platform will be safe from all kinds of attacks, and thus protect the users of the platform. Furthermore, the platform is said to allow users perform their crypto trades on different crypto exchanges, from one dashboard, and also users can choose to trade manually or automatically if they so desire.
It is worthy of note that the platform is noncustodial, and the crypto holdings of the platform’s users will remain on 8 different exchange platforms. Hence, when there is an execution of a trade, the funds will get transferred from the 8 accounts in order for the transaction to get completed. For this to be setup and function normally, the users will need to employ the integration of APIs into their account, from the other exchanges.
There are two portals that are available to the platform users, one portal functions to facilitate shadow trading, while the other portal is dedicated to spot trading. In the shadow trading portal, the trades of a user will get setup such that they will mimic the trades of the professional traders that get their rankings from the community, based on their abilities to trade successfully.
Another notable feature of the platform is the ability to set up your trade such that you can sell and buy orders at the same time via the auto trade setting. Furthermore, the platform was created such that anyone can use it, because it does not have a jurisdictional restriction like some other crypto trade platforms.
About the security protocol of the platform, the FAQs indicate that the website’s hosting is high level, and it uses the Amazon Web Service servers which by default, have the DDoS protection, and also have the ability to scale. According to the site, the platform was being released to the public because they had already carried out extensive auditing and testing processes that went on for months. However, there are indications that Magic suffered a DDoS attack prior to the launch of the platform.
About a week ago, McAfee said the McAfee Freedom Coin would get launched some time in Autumn, however, there are no indications that the token will be connected to the operations of the Magic crypto trading platform. According to the platform developers, Magic will use an ERC-20 token called ARB to fuel the operations that will take place on the platform.