ZB.com Bitcoin News - Tokeneo

A summary of QASH and why I believe it will serve a pivotal role in the growth of the cryptocurrency market worldwide.

DISCLAIMER: I'm not affiliated with this project in any way. Don't take this as actual investment advice at face-value, but rather a comprehensive summary I put together based upon my own findings, research, and personal insight about the project. As always, if you do wish to invest, please DYOR beforehand and make your investments based upon your own assessment of the project.
The token is called QASH (by QUOINE) and it essentially serves as the financial utility and payment token for QUOINE's upcoming Liquid+ platform and all services which it provides. I haven't actually seen much talk going on about this anywhere, and to me, it's sort of baffling how seemingly under-the-radar this has been flying, given the problem that it's going to be solving in the cryptocurrency space.

The Problem

The platform that they've built is super intriguing to me as a cryptocurrency trader due to the fact that it's aiming to fundamentally solve a huge, yet often overlooked problem in this space: illiquidity. This really excites me because in my personal experience (and I'm sure for many others on this sub who are stuck trading with minor currencies), attempting to purchase BTC, ETH, or other tokens with a fiat currency like say, GBP, is just downright painful and usually ends up in an immediate loss since there are significantly fewer buyers and sellers in the relevant GBP markets than say, USD markets - and thus the market price can tend to slip easily in either direction even with relatively small trade amounts (as a result of high spreads).

The Solution: Liquid+

Now imagine the case whereupon this problem doesn't exist — where anyone around the world, whether it be individuals, institutional investment, businesses, etc., would always be able to have immediate access to highly liquid cryptocurrency markets, and not be subject to an inherent disadvantage simply by virtue of the specific fiat currency they're using to trade with or one particular exchange that they're trading on.
This is a landscape which the Liquid+ platform will be able to render to the cryptocurrency economy, and what I think solving this problem will ultimately mean is that we'll start to see a much more global influx of individuals and institutions coming into the cryptocurrency space because a massive, worldwide liquidity pool will have been created through the Liquid+ platform. Essentially, the platform will enable minor currencies such as the Rupee, Peso, Pound Sterling, Thai Baht, whatever it is you name it — to be traded with on the same level of liquidity that a major currency (e.g. USD) does. This is the function of what they're calling the "World Book".

World Book

The World Book essentially is a global aggregation of orders sourced from many different cryptocurrency exchanges (i.e. "liquidity silos"). Orders which are placed from within any of the connected exchanges can be simultaneously published into the Liquid+ platform and be matched with orders from a completely separate exchange. What's even more fascinating about this is that these matched orders aren't even necessarily required to be of the same trading pair.
So for instance, a trader who intends to make a btc-yen trade can be automatically matched up with another trader making a totally separate trade say, eth-euro, just by virtue of the world book internally executing a two-step transaction in order to "hop" from the euro trade to the yen trade. It's important to note that this entire process all happens seamlessly and is transparent to the end-user. Each trader would see every other traders' orders denominated in their preferred quote currency (even though the orders may actually be based on a different quote currency on the other side), meaning that the world book is "currency-agnostic" amongst all orders.
Performance-wise, the platform is deemed to be capable of handling over a million of these orders / FX-conversions per second, and is built upon a set of already established and tested technologies developed by QUOINE. As a result, much of the platform is actually already in place, and the integration work with many of the world's largest cryptocurrency exchanges are already underway or have been completed.
Additionally, here's a great explanation of what the World Book can do as described by Andre Pemmelaar, who is one of the architects of the platform. Further high level explanation by QUOINE CEO Mike Kayamori.
Another important point to note on this is that there's generally a big incentive for exchanges to participate in this World Book, as it will be able to funnel in substantially more trading volume from the markets of other exchanges.
In my mind, the World Book will no doubt be an absolute game changer to this space when it hits. However, there's another equally, if not more substantial component to the platform:

Prime Brokerage

Liquid+ will act as a Prime Brokerage service, and it will be the first of its kind in the cryptocurrency space (by which QUOINE is officially licensed by the JFSA, one of the strictest regulators in the world). One way you can think of it, is that this could effectively make Liquid+ into the Goldman Sachs or Morgan Stanley equivalent of the cryptocurrency space, and it's in fact aiming to become the platform upon which major hedge funds and institutional investors around the world will prefer to leverage in order to mitigate counter-party risk (such as a particular exchange getting hacked and losing funds), manage and move large amounts of fiat capital, as well as take advantage of the globally sourced liquidity pool provided by the world book.
To me, it makes perfect sense to have integrated, seeing as many of the major reputable exchanges around the world will have already been interconnected through the Liquid+ platform. Ultimately, it means individuals as well as major institutions coming into this space will no longer be required to deal with the pain of managing numerous individual accounts across multiple exchanges and transferring funds between each. Instead, Liquid+ allows its users to be provided with direct market access to the liquidity and trading pairs yielded by all associated exchanges in a single platform, and on a single account. By now, you can probably start to imagine just how attractive this is going to be for the major institutional players coming into this space, and on an international scale.

User-Generated Trading Strategies

Another intriguing feature is that once the QASH blockchain is implemented, the platform will be able to facilitate the authoring of custom-written automated trading strategies and algorithms by any of its users (including individuals as well as institutions), utilizing a variety of mainstream programming languages. These strategies can then be published to the platform and shared amongst other users. The profits yielded by these trading strategies are subject to fees which are then paid back in QASH to the authors of those strategies.

QASH Token Value Proposition

The value of the QASH token is proportional to the scale of its utility and velocity of usage. For starters, QASH can be used for payment on the Liquid+ platform for everything including trading fees, fees on profit from automated trading strategies (as described above), fiat / crypto credit lending, and for all other services that it renders. QASH can also be used as payment on QUOINE's other products: Quoinex and Qryptos. Additionally, users who elect to pay using QASH on these platforms do so at a discounted rate on fees.
Another important point to note here is that QASH will be used to fuel payment for all services rendered by the Prime Brokerage. So for instance when institutions start to utilize the platform, it means that this money will start to flow through the QASH token as well.
But I think perhaps the bigger and longer-term value proposition for QASH is the fact that it's striving to become the "Bitcoin or Ethereum of the financial services industry", meaning widespread adoption of QASH as the preferred cryptocurrency for use in financial institutions. As more and more of these institutions seek to gain a foothold in the blockchain space, they're going to be looking for cryptocurrencies that maintain trustworthy backing and have the appropriate governmental regulation / security frameworks set in place. QASH aims to fulfill this role and is in fact officially approved as a cryptocurrency by the Japanese government. Moreover, QUOINE is the only cryptocurrency exchange company which is audited by a "Big Four" accounting firm.
QASH is initially built upon the ERC-20 token standard, but will eventually migrate to its own blockchain by Q2 2019. As opposed to Ethereum, the blockchain will incorporate sophisticated tools and services which are geared specifically toward usage in the financial services industry (read more about these here). Having this inherent support for many financially related functions will be paramount for wider adoption as a token of preference, as QASH seeks to bridge the gap between traditional finance and the cryptocurrency economy.
With adoption by the financial services industry, the value of the QASH token can then be expected to continue increasing as a result of its ever expanding utility and usage.
Additionally, here's an explanation of the QASH blockchain as described by Andre.

Brief Company Background (QUOINE)

QUOINE is a profitable and established FinTech company (over 250 years of combined FinTech experience) who have built Quoinex, one of the top ranking exchanges in the world by volume, as well as Qryptos, a token-to-token asset exchange and ICO platform. Quoinex is one of the largest fiat-to-crypto exchanges in the world with $12 Billion in annual transactions. They are the first global cryptocurrency firm in the world to be officially licensed by the Japan Financial Services Agency (License 0002) and has as a "Big Four" external auditor.


What gives me confidence that QASH may succeed in becoming widely adopted by financial institutions is that the company is lead by those with strong financial leadership. QUOINE's executives hail from the financial services industry, many of whom have served executive positions at some of the biggest financial institutions in the world.
Detailed information about the executives and board directors can be found on the Liquid+ website (or in the whitepaper) so I won't list them all out here for the sake of conciseness, but many of them come from executive positions at major institutions including:

QASH / Platform Investors

Again, a full detailed list can be found on the Liquid+ website. Investors in the platform and QASH ICO include those who have executive leadership roles at companies such as:
Additionally, Mike had announced in his video AMA a few other notable investors in the ICO who aren't listed on the website:

Liquidity Partners

The platform of course needs a lot of liquidity partners from around the world participating in order for the system to function worthwhile. Andre discusses their numerous liquidity partnerships in this video, so I'll simply summarize:

Other Tidbits & Speculation



QASH, in the long-run, ultimately aims to become the standard preferred cryptocurrency used by financial institutions worldwide, the value of which is derived from the scale of its utility and widespread usage. The QASH token is also used to fuel payment for fees and services in QUOINE's trading platforms, one of which is an upcoming platform called Liquid+.
Liquid+ is a novel platform which I think will change the landscape of the cryptocurrency space. It builds a single massive global liquidity pool called the World Book which allows minor fiat currencies (e.g. Rupee, Peso, GBP, etc.) to trade crypto with the same liquidity that a major fiat currency (e.g. USD) does, significantly reducing losses due to high spreads, and ultimately provides the liquid on-ramp necessary for many potential untapped markets worldwide.
The platform also features a Prime Brokerage service (first of its kind in crypto) which will allow users direct market access to many exchanges throughout the world without the hassle of having to manage accounts on each, which mitigates counter-party risk. The Prime Brokerage service will be an attractive vehicle upon which major institutional investors will want to use for managing funds in the cryptocurrency space because it's safe, regulated, and government approved.
QASH is created by QUOINE, one of the largest cryptocurrency exchange companies. QUOINE is headed by executives who previously served high-level positions at the world's largest financial institutions. Investors in QASH include financial executives at major institutions, and also a few well known figures: Taizo Son, Nobuyuki Idei, and Jihan Wu.

Further Reading & Resources

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Bitcoin and the Mysterious Satoshi Nakamoto

When Bitcoin was created five years ago bitcoins were near valueless. Much of their traffic was in online computer games. They were pennies a handful. By early 2013 they were valued at about $13. By the time Mt. Gox, the largest bitcoin exchange in the world, was was hacked for more than a half billion last week, bitcoins had peaked at $1200. Per coin. When Flexcoin folded a couple days ago bitcoins were worth $1000. Haven't checked latest bankruptcies and values, but confidence in bitcoins is diminishing.
Bitcoins are electronic currency "based on cryptographic proof instead of trust". Bitcoin transactions are peer to peer with no central authority. Anyone can buy or sell or pay for 'products' through multiple independent exchanges (banks). It has become a favorite currency of money launderers and drug dealers and shady operators and terrorists and your kids or neighbours who want to hide that questionable transaction.
There's a prevaling myth that Bitcoin is anonymous, but turns out Bitcoin is the most transparent of all currencies because every transaction is recorded in a public blockchain.
Bitcoin was created by Satoshi Nakamoto, which is a male Japanese name roughly meaning "wise". Satoshi Nakamoto does not exist. Every effort to trace his identity has failed. He was last heard from in 2011, when he informed the online community that he was "moving on to other things".
Some think Satoshi Nakamoto is not a single person, but many.
Some think he's really an invention of the NSA and Bitcoin a device to track terrorist money, an idea which might have seemed preposterous till the Snowden leaks. And the cryptographic functions which form the core of the Bitcoin network were originally designed by the NSA.
Some think Satoshi Nakamoto is an invention of Wall Streeters, designed to skirt currency and securities law.
The New Yorker thinks Satoshi Nakamoto is a cryptography graduate student from Trinity College, Dublin, who became a currency trader on Wall Street and published a relevant paper on peer to peer technology. Where was ZB educated?
Fast Company thinks three researchers who filed patents and registered a company in 2009 concurrent with the first Bitcoin paper are Satoshi Nakamoto, because the phrase "...computationally impractical to reverse" appears in both the patent application and the Bitcoin paper.
Two Israeli mathemeticians claimed Russ Ulbricht, founder of online drug marketplace Silk Road, was linked to Satoshi Nakamoto, but were debunked by a Reddit user.
One thing seems certain: whoever wrote the original Bitcoin code was brilliant, but sloppy. Independent banks run by naive geeks and outright fraudsters and incompetent opportunists left gaping holes in their security systems, and hackers have exploited these holes for years. No one knows how much real money has been transfered from wallet to wallet because idiots like Mark Karpeles of Mt. Gox lost the fucking password to transferred money and just kept transferring more to inaccessable 'wallets' while hackers kept converting it to fiat money of many currencies, mostly greenbacks. Billions, and Karpeles didn't even know it was missing.
And The Mysterious Satoshi Nakamoto remains as much a mystery today as ever.
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