HomePlatform UpdatesOverview of BBOD’s non-custodial solution

Overview of BBOD’s non-custodial solution

If you have ever traded on a cryptocurrency exchange, chances are that it would be a centralised one. Name any famous exchange and there is a 99.99% chance, it is a completely centralised closed loop exchange.

Centralisation in History

This goes against the very idea of Blockchain and Cryptocurrencies. Historically, the centralisation of power and authority has seldom been a good thing. Centralisation has always led to the rise and collapse of kingdoms & economies along with the subsequent rise of new kingdoms & economies. This boom and bust cycle is the effect of rabid centralisation throughout history.

In the present age too, centralisation is rampant but disguised and marketed as a boon. When the idea of Blockchain and Cryptocurrencies was first introduced, it was certain that this idea is a revolutionary way of transforming the world as we know it right from the basic need for exchange of value.

Rise of the Centralised exchanges

Centralised exchanges were the first to create a platform that would let people buy and sell virtual currencies. The central exchanges are not at fault here. They were the first ones to see the tremendous business potential behind buying and selling of cryptocurrencies. Needless to say, they seized this opportunity and quite quickly rose to fame. They also addressed a dire need the market had at that time, which was swift buying and selling of new internet money aka Crypto.

The easiest  and most straightforward way to do this was to build a central database that facilitates the exchange of cryptocurrencies. This worked perfectly at first but had a major design flaw. It was centralised; meaning only the exchange itself controlled all the funds. This led to many vulnerabilities and hacks over time. Over 1 BILLION dollars in funds were stolen from centralised crypto exchanges over the years. This was clearly not acceptable to the users. 

A Decentralised Solution

Next came decentralised exchanges that claimed to solve the problem faced by centralised ones. These decentralised exchanges were as secure as the blockchain itself and are unhackable. However, they had a significant design flaw too; they were extremely slow. 

Decentralised Custody / Non Custodial Accounts – The Future

Now both of these challenges, speed and security are a very important concern for users. To tackle these challenges, Blockchain Board of Derivatives (BBOD) came up with a novel idea of combining the best of both worlds. BBOD’s state of the art non-custodial solution is the pinnacle of security and speed.

In traditional centralised exchanges, the exchanges control the user’s private keys and funds. At BBOD, users do not have to share their private keys. Funds can be shared on the blockchain via smart contract registered to the particular user. BBOD’s proprietary hybrid technology is such a simple yet effective method to keeping funds safe. This lets regulators, auditors and users alike prove the solvency of the exchange, and their personal wallets, as all funds are stored on the blockchain, clear as daylight.

Hybrid you say?

Neither centralised or decentralised platforms deliver the best balance between security and speed for their users. Centralised platforms are fast but are susceptible to hackers, government intervention and even worse, they can cheat their own users because they hold their funds. Decentralised trading platforms are safe but lack speed which ultimately provide a poor trading experience. With our solution, smart contracts allowed us to accommodate quick order processing and not have to worry about taking custody of user funds. We cannot mismanage, hold or misplace user funds in anyway simply because we don’t have access to your private keys and we believe that’s how it should be. In layman’s terms, your ‘Funds are safu’!

State of the art Matching Engine

Now, as security is no longer an issue, BBOD offers lightning fast matching of orders using its state of the art matching engine. This is a centralised solution only specific to order matching. The engineers at BBOD publish software updates frequently to make the order executions faster and to have better security. 

The solution offered by BBOD is future proof and is bound to be the next big thing in the Cryptocurrency ecosystem.

What is BBOD? What are we all about?

In simple terms it’s a hybrid trading platform combining the best of decentralized and centralized aspects to allow users to execute trades at high speeds all while retaining custody of their funds. Traders need safety, liquidity and speed – everything else is details. BBOD aims to bridge all (these) 3 components in becoming the world’s first hybrid cryptocurrency futures trading platform.

So BBOD is safe, but what about products?

A total of 16 cryptocurrencies quoted against Stablecoin TrueUSD (TUSD) have been prepared which include perpetual and standard futures contracts. As Bitcoin and other cryptocurrencies excite users, we will be aiming to list products that traders want and simply cannot get anywhere else with current platforms. This may include listings within major Forex pairs, Commodities or even Indices – the choices are endless. We’ll assess each product based on how interested we think our clients are in trading them as well as have our community vote for what they want. We are flexible for any future product listings and openly welcome suggestions!

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