ONE Exchange and Dealshaker Updates

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Igorkrnic
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ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Sun May 12, 2019 10:28 pm

I was informed that the company will push weekly exchange/dealshaker progress updates each Friday so I will post them here in case there are still some people reading that do not have info.

Igorkrnic
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Posts: 1832
Joined: Wed Jun 14, 2017 7:47 pm

Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Sun May 12, 2019 10:33 pm

******* Exchange platform weekly summary *******

Week 1 - Friday, May 10 2019

IT development

Deposit of coins including ONE- done
Withdrawal of coins - done
Trading- done
Deposit and withdrawal of FIAT- done
KYC procedures- done

Testing - next week
Connection ‘Dealshaker – Exchange’ - has to be done
Limits - has to be applied


Licensing and IT Audit

The Licensing procedure is currently an assessment stage. There is more time necessary for final approval
and testing. Moreover, the IT audit of the platform will provide a principal opinion in the next weeks. A
further revision of a list of all cryptocurrencies on the platform, is undergoing.

Legal

Operational funds were raised and deposited in the Escrow account ready to be transferred. Legal
documentation was finalized and under final review. No new updates from specific authorities regarding
the allowance of the provision of services in the state.

Compliance

There is a delay in the licensing committee due to the fact that new requirements for separate CDD
platform arose as a specific requirement of the Central Bank to apply transparency in the Due Diligence
Process and to maintain high level of Monitoring and Control over the flow of funds while reporting to the
Central Bank. However, we have good news that we can start with limited tolerance time.

Igorkrnic
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Posts: 1832
Joined: Wed Jun 14, 2017 7:47 pm

Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Fri May 17, 2019 11:13 pm

******* Exchange platform weekly summary *******

Week 2 - Friday, May 17. 2019

IT development

 Testing – deposit function from OLN to Exchange is running smoothly;
withdrawal function is still in test mode – currently, withdrawals can be sent out from the blockchain successfully but a minor error is
displayed after execution of one of the commands -> working on eliminating the error
 Limits and fees – awaiting suggestion by the end of the business day; reviewal and approval is expected during the next week
 Payment gateway should be implemented - awaiting a response from the Central bank on which one is most suitable
 Connection ‘Dealshaker – Exchange’ – coming soon

Licensing and IT Audit

 Licensing – it has been confirmed that there is no legal objection. Awaiting recommendation by Compliance to be released. Compliance and IT have joined forces and are examining all profiles and technical documents. When their work is done, both teams together will release a final report for the licensing. Report is expected to be ready within the next 2 weeks.

Legal

File already released by legal – no further comments on the legal structure. This means that the Central bank has completed the procedure and it has been approved (companies, ownership structures, the scope of work, etc.)

Compliance

This week applications for 2 European licenses (exchange and remittances) have been set up; they will allow: fiat to crypto, crypto to fiat, crypto to crypto. Expected to start - next week with local company registration Application for European licenses and opening of a bank account – both pending. The updated file regarding compliance and operational jurisdiction for the Exchange is forwarded below the current report.

Igorkrnic
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Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Mon May 27, 2019 2:44 am

I wrote the whole topic about the cancellation of new dealshaker by Duncan team here:
viewtopic.php?f=2&t=4704

I guess further DS updates will be made by some other IT team... More time is lost.

Igorkrnic
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Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Mon May 27, 2019 11:55 am

******* Exchange platform weekly summary *******

Week 3 - Monday, May 27 2019

IT development

Testing – the deposit function OLN ->Exchange is running smoothly;

Currently, withdrawals can be sent successfully, an error has been fixed;

Ongoing parallel work towards the stabilizing of the synchronization between blockchain and back office;

Ongoing parallel work towards building a stable connection between the exchange and the old DealShaker.

Liquidity account – finalized

Licensing and IT Audit

The IT committee has finalized an operational report with comments on their side which are as follows:

- Central Bank needs to know where the pricing of Reuters, Bloomberg, Netdania or any other exchange interface is coming from and if there is an authorization. They want to know how the pricing is formed technically otherwise we should connect with CB pricing. The provided explanation is that the price for a crypto coin/fiat currency to another is determined just as it is on all other exchanges, namely by the price of the last trade on the market. For all currency pairs that have no market - choosing data source Crypto to USD, Crypto to Crypto: COINMARKETCAP; Fiat to Fiat: Fixer.

- Proposals for fees are provided to the CB as the basis of the buy margin which is the average margin of the buying rate of several banks. The margins are adjusted by 50% to be at par with the local money changers in the country of the license.

- Payment gateway determined as compulsory before starting - still no response from CB about which payment gateway they recommend

- IT committee will prepare another report regarding coins and tokens during the upcoming week

Compliance

Request for how to operate sent to Turkey, New Zealand, UK; pending further information

Igorkrnic
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Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Fri May 31, 2019 7:18 pm

******* Exchange platform weekly summary *******

Week 4 - Friday, May 31 2019

IT development

Ongoing parallel work towards the stabilizing of the synchronization between block chain and back office;
The work process towards building a connection between the exchange and the old DealShaker is finalized.
The team is currently testing

Licensing and IT Audit

Ongoing reviewal process by CB IT team.
CB IT Team currently expecting a finalized business continuity plan, a contingency plan, and a disaster recovery plan.

The three terms explained below:

a) Business continuity - a “back-up plan” about how the exchange would operate in case the platform crashes down.
The plan still being worked on. After it is finalized, the plan will be sent over to the CB IT Team.
b) Contingency – in case something happens to the company behind the exchange, another one should overtake its place in order to ensure the smooth work of the exchange. The company is ready with a proposal for a possible solution.
c) Disaster recovery – how to proceed in case the servers are completely down. The company is ready with a proposal for a possible solution (we have an approval for a Microsoft Cloud License).

Proposals for fees are provided to the CB as the basis of the buy margin is the average margin of the buying rate of several banks - awaiting approval
Payment gateway determined as compulsory before starting - still no response from CB about which payment gateway they recommend
IT committee will prepare another report regarding the coins and tokens the next Monday

Compliance

Request for how to operate sent to Indonesia, Sudan, Egypt, Serbia
Filing an application for a European license - initiated; application for a subsidiary - done.

Igorkrnic
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Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Sat Jun 08, 2019 2:12 am

******* Exchange platform weekly summary *******

Week 5 - Friday, June 8 2019

IT development

* Ongoing parallel work towards the stabilizing of the synchronization between blockchain and back office;

* The work process towards building a connection between the exchange and the old DealShaker is finalized.

* Test accomplished successfully.

Licensing and IT Audit

* Central Bank committees reverted earlier this week that they have almost gathered all the info they need for their final internal assessment.

* According to them, they will not need to liaise with the Exchange company for the moment until they are done with the assessment.

* Moreover, according to CB, they will make a site visit (the first visit will be physical in the office of the country, holding the license; then they conduct a fiscal and after that a platform visit). CB wants to make sure that the Exchange company exists physically in the country of license and that it has a serious setup.

* Will wait for a period of 3 weeks (deadline was given by the CB) for the Exchange company to participate in a final physical meeting. IT committee report regarding the coins and tokens will be presented during that meeting.

* Regarding the disaster recovery, contingency and business continuity plans which are required by the CB:
- disaster recovery plan - provided and approved;
- contingency plan - provided and approved.
- business continuity plan - still in process of preparation.

* Regarding the payment gateway – as per info by the CB, they have no specific preference. Any internationally recognized gateway is acceptable and they will provide the Exchange company with a recommendation letter to facilitate the account opening procedure.

* Regarding the exchange fees - as per info by the CB, the matter will be discussed during the meeting.

* They consider these as parameters that might be a subject to changes in the future.

* Regarding the liquidity account – as per final requirements it should function as a liquidity line (it should be equal to a one time capital as minimum with a 20% cash injection as a start with a time limit of 9 months to constitute the liquidity line.

Compliance

* The Exchange company hasn’t received any updates from responsible authorities yet, both from their old and their new request. A follow up process will take place, starting Monday 10.06.2019.

* During the present week requests have been send to the following governments: Israel, Mongolia, Ukraine, Algeria, Pakistan, Bangladesh, Azerbaijan, Taiwan, Canada (following the franchise model).

* Regarding the European license - after the subsidiary application was completed, a reply has been received to submit all the legal papers from the Exchange’s company which were confirmed by the Central Bank, notarized and authenticated by the Embassy, the Ministry of Justice and Ministry of External Affairs of the country of establishment. After that, they’ve been authenticated by the Ministry of foreign affairs in the European country where the application was made and then by the commercial register. We can not give deadline yet, expect further information soon.

Igorkrnic
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Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Mon Jun 17, 2019 10:59 am

******* Exchange platform weekly summary *******

Week 6 - Monday, June 17 2019

IT development

* Stabilizing of the synchronization between blockchain and back office - done

* Ongoing work for creating an additional mechanism based on One Ecosystem concept which establishes coin price stability and also facilitating Exchange demand

Licensing and IT Audit

* Still waiting for an exact date proposal on when the Exchange company to be invited to participate in a final physical meeting with the CB. The IT committee report regarding the coins and tokens will be presented during that meeting together with the fee approval *business continuity plan - still in the process of preparation.

* Payment gateway - proposals for payment gateways that work with cryptocurrencies have to be made next week

* Exchange limits – proposal to be prepared next week

Compliance

* The Exchange company hasn’t received any updates per countries from responsible authorities yet, both from their old and their new request.

* Regarding the European license - all legal papers from the establishment of the European Exchange’s subsidiary - notarized and authenticated; application for company formation uploaded and paid.
Next step -> approval by authorities, then the application for the exchange license.

Igorkrnic
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Posts: 1832
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Re: ONE Exchange and Dealshaker Updates

Post by Igorkrnic » Fri Jun 21, 2019 11:43 pm

******* Exchange platform weekly summary *******

Week 7 - Friday, June 21 2019

IT development

* Ongoing work for creating an additional mechanism, based on One Ecosystem concept which establishes coin price stability and also facilitates Exchange demand

Licensing and IT Audit

* Still waiting for an exact date proposal on when the Exchange company to be invited to participate in a final physical meeting with the CB. The IT
committee report regarding the coins and tokens will be presented during that meeting together with the fee approval

*Business continuity plan – ready and submitted

According to CB Board members of the Exchange company should attend a seminar at the CB in the country of the licenses for AML and CFT (several dates have been provided)

* Payment gateway – recently one of the multinational financial service corporations has introduced a bridge card from crypto to fiat currency for a limited acceptance by merchants. The payment card is in fiat and the conversion can happen directly on the Exchange. The crypto will be stored in the wallet on the Exchange and people will spend fiat with the associated payment card. Ongoing negotiations; calls with Compliance department scheduled for Monday. Hope for a good result which will provide stability for the whole One Ecosystem.

* Exchange limits – Ongoing discussion about Limits Management

The exchange needs to maintain liquidity based on the available liquidity line. That liquidity line is the Liquid cash that will be injected in the account on the TOP of the shared capital to secure smooth cash operations. The limits’ management is based on the principles of the cash/ liquidity risk management and stress testing that are based on formulas which may vary depending on the volumes of supply and demand.

The concept is based on the following parameters:
1- The total stock of coins issued refers to the number of coins that are released for Trading
2- The total number of coins traded refers to the number of coins that are held and/ or traded by the members of the network
3- The total number of coins with status “Idle” (non-traded) refers to the number of coins that are still in stock and are held by the issuer. This is a result of the following formula: total stock of coins - (minus) total number of coins traded
4- The Unit Basic price is the price of the coin upon issuance. This doesn’t consider any premium, discount or reward.
5- The trading Price is the real Market Price, resulting from the trading activity which is the result of the following formula: basic price * (multiplied by) market value. Market value is the result of the following formula: (Demand - (minus) Supply) over supply
6- The Market Cap is the result of the total number of coins traded * (multiplied by) the trading price
7- The Liquidity Ratio refers to the available liquidity to cover the cash demand and is the result of the following formula: Liquidity Balance (/divided by) Market Cap (in percentage)

The breakdown by each member of the network is the following:
1- The wallet balance which refers to the number of coins held by the member
2- The initial value refers to the value of the wallet as per the Initial Basic price
3- The current value refers to the current balance of the wallet as per the market/ trading price (this is a dynamic variable since it is affected by the supply and demand)
4- The wallet percentage of the percentage of coins held by the member over the total stock of coins
5- The market percentage is the percentage of the current value of the member’s wallet divided by the Market Cap
6- The Daily cash limit is a complex formula which represents the half average of the wallet percentage and the market percentage, powered by the liquidity ratio and multiplied by the current value/ balance of the member
7- The monthly limit should be 10 times the daily limit if decided that is applicable
8- The weekly limit should be 2.5 times the daily limit if decided that is applicable
9- Limits can be applied by account or by a group of accounts (according to the CIF- customer file information)

The higher the liquidity line (cash available) the higher the limits, since they are all affected by the liquidity ratio

Compliance

* The Exchange company has sent reminders to all the countries which have not provided an answer yet and now we are waiting for responses
* Regarding the European license – European company was approved and created under the Name ……………………….. with register number (………..).
The Exchange company is now in the process of applying for the Licenses that are needed for that company to operate with the exchange in Europe (3 blended Digital Wallet, Exchange and Remittance)

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