Krakin’t exchange, tech-stack, regarding (no) fees, and how the pre-sale will operate.
We have just begun coding and the early login page is up for a preview. We are creating the world’s first independent exchange. This exchange is a necessary step to take while developing the Krakin’t labs platform. Furthermore, we hope to create the any-to-any exchange so that people can trade their tokens for any token that is registered with Krakin’t.
The source code will be open for everyone, and the source code will therefore be the rule. We hope that developers will look into our security designs and try to come up with improvements, for everyone’s benefit.
Technology Stack
The technology stack was chosen to minimize the risks and to improve code maintenance. We have chosen the Ninja Framework over the Spring-Boot for its simplicity and speed. The backend is therefore written in Java. Furthermore, the database tables are either MariaDB or MySQL with views for complicated queries. Should there be any difference in syntax, MySQL will take precedence. The connection to database is maintained by Mybatis, and it was chosen over the Hybernate in order to have a clear representation of the queries and an SQL code. JPA is therefore not used, and it makes the code-maintenance much simpler. Krakin’t exchange is data-driven and not object-driven, and therefore Hybernate would slow-down a development (making things complicated without a necessity). The front-end is HTML, CSS, JQuery and plain Javascript. Furthermore, the parts which communicate with Metamask are coded in Vue.js and passed within the iframes. We will look for iframe alternatives and slowly transfer the HTML components to Vue.js. However, having a real-time-data platform is required only for displaying buy and sell orders, and therefore it simply makes no sense to complicate everything with node.js -based frameworks.
No-fees philosophy
Our goal is to have an exchange that does not ask for any fees. Our exchange is not profit-driven. Therefore, we will not ask for any maker/taker fees, and people will be free to do whatever they like with their tokens/coins as long as it is within the realm of the Krakin’t exchange. Nevertheless, we cannot control the Ethereum GAS charges, and there will be GAS costs for depositing and withdrawing the tokens/coins from a contract that will regulate the exchange deposits. Furthermore, we will look into creating an exchange where anyone can register the tokens they hold.
Pre-sale strategy
Our approach to spreading/selling the KRK tokens will be unique and different. It is designed to encourage trading, and leave you without any expenses. So here is how it will work
- User purchases KRK depositing Ethereum
- Contract makes a note of the account that made the purchase
- User puts KRK tokens into a miner, and starts the miner to generate more KRK tokens.
- Users can exchange KRK back to Ethereum using the same contract. This will be based on the amount of Ethereum they previously used to purchase KRK.
- The percentage of their deposited Ethereum is taken (up to 2%) by Krakin’t to encourage the trade, and to act as the pre-sale. Nevertheless, this fee may be applied as soon as Ethereum is deposited into a contract.
Basically, you will be able to purchase tokens, and get your money back whenever you want. The KRK that you mine is yours to trade and to cover the fees that were applied. Furthermore, to ease and encourage trading, the price of KRK token will rise with each purchase, and therefore it will be easier to sell, make earnings, and cover the expenses.
Once the contract is deployed and tested, the exchange will launch its partially-completed development to enable early KRK purchases.
Developing this mechanism may take anywhere between 1 - 3 months, and announcements will be made on our Twitter page.
