Beginner’s guide to Cobinhood and it’s COB token
The cryptocurrency industry is booming and competition is getting higher by the day. Many centralized exchanges have the same features and offer services to their customers such as trading fees and no tradable currencies. However, Cobinhood is here to turn all that around. It is the first exchange to offer zero trading fees.
What is Cobinhood?
Cobinhood is a trading exchange cryptocurrency for the current blockchain period. It was invented for the average retail investor and traders. Its main goal is to maximize returns on investment for every customer.
Cobinhood Coin Price
Its current price is $0.080880.
Cobinhood considers itself as an international and authentic underwriter with a goal of creating a reliable ICO ecosystem. It launched its own ICO token which was up for purchase in 2017 from September through October. The Cobinhood ICO was based on Ethereum ERC20 token standard level. It issued 500 million COB tokens and you could only buy the tokens with Ethereum.
The token was offered on a tiered schedule as seen below.
- 9/13–9/19: 1 ETH for 5,600 COBs (40% bonus)
- 9/20–9/26: 1 ETH for 5,200 COBs (30% bonus)
- 9/27–10/3: 1 ETH for 4,800 COBs (20% bonus)
- 10/4–10/10: 1 ETH for 4,400 COBs (10% bonus)
- 10/11–10/22: 1 ETH for 4,000 COBs (no bonus)
One token was going for $0.055 and 100 percent of the COB ICO was used to financially support the development of the platform.
Cobinhood: How it Works and its key features
Cobinhood stores its majority number of digital assets in an offline multi-signature vault. It uses 5 out of 8 geo-distributed hardware security modules, to get access to the offline multisig vault. Every fund kept in online wallets are then supported by an insurance to regain losses in case things go south. It offers a high-performance matching engine. Cobinhood’s infrastructure is distributed worldwide. The infrastructure is also scalable automatically to handle any heavy incursion of users. It uses Tangle technology, which helps it to reach a consensus through a peer2peer system that has to be decentralized.
Cobinhood Coin: Use and utilities
The growth and development of cryptocurrencies as verified vehicles for investment can be fortified with a high level of security at exchanges. The security perturbation of customers should be confronted and taken care of properly instead of dragging the issue under the counter. Every reliable cryptocurrency should ensure that it prioritizes on security to avoid any cases of theft and fraud.
Cobinhood values transparency. It gives all the offline and online wallet address to the public, blocking any possibilities of swindling, for any forensic audit to get hold of. Therefore, for every online transaction, it needs a two-factor authentication, to log in. On the other hand, withdrawals need an extra email confirmation.
In addition, for transactions, every customer has to own a multi-signature wallet which has eight hardware security modules. For them to access an offline wallet, at least five out of the eight HSMs have to be verified by Cobinhood’s protocol. Therefore, if only two or one HSMs get compromised, the wallet will still be safe. Also, HSMs are issued in various countries across the world. This promotes security. As a result, close to 100 percent of crypto assets are covered by insurance.
Cobinhood: Platform and Technology
Cobinhood added permission-less distributed ledger IOTA, a technology that holds the future of IOT. It is a new transaction settlement and a layer for data transfer for IoT. It includes no fee for microtransactions and data integrity. This technology is not tradable on Cobinhood exchange, which is centralized under MIOTA.
The technology is based on Tangle, a technology for ledger distribution which handles the inefficiencies of blockchain designs and creates a way of getting to a consensus in a peer-peer system that is decentralized.
Cobinhood coin competitors
Since Cobinhood launched in October 2017, it does not have any competitors yet. However, in the world of cryptocurrency, there will always be a competition. The closest competitor of Cobinhood at the moment is Coinbase and Robinhood.
The following is a comparison table for the three exchanges.
|Coinbase v. Robinhood v. Cobinhood|
From the numbers, Cobinhood takes the trophy home. Its customers have more advantages. Starting with the no trading fees and the coins the platform supports. Cobinhood is also decentralized compared to other platforms.
Cobinhood: Team and founders
Cobinhood was founded by Popo Chen, who is the CEO. Popo is an entrepreneur who got his Masters Degree in Electrical Engineering. The co-founder of Cobinhood is Wei-Ning-Huang. He is an experienced professional having worked for Google for three years. He has special skills in creating large-scale web applications. He also has a five years experience as a trader in cryptocurrency. Cobinhood also has top-notch advisors such as Tony Scott, who is the former U.S Federal Chief Information Officer and I-Cheng Liu, who is the former chairman of EasyCard.
To store your coins you can use the following wallets;
- The Mist Wallet
You cannot use multi-signature wallets. However, you can use hardware wallets made by Ledger and Trezor. Mobiles and computers get hacked and your coins could be stolen. A hardware wallet will keep your coins safe. The hardware wallets plug into your desktop just like a USB stick. They build a wall between your Cobinhood and the world.
Cobinhood’s team is trying to list more tokens and trading markets. The team also wants to make some improvement on some trading feature. The company keeps on adding tokens every week. It also keeps the users updated with any necessary information they should know. This is definitely a platform we are all looking forward to seeing how its future will unfold.
Cobinhood has followers on all social media platforms including Twitter, Reddit, Telegram, and Medium. Customers use these platforms to engage with others and share their opinions and ideas about the exchange.
Cobinhood: How to Buy Cobinhood
First, you must create an account. To open an account, you go through a verification process which is important for security purpose. After the process is successful, you then log in to your account and start trading. You can either use Cobinhood in a browser or the mobile application. To buy Cobinhood coins, you will need to wallets for storage such as My Ether Wallet. You can buy, sell and trade Cobinhood at the following exchanges;
Below is a table of the exchange rates
|Exchange||Price||Market||Market share||Volume (24h)|
Cobinhood is an exchange whose positives, outdo the negatives.
- It is cheap since it has no trading fees.
- Its interface is designed perfectly
- The mobile app is excellent.
- It offers numerous tokens.
- Thee competitions, bonuses, and airdrops it offers are also quite an eye-candy.
- The verification enhances maximum security for its customers.
- The long verification process can be slow.
- There also no fiat payment options yet with this platform.
Cobinhood: Final thoughts
Cobinhood is a great cryptocurrency exchange and also a good underwriting service for ICOs. It gives a good amount of trading pairs with an interface that is easy to use, which is pleasing to the eyes. If you want to exploit the bonuses and airdrops it offers, then Cobinhood is the best option for you. Even though verification takes a long time it is all worth it. The process is strict to ensure that your coins are safe. With Cobinhood, you are sure that your coins are safe and better still you get to save some coins since it charges zero trading fees.
Asif is a cryptocurrency enthusiast who’s been writing on the subject since 2014. He also has a keen interest in social engineering and cybersecurity. When not busy writing about cryptocurrency, he can be found reading books and listening to music.