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How Does ICTE Work?

Paul Stebbing

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Source: Amrit Mirchandani

ICTE is an exchange with a unique model, it is decentralized and works across blockchains. It has the same usability as a centralized exchange but achieves superior liquidity and security of assets through its nodes and global user distribution.

ICTE does not lockout users from centralized exchanges. The clients’ distribution model is the basis for its global network. The advantage of that being, when an entire exchange is decentralized, it strengthens blockchain infrastructure and makes it resilient against security exploits. In a decentralized environment, denial of service attacks [DoS] and single point-interruption instances are also minimal.

ICTE is a combination of many exchanges [clients with front-end access] whose mode of operation is cloud-based. Each sub-exchange functions fully on its own within the global ICTE Alpha server infrastructure which integrates with the central server. ICTE can be viewed as an ecosystem composed of clients, which are various exchanges, integrated under one protocol.

The integration of exchanges form massive pools of digital assets and brings all interested stakeholders together into an environment that fits their various trading perspectives. Behind the infrastructure is a layer of highly secure networks that offers speedy transactions across user portfolios.

Here are several categories of offerings within the ICTE community of exchanges:

  • Vendors are valued for both goods and services, and they can tap into ICTE platforms to sell and exchange them in return for digital assets
  • Users having different crypto wallets can conduct transactions with each other
  • Traders, including system coders, can utilize the platform for high-frequency trading.

Trustless

One major distinction between blockchain and the fiat economy is that the blockchain is able to transact without the need of a moderator. In other words, two parties can conduct transactions without the need for third-party scrutiny in a trustless environment.

How does this happen within ICTE?

Remember, ICTE is composed of many exchanges, so the same trustless elements within individual clients integrate throughout the infrastructure to form a core part of the entire network.

ICTE also allows clients to integrate with the platform. Here’s how: once a user is setup with the ICTE wallet, they can load it with tokens from any supported blockchain. The wallet allows them to have control over their tokens, and the software handles all trades without giving external parties access to the assets.

When a user has tokens in their ICTE wallet, they can then trade with them, and that includes trading with any other type of tokens. In an Ethereum wallet, I can only trade Ethereum tokens. But in an ICTE wallet, trading across blockchains is not only allowed but simple.

When it comes to trading, ICTE transactions have a record time of clearing within 3 seconds.

ICTE used a hybrid consensus model with its blockchain-based on the PoS [Proof-of-Stake] protocol and its user identity-management based on PoW [Proof-of-Work]. To build trust for its users, it promotes:

  1. Security: With ICTE, workers within the network infrastructure do not have access to the values within wallets. That means that no insider threats can be perpetrated to cause loss of digital assets from an individual’s wallet without their approval.
  2. Anonymity: Here, clients value the anonymity they have across the ICTE network. Users don’t trade with their personal names, but their wallet addresses
  3. By virtue of eliminating third-party intermediaries, Blockchain transactions are fast. ICTE provides users with minimal delays with a ceiling of three seconds to settle transactions. That gives users room to verify addresses and balances right away.

Becoming a node

ICTE works with nodes across the globe to facilitate transactions. If you are an individual on an organization with the necessary know-how, ICTE can offer you an opportunity to form an exchange within its network. Also, existing exchanges can join in as nodes too.

With ICTE, Node operators can benefit from access to the vast portfolio of users from the larger ICTE network.

What’s more for ICTE Nodes? 

The infrastructure rewards them with a portion of the commissions from trade facilitation whilst offering each of them considerable independence through their front-end interfaces and preferred customizations. Each exchange is allowed the liberty, not only to customize, but also reach out to users and markets to bring in trade. Therefore, Nodes are allowed to advertise what they offer.

The main reason for allowing operators to advertise is because only they can do the branding and marketing relevant to their special markets, and they have in-depth knowledge of their special dynamics.

ICTE offers templates for operators to customize for their front-end interfaces if they wish, which are maintained in AngularJS. The ICTE template enables the tweaking of images, icons, and even languages through its open-source code.

ICTE’s blockchain is hosted on main [or Alpha] servers. The regional Alpha servers maintain contact with several distributed nodes known as satellite servers. Users connect via desktop or mobile through the satellite servers, which seamlessly update the cloud storage sites

ICTE Federation

The ICTE functionality is powered by its blockchain. Every satellite exchange synchronizes its books, which are within set limits. Cleared transactions have their status communicated to other satellites and exchanges. This cross-communication facilitates and maintains the integrity of the entire ICTE Blockchain.

Conclusion

With the right mix of security, scalability, and transparency; ICTE is a revolutionary solution for exchanges and users alike. Not only does it facilitate a cross-blockchain trading platform, but it is governed by democratic principles that are embedded in its code.

Paul is a software engineer and explored Bitcoin and cryptocurrencies during the early part of 2017. He entered the space by building his own mining rigs. He is currently a full-time member of AMBCrypto US & UK markets and writes about blockchain applications and cryptocurrency. You can email him at [email protected]

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