CryptoSyndicate’s Premium Report in March covered Genesis and its platform. Since then, the project has progressed.
For a quick re-cap on project fundamentals, below is an excerpt from our original report:
Genesis Vision is a blockchain platform for the private trust management market. It will provide a reputable and decentralized network for exchanges, brokers, traders, and investors. Users will be able to deposit money and have certified professionals manage their finances with total transparency on the blockchain ledger.
Traditional fiduciary management systems currently offer little to no transparency and comparatively little statistical data to confirm or verify performance reliably. Genesis has already attempted to tackle the issue with an existing centralized software tool designed for brokers that has been adopted by more than 80 companies. However, with the emergence of blockchain technology, the team is aiming to progress and create a decentralized version of their existing software.
By providing a trading management platform based on Ethereum, Genesis aims to offer a more transparent, reliable, and secured decentralized trading system for consumers. The blockchain technology ledger mechanism will provide an openly transparent and tamper-proof record of all stored information. Smart contracts will automate distributions and activities to ensure reliability.
A general description of the Genesis platform:
The Genesis platform will allow investors to transfer funds to experienced traders who will manage the funds for them and earn their shares from their manager’s profits. Investors are able to gain access to managers and their trading statistics on a global scale and are able to invest in both cryptocurrencies, traditional securities, and fiat currencies.
Initially planned as an April release, it has been officially announced that the Genesis Markets Alpha will launch on June 7, 2018. The Genesis Market will act to fill a void missing in the current cryptocurrency market and perform the task of intermediary brokerage and providing customers with the best cryptocurrency prices across multiple exchanges.
A more detailed description and explanation of the Genesis Market was provided by the team on the Genesis blog:
“Genesis Markets will aggregate depth of the market and order books from multiple crypto exchanges. This is necessary to provide customers with access to all available orders that are currently on the market. This also inevitably increases liquidity, as the orders with similar prices will be merged.”
A visual representation of the description provided.
Additionally, the Genesis Market will be able to offer all trading pairs available on the exchanges that are utilized, eliminating the migration issue where a consumer would have to switch exchanges for token options.
With the liquidity being provided by multiple exchanges, this design would make the Genesis Markets the perfect hub for purchasing cryptocurrency.
Although later than expected, the Genesis team are still within the estimated time frame for the Genesis Market Alpha release.