What Is FairX?
Fair X is a new platform that can be locatedatFairx.io and Is a brand-new exchange that you can trade your cryptocurrency. The new platform is also supposedly backed by one of the biggest players in the tech industry, IBM. You can find out a wealth of information about the company on the website at fairx.io and on this article.
The platforms on the market right now are extremely technical in most case – requiring a person with extreme tech skills to make it work. And if someone doesn’t have any technological understanding, they’re lost at best, and buying cryptocurrencies without a user-friendly site that’ expensive as can be is typically the only way. Of all the different crypto exchanges on the market, Coinbase is the most commonly used exchange for newbies, particularly for its ease of use that is ideal for newer users.
The new project is purportedly supported by IBM, who is looking to solve the problem that occurs with a distributed exchange.
And as of now, the website also has two very distinct statements on it: “We are working on something very interesting” and “Cash for Crypto.” However, there is an image on the background that is showing someone look at a list of different caps in the market, with the highest of them being the main focus and the person is also looking at them through a mobile app.
Besides that, the platform is basically a mystery. But we will look more into it anyway to see if ir’s something worth investing in.
How Does FairX Cryptocurrency Exchange & Trading Platform Work?
Fair X is a brand-new cryptocurrency exchange platform that is designed to help make trading easier than ever. And especially for the average person to purchase, sell, and trade cryptocurrencies. And as you may know already, there are a ton of cryptocurrency exchanges on the market right now that are unintuitive messes. They’re not simple to understand or easy for anyone to use but FairX is looking to change that entirely.
Once it’s launched, the website is completely user friendly and designed to help with all types of cryptocurrency services. The platform is also setup, so you can buy just about any coin with the use of real fiat money.
This is supposedly a huge deal because of the way that cryptocurrency exchanges operate today. Most of them rarely allow you to use fiat or cash to purchase cryptocurrencies on them. Usually, the method is to use different pairs of currencies like ETH/RUB or BTC/USD. Even coins like NEO, one of the largest virtual currencies in the world, won’t allow you to use straight fiat money to buy it. If you want NEO for example, you need to first transfer USD to BTC and then sell the BTC to in turn get your NEO.
And as far as that’s concerned, it’s very similar to Stellar’s platform that uses the XLM tokens. Stellar’s platform completes transactions in a matter of 2-5 seconds which is incredibly fast. It also gives you the ability to quickly change cryptocurrencies for government backed money. You can also use the Stellar protocol to exchange other currencies. For example, you can change USD to ERU in a ultra-low cost manner.
One big question about FairX, being asked by everyone is in regard to IBM and Deliotte. And this is where things can get a little weird. According to a report on CNBC, IBM is using the Stellar Network to create a cross-border payment gateway with the help of some major banks. FairX is apparently the payment system that will be used for the cross-border needs. Another consultant firm Deloitte is also one of the partners in on the operation.
Who Is Behind FairX?
It’s not entirely clear about the FairX and IBM led project in full, or IBM was actually the ones who disclosed information to CNBC. What has been confirmed however, is that the exchange is being developed to use Stellar’s XLM tokens as the primary coin for processing transactions. We also know that IBM has been setting up different processing units, 8 of them in total – called validators, and they’re managed by Stellar. They work together in a massive collaboration with IBM’s global network.
If that information is correct, you would expect the case to be considered closed that IBM is working on the project. Apparently, that isn’t the case however, along with the information giving out about the partnership, FairX also put out the following statement:
“The excitement over a few tweets to update folks has been overwhelming :). It’s good to know we might be filling a need in the marketplace in the future. On another note, need to make 1 thing very clear: we are a 100% independent org, no affiliations. No investors. #bootstrapped”
The recent press on FairX is generating quite a buzz in the crypto world. The FairX platform is rumored to be supported by Deliotte and backed by IBM. The company still puts a lot of emphasis on the fact they are independent. Regardless, FairX and IBM have both made announcements they will be using the Stellar XLM protocol to create a new transfer system.
And as of early 2018, FairX is in its alpha test phase. The website features no information on the company. There are only a few words about what FairX is doing:
“Working on something very interesting.”
As far as it goes today, FairX is one of the most mysterious presence in the crypto community. Stay posted to get more information, and to learn about the project.