The Qash ICO has started today, allowing users to invest in Quoine’s Liquid Project that aims to provide liquidity in cryptocurrency.
Overview – The Friction in Cryptocurrency
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There are many cryptocurrency exchanges. For us in the Philippines, however, many of these exchanges will require certain number of steps before we can actually buy the coin that we want. The usual process is often the following:
Fund our Coins.ph Account > Convert to Bitcoin > Transfer BTC from Coins.ph to the Crypt Exchange > Buy the Coin on the Exchange > Send to Wallet.
The friction is within the first few steps. Bitcoin transactions maybe cheap, but they are not free. Conversion from one coin to another will also require fees.
What if we can just fund our accounts with fiat money, with our Pesos?
Quoinex – Fund your account in Pesos
Luckily, Quoinex is a platform that allows us to transfer money from our local banks to the Quoinex exchange. This is probably the easiest way to buy Ethereum and other supported coins in the Philippines without too much friction. They even have a direct conversion!
Quoinex is operated by Quoine, a company based in Japan with an office in SG. Realizing that there’s a demand for a more liquid cryptocurrency exchange, they launched Liquid.plus, claimed by Quoine to become the world’s most liquid cryptocurrency exchange.
What is Liquidity
A simple way to define Liquidity is the ability of an asset to be converted into cold cash immediately, without much friction. I mentioned the steps above to purchase coins in exchanges. There are so many steps (atleast in the Philippines), so many fees to purchase. And once you decide to convert your Ethereum to Pesos, you will have to go through the same process again in reverse. From that scenario, you can easily say that cryptocurrencies today are not as liquid as, say, your mobile phone, which you can sell to your neighbor for a price you can both agree upon. More details can be found here.
How will Liquid.plus Solve this Liquidity Problem
The engine behind Liquid is called the “World Book”, that will bring together all cryptocurrency exchanges and allowing these exchanges to be available to virtually everyone. How will this work? Below is an excerpt from Anre Pemmelaar from Quoine:
The World Book is really two Order Books: Internal and external. The internal Book is quote currency agnostic. This means that you will see the entire Order Book denominated in your CCYs of choice.
For example, if you place an order in SGD it goes in at your price and from your perspective it does not fluctuate. But for a user looking at your order in JPY, he will see your order’s price move with FX rates changes. This all happens under the hood. This allows all the order in various currencies to find a match against each other creating a much larger pool of liquidity in the internal Book.
At the same time we maintain an external Order Book of all the major exchanges. If your order cannot be matched internally the SOR will constantly look to match it with an external source. And these matches can also happen across pairs. So we might be able to match your BTCSGD order against an ETHJPY order by combining it with an ETHBTC and SGDJPY transaction under the hood.
QASH Philippines – What is QASH?
The company wants to make QASH the preferred payment token for financial services.
To help in the development of Liquid, Quoine launched the QASH token sale, which is happening from November 6, 2017 – November 8, 2017.
This coin is set to be used in the Liquid platform and other of Quoine’s platforms – such as in Quoinex. Additionally, you can freely trade it to other coins, such as bitcoin or ethereum.
How to Participate in QASH ICO in the Philippines?
You can join the QASH ICO by registering and funding your Qryptos account, a cryptocurrency exchange also developed by Quoinex.
- Sign up at https://qryptos.com
- After you confirm your email, go back to the site or click QASH ICO at the upper left side of the screen.
- Now it will ask you to activate 2-factor authentication. You need to install on your Android or iPhone.
- Fund your account at https://home.qryptos.com/fund
- You can choose bitcoin, ethereum, etc, to fund your account. Send it to the correct wallet address stated on this page.
- Go back to https://tokens.qryptos.com/buy
- The minimum purchase is 500 QASH (equivalent to 0.4 ETH, 0.01607819 BTC)
As of 4:18 PM on November 6, 2017, 74% QASH Tokens have already been sold. If you want to participate in the ICO, head on to Qryptos now.
Notes and Disclaimer:
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