Forebit - IN2 blockchain project unique on a global scale
IN2 Group blockchain project, that will offer valuable information to the
global market on cryptocurrency prices, is called Forebit, and has recently
entered the beta phase.
This application combines the current and historical data on
the exchange rates and trading volumes collected in real-time from the world's
largest cryptocurrency exchanges. Currently, the data are being collected from
40 exchanges, but their number is constantly increasing, and at the end of the
beta phase it should include all relevant global cryptocurrency exchanges.
These data, as well as those derived from them, are valuable to financial market, because they increase the transparency of trading and exchange operations, enable earnings on exchange rate differentials, facilitate forecasting of future trends in the rates and support the process of business decision making.
Modelled on exchange rate lists of regular exchanges, Forebit will also show the average cryptocurrency prices displayed in fiat currencies like euro or dollar. A market for predicting future cryptocurrency prices was developed as a part of Forebit, similar to the foreign exchange futures.
The aforementioned market has been developed on the Augur platform, still in the beta version, and its users will be able to trade predictions of the movements of cryptocurrency value, in relation to the global exchange rates of fiat currencies.
What makes this project so special is the transparency of the system where deposits, trading and payments are carried out solely by the smart contract system at Ethereum Blockchain. It means that the system enables direct participation in the market without using Forebit or any other intermediary. This approach to trading will enable anyone who owns Ethereum cryptocurrency to participate in trading directly from their wallets.
The IN2 Group will apply the experience gained in this project in joining other leading software companies in the region in developing other projects in various business segments by using blockchain technology.