The craze for crypto trading is on the rise these days. Every smart person wants to benefit from this fast-growing digital currency. But it is very important that you have complete information. You could even lose your hard-earned money without complete information. Let’s move on. Assuming you have invested your savings in a digital currency, and now have an exchange account, do you have a crypto wallet? Where can you trade, save your coins? Our services are transparent, safe, and secure.
The service we offer is a simple wallet that can retain bitcoins and send bitcoins, as well as an opportunity to subscribe to bots, which can be sent to the wallet. The boot service is currently configured as a “non-concentration” service. Only a Bitcoin wallet with non-custodial trading bots is available.
This means that in order to use our bots, users must have an account on an approved exchange. But the question is what is a trading bot? What are non-custodial services? All these questions are answered in this article. So let us get started.
What exactly is a cryptocurrency trading bot?
A bot is computer software that operates over the internet and does repetitive activities faster than humans. Bots, according to some estimates, make up around half of all Internet traffic, interacting with websites and users, searching for content, and performing other tasks.
The same basic logic applies to cryptocurrency trading bots. This is software that uses artificial intelligence to do tasks depending on predefined criteria. No more squandered trades or opportunities: You can buy, sell, or hold assets from anywhere in the world automatically, quickly, efficiently, and automatically by running a series of algorithms.
Non-custodial trading’s promise
Non-custodial trading has the potential to remove (or at the very least reduce) counterparty risk. Users no longer need to deposit their coins with a central exchange when trading with non-custodial. Instead of entrusting the wallet to be exchanged in the safekeeping of their own coins, users keep their coins in their wallets. In this way, if the exchange wallet is hacked and coins are stolen, the user’s coins are not at risk. As we are providing securely.
We have seen a slew of projects aimed at resolving the issue of stuck trade (many of which are referred to as “decentralized exchanges”). Each of these initiatives aims to fulfill the promise of unrestricted commerce. How and where our solution fits into the design space? Let’s check the detail in depth.
Who can we put our faith in?
Non-custodial trading is not free, but we are providing it for free. We usually have to establish a security assumption to ensure that the user’s coins are protected even if the exchange (on which the user is trading) is hacked. Some of the security assumptions we’ve encountered in the ecosystem are listed below.
A third-party source that can be trusted: The traditional answer to the trust problem in cryptography is to create a trusted third party, which is a centralized party that offers security between other (mutually untrustworthy) parties. As long as the trusted third party isn’t hacked, security is guaranteed.
Throughout the cryptocurrency ecosystem, we see trusted third parties. BitMEX is probably the most well-known of these, but it’s up to you to decide which market leaders trust to secure cryptocurrency transfers from one wallet to another.
Swapoo is a trustworthy website: A trusted third party can sometimes seem as a trusted gateway. Waves is a “decentralized exchange” platform with its own blockchain, Waves. Users deposit bitcoins and receive bitcoins that can be traded on the Waves blockchain. These gates, on the other hand, must be dependable. If the gateway is hacked, the user’s bitcoin may not be able to be converted back to ordinary bitcoin once the transaction is completed.
Execution engine that is dependable: Relying on trustworthy hardware is one method to avoid custody risk. If I have a BitMEX account, for example, I may open my Swapoo wallet and configure the bots to trade on BitMEX on my behalf. The BitMEX API is used by Me bots to connect to BitMex. Bots are built in such a way that they can only carry out actions that have been allocated to them. Bots are unable to withdraw funds from their BitMEX accounts, among other things. This ensures that all coins deposited on the exchange are secure and that a thief does not “get complete physical access to the machine where the money is kept.”
The blockchain is a distributed ledger technology: The security of the trusted execution engine / third-party provider/gateway is compromised in all of the security models stated above.
The fact that we can trust the blockchain makes us a lot more appealing at Swapoo. After all, we’re a Bitcoin wallet with non-custodial trading bots. If the blockchain it supports is not safe, this cryptocurrency should have very little value. As a result, for security concerns, we may as well trust this blockchain and forego the requirement that the relying party is unaffected.