Sonata: A new multi-features cryptocurrency trading platform
There have been many cryptocurrency exchange platform available today on the internet. These exchange platforms can naturally be categorised into two. The decentralized (Etherdelta, forkdelta etc) and centralized (Binance, Latoken, bitfinex etc). While some of this platforms have many thing in common in term of features, only few exchange platforms are really taken serious some of the challenges facing crypto traders. These include security, Scalability, transaction fee etc. Sonata is an upcoming exchange platform intending to revolutionize trading experience by bringing many tools that will allow crypto traders to trade efficiently, interact and have solid confidence in term of safety of their asset. In this review, we shall explain some basic features that make Sonata exchange unique among other cryptocurrency exchange platforms.
Project Background
Sonata is developed to create a platform which will be user friendly with features adapted and suitable for new and professional traders. Unlike many crypto related projects, Sonata is solidly backed up by Solidni Finance, an investment company that has been actively participated in providing financial service for more than two decades. The company will offer financial resources for the project while the Sonata initial coin offering will only give additional backup in form of marketing promotion.
Sonata key features
Below are some features expected to be integrated prior to the development of sonata platform. Readers should take note that the key features are explained base on what is obtainable from the sonata whitepaper available at the end of this article.
(1) Multi-functional Security tools: The issue of security threats have been the major problem facing existing exchange platforms. Even some big exchange platforms such as Binance are facing security attacks from hackers. Every year, millions of dollars are lost by traders. Just recently, Electrum that provide cryptocurrency wallet announced compromise by hacker that installed vulnerable script that steals crypto coin from users that installed electrum wallet downloaded from the hackers profile on github. In view of this and other previous attacks, Sonata is taking a serious step in making sure they combat security threat and this is the reason why they have many security tools that will be put in place prior to the platform launch. These include but no limited to strict risk and vulnerability management, Port Scanning, secure communication using IPSec, SQL injection protection, XSS protection, CSRF protection, DDOSS protections and many more. For more detail explanation of the security details, you can visit here.
(2) Multi-platform optimized user interface: Exchange platform is very essential especially for traders. No matter how many trading is provided to help traders, if the interface is not well polish them the tools are useless. This is the reason why Sonata conducted a lot of research in finding the best interface that will accommodate all the propose trading tools and will also serve users’ needs.
(3) Margin trading tools: also refers to as leverage tool. It is a tool that is used to level up order income. The tools are mostly used by professional traders due to difficulty involve in studying the appropriate algorithm to be used. However due to regulations impose on margin trading, this feature will not be available for users in some countries.
(4) AI Algorithm Prediction tool: Sonata will provide real-time market data prediction algorithm that will provide future price trends. This will allow users to make some important and holistic decision when trading.
(5) Community Interaction tools: Sonata will provide a social interaction chat that allows users to communicate with themselves in the platform. The chat room will allow users to share idea and get more information from themselves.
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