Blockchain

With Zero Security Incidents, ChainUP Provides Technology to Back Small and Medium Exchanges

Singapore ChainUP’s role in backing small- and medium- sized exchanges  has been significant. To aid trading platforms break through in the extremely competitive field of crypto exchanges, the blockchain technology service provider has been providing efficient operational functionality as well as high-level security for exchange platforms

With ChainUP’s well-executed set of special risk control systems, the tech service provider has managed to chalk up zero security incidents in the past two years. With the numerous exchange hacks that have been happening over the years to even the top global exchanges, this is no small feat indeed.

Security is the Lifeblood of Exchanges

With the rapid changes in the crypto and blockchain landscape, both in market demand and in the domain of regulations, the crypto exchange industry has had to undergo numerous adjustments and corrections. 

What remains a significant concern is how many exchanges continue to store user assets on their platforms, making them prime targets for criminal hacking and theft. 

Certain statistics show that exchanges have lost more than USD 2 billion  in total. This is causing the biggest bottleneck in the development of the exchange industry. The issue of asset security is top of mind for the average trader and should be for all exchanges. Yet, security incidents like lost and stolen coins continue to occur, even on established exchanges. Newly established exchanges with weak technical teams who lack industry experience are another cause for concern. For many non-crypto users, these are all barriers to entry.


The Perfect Risk Control System 

ChainUP offers the solution to this dilemma by providing exchanges with professional services that offer strong technical advantages. This allows platforms to develop and function securely, putting users at ease.

ChainUP has a set of special risk control systems for exchange transactions, which conduct all-round risk management of the system. The system also provides three-way reconciliation of finances, intelligent monitoring of asset circulation, real-time monitoring of fund security in wallets, active security interventions, withdrawal blocks, traffic cleanup and defense against DDoS attacks, and 30-over other defense mechanisms. 

ChainUP also has a proprietary situational awareness system – AUROR. The system performs large-scale data analyses on user behavior and conducts multi-dimensional monitoring as well as real-time risk and threat detection. It actively prevents high-risk behaviors and conducts system attack analyses and interception.

Maintaining in-depth cooperation with more than a dozen global blockchain security institutions, ChainUP ensures that these organizations issue professional audit reports for customers. They also adopt formal verification technology and automatically scan security codes. To troubleshoot security risks and avoid hacking, dozens of security tests have been conducted. The security institutions also ensure the security of smart contracts.

Isolating permissions and performing multiple confirmations for high-level operations, ChainUP’s risk control system also examines administrator behaviors like abnormal login audits, attempted unauthorized operations, high-frequency server access and abnormal pre-order behaviors.

With the complete risk control and security system in tow, ChainUP has managed to ensure 2 years of safe operations and maintenance to 300 customers worldwide with no security incidents.

The core team behind ChainUP comes from BAT (Baidu, Alibaba and Tencent) companies and other well-established blockchain companies. These 100-strong “technology genes” have been instrumental in ensuring that  ChainUP provides the best technology services to the market.

Scalable, Extensible and Efficient Technology Architecture

For overall technology architecture, it is very important to be scalable, extensible and efficient. The architecture needs to be able to achieve automatic horizontal expansion in accordance with business requirements; scalability must be immensely configurable so as to support customers’ secondary development; lastly, to ensure that transactions are not unduly blocked, there must be efficient matching.

ChainUP’s matching engine utilizes lock-free circular queue memory that reaches into millions of TPS (transactions per second). It also implements asynchronous data persistence, with liquidation of up to 10,000 per second and possesses a perfect disaster recovery mechanism. In the case of downtime, recovery is achieved within seconds.

ChainUP’s wallet services provide structure and security to ensure the security, stability and efficiency of the system. For commercial purposes, the wallet includes traceability, withdrawal reviews, accounts reconciliation, external scanning and other content processing. Through the network topology, operations and maintenance measures like database, deployment specifications, and server monitoring have broadly improved the system’s security, stability and disaster recovery capabilities.

While we might not be able to avoid exchange downtime and security incidents, ChainUP’s comprehensive security risk control system and strong technical architecture can help to discover, block and resolve risks in time. This ultimately ensures that users’ assets do not leave the exchange and helps customers to minimize losses.

Helping Small- and Medium- Sized Exchanges Break Through

Serving more than 300 exchange customers in the past 2 years, ChainUP has been providing smooth functionality with zero security incidents. It has significantly contributed to breakthrough exchanges, who have stood out from the sea of platforms. 

BiKi.com and MXC are such platforms. With short setup times, they have managed to achieve performance and service levels matching second-tier exchanges, precursors to a new era of professional exchange platforms with accelerated development times. 

Blockchain technology and service provider ChainUP has been responsible for the requisite support behind this expedited growth.

According to BiKi.com founder, Winter: “All the numbers displayed on the centralized exchange are closely related to the funds. If there is an error, the losses will be huge, so the matching system, clearing system, wallet system, and market-making tools are very important to the exchange. The technical team of hundreds of people at ChainUP and the experience of hundreds of users have played irreplaceable roles in our rapid development process. Our refined operations have allowed BiKi to rise against the tide and become one of the world’s leading exchanges.”

ChainUP’s philosophy “Professional people do professional things” helps exchanges win. The liquidity system launched by ChainUP, BitWind, aggregates the trading depth of over 200 cryptocurrency exchanges from leading global exchanges. BitWind provides exchanges with the best  price quotes, the lowest spreads and the best liquidity, helping exchanges solve liquidity issues and enhance transaction volumes and trading experience.

The fierce competition amongst exchanges has played a positive role in the development of the exchange industry. It is only when more participants enter the market that the industry can move  towards a more diversified and healthy direction in development. 

Ultimately, the services provided by ChainUP not only provide solid technical backing for exchanges, they also save them high technical and maintenance costs. This allows the exchanges to focus more on the operation of the platform, while ChainUP takes over the role of contributing to the overall security of the industry and allowing investors to invest with peace of mind. 

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