quick take
- Ping Exchange introduces a new era in digital assets trading, merging robust security protocols with user-focused asset control.
- Its standout feature is a hybrid custodial cold storage model, redefining crypto exchange security.
- Leveraging CorePass ID, Ping offers streamlined user authentication through blockchain-secured identity information and QR code scanning.
- Assets deposited on Ping remain in custody, with withdrawals tied to the user’s CorePass ID, granting unprecedented access control to users.
- Ping’s model emphasizes user control over asset rights and identity, allowing withdrawal permissions to be revoked at any time.
- The exchange facilitates asset trades between users and retains the ability to freeze assets for compliance with AML/KYC regulations.
- Products like Ping prioritize blockchain technology for day-to-day operations, aiming to elevate industry standards.
The debut of Ping Exchange heralds a potential evolution in digital assets trading. This hybrid platform combines robust security measures with user-centric asset management, establishing a new benchmark for safeguarding user assets in exchanges. Ping’s standout feature is its unconventional use of hybrid custodial cold storage, reshaping the landscape of crypto exchange security.
Ping utilizes the innovative CorePass ID application for seamless user authentication. Gone are the vulnerabilities of traditional username and password systems and the cumbersome nature of two-factor authentication (2FA). Instead, CorePass employs blockchain-secured identity data, swift QR code scanning, and Core Blockchain encryption for secure, decentralized login and withdrawals.
Moreover, while assets deposited on the platform are held in Ping’s custody, the withdrawal of any assets is tethered to the user’s CorePass ID. Ping cannot initiate withdrawals without the user’s authorization, only permitting asset trading within the exchange. This streamlined, self-custodial approach empowers users with unprecedented access control, bridging the advantages of DeFi and CeFi into a novel opportunity for users.
Amidst discussions often spotlighting the shortcomings of exchanges like FTX, Celsius, and BlockFi, with promises to “do better” in terms of offering more secure custody solutions and pledging not to commingle funds, Ping’s model stands out as a significant departure. While proof-of-reserve attestations represent a commendable initial step, Ping’s approach marks a substantial paradigm shift.
With Ping, the CoDeTech team presents a means to trade digital assets on an exchange without relinquishing control over your assets or identity. Through CorePass, users retain control over the data associated with their KYC verification and can revoke access from the exchange at any time. Additionally, deposited assets can be traded across supported pairs with other users through a standard exchange order book, with the exchange unable to withdraw funds without user consent. While not infallible, a scenario akin to FTX would be markedly more complex with Ping compared to many traditional exchanges.
To facilitate trades, Ping possesses the capability to swap assets between users and is mandated to retain the ability to freeze assets for compliance with AML/KYC regulations. Similar to traditional exchanges, it holds the associated private keys when creating deposit wallets. However, these keys are only utilized for actions on deposited funds not pre-approved by the user.
I’ve often emphasized that FTX’s issues stemmed more from people than the technology itself. Many exchanges underutilize blockchain technology in their daily operations. It’s exciting to witness products like Ping entering the market, where blockchain verification and validation are at the forefront.
Achieving rapidity while maintaining unwavering security.
Furthermore, Ping places a strong emphasis on cold storage as a fundamental element of its security architecture. Unlike many centralized exchanges that utilize a less secure combination of hot and cold wallets, Ping’s air-gapped CorePass ID wallets segregate crypto assets. Through CorePass ID, offline signing via QR codes is facilitated, establishing an air-gapped approach to custody. This method significantly diminishes the attack surface for potential hackers, thereby reducing the likelihood of costly breaches.
The meticulous process of creating and signing transactions offline on these air-gapped devices underscores Ping’s dedication to protecting user funds. Additionally, the integration of the ICAN standard with crypto wallets serves to mitigate sending and receiving errors while accommodating various blockchains through network prefixes.
Despite its unwavering commitment to security, Ping also delivers exceptional transaction speeds, particularly on the Core Blockchain, with confirmation times as swift as a few seconds. This rapidity is achieved without compromising security. Moreover, the near-instantaneous processing of withdrawals, typically completed in under a minute, aligns with Ping Exchange’s commitment to enhancing user experience.
Enhancing Transaction Security and Compliance Standards with Ping’s Technology
Ping’s technology not only enhances transaction security but also raises compliance standards through its automated Know Your Customer (KYC) process. As detailed in Core Corner Issue 1, the innovative CorePass ID system empowers users to undergo KYC verification for their wallets, enabling them to later share this data with designated third parties, including Ping. This feature reinstates control over user data, empowering individuals to determine who can access their information.
In addition, Ping implements a tiered access system for document submission, streamlining the KYC process. This system provides users with personalized permissions tailored to their verification level, thus ensuring efficiency and accuracy in compliance procedures. By aligning with global regulations such as GDPR and CCPA, Ping not only facilitates adherence to legal requirements but also enhances the overall security posture of the platform.
Moreover, Ping’s commitment to compliance extends beyond mere adherence to regulations. According to sources familiar with the matter, Ping aims to establish its compliance approach as the benchmark accepted by regulators, striving to set the “best standard” in the industry.
Ping Exchange: Revolutionizing Trading with Innovative Features and Unmatched Access to Digital Assets
In addition to its innovative custody methods, Ping Exchange offers a suite of features including real-time notifications, an AntiBot trading system, and multi-language support, aiming to cater to a diverse range of users and foster inclusivity.
While Ping Exchange introduces several groundbreaking features, it’s important to approach this new platform with caution, as is prudent with any emerging technology. The platform’s long-term stability and its ability to attract a substantial user base will be determined over time. Nonetheless, Ping Exchange’s innovative solutions to common exchange vulnerabilities make it a compelling option for those seeking a trading platform that prioritizes security and convenience.
During its inaugural month of trading, Ping Exchange has processed trading volumes comparable to the top 200 DeFi platforms, according to an analysis by CryptoSlate. Notably, this volume has been achieved without the participation of market makers, with all trading conducted peer-to-peer within the burgeoning Core Blockchain community.
Ping Exchange provides unprecedented access to digital assets, being the first exchange to offer markets for Core Coin (XCB) and Core Token (CTN). Users of Ping Exchange benefit from unique trading opportunities and remain abreast of developments within the Core Blockchain ecosystem. Furthermore, assets such as Ethereum, Bitcoin, Litecoin, and USDC are actively tradable on the platform.
The digital assets landscape is characterized by constant innovation, and Ping Exchange’s novel approach to custody, compliance, and user experience has the potential to reshape the future of exchanges and elevate industry security standards.
