Bitcoin Hard Fork: Our Position
On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.
In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork.
This means if there are two separate digital currencies - bitcoin (BTC) and bitcoin cash (BCC) - customers with Bitcoin stored on Coingi will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).
Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coingi before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.
As always, the safety of your funds remains our number one priority. To this end, as a security precaution, we will be disabling bitcoin deposits and withdrawals on 31 July 2017 at 23:00 hrs UTC to ensure that all BTC funds stored at Coingi remain secure. Trading will remain unaffected throughout. Deposits and withdrawals will be resumed only when we deem it safe and prudent to do so.
We will keep you updated on this event through Twitter.
A new API for external websites
As a result of our continuous strive to improve our services, we’ve created a new, special API function for external websites. By doing so, we would like to meet the needs of those developers who try to make their own contribution to the bitcoin community - be it creating and improving applications or creating various graphs and price comparison websites. Thanks to these efforts the life within the bitcoin community becomes easier and also, at the same time, probably easier to grasp for those who are still bitcoin novices.
Our newly introduced API function will allow the developers to get all the necessary information they need in one simple call. We hope that you, developers, see this new function as an interesting opportunity, so we can therefore contribute together to the development of the bitcoin community, helping to raise awareness not just of bitcoin, but altcoins as well.
What information can be obtained using this application?
In one, single API call the developer can mainly obtain information on which currency pairs we’ve supported in the last 24 hours, their turnover and the turnover denominated in bitcoins.
We hope that his function finds its use especially on websites that compare particular currencies or exchanges against each other.
We’ve included all the necessary info in our API documentation which can be accessed here: http://docs.coingi.apiary.io
Coingi has been launched!
You are just looking at the result of 20 months’ constant hard work. At the beginning we set ourselves a daring goal: to build a decentralized, scalable, and of course stable exchange where everyone is able to buy and sell Bitcoin and other cryptocurrencies according to their own consideration.
We will not conceal the fact that we had to overcome a range of problems and ponder the tiniest details in order to succeed in our mission. The original launch plan had to be postponed by several months in order to accomplish more detailed tuning and testing. However, the exchange system now reflects all the invested effort and the delay has been worth it absolutely. The result of our hard work is a bullet-proof exchange with automated processes which can be envied by even the classic online exchanges.
In projects of this type and focus, one can’t afford to make even the tiniest mistake, that is why we have invested most of our time to testing against all security risks and to simulations of various attacks by hackers and other varieties of cybercrime. Thanks to that we have managed to build a robust information system which is not only safe, but also excellently scalable.
The Coingi cryptoexchange system runs on approximately 30 servers which communicate together via an encrypted VPN network. All communication is signed in a way that these processes cannot be interrupted in any way. The aforementioned scalability enables us to keep increasing the number of servers indefinitely. We aren’t even limited by the location of the servers, frankly we can be everywhere.
Only the best for our customersUsers have a very clearly organized and intuitive web interface which communicates with the system exclusively via API. It is for reasons of speed and the aforementioned scalability. Thanks to that we are able to provide a full API interface to everything we offer our users.
We are also preparing a wide localization for our program. Coingi has been translated into more than 10 languages and we would be very thankful if you helped us extend these translations much more. It is a smooth process thanks to a service called Crowdin. Please find more information on translations and how you can contribute in the footer of the website.
We would be delighted if you tried our system out and eventually even sent us your tips and notes on the site’s possible improvements regarding its functionality. We will definitely address them in detail, because Coingi is here primarily for You!
The launch date of the service is closer than you think!
After several months of development we would like to announce the launch date of COINGI.
At the moment, we finished the process of development and we started testing the beta version of COINGI system. Which means that all parts of the system are programmed, API is ready, user interface is complete, data synchronization and data migration are set and servers of individual subsystems are connected. All operational processes are defined, so it is time to start testing in full operation.
The benefits of the testing operation
Speed and stability
We will work on every detail of the stability of trading before we launch the full operation. During the beta version testing, we will focus mainly on the ability to process a big amount of users‘ commands. The stability of the system will be guaranteed even during 100 000 transaction per second and even during the shutdown of some servers.
We focus on a detailed examination of all potential threads that could compromise the security of the system. We want to guarantee 100% security of the service in full operation. That is why we devote enormous efforts to security testing and why the realization of these tests takes the majority of testing time. We employ security experts and we also hired an independent external audit to implement and verificate the results of the tests.
The majority of virtual currencies are saved in offline mode, which prevents online thefts. Online wallets use ony certain amount of money, that is sufficent for the operation of the platform at the moment. In case of large transactions, the funds are saved of withdrawn from offline wallets through controlled process, that guarantees full protection. The whole platform is protected by the system of internal control of account balances and currency movements.
Online wallets are fully protected! They work completely separately and they try to operate “intelligently“. It means that they connect to the platform by themselves, they determine the requests for payment and they control if the requests correspond to reality. They check the collected data about transactions by using checksums and procedures, so the number of bitcoins at the website corresponds to the number of bitcoins recorded in the database.
What makes COINGI service so efficient?
You can trade virtual currencies at many websites, but not every site can provide fast and secure transactions together with the advanced functions of the platform. This is the main reason why we created COINGI service!
The development of the main part of the system is complete, but we are still working on new improvements, that will be implemented step by step. We are working on new functions that will be interesting for the users. We are permanently developing the system, so COINGI can keep on top of virtual currency websites.
Segmentation in order to improve performance
The system was designed to be able to process worldwide transactions of tens of thousands of users per second quickly and seamlessly. That is why the system is divided into several parts, which communicate quickly with each other and which are able to duplicate themselves in order to increase their throughput. Each component of the system can work in parallel (even the kernel can) in an unlimited number of copies in order to increase the throughput and the security of the platform. During the last testing, we achieved the throughput of 100 000 complete transactions per second. It allows us to stop any server or to add any server at any time.
Coingi will run on servers on different continents simultaneously!
We solved the exchange of data among distant locations, so Coingi will run on several data centers on different continents simultaneously! The system will connect you automatically to the nearest location in order to achieve high speed. The unauthorised disconnections of any location will not threaten the system, the swich between servers will be made immediately. Therefore the system cannot be switched off – the speed and the instant availability is guaranteed worldwide.
Thanks to this extreme performance, COINGI is able to process a huge amount of users‘ commands at the same time, without any problems with completing the transactions. So you can always get real time information about trading and react immediately to supply and demand.
One step further thanks to API
We achieved all above-described advantages thanks to API, that helps the web interface to control the service. Everything is programmed so the website stays stably loaded in browser after the first user’s page view, the website communicates with the service only through API, so we achieve the high speed and minimal server load.
COINGI – new bitcoin market coming soon!
During the fall of 2016, we are planning to launch our new website COINGI, that allows our clients to trade virtual currencies. This service reacts to current needs of the bitcoin scene, our aim is to provide safe, independent and trustworthy virtual currency service, which will fully satisfy the needs of buyers and sellers worldwide.
This service is not an online currency exchange, it is a robust and sophisticated service, that allows its clients to buy and sell virtual currency for USD or EUR. Our intention was to create a fully stable and fast platform for virtual currency trading and first of all, to avoid jeopardizing the service by cyber thieves or hackers and to make the platform independent of national governments.
Modern service with solid foundations
We want the website COINGI to become a globally known synonym for virtual currency trade. During the creation of the service, we learned from the mistakes of other virtual currency platforms. At the beginning of our project, we defined a sophisticated model to eliminate technical, security and political influences and we worked on every detail of COINGI project based on this model.
All in one system
We will not hide the fact that we studied in detail the advantages of competing platforms. Especially some concrete functionalities and methods of maintaining the security of trading. We also added our ideas and specific improvements, that you cannot find on other platforms, to this knowledge. The result of our work is this highly stable and secure online service with a user friendly interface and other improvements, that will be appreciated by buyers and sellers. A lot of them are running in the background, but you can use for example API interface allowing almost 100% control without the use of the web.
The advantages of COINGI
COINGI has a unique security system preventing virtual currency thefts. All virtual currencies are saved in offline wallets, which eliminates the possibility of online theft! The offline wallet regularly releases only the required amount of money used for completing ongoing transactions. Everything is constantly controlled by security precautions, controlling account balances, that must correspond to the real state!
What currency does COINGI offer?
COINGI will mainly focus on bitcoin trading, but it does not neglect other currencies such as litecoin etc. The website will allow you to trade with these currencies very soon: