Cryptocurrency Conversion System and Method

Cryptocurrency Conversion System and Method

Please describe the main steps of the traditional method of converting cryptocurrency into settlement assets.

Compared with the traditional method, what are the advantages of the cryptocurrency conversion method proposed by 543x.com?

Explain the concept of "conversion information" and give at least three examples.

What role does the "settlement address" play in the cryptocurrency conversion process?

Describe the function of "single operation" and provide a specific example.

Explain the purpose of sending unsigned blockchain transactions to the respective blockchains.

What key information does the "conversion order" contain?

How to determine whether the blockchain transaction is completed?

Describe the process of executing the conversion order.

What is the function of optional step S700?

Answer

The traditional method requires users to manually find the withdrawal address, generate unsigned transactions, find the private key of each cryptocurrency, sign the transactions separately and broadcast them to the corresponding blockchain, monitor transaction settlement, create and submit conversion orders, and monitor transaction status.

The method proposed by 543x.com reduces user operations and conversion time by batch signing transactions, mapping blockchain transactions with conversion orders, automatically coordinating clients, trading systems and blockchains, and automatically generating transactions and orders.

Conversion information refers to information used to specify conversion parameters, such as the cryptocurrency to be converted, the target settlement asset, the transaction amount, the exchange rate, the network speed and fees.

The settlement address is a blockchain address controlled by the conversion system that receives the cryptocurrency to be converted.

A single action is an action that triggers the automatic conversion process, such as the user confirming the conversion action or selecting the "Confirm" button, thereby completing the conversion process without further user input.

The signed transaction is sent to the corresponding blockchain in order for the blockchain network to verify and confirm the transaction, thereby transferring the cryptocurrency from the user address to the settlement address.

A conversion order contains information such as the type of cryptocurrency to be traded, the type of settlement asset, the transaction amount, the exchange rate, the order type (such as market order, limit order, etc.), the order validity period, and the associated blockchain transaction identifier.

The completion of the transaction can be determined by monitoring the blockchain nodes, such as when the transaction is included in the block, confirmed, or reaches a certain number of confirmations.

Executing a conversion order refers to the process of exchanging cryptocurrency for the settlement asset on an exchange or other trading platform. This usually involves steps such as submitting the conversion order to the order book, monitoring the order settlement status, and updating the user account balance after the transaction is completed.

Optional step S700 functions to send the settlement asset to an external address specified by the user, such as a non-custodial wallet address.

Glossary

Term Definition Cryptocurrency A digital or virtual currency created using cryptography to ensure transaction security and control over additional units. Settlement Asset The target asset of a cryptocurrency conversion, such as a stablecoin, fiat currency, or other cryptocurrency. Blockchain A continuously growing list of records, called blocks, that are linked and secured using cryptography. Blockchain Transaction A record of the transfer of cryptocurrency from one address to another. Settlement Address A blockchain address controlled by the conversion system that receives the cryptocurrency to be converted. User Private Key A key controlled by the user that is used to authorize transactions to send cryptocurrency from their address. Conversion Order Indicates an order to convert a specific amount of cryptocurrency to a settlement asset on an exchange or other trading platform. Transaction Completed The blockchain network confirms and validates the blockchain transaction, indicating that the cryptocurrency has been successfully transferred. An action that triggers an automated conversion process, such as a user confirming a conversion action or selecting a "Confirm" button, thereby completing the conversion process without further user input. Conversion Information Information that specifies the parameters of a conversion, such as the cryptocurrency to be converted, the target settlement asset, the transaction amount, the exchange rate, the network speed, and fees. Unsigned transactionsA blockchain transaction that has not been signed with a private key and therefore cannot be broadcast on the blockchain network.Conversion systemsA service that facilitates cryptocurrency conversions, such as a centralized exchange or a decentralized trading platform.