Even though cryptocurrencies are reaching further into the mainstream, the crypto user experience is still quite clunky and could alienate potential new entrants into the market. Users who want to actively participate in the crypto markets and access opportunities on different blockchains have to create accounts at different exchanges and install several wallets and browser extensions.

The more accounts and wallets a user sets up, the more difficult it is to ensure that sensitive information like private keys remains safe. Not to mention, providing KYC information to multiple exchanges increases the risks of your information being leaked in a security breach. 

Quarashi Network overview

Quarashi Network is trying to tackle these problems by building an all-in-one platform for cryptocurrency investors and users, with a focus on privacy and protecting user data. Quarashi Network has an ambitious scope, as its ecosystem will include a non-custodial cryptocurrency wallet, an exchange for decentralized token swaps, a private messaging platform, a launchpad for new tokens, and other features.

These features are packaged into “modules”, and the team is steadily expanding the list according to community feedback. Let’s take a look at some of the core modules that Quarashi Network is working on.

1. Quarashi Multi Crypto Wallet

A wallet is an essential tool for any cryptocurrency investor – not only do wallets allow users to store their cryptocurrency safely, they are also required for sending and receiving coins. In general, we can divide cryptocurrency wallets into two categories – custodial and non-custodial. With custodial wallets, the user’s private keys are entrusted to a third party, for example a server owned by the developers of the wallet. In a non-custodial wallet, the private keys are stored on the user’s device, removing the need to trust a third party, but also bringing more responsibility for the user. 

Many cryptocurrency enthusiasts swear by non-custodial wallets, as the fit the cryptocurrency ethos of decentralization and self-reliance. Quarashi Network seems to be in line with this idea, as their wallet uses a non-custodial design. The wallet can be used to store a huge number of different crypto assets, as it supports tokens from both the Ethereum and Binance Smart Chain blockchain. Users can perform transactions with the wallet by using either text addresses or QR codes.

2. Private chat

One of the most important aspects of Quarashi Network is their private chatting feature, which allows the app’s users to have fully encrypted conversations with each other. When setting up the chat, users don’t have to provide any personal information – it doesn’t even require a phone number or e-mail. The chat app also cannot access the user’s contacts or location, and is free of advertisements and trackers. Some additional features include private file sharing, and a secure screen that cannot be captured. Currently, 100 QUA tokens are required to unlock the chat functionality in the Quarashi app. 

3. Decentralized exchange

Decentralized exchanges are gaining more and more popularity with cryptocurrency investors, and Quarashi Network is also addressing this demand. Decentralized exchanges give users the ability to swap between tokens directly on the blockchain, without requiring any intermediaries – all the operations are performed through blockchain-based smart contracts. Decentralized exchanges are also a favorite among users who value privacy, as they are permissionless – anyone who has a wallet can participate. When trading through the Quarashi Decentralized Exchange module, there’s no requirement to deposit cryptocurrencies anywhere, as users retain the custody of their funds.

4. Token sales through IEOs and IDOs

Quarashi also plans to tap into the demand for IEOs and IDOs, which are two of the most popular token sale models today. The Quarashi IDO/IEO platform aims to simplify the process of participating in token sales, making them accessible even to users who might not be intimately familiar with using the blockchain and participating in DeFi. 

Recently, IDOs have been getting even more popular than IEOs, since tokens offered through an IDO are immediately listed on a DEX, instantly providing liquidity for token sale participants.

For IDOs held on Quarashi Network, eligible users will be chosen through a lottery system. For each 3,000 QUA tokens held, users will receive 1 ticket for the token sale lottery. Users with winning tickets will be able to participate in the sale, and those who have multiple tickets will have a better chance of being selected. 

The bottom line

The Quarashi Network team has set itself an ambitious goal of creating a platform that will serve the most important needs of all cryptocurrency investors and users. As we move forward, it will be interesting to see how the team executes on its plans, and whether they can deliver a broad set of features while maintaining a high-quality experience.

It’s worth mentioning that Quarashi Network is planning to launch their own token called QUA, which will provide utility across their ecosystem. Currently, the project is holding a pre-sale stage, which will last until the end of August. Moving forward, four addition QUA token sale stages will be announced. We should also note that an MVP version of the Quarashi Network app is available for download on the Google Play store.

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