Earlier today the Binance telegram group was swirling with complaints from users not being able to use their accounts. People were quickly jumping to their own conclusions, had the exchange been hacked?
The problem with operating a business in the cryptocurrency world is when something goes wrong. Even the smallest issue, can trigger immense alarm and panic in the wider trading community. Suddenly everyone remembers all the exchanges that have been hacked in the past. This is an unfortunate consequence of operating in the cryptocurrency world: a small bug can usually be an indication of bigger problems on the horizon.
Binance's CEO Zhao Changpeng quickly came out on Twitter to try and calm the masses, explaining it was only a small technical glitch & nothing more to worry about:
We missed a bug that went into prod today, causing DB load issues immediately. It’s being fixed, will take 30-60 minutes. No need to repeatedly login. Just wait until we fix it. Thank you for your understanding and support! Again, #allfundsaresafe.— CZ (@cz_binance) April 4, 2018
Yet speculation & distrust will surely continue to brew. It was only recently that Binance locked down all trading activity completely, advising it was simply due to some "irregular trading activity" they had spotted.
Many feel this was not the case at all and that Binance was actually subject to a massive API hack, with the goal of pumping VIA coin. Something they continue to deny, yet the evidence of VIA jumping up by 10,000% and back down again in a matter of minutes is hard not to look at.
Either way that you look at it, a small glitch or a massive hack: the trader has been left out in the open with his pants down.
Once again you have been locked out of trading. Unable to access your funds and have no idea what is going on. By the time you are able to trade once more, you may have lost the opportunity to make a profit. All that time you spent analyzing the market becomes completely wasted & obsolete.
Saturn Network's Decentralized Architecture Removes All These Concerns
Saturn Network allows you to trade completely on the Ethereum blockchain, meaning it does not matter if our webpage is up & running. It is not possible to have any downtime, because no one can censor the blockchain. There is no way to suspend a trader from using Saturn Network, you do not have an account to suspend or a login to turn off.
This means that by switching to a decentralized platform, you do not have to lose sleep worrying about the next time your account fails to login.
Furthermore, there is no way for you to be denied access to order book and market data. Do we see Binance providing us with any solid proof that they were not a target of a hack to manipulate VIA coin's price?
An exchange that follows the Saturn protocol's decentralized exchange architecture means that all market data information will all be stored on the blockchain. This means an exchange cannot deny anything - because you will be able to see it with your own eyes and make your own solid conclusions.