Interview: Justin Tabb and the Amplify Exchange
In 2018, we saw the launch of his company Substratum, a decentralized web that allows users to download the SubstratumNode to circumvent internet censorship and earn cryptocurrency in the form of SUB tokens for routing the network’s requests.
And Tabb’s latest project, Amplify Exchange, is a subset of Substratum that’s designed to be a centralized and decentralized exchange–or, as Tabb calls it, a “hybrid exchange.”
To learn more about his new project, we sat down with Tabb to hear about what Amplify Exchange has to offer, as well as why it’s significantly a step above the other exchanges.
Can you tell us about the new project Substratum will be releasing in 2019?
Amplify Exchange is a company and product born out of the vision for Substratum but separate in every way. The concept is combining the benefits of distributed exchanges with the benefits of decentralized exchanges in order to create the first ever hybrid exchange. The product will be released in several phases. The first phase which we plan on releasing mid-2019 is our brokerage-like platform which will introduce a simple user interface for people who want to buy crypto but don’t know how.
The second phase will introduce more advanced trading features including the implementation of a few components that are available through traditional markets.
The third phase will integrate with the Substratum Network to provide decentralized functionality.
Who is this project geared towards and what problems does it solve?
Each of the phases meets a different need. The first phase will be geared towards new crypto users who just want to quickly and easily buy crypto without complication. The second phase will offer the tools for more advanced and institutional traders; our goal is to provide the data these market participants need to gain confidence and make quality trades within the crypto market.
The third phase is where the beauty comes in. Currently, distributed exchanges have one major shortcoming, and that is they are easily censored by oppressive organizations. The third phase of Amplify Exchange will integrate with the open-source SubstratumNode to ensure that can’t happen anymore. The goal of all of our projects is to provide a level digital playing field worldwide, and this will help do that.
Why did Substratum decide to hold a second ICO for their new project?
Substratum did not hold a second ICO. Amplify Exchange is a stand-alone company that raised funds privately and opened up for public ICO in November.
Why was the Amplify Public ICO canceled?
The market was in a state where confidence was very low marketwide, so we decided to cancel the Amplify ICO for the overall future good of the project and to remove any legal question marks that ICO’s raise. Instead, we decided that proceeding with our private funds was the right call.
We have canceled the ICO, refunded any people who have participated, and allowed them to keep the tokens they purchased as a gift from Amplify. Amplify tokens will be the lifeblood of the Amplify Exchange and will be available for public purchase on the Amplify Exchange, so your AMPX tokens will be fully usable in the future.
When does the team expect the Amplify Exchange to go live?
We are aiming to have the first of several phases complete by mid-2019, afterward, we will proceed with the subsequent phases that follow the initial release.
Look out for the Amplify Exchange in 2019!
Amplify Exchange is looking to change the game with their unique hybrid exchange. Although it is still early, the development schedule for Tabb and the Amplify Exchange team looks sound. Essentially taking a “training wheels” approach to building out a top-tier platform before going fully decentralized, the three-phase development plan ensures each step in production will be taken care of diligently. All-in-all, Amplify Exchange is definitely something to keep an eye on.
By Angela Scott-Briggs