Blockchain technology backed cryptocurrencies are on the rise today. It's distributed ledger technology amazed the world. And everyone wants to explore these crypto assets. Thus crypto market has exceeded $280 billions in 2017. The best way to access these cryptos is on the exchanges. Exchanges provide easy access to cryptocurrencies. The insane price growth of crypto assets has exceeded the stock market, gold and real estate.
Presently we have two types of exchanges namely centralized & decentralized exchanges. Decentralized exchanges works on distributed ledges technology (DLT) and they are the future of crypto exchanges. Distributed exchanges works on their own and every trading action is automatic. The main advantage of these exchanges is that user funds are protected & the transaction fee is less. But the liquidity and order matching speed is less in distributed exchanges.
On the other side centralized exchanges are controlled by centralized authority. Every trading action is done according to the instructions. The main advantages of centralized exchanges is high order matching speed and liquidity. But user funds are stored in centralized wallets and any flaw leads to hacking attack. Centralized exchanges are non transparent in order matching process. Recent My.Gox and YoBit incidents puts a question mark here.
DAEX is an exchange powered by distributed ledger technology. It provides solution to centralized exchange problems. In DAEX order matching and clearing is done through programmed smart contracts. And it protects user assets.
Vision
The main aim of DAEX is to create a mainstream crypto trading ecosystem powered by distributed ledger technology. The order clearing service is based on DLT. In DAEX the traders crypto assets are stored in their own account. Thus users have full control over their assets. Every order clearing is done through smart contracts and this increases trust. It is committed to bring transparency in crypto exchange ecosystem.
Principle of operation
DAEX ecosystem has secure order clearing system based on DLT. DAEX acts as a custodian which ensures sustainable market growth. In the DAEX exchange traders can use their wallets to trade directly. Here users have full control over their assets and without their permission nobody can do anything. Multiple private key system further strengthens the security for users asset.
Once the order is matched on exchange, then it is sent to clearing chain. The clearing smart contact first validates the matched order and then clears the order. Clearing process is authenticated by consensus mechanism. DAEX clearing chain supports different wallet settlement. Through inter blockchain assets settlement protocol DAEX allow users to make transaction between different assets.
The DAEX wallet supports three part key system namely user part, wallet part and backup part. DAEX uses DAX token which is Ethereum blockchain based ERC20 token. Users get rewarded holding and witnessing clearing service.
Benefits of DAEX Ecosystem :
• DAEX is a secure place to trade as it is powered by DLT and order clearing through smart contracts. Multiple private key system secures user funds
• Blockchain based DLT and smart contracts adoption increases trust in the ecosystem
• DAEX is more transparent and open that every action on the exchange is publically visible
• It has automatic order clearing system
• The DAX token holders can access all DAEX platform features and they will receive reward for holding and witnessing clearing process
Token Allocation
Roadmap
Team
Conclusion
DAEX ecosystem is much needed in the present state of crypto market. It is powered by distributed ledger technology and uses smart contracts to execute clearing orders. This increases the transparency and trust in the system. DAEX protects user funds with multiple private key system. In future DAEX supports margin trading. DAEX is a best place to trade securely. It is very promising project to invest.
Learn more about DAEX:
Website: https://daex.io
Read whitepaper: https://www.daex.io/daexPaper.do
ANN thread: https://bitcointalk.org/index.php?topic=2910479.0
Telegram: https://t.me/daexofficialgroup_en
Facebook: https://www.facebook.com/daexblockchain/
Twitter: https://twitter.com/daexblockchain
LinkedIn: https://www.linkedin.com/company/daex-blockchain-group-limited
About Author:
Bitcointalk username: Abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
ETH address: 0x96e95a1F40cf5a50178053740ADE18046815362d
