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What is Distributed Ledger Technology
A distributed ledger (also called a shared ledger, or distributed ledger technology, DLT) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions. There is no central administrator or centralized data storage.
Distributed ledgers are mostly known because of their use as cryptocurrencies, even if technically speaking the cryptocurrency and the underlying ledger are two different things. However, in practice, a distributed ledger needs to have a cryptocurrency (proprietary or used from another ledger) in order to provide incentives to keep the nodes up and running. Other possible uses beside cryptocurrencies include smart contracts (First introduced by Ethereum) or file storage.
source : wikipedia
Introduction DAEX Blockchain
DAEX is a clearing solution for centralized cryptocurrency trading based on Distributed Ledger Technology. Clearing and settlement rules are programmed into DAEX Clearing Smart Contracts. All clearing processes run automatically without human intervention. The clearing objectivity is guaranteed by the consensus mechanism on the clearing chain. In addition, ours customers digital assets are registered and stored in the DAEX clearing chain. No other institution or individual can access this asset without the owner's permission. Check this video below to learn more.
Implementations
The Clearing Chain
Cryptocurrency clearing service based on distributed ledger technology. It uses Clearing as a Service (CaaS) method to provide clearing services for cryptocurrency exchanges.DAEX Wallet
A cryptocurrency wallet that supports multiple signatures and multiple digital assets. It accesses exchanges to trade cryptocurrencies and the clearing chain to manage its assets.Multiple-Part Private Key
A private key that is broken into several parts. Some parts have to be used together to access assets in the wallet.Clearing as a Service (CaaS)
A clearing service that is provided using a cloud mode. The clearing facility is deployed on a public cloud. Exchanges and clearing members obtain clearing related services through APIs or clients.
With the presence of DAEX, it's hoped that it will be more effective in current cryptocurrency problem and risks. Making a solid foundation for the development of industry.
The main purpose of DAEX is to provide better infrastructure for cryptocurrency exchange by taking part in the main security of exchange industry and by taking advantages of the new chance that brought by distributed ledger technology. Specifically, trading and clearing will become separated into different entities. At this time the centralized exchange will continue provide trading services.
Security Problem
Hacking is still common in several exchange companies. This is difficult to avoid because of the lack of additional security on each platform. After hacking occurs frequently, many exchanges must reach consensus that general clearing and asset custodial services are needed to protect the market and to ensure sustainable market growth. The rapid development of cryptocurrency trading requires a more effective and safer clearing service. Therefore DAEX is the answer to the needs of this market.
DAEX Blockchain Ecosystem
Within the Ecosystem, DAEX consists of clearing services based on Distributed Ledger Technology, Centralized Exchange and the user's wallet. Traders use their wallets to trade on exchanges. After trading is matched on the exchange, the exchange sends trades that match the clearing service. CaaS clearing services are carried out by smart contracts on distributed ledger technology. During the initial phase of DAEX, cryptocurrency will be served. During the future DAEX phase, cryptocurrency derivatives will be serviced. That is, DAEX will provide clearing services for cryptocurrency derivatives traded on the exchange.
Advantages
Secure
Participating exchanges must meet the business and technology requirements of the ecosystem, thus the quality of trading service is maintained. User’s assets are all held on the blockchain. Assets cannot be moved without user’s admission. Multiple-part private key further protect user’s assets and also a safe recovery mechanism in case a user loses his private key. Smart contract and the blockchain technology guarantees the correctness of clearing and settlement.Trust
Decoupling between trading and clearing is the best way to guarantee the safety of customer trading assets. The insurance fund contributed by participating exchanges provides another layer of safety. The DAEX ecosystem therefore provides a trustworthy environment for exchanges and traders.Open
First of all, the DAEX ecosystem is open to and welcome new exchanges. Exchanges that participate in the DAEX ecosystem can use all products and services provided by DAEX, including wallets and clearing. Secondly, participating exchanges can expect to use more value added services DAEX is going to provide, including cryptocurrency derivatives trading.
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More Detail :
DAEX Website : https://www.daex.io
DAEX Paper : https://www.daex.io/daexPaper.do
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ETH Address :
0x596D7084059fe41C237449584163045c3990308c