Overview:
weiDex is a decentralized exchange which is aiming to remove the third parties involved in centralized exchanges. It is developing a decentralized platform where the assets of the traders are no longer held by third party. The users can now directly trade with each other with the help of decentralized multi-signature escrow system provided by weiDex. Since the third party or intermediaries are eliminated the need for giving personal data of users is no longer required. weiDex also prevents data loss as the data will not be stored at one place but it will be distributed across different network.
Challenges:
There are many problems in cryptocurrency exchanges such as poor liquidity, no market regulations, complex integration process etc. Due to these problems cryptocurrency is lagging to set its foot mark in the current market. The cryptocurrency exchanges provide low security to the users and many incidences have occurred where the exchanges are being hacked and huge amount of cryptocurrencies have been stolen.
weiDex:
weiDex is therefore developing a decentralized exchange to overcome the limitations of centralized exchanges. The following are the features of weiDex:
• Referral System:
If a user invites his/her friend to join this platform, weiDex provides benefits to such users by transferring 20% of exchange trading fees of their friends to the user’s wallet.
• Low Fees:
weiDex is providing a cost-effective platform by charging low fees as compared to other exchanges. It is also providing additional benefit to the users by carrying out their trading free only after a certain amount of volume is reached.
• Multiple Order Fulfilment:
This decentralized exchange enables users to place a certain amount of order and the smart contracts will carry out the multiple transactions as many needed by the user. The user here will get charged for only one transaction.
• Cross-chain Transaction:
Cross-chain transactions pose a main challenge in most of the exchanges. weiDex is carrying out cross-chain transactions with the help of atomic swap. Atomic swap is a process where one cryptocurrency is exchanged with other cryptocurrency without the interference of third party.
Atomic Swap is carried out as follows:
If a user X has Ether and is willing to give his Ether to user Y who is holding Bitcoin in exchange of Bitcoin then both the users X and Y will generate a secret key and a secret lock. After this user Y sends his/her secret lock to X along with the address of transaction. User Y will check the details and then makes a call by sending the ether with his/her secret lock. When both the parties agree for a transaction they send the secret key to each other and then receive the bitcoin and ether in exchange. In case if any party does not wish to carry out the transaction then the cryptocurrency of opposite party will be held by smart contracts for certain period of time and then will be released back to the owner.
Team:
Tito Titov – CEO
Experienced Chief Executive Officer with a demonstrated history of working in the computer software industry. Skilled in web development and blockchain technology. Strong business development, communication and management skills. Public speaker and blockchain enthusiast.
Rali Ralev – CTO
He has worked in companies like weiChain, Funding Circe UK , SAP, Ablitics etc. He is also well versed with HTML, ASP.NET, JavaScript, C++ and many more.
Krasimir Raykov – Blockchain Architect
5+ years of experience in systems development, back-end development and a strong understanding of a statically typed languages like Java, C++ and Solidity.
Token Matrix:
Token name - weiDex
Token symbol - WDX
Price of token – $0.50
Hard Cap - $ 15,000,000
Total supply - 50 000 000 WDX
Token type - ERC-827 (extended ERC20)
Verdict:
Pros:
• The team behind this project has experience in computer software, cloud integration, web development, marketing etc.
• There are 5 advisors for this project having background of marketing, business development, software development etc.
• The whitepaper of this project is written in simple language and is easy to understand.
Cons:
• The team members and advisors do not have blockchain background.
• The information about the partnership is not given on the website and whitepaper.
• The MVP of this project is not yet available.
Website: https://weidex.market/
Whitepaper: https://weidex.market/images/whitepaper.pdf?v=1.0.0
Telegram: https://t.me/weidex
Twitter: https://twitter.com/weidex2
Bitcointalk Username: rshetty3344
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=1907004
ETH address: 0x137F3CC2750C9b9bF639Cd4Bf8CB63c56823aC3c