Tettix’s main goal is to build a decentralized exchange, which means we must not interfere trading between users. In this article, we are going to mention details that Tettix Team focus on when we design it.
Transaction Process
A traditional exchange requires four steps to finish a transaction, as below:
- Seller submits selling ticket
- Exchange writes ticket into database
- Buyer submits buying ticket
- Exchange writes finished transaction into database
Let’s take a look at figure 1, we can find that there is no real currency circulation. In traditional exchange, finishing a transaction only represents data updating in database. Buyer and seller won’t get the currency until they request to withdraw.
In the whole process, if the exchange encounters some problems, such as database exception or exchange’s wallets are hacked, buyer and seller need to share the losses caused by the exchange.
Oppositely, a real decentralized exchange can prevent this kind issue. The below steps are how a decentralized exchange deals transactions.
- Seller submits selling ticket
- Exchange writes ticket into database
- Buyer submits buying ticket
- Buyer deals with seller via MetaMask directly. Exchange soft delete ticket in database.
What decentralized exchanges need to do is to match trading from users and the let them trade directly rather than modifying data in database.
Transaction Verification Mechanism
The risk of Traditional exchanges is that they don’t provide transaction verification mechanism of their application.
As mentioned above, finishing a transaction doesn’t represents a real deal. Once exchanges cause loss for some reason, they can rollback all transactions which have been done. It’s actually not fair for users.
There are rumors that some exchanges purposely delay trading to benefit themselves. Although we can’t prove these rumors, it explains that transparency is an important characteristic in traditional exchanges.
Trading in decentralized exchange are directly recorded in Blockchain network. Additionally, each of record is verified by Blockchain to ensure its authenticity. This mechanism makes sure that exchanges cannot interfere trading.
As Figure 3, Tettix won’t interfere trading between users. Once our system matches successfully, it will finish the transaction via MetaMask directly.
User Privacy
Traditional exchange has to verify account in order to protect themselves by a lot of information which is highly related to user privacy. Once exchange is hacked, users' information will leak. This makes traditional exchange unreliable compared to decentralized one.
Nevertheless, Tettix is a real decentralized exchange. User can hold their own private key. We don't need to verify redundant information since we identify users via MetaMask. Trading on Tettix is smooth and secure.
User Interface
Tettix has a user-friendly interface which is easy and efficient to observe the trend of digital currency. We are going to provide many well-known analysis charts, such as MACD, Moving Average, K line, etc.
On top of that, Tettix will add all kinds of ethereum-based currency as soon as possible, including ICO’s. Make sure that user can trade in every kinds of currency.
As Figure 5, trading in Tettix is quite easy. User only needs to submit buying/selling ticket. Our system will match trading automatically. And then user finishes a transaction via MetaMask. It’s simple and safe.
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