BankDex to solve 7 major crypto exchanges concerns
BankDex is a user-friendly decentralized exchange, which ensures fiat trading with fast withdrawals and near-feeless transactions. Our team aims to involve new users in blockchain community by eliminating barriers relating with the complexity of buying, transferring & cashing out assets. In this article we research crypto exchanges market and our potential share at first, and then show our benefits and solutions and how it works.
DEX market overview
Encrybit team revealed real-time cryptocurrency exchange problems survey insights1. 1108 crypto traders were questioned: “What are the biggest concerns that you see in currently available exchanges!”. The main issues faced are:
The second question was which exchange do you like, and virtually all respondents referred to centralized exchanges (CEX) here. This survey can be supported by market researches. Trading data from six major centralized exchanges (Binance, Bitfinex, Bithumb HitBTC, Huobi and OKEX) was compared to that from nine leading decentralized exchanges (Bancor Network, BitShares, DDEX, EtherDelta, ForkDelta, IDEX, OpenLedger, StellarTerm, and the Waves Platform). The share of DEX was only 2% of the total trading volume2. The reason is clear: the current generation of DEX has made progress only in security concerns3, while contributing to all other problems and suffering new, like fragmented markets4, no fiat support5, no scaling6, the impossibility of transactions between different blockchains7. Also clear that market is looking forward to flagman product which will eliminate challenges and will enable market growth. Experts highly estimate its potential. Increasing the number of institutional investors8, DEXs should reach up to 4% of total crypto market volume within the next two years. This would mean growth of 5–20x for DEX usage.
Our team wants to introduce you the right way of problems solution. Meet BankDex that combines the benefits of both decentralized and centralized exchanges and eliminated their challenges.
How will we reach these goals? BankDex is built on a peer to peer architecture without the involvement from any third party APIs as the latter ones are the points of failure9 10. The underlying technology is a high-speed, fully decentralized and public blockchain platform that possesses Turing complete, autonomous Smart Contracts.
BankDex overcomes the scalability limits of current blockchain systems with the BankDex protocol that balances the trade-off between throughput and latencies. Thereby, enables the secure validation and confirmation of initial transactions in seconds, in place of minutes or even hours as in regular blockchain transactions. BankDex provides more than million transactions per second and data transaction per 0.1 seconds — 1000 times faster than other decentralized exchanges. New decision consensus algorithm is based on secure data processing and multiple validation.
BankDex smart contracts
The BankDex platform consists of fraud-proof & completely automated smart contracts with powerful business logic. They allow multiple transactions or order matching from multiple users at the same time at a fast rate. Smart contracts are responsible for: the assets storage and trade settlements execution; arbitrage for processing and keeping track of the transaction; wallet to wallet transactions. These contracts ensure easy methods for the creation and exchange of tokens, increasing their tradability and liquidity.
Multi-currency E-Wallet to support all kind of hardware and software wallets with no need to install various wallets on devices. Just one single BankDex secure wallet to store and transfer lots of cryptocurrencies. Multiple currency wallet facility enables the national currency transfer through compliant gateway operators.
This is truly a breakthrough achievement. Not only DEX don’t support fiat. There are only several large CEX that do support the conversion to fiat: Coinbase, Gemini, Kraken, Coinmama, Bitstamp11. Credit/debit cards, as well as bank transfers, are the two most popular payment means on these platforms12. Others exchanges force traders to buy BTC/ETH from a ‘gateway’ exchange before transferring it to the crypto exchange to trade with. This process takes time as well incurring a fee for the transfer.
Gateways to allow trading crypto and fiat currencies as long as they are on the BankDex platform. In the initial phase of development, BankDex users could trade US Dollar/Euro along with other 50 cryptocurrency tokens. BankDex provides scalability with the provision to trade more than 500 coins in the future.
Intuitive one-stop-shop interface to buy, sell, exchange cryptocurrencies and fiat. Our team involved experienced graphic designers and did the best to set up a very user-friendly environment for all users. A wide range of main languages of the world is supported. As a result, all people interested in crypto trading can enter the exchange and easily carry out their business activities without any hitch.
Other benefits & solutions
BankDex allows free trading, without any fees for the first 90 days. After the period, it imposes a nominal fee of 0.003USD.
Users can cancel all type of orders without any penalties. Feel free to order and cancel whenever you want.
BankDex decentralised exchange does not set a limit on the number of withdrawals to be carried out.
No KYC procedure
BankDex avoids the need for KYC procedure, maintain anonymity and thus preserving the privacy of traders involved in the trade. Also, without KYC you won’t face the complexity of registration on the exchanges. This process takes up to a couple weeks13 as exchanges are unable to keep their new account opening facility open all the time due to the influx of people.
In case of a lost account, BankDex has the built-in provision to enable account recovery to a new device.
BankDex includes simulator exchange that helps to improve trading without risking real money.
All the details of transactions such as the details of the order book, deposits and withdrawal are all stored transparently on the blockchain.
BankDex enables margin trading for its users with the help of a protocol that provides the facility through smart contracts.
How it works
Although the exchange possesses a centralized order matching system, the order settling is carried out in a decentralized way in the Blockchain. Thus, provides protection from front-running by concealing the orders.
The orders are paired off-chain in a centralized server before being executed on the Blockchain.
The trade in the exchange is conducted by market makers and market takers.
The market maker creates an order for exchanging, say, Token A for Token B. The order contains the desired exchange rates along with the expiration time. It is signed with the maker’s private key and submitted to the database for updating. The maker’s account is then verified for sufficient balance and the order is added to the order book.
The market taker intercepts the order and matches it. The exchange then verifies the taker account for sufficient balance and if found, the signed transactions are updated in the database and added in the order book.
The actual fund transfer on the blockchain takes place during the order settling phase. After all the dependent and associated trades are mined, the transaction is transferred to the blockchain, where it is mined and contract balances updated to represent the trade.
Once the transaction has been mined, the makers and takers are able to withdraw their funds.
BankDex satisfies all the requests of traders. It will claim to be the flagman of the DEXs and will compete on equal terms with the CEXs. Be with us, subscribe to our channels: