PITIO — Hide the complexity for a simplicable decentralized exchange
Recently, one of ByteTrade partners launched a new third-party open source project — “PITIO”, which is designed to improve the user experience of ByteTrade decentralized exchange(here in after called ByteTrade DEX) by simplifying the cross-chain deposit and withdraw procedures.
Before the invention of PITIO, if users want to transfer his or her tokens from other exchanges to ByteTrade DEX, they have to deposit tokens to their own wallet, and then transfer the tokens to the smart contract/script.
In this way, users have 100% control over their assets, and it can ensure the safety of the user’s assets to the greatest extent. However, compared to the centralized exchange, there is one more step in the process, which may affect the user experience.
PITIO hides the complexity behind the code, and presents the users with a decentralized exchange that balances security and user experience.
So, how does it work? Let us take the deposit process for example.
1. When PITIO is initialized, it generates a deposit/withdraw address for each user (hereinafter called ‘transit address’). All Ethereum assets share one address, and all BTC assets share one address.
2. PITIO sets up an independent “transfer fee address” and provides the fee.
3. PITIO monitors the “transit address”. When user deposits assets to the “transit address”, PITIO will transfer the required ETH from “transfer fee address” to “transit address” according to the real-time gas level of the Ethereum network. The ETH will be used to pay the gas fee for the subsequent operation of the user.
4. After receiving all the required transfer fees, the “transit address” will automatically start the cross-chain deposit process to transfer the assets to the smart contract/script.
The entire process described above can be retrieved in the BTON or Ethereum block explorer.
In summary, PITIO system will hand over the operations that were originally performed by the user to the program automatically. It simplifies the user’s operation process and enhances the user experience. At the same time, user’s assets were still locked in the smart contract/script through asset anchoring. In this case, asset security is fully guaranteed.
If the blockchain will help us migrate from the real world to the digital world, then ByteTrade will help us migrate from a centralized world to a decentralized world. ByteTrade has always been committed to creating a decentralized public chain ecosystem, but in product design, we always uphold the user-centered principle, and spare no effort to improve the user experience. Cross-chain has never been an easy task, ByteTrade implements it; decentralized exchanges have a poor user experience, ByteTrade improves it. If you believe that technology can change the world and “the geek is the new god”, follow ByteTrade.
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