DueDEX, a crypto derivatives trading platform with a blockchain belief

cryptoGuard
Nov 5 · 4 min read

— — review of DueDEX CEO’s interview with @liluzivertcoin

DueDEX CEO, Bo Wang, received an exclusive interview with @liluzivertcoin. (https://medium.com/@liluzivertcoin/exclusive-interview-with-duedex-ceo-bo-wang-ca4c9841e5f0)

Bo shared his experiences in blockchain industry, team and plan of DueDEX, and industry insights. As we all know, the ability and spirit of the founder will finally determine the quality, capability and service of the product. Let’s have a quick review at what Bo said and why I personally have strong confidence towards their team and product.

Blockchain-centric experience

Compared to Authur Hayes (BitMEX, CEO), or Ben Zhou (Bybit, CEO), Bo entered the world of crypto earlier and with a more complete involvement. Early Bitcoin trading experience before 2013 not only offered Bo considerable profit, but also blew his mind from a technical perspective. With his strong background in the tech industry, Bo believed that this decentralized, transparent, secure and permission-less technology behind Bitcoin, now what we call blockchain, will finally change the world.

Successful investment in Ethereum deepened his belief to blockchain. He believes that blockchain could bring more changes than just from a technical perspective. It can provide a new type of fundraising with a comprehensive legal framework.

With the fund earned from previous crypto investments and great technical accumulation, Bo started his serial blockchain entrepreneurship. After the successful achievements with Factom, a public blockchain for proof of existence and a blockchain company providing services for SME. Bo started Delphy.

Let’s make it fair, as Blockchain

Delphy is a prediction market based on the blockchain of Ethereum. It combines blockchain with trading, monetizing and hedging people’s belief secured by a smart contract on blockchain, making it fair and impossible to manipulate. However, restricted by lack of liquidity and leverage, as well as the limitation of the technical capability of Ethereum, prediction market didn’t reach a mass audience.

Experience with Delphy enabled the team with a mature process of trading system development and arouse their awareness of what liquidity and leverage means to the current crypto market. The team never stopped their pursuit of implementing blockchain to realize fairness and transparency. After some experiments of building a decentralized crypto future exchange on EOS, the team decided to go centralized at this stage since even EOS, the blockchain with the best capability cannot meet the requirement for a crypto derivate trading platform. However, decentralization is always on the roadmap.

Going centralized doesn’t shed the importance of fairness on DueDEX. The word that mentioned most during the interview is FAIR. DueDEX puts fairness in its name: DueDEX = Due + Derivatives + Exchange. Due means appropriate and fair. It has no internal trading desk and offers no exchange token that’s subject to manipulation. With a final target of building a decentralized trading platform, Bo and his team stick to their promises firmly.

Users come first

That’s another thing that Bo mentioned a lot during the interview. Issues that many crypto derivatives exchanges have and bothered traders are overloading, platforms trading against customers and lack of customer service support. Bo and his team tried all means to bring the best services to traders.

Security comes first in a trading platform. Fortunately, with years of experience in blockchain industry, Bo’s team developed and accumulated, mature technologies, toolkits, procedures and knowhow to secure user’s funds. For example, DueDEX is utilizing a multi-signature, end-to-end cold wallet solution. When a deposit is made in DueDEX, it’s straight into a cold wallet. There’s no hot wallet used and no exposure of user’s funds on the internet. In the meantime, any crypto token withdrawal requires multiple layers of manual inspection with a minimum of two DueDEX founders being directly involved in this process.

Bank-level trading engine is used in DueDEX to prevent users from being disturbed by overloading. Bo has also set up an international team for a 24/7 customer service with multi-lingual multi-channel support. The team not only deal with trading issues that users are faced with, they are also building up a knowledge base for trading and even for fundamental basics of blockchain. In Bo’s opinion, great education & awareness can accelerate crypto tech and product development, build a more prosperous community, create better related policy and foster inter-government cooperation. Bo and his team would like to be an evangelist for blockchain, with real actions.

In the end

Unlike Wall Street white collar, Bo is more of a geek who is passionate about blockchain. He believes in fairness and openness and spares no effort to apply blockchain in every aspect of our daily life. DueDEX is the reflection of his blockchain belief, dedicating to build the next generation of the open, fair and secure financial system.

cryptoGuard

Written by

Experienced crypto trader and industry participant. Specialized in #BTC #ETH trading, spot and derivatives.

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