DAEX: Revolutionizing the Cryptocurrency Exchange Business
The cryptocurrency exchange platform is witnessing an accelerated growth. Currently, the market value of every cryptocurrency combined is by far more than two hundred billion. New cryptocurrencies keep sprouting each day. The activeness of the cryptocurrency world keep ushering in more and more trading exchange platforms.
However, the fast growth of cryptocurrency demands for better and safer clearance service. Following the repeated attempts by hackers and security incidents, several exchanges have resolved to synergize and agree on a single clearing and asset custodian service needed to shield the market and as well ensure the steady growth of the market. DAEX comes as a solution to this identified gap in the cryptocurrency market.
DAEX ecosystem is made up of a clearing system that leverages on the shared ledger technology, centralized platforms and user wallets. Traders make use of the wallets to do trades on their exchanges. Upon successful matching of trades on the exchanges, the exchange forwards the matched trades to the clearing service.
Such clearing service, Clearing as a Service, CaaS, is undertaken using smart contracts using the shared ledger technology.
Benefits of Using DAEX Exchange Platform
Safety of Participants
The exchanges that will participate has to satisfy the business and technology stipulations of the DAEX ecosystem, as such, the trading service offered is of high quality. The assets of users are kept on the blockchain. Thee assets cannot be accessed without the express permission of the users.
Several part private key further secure the assets of the uses and as well offer a safe path to retrieve the private key should a user mistakenly lose it. Using Smart Contracts and Blockchain technology ensures preciseness in clearing and settlement.
Yet another advantage of the DAEX platform is trust. Separating trading from clearing is the most efficient means of ensuring the safety of the trading assets of the customers. The insurance fund issued by participating exchanges offers a different level of safety. As such DAEX ecosystem, offers a trustworthy platform for exchanges as well as traders.
Openness and Transparency
In the first instance, the DAEX ecosystem is a fee for all platform that accepts new exchanges. Exchanges that makes use of the DAEX platform can take advantage of every products and services offered by DAEX platform such as the DAEX wallet and clearing.
Again, exchanges that uses the DAEX platform will get extra value added services that DAEX will offer as well as cryptocurrency derivative trading.
Participants in the DAEX Ecosystem
The DAEX Foundation
The DAEX Foundation is a Singapore-based company whose goal is to build the DAEX answer and as well foster its use among the other cryptocurrencies around. The DAEX Foundation’s role straddles information dissemination, compliance and auditing, fund handling, strategic decision making, arbitrage and reconciliation as well as public relationship.
Those wallet users whose identity has been confirmed can make USS if several functions Luke trading and asset delivery.
The DAEX offers cryptocurrency and allied trading services for wallet users and as well offers anode on the clearing blockchain.
The DAEX token is an ERC20 standard type token. The official ticker is DAX and it is Ethereum-oriented. The total volume in circulation is 2 billion tokens and every activities to be undertaken on the platform is through the use of the DAX token. It is used in compensating participants that contributed to the development of the platform.
Trading on the cryptocurrency platform is inherent with so many risks such that the trader can lose his assets if traded on a compromised platform. DAEX platform offersa way out from thus by presenting an option where the users need to approve access to their assets. By this system, trading on the cryptocurrency platform can be made more trustless.
DAEX Team members
For more information here are some useful links
“This article was created in exchange for a potential token reward through Bounty0x”