Digitex: A house of exchange for future contracts free of commissions
Defining the term: “Futures Contracts”
Investopedia defines it as:
“A futures contract is a legal agreement to buy or sell a particular product or asset at a predetermined price at a specific time in the future.” Futures contracts are standardized in terms of quality and quantity to facilitate trading in a market. futures contract The buyer of a futures contract assumes the obligation to buy the underlying asset when the futures contract expires The seller of the futures contract assumes the obligation to provide the underlying asset on the maturity date”.
The CME-Group Institute defines it in the following way
“Forward and futures contracts are financial instruments that allow market participants to compensate or assume the risk of a change in the price of an asset over time.
A futures contract is different from a forward contract in two important ways: first, a futures contract is a legally binding agreement to buy or sell a standardized asset on a specific date or during a specific month. Secondly, this transaction is facilitated through a house of exchange for future contracts”.
The traditional banks although they make life easier for many people, financing projects, making loans, and above all facilitating the exchange of FIAT money between people, these services however are not free.
Banks charge high interest for the loans granted and for the money with which they finance projects, in addition to the high fees charged for each Fiat money exchange transaction between users, either from the same bank as in others.
In a similar way criptomonedas exchange houses were created, these platforms were created to facilitate the exchange of crypto currencies between users, either within the same exchange house, as between different exchange houses. What becomes its great benefit decentralization, removing control of money and assets to the big bankers.
“The significant advantages of cryptocurrencies over banks in several areas, including security, settlement of transactions without borders, efficient settlement of payments and lack of dependence on service providers or centralized entities.”
Just as there are cryptocurrency exchange houses, there are also exchange houses specialized in the exchange of Futures Contracts, where special commissions are established for this type of transactions.
However, equally that traditional banks, cryptocurrency exchange houses, whether they handle future contracts or not, charge high fees for their services, claiming the collection of operating costs to maintain the platform in a stable and functional condition.
For the common user these commission charges in a hard hit to finance. And even more for the user who performs operations more frequently, perhaps with relatively small amounts. If we add the commissions paid for each transaction in the exchange offices, we would not be surprised by the large amount of money paid in commissions by the users.
Digitex is a dream come true
What is Digitex?
Digitex comes to revolutionize the world of exchange houses, since it does not charge commissions.
Digitex offers in an improved way all the services and benefits of any house of exchange of cryptocurrency specialized in future contracts, but does not charge commission for transaction or for any of its services. On the contrary, the user can earn profits by investing and using the Digitex platform.
Digitex is the dream fulfilled of every crypto-investor, the dream of every tradder and of any user who makes trade with future contracts.
This is how Digitex was created, the investor and merchant in cryptocurrencies Adam Todd worked to materialize this dream, always thinking from the point of view of the user who uses the exchange house and is defenseless before the rules of payment of commissions, then, tired of so many commissions paid day after day, transaction after transaction, he and his team developed Digitex.
But it is not yet understood that Digitex wins with offering these services, if it does not charge commission. Digitex will not produce profits for the use of its platform?
Answer: Of course, yes. Everyone wins.
How will the platform’s operating expenses be covered? How do they all win?
With Digitex you earn in three direct ways:
1.- The use of Digitex: You want to use a versatile, fast and safe exchange house. With all the services that a house of change of future contracts must possess.
2.- The savings for not charging commissions: Thank you that Digitex does not charge commissions per transaction, it is earned thanks to the saving of these expenses.
3.- With the obtaining of DGTX.
What is DGTX?
DGTX is the native token of Digitex, which is already available to anyone who wishes to obtain them (can be located in Mercatox). This token is necessary to perform operations on Digitex. And with which the user can make a profit by owning them. In addition to being the means by which the platform may cover the operating costs of maintaining.
To explain it a little, Imagine that a traditional bank promotes that it will not charge commissions in Fiat currency for maintenance of accounts, nor will it charge commissions for the operations that the user makes, it sounds great indeed (but we had already said lines above). But the situation improves, imagine that this same bank offers to be members of the bank, if in addition to not charging commissions offers shares of your bank!
Well this is something similar, Digitex not only offer the best services of a house of change, not only offers not charge commission, but offers the user to be a Digitex partner. With the obtaining of the TOKEN DGTX.
Thanks to the fact that Digitex does not charge commissions, many tradders and crypto-investors will be captured to use the platform. Because the DGTX is necessary to carry out transactions in Digitex, the DGTX will be sued. And therefore its value can go up, and generate profits.
Using the example of the traditional bank, the user who decided to use the bank because it offers good service, also will not charge commission, and now is a partner of the bank. It will promote work, opinion, promotion, so that the actions of the bank increase their value. Well in the same way happens with the DGTX, the users of the platform will watch, promote, promote the platform, to establish a WIN-WIN, and that the DGTX increases its value.
In addition to giving its owner the power to comment (according to the amount of token or shares possessed) the amount of new shares or token to generate to cover the growing demand for the increasing income of new users.
That is, each Digitex user who owns DGTX will have a voting power, or the option to delegate that power to another user. To decide the amount of new tokens to be issued, and to be able to control supply and demand, and consequently their market value.
DGTX Token Supply and Distribution
The 700,000,000 (700M) DGTX tokens were sold to the public at $ 0.01 per token at the DGTX ICO on January 15. All DGTX sold out in just 17 minutes, this accumulated a total of $ 5.4 million raised among 2,530 buyers.
To ensure that the team develops a stable and self-sustaining business model, the 100m of DGTX tokens destined for the team are blocked in a 3-year allotment schedule.
DGTX Token uses Intelligent Contract ERC223
Adam Todd decided to use the newer and less used Intelligent ERC223 Contract to manage the Digitex Futures Exchange.
“I was especially attracted to the cheaper gas costs of ERC223 in decentralized exchanges. But in retrospect, it made it more difficult to get the DGTX token listed early in the decentralized exchanges because they had not updated their smart contracts. So we would have had more exposure to the market before if we had chosen the ERC20 standard.”
There are two essential characteristics for this decision:
1.- With the ERC223 tokens, the user only pays Gas for the transfer function: Unlike the Token ERC20 (most common token), the user must pay for gas in two steps, the first step in interacting the token with the Smart Contract, and the second step pays Gas for the transaction fee.
2.- With the ERC223 token the money is not lost if the user misses the address to be transferred: there is a fail-safe mechanism that is activated when someone accidentally sends their cards to the wrong address, which prevents them from losing their assets digital forever.
If you want more information about Token ERC, and specifically ERC223, I invite you to read the following articles:
Comparison with other exchanges
“In a well-defined and stable market, margins are very small, unlike the Digitex Futures Exchange, the current stock exchanges have fees associated with trading futures contracts.In thin margins, these fees can easily make a trader another way to be profitable becomes a point of balance or even a losing operator.”
In the image you can obviously see the economic benefits of having an Exchange where commissions are not charged.
Digitex are displayed in a very nice and intuitive interface that allows operators to send buy and sell orders instantly by just using the computer mouse. Thus operators never need to look away from the price action.
Guaranteed Security “Decentralized account balances”
Digitex does not freeze or mismanage users’ funds, because physically they do not have access to the user’s money. The balance of the accounts with which it will be traded in the exchange is kept protected by a decentralized and independent intelligent contract in the blockchain of Ethereum.
Making Digitex practically free of hacker attacks, because there are no funds to steal on the Digitex platform.
1.- Small cripto merchant: Jhon is the owner of a small technology store, where he sells items such as tablets, cell phones, etc. using future contracts. However, it has seen its sales fall because its customers complain that they must pay commissions that represent a very high percentage in relation to the purchase they are making. To avoid this, Jhon decides to offer his clients to pay half of the commission charged by the exchange house for the transaction. One day, when you offer this option to a client, he talks to you and promotes Digitex with all its benefits. Being a solution for Jhon and all his clients.
2.- Professional Tradder in the future contracts market: Mike is a great tradder, he is doing well and he has made a profit of 4000 dollars per month. It feels like the king of the hill, until in a conversation with a colleague, he mentions that he added the amount of expenses for commission of transactions made and is a considerable amount. Mike goes home, pulls out the calculator and starts checking. He realizes that he has paid almost 1000 dollars in commissions, that is approximately 25% of his earnings. Then, he calls his colleague and mentions what he determined in his accounts, and his colleague mentions that he could not tell him about Digitex in his previous conversation, because he did not handle all the information. But he recommends using Digitex where the commission payment is part of the past.
I am not a professional tradder neither with cryptocurrencies nor with future contracts, I have made some transactions with cryptocurrencies, really of small amount that do not reach the 500 dollars. And for this same reason it hurts even more when I have to pay commissions per transaction. Because that commission becomes a considerable percentage in relation to the small amount of cryptocurrencies that I have transferred. Not to mention venturing with the acquisition of future contracts, where special commissions are very high.
However, if I venture to acquire future contracts, Digitex becomes a response to my predicament, since I would not pay commission.
By acquiring DGTX, not only gives me the ability to perform transactions in Digitex (free of commission), but it makes me somehow a partner of the platform and its environment. Giving me the benefit and responsibility of ensuring the best interests of Digitex and the users that we will make life in the exchange house. Taking me to do promotion and being an ambassador of Digitex in any transaction that he makes, offering it to the person with whom he is doing any business.
As I wrote earlier, Digitex is a dream for crypto-investors, especially those who use future contracts, but Digitex goes further. Digitex is the house of change of future contracts that makes you part of a dream come true.