ETHERC.IO:The World’s First Decentralized Exchange With A Solution For Gas-Free Trading

5 min readMay 12, 2018

OverView

ETHERC.IO is a new fully Decentralized Ethereum Token Exchange. It’s the world’s first Decentralized Exchange that established a solution for Gas-Free trading.

Today we’re proud to announce the release of our exchange and there’re already over 400 tokens listed on it. So welcome to try it out and trade your tokens at http://etherc.io, your feedbacks and suggestions are really appreciated.

Another Decentralized Exchange, Why?

Compared with centralized exchange, decentralized exchange has higher security because traders have 100% control of their funds in exchange all the time, thanks to the Ethereum network and the smart contract capabilities. But there are few decentralized exchanges that users can choose, and the user experience of the major decentralized exchanges is also a little poor. Other than that, the slow loading speed, failed transactions occur frequently, etc. makes it hard for users to use them. To redress these shortfalls, we decided to build a decentralized exchange to make the user experience better and the whole trading process much smoother.

Why Should You Choose ETHERC?

As we said above, we aim to build a decentralized exchange with better user experience and smoother trading process. But we still found that even though the decentralized exchange has higher security but most traders may not choose it because each transaction is required to pay gas fee to Ethereum network. Thus traders need a little more extra Ether to cover the cost of Ethereum transactions besides trading fees. This maybe the main reason why most traders never choose decentralized exchange.
It’s on this basis that we built ETHERC.IO and established a solution for Gas-Free trading. We call this solution/system “Token-Based Fee Reimbursement & Reward System” which has already been coded in our smart contract. Which means that everyone trading on our exchange can get their transactions completed with MINIMAL or ZERO ether consumption.Please see details below about how this system works.

Our Solution For Gas-Fee Trading: Token-Based Fee Reimbursement & Reward System

It is well known that trading on a decentralized exchange incurs two types of fees:

Trading Fee: Charged by decentralized exchange on all trades.
Gas Fee: Charged by the Ethereum network on all Ethereum transactions.

According to our programming, our system(Token-Based Fee Reimbursement & Reward System) will use ETHERCToken(EET) to reimburse users for the fees(including trading fees and gas fees) at a fixed ratio and the entire process is fully automatic powered by smart contract. In a word, after each trading transaction completed, market takers will receive some EET tokens as the reimbursement for fees and market makers will also receive EET tokens as a trading reward. We can thus build an active and healthy ecosystem for trading on our exchange. More importantly, when gas consumption can be reimbursed, a higher gas price can be set for each transaction, which means that each transaction can be completed faster. Just to make things clearer, the below chart shows how the system works:

IMPORTANT NOTICE: The Token-Based Fee Reimbursement & Reward System will be released and deployed on Ethereum mainnet in early June.

*The initial Fee Reimbursement Ratio will be 10000EET/ETH. But it will be adjusted frequently according to the market price of EET.

About ETHERCToken(EET)

ETHERCToken is an exchange-backed ERC20 Ethereum token officially issued by ETHERC decentralized exchange. Unlike other projects, there won’t be an ICO, but we will distribute most of the tokens to our community and our traders via airdrop, bounties, etc. It is worth mentioning that 50% of the total ETHERCToken token supply will be initially dedicated to the “Token-Based Fee Reimbursement & Reward System”.

In order to maintain the price of EET:

We will take out 30% of our earnings in each quarter to buy back tokens and burn them.
We also plan to create more services/apps which can be paid by EET. More details will be published in the near future.
We does not currently charge a fee for listing a token on our Exchange, but we plan to charge an appropriate fee for listing in 2019. By then, we only accept EET as the payment.
More measures will be taken later to maintain the price of EET…

About Our Smart Contracts

Our trading smart contract (ETHERCExchange.sol) was built based on the principles first established by EtherDelta and used a very similar logical structure but with some important updates. For example, we have more rigorous validation of the trading function to reduce the probability of failed transactions and we added a function to record gas consumption of each transaction which is used for our Token-Based Fee Reimbursement & Reward System. For more details about our smart contracts, you can review the code on Github: https://github.com/ETHERCIO/smart_contract or EtherScan: https://etherscan.io/address/ethercio.eth#code.

Token Listing

We does not currently charge a fee for listing a token on our Exchange, it’s totally free. We will consider all requests on a first come, first served basis. Follow the steps below to submit your listing request:

Simply fill out the ETHERC Token Request Form here: https://docs.google.com/forms/d/e/1FAIpQLSfXYIo9ZmljVBxWfySmSvKnZ7u7nqrFwSPBkytPK6VD8GDySA/viewform to provide us some necessary information of your token, such as token name, address, symbol, deciamls, website, etc.
Besides, your token’s smart contract should be verified on EtherScan or open-source on Github.
Once we received your request, we will audit the code of your token carefully to make sure that there isn’t any bug.
If your token is audited and accepted by our team. It will be listed on our exchange in 48 hours.