Aphelion Weekly Updates December 27th, 2018
We are incredibly excited to announce we are right on track for an Aphelion DEX re-launch this year. The DEX will be faster, stronger and fully compliant with US regulatory requirements. We’ve been making a ton of back-end changes on the servers, as well as, contract changes to bring an even better experience to our users.
Aphelion Partners with Worlds Winningest Compliance Weapon: Identity Mind Global
The recent precedent set by the SEC in its action against EtherDelta it become quite clear that all exchanges (decentralized or not) that allow US participation are in direct violation unless they are licensed as a national exchange. As far as we can tell Coinbase is the only exchange that has successfully become a broker dealer in its recent acquisition of Keystone Capital.
Aphelion is working towards a path to also get registered as a national exchange so we can open back up to US participation and that market. But until then we’ve been advised to protect the project we needed a solution to block US participation. So we pulled the DEX offline immediately and began vetting all possible solutions and finally landed a deal with Identity Mind.
Not only are we integrating with their world-class solution, but we are taking it a step further and are fully integrating a custom KYC/AML tool directly into the blockchain and into our wallets and across platforms (iOS, Mobile, Web & Desktop). Aphelion may very well be the worlds first blockchain based integrated KYC compliance DEX available. We are proud to say we’ve built an amazing solution that will allow the project to continue forward eventually into cross-chain and full US market participation.
We are putting the finishing touches on the new version and when we release in the next few days the process will be simple:
Step 1: Download and install the latest version of the Aphelion Wallet DEX
Step 2: Navigate to the DEX
Step 3: Attempt a deposit will prompt the KYC process module
It looks like this:
**Please Note: We will never collect or store your private documents. The API tool we’ve built checks against the Identity Mind database directly**
Once KYC is successful, Aphelion will hash an encrypted unique assigned userid on the blockchain to whitelist the approved users wallet address and the DEX deposit becomes available so users can trade at will.
If denied, DEX deposit option remains blocked and Aphelion stays compliant. There is a manual option if we the module prompts a suggested manual review and we will have the power to override in certain situations.
US participants will still have full use of the wallet and can still see DEX trading, token stats, etc they just won't be able to make a deposit to initiate trading on the DEX until we work toward a US broker-dealer solution.
Here are a few more shots of the tool integrated right into the wallet:
We mentioned previously that we are adjusting the fee structure and that is 100% confirmed. It will be a flat rate of .07% for all taker order across all pairs. Maker orders and buying APH will always be 100% fee free. The updated fee structure accomplishes two things:
- Aphelion will be the least expensive trading option available anywhere
- The DEX will collect significantly more fees than before allowing committed users to share in greater rewards.
Aphelion ICO Hub is Coming
Last week we announced we are also integrating an APhelion ICO Hub feature that will allow projects to utilize the Aphelion DEX to facilitate their entire ICO process. Because our DEX will have an iron-clad KYC integration and an inherent token distribution listing and distribution solution, the Aphelion DEX is the perfect tech vehicle for facilitating ICOs. Our tech solves for many of the challenges facing new tokens getting to market.
We have a vision of becoming the platform of choice for all new ICOs on NEO and eventually across other chains as we expand the platform. We look forward to demonstrating this with our first Aphelion DEX based ICO being announced in late January or early February 2019.
We can’t wait to show you the few features and to get your feedback at the performance enhancements all getting rolled out in the next few days with the new release.
Its been a roller coaster year for the industry and we feel stronger than ever in the continued success of Aphelion. Getting us back online is a first step into pushing us further towards cross chain as we grow the community and demonstrate the power of the Aphelion Platform.