Unveiling of MyMex
Crypto Community,
My name is Fox Holt. I am pleased to unveil an exciting new project that my team and I and have been working on for the past several months. MyMex is a futures exchange that will focus on EOS derivatives. The unique aspect of MyMex is that the exchange is fully decentralized — not a hybrid exchange. Unlike virtually all previous “decentralized exchanges” which operate a portion of the functions centrally, all operations and data for MyMex will be stored on the blockchain.

MyMex has selected the EOSIO platform which enables transaction speeds required by institutional investors. For several reasons including EOS blockchain operations and EOS token volatility, MyMex will initially focus on EOS derivatives which will enhance the community and ecosystem. MyMex trading market mechanisms will be virtually identical to leading centralized cryptocurrency futures exchanges; however, the core decentralized architecture and utilization of smart contract technology will elevate MyMex’s trading experience to unanticipated levels.
Similar to other cryptocurrency futures exchange, all contracts will settle to one currency, EOS. From an operational perspective, the use of one cryptocurrency streamlines operations and avoid the need to develop cross chain transactions which have both a security risk and operational risk.
Benefits

1. Transparency of Counterparty Risk — The centralized architecture of the incumbent exchanges such as Bitmex & Okex do not share all the details about the counterparty risk, i.e. liquidation algorithms, placement on deleveraging list, etc. This lack of transparency gives the exchanges an opportunity to profit at the expense of traders.
2. Secured Funds — Due to the leverage involved in futures trading, traders need to store significant wealth with the exchange which is an avoidable unsystematic risk. MyMex decentralized architecture safely stores the value in the smart contract.
3. Uptime — Many traders have furiously left incumbent platforms due to lack of uptime. Inability to access trades to cover leverage is detrimental. While the EOS chain is functioning, traders will be able to access MyMex.
4. Transparency of Trading — The order book and posted trades are black boxes which give centralized exchanges the opportunity to front run transactions. Many crypto exchanges and brokers in traditional financial markets have been accused of front-running transactions to generate profits at the expense of traders.
Conclusion
The initial attempts of decentralized exchanges have had great difficulties scaling and achieving high-performance due to their usage of the Ethereum blockchain. Many industry leaders including Bitfinex and Cybex believe EOS.IO has the rigorous requirements of a high volume, blockchain-based trading platform: transaction speed and expense. In my opinion, it is ironic and a little absurd that tokens such as EOS and Ethereum with the fundamental promise of smart contract technologies are being exchanged in futures exchanges using traditional mechanisms and intermediaries. It is our goal to help the community embrace the noble aspects of the cryptocurrency movement and become a completely transparent, trustless futures exchange that provides a high-throughput, real-time trading experience.
For more information on MyMex, please visit www.mymex.io

For Your Safety: The MyMex team will NEVER ask you for your private keys or to deposit funds to any wallet address.
Copyright © 2018 MyMex Foundation Ltd, All rights reserved.