BlockchainNeXT
BlockchainNeXT OÜ is a company registered in Estonia, Europe. The company owns and is in process of developing Tyche Ecosystem. Tyche Ecosystem would encompass the realm of crypto to real world economy where goods and/or services would be bought and sold, contracts made and executed, organizations established and run, bookkeeping and accounting and audit and many other real-world possibilities through the ecosystem.
Tyche ecosystem is not trying to evolve a parallel economic system as in the case of other cryptocurrencies, but it is a mega effort to integrate the crypto world with the real-world economy and become a bridge between the two systems through secure gateways and fast transactions that would minimize the cost of transactions of the present banking system thereby benefiting the end user.
To implement this system one blockchain is not enough as it requires different roles for each system. Consequently, the need for several interconnected blockchains was felt and with each step of progression they are being created and integrated into the whole ecosystem. Further to it BlockchainNeXT envisages to connect existing frontline blockchains Bitcoin, Ethereum and Monero to the BlockchainNeXT itself for seamless cross chain transaction without delays and without redundancy.
A next logical step for the ecosystem is to give the investor a place to buy and sell their coins, not only TycheCash and TycheCoin but also other coins at one single place with facility convert their holding into FIAT or buy cryptocurrency from FIAT currency. Thus, the need for Tyche.Exchange (TEX) is a logical next step. The first stage ICO is to finance establishment of TEX.
ICO for TEX would be comprising of 10 billion TEX tokens which would be tradable on TEX and in time on other exchanges. The holding pattern would be 51–15–34, 51% being held by TYCHECOIN and 15% by the Exchange and 34% by ICO participants. Therefore, stage 1 ICO is to partially finance the TEX.
The unique things about TEX:
1. The system will have Crypto Index and Futures and Options to trade. Index will comprise from price of main cryptos like any index in stock market such as Dow Jones Nifty Nikkei. They comprise of selected stocks with a particular weightage in the index and according to their weightage and price movement index performs. TEX will have same kind of crypto index comprising of best of them to create INCRIDEX and will maintain the Index. TEX will also offer futures and options contract on them.
2. There’s a very limited number of exchanges which provide FIAT access and we will be one of them.
3. Security of wallets as we will have a separate clearing and settlement like DAX. Index and Clearing and Settlement is the most unique part of TEX which no other exchange provides in crypto.
Clearing and Settlement: In present scenario of crypto exchange when one buys suppose xyz coins for 1 BTC, his account is immediately debited with BTC and the seller immediately gets that. But that is a security problem like recently seen in cryptonote wallet bug where sellers oversold cryptonote coins and were able to withdraw mainstream currencies. But in case of separate clearing and settlement (which happens on all the established stocks market exchanges), there is a separate service to maintain balances and keep track of holdings and their accounting. After verification only, the completed trades are cleared for settlement in batches.
Suppose one deposits 1 BTC to the exchange it goes to the exchange wallet and the clearing agent after verifications opens limit for the same under depositors account. In other exchanges it goes directly credited in the account leaving a security hole for attacks. Separate clearing and settlement is age old practice since the time of paper trade and it exists even today in the IT age and will remain the same for the foreseeable future. By following all these steps, our aim is not to bring in a plain crypto buy sell platform but in due course of time, have an alternate asset exchange platform in line with established exchanges like DAX and DOW.
Does anyone see a trader directly trading on DAX? They trade through brokers and that’s the way. The present exchanges are merely a buy and sell platform instead of really being Exchanges. Exchanges are a complex thing. Till now no one has ventured into that complex domain, we will be first one to do it in crypto world.
Most importantly, the clearing and settlement paves way for ultra-fast trade execution as the trade engine will have to just do order matching and execution as clearing and settlement is a separate process. We are going to implement an automated clearing and settlement through the blockchain. That attains two objectives at the same time: being fast and being compliance and risk management compatible at the same time.
This model will pave way to introduce a Membership model where Members (brokers in common language) will be able to open accounts of clients and provide the front end, and exchange will be back end providing connectivity, trades execution and clearing and settlement services. Following the mainstream Exchanges, this will also pave way to become a full-fledged asset exchange in future.