Introducing COSS DEX
Hello, everyone.
We are picking up pace after an unavoidable slowdown in development and operations due to lockdowns coming into effect all over. However, things have not been at a complete standstill.
Our focus remains on offering COSS trading platforms that suit every style of trading, and adding value to the COSS community and our token holders.
Introducing COSS DEX — trade with trust, security and complete control over your funds
We are glad to announce the launch of the COSS Decentralised Exchange.
The platform goes live on 9th July, 2020 at 1200 hours, GMT.
COSS DEX will provide cross-chain trading, deep liquidity, fast trade execution and settlement, and enable trading for its own COS token. 50% of trading fees generated on the COSS DEX will also be shared with COS token holders as part of their FSA entitlement.
Decentralised cryptocurrency exchanges are often no match for the liquidity offered by centralised exchanges, while also requiring a learning curve for familiarisation with applications such as MetaMask to interact with the exchange and the blockchain. This has continued to push users towards centralised exchanges where assets are entrusted to the platform.
Traders will be able to generate unique user IDs secured by their secret mnemonic phrase — thus creating an access system very similar to a centralised exchange yet fully private and secure on the blockchain. The COSS DEX user ID also works as an address for the asset ‘transfer’ feature — where you can transfer assets from your DEX wallet to another user’s DEX wallet instantly.
The platform is not limited to ERC20 tokens such as wrapped-BTC as with most commonly known DEXes — you will be able to trade BTC (core), BCH, XRP, LTC and more right from your DEX wallet.
Top crypto assets available for trading on the DEX are Bitcoin BTC, Ether ETH, COSS COS, Chainlink LINK, 0x ZRX, Bitcoin Cash BCH, Ripple XRP, Basic Attention Token BAT, MyToken MT and more.
The current quote assets available on dex.coss.io/trade are USDT, ETH and PHP. We aim to gradually increase trading pairs over time.
COSS DEX operates on the ByteTrade blockchain and has a high speed matching engine supported by the protocol. The “Match-Chain” built on the ByteTrade layer-2 scaling structure provides stable and high- speed order matching services. This is different from any decentralised exchange you have heard of. You can enjoy on-chain trading experiences as fast as 1 second, which is both fast and secure.
The DEX operates on the ByteTrade Consensus Agreement which consists of two major mechanisms: DRPOS (Delegated-Revenue-POS) and CBP (Consensus-before-Packing).
ByteTrade, developed in 2018, employs cross-chain and sidechain blockchain technology. In combination with a proprietary consensus mechanism the protocols can be used by decentralised exchanges to enable multi-chain trading at quick execution rates, global payments solutions, dApp and DeFi development, digital ID issuance and voting to mention a few applications.
DRPOS aims to address the root of the low participation problem of blockchain communities. The overall speed of a blockchain network is determined not only by the block time, but also by the confirmation speed of each block. Since subsequent block confirmation is not required under the CBP mechanism, it offers greater network speeds with the block time rate at 1 block per second.
COSS will also introduce easy to set up trading bots for its community to work with the DEX in a few days.
Mobile apps will be available on Android and iOS official app stores as soon as the listing formalities are completed.
Our platforms and bringing value to COSS community
After several discussions with selected members of the COSS community over time, we understood that ‘trading’ styles and needs of our clients vary from each other.
We have broadly categorised our current and potential user base to identify their trading preferences. The idea is to have something for everyone, so we can not only achieve the original vision of COSS to be a Crypto One Stop Solution but go beyond to offer a complete suite of trading options.
- The COSS CEX platform on coss.io allows you to trade a range of crypto assets through spot contracts and with leverage; the platform also has an increasingly popular instant-swap engine to exchange assets with physical delivery in your account wallet at market price.
- The COSS MetaTrader 5 platform allows you to trade crypto, CFDs, forex, stock indices and commodities such as gold, silver and oil. Trading on the COSS MT5 terminal is available across web, Windows, iOS and Android applications.
Traders have access to advanced order types, instant order execution with minimum re-quotes, integrated deep liquidity, tight spreads, ultra-low latency, and therefore the ability to deploy advanced trading algorithms across all markets.
Other features include copy (or social) trading with expert traders, advanced tools for market analysis, trading signals, demo accounts to test trading strategies, and trading compatible across multiple devices.
- COSS DEX brings a trading experience that is extremely familiar to most traders, where you are also able to adapt trading bots designed for the old platform and connect to the platform via API. All this while ensuring trust, security and maintaining rightful ownership of your assets on the platform with you.
All platforms boast of in-built deep liquidity that allows users to execute trades, large and small, easily.
What has not changed is — 50% of ALL trading fees generated on all the platforms is shared with COS token holders as part of the Fee Split Allocation (FSA).
Our aim remains to always work in favour of the COSS community. We look forward to continuing development at a swift pace to grow the COSS ecosystem. At times it might feel that we do not communicate enough with the community — please be assured that we are always around and are working tirelessly towards making improvements and additions rapidly.
We shall share more updates as we rollout important developments and products.
Sincerely,
COSS team
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