Over the last few weeks we have been busy delivering on our roadmap by building an ecosystem of products that contribute to the hubii vision of making content distribution easier and more efficient.
We’ve previously spoken about a project internally called Omphalos, our wallet solution. What we’ve not spoken about, to date, is that Omphalos will also include a wallet manager and an exchange to complement the wallet. The first version of this asset management tool will be released early next week under the new name “hubii core”. Core, because it will be at the centre of the ecosystem of products that we are building. And “core”, because we expect it will become the starting point for many when trading and managing their assets.
Why a one-stop-shop for managing crypto assets?
Our content focused solutions are designed to leverage the oncoming token economy. We realised that managing and using cryptocurrencies needs to be easier and more intuitive for mainstream users. After seemingly endingless research, we felt that the tools that are currently available in the market are too complex and thus are prone to cause errors, mainly because the user experience is inconsistent. The logical solution was to build the tools as part of a unified environment where key actions can be standardised.
Given our aggressive release schedule, we decided to build our own wallet, wallet manager and exchange. This may sound counter-intuitive given our already packed roadmap but the timelines for the possible solutions that we’d researched, simply did not meet our requirements. The same applied to exchanges. There are no exchanges in market which meet the requirements of our product right now, so we’re building one that does.
The announcement of building an exchange — as a key part of hubii core — is likely to surprise many today. More details will be released in the coming weeks and we will be live trading very soon. Our smart contracts for the exchange are currently in testing. Yes, smart contracts, because we have built a hybrid exchange, which combines the best features of both decentralised and centralised exchanges.
We have yet to see a “DEX” that is truly decentralised. In fact, we think it is far more important to achieve the required level of ‘trustlessness’. We don’t believe in deliberate or accidental misnomers. We architected the exchange to power our ecosystem based on our principles:
- Easy to use — choose between a basic or more advanced trading interface, depending on the user’s needs.
- Multi-device — browser, desktop and mobile applications. The alpha version will be desktop first.
- Hardware wallet integrations — All popular hardware wallets will be able to interact with the wallet manager and exchange.
- Low latency — orders have near instantaneous placement.
- Accessible — a powerful and open trading API.
- Multi currency — fiat currencies, ERC20/Ether and other cryptocurrencies will be supported. We focus on ETH/ERC20 pairs for the initial release.
- Scalable — we will be able to process as many trades per second as the best centralised exchanges.
- Trustless — users retain control of their funds at all times, we don’t have to be trusted thanks to a unique on-chain/off-chain balance.
- Price-time order matching — a “conventional” order book.
- Market & limit orders — the trading engine will function as expected with both market and limit orders.
- Order execution guarantee — if you see your order has been executed, it cannot be reversed. This is often overlooked, but is essential for tight spreads on currency pairs.
The exchange will not be ‘feature complete’ (as per the above) immediately, but our roadmap is ambitious and we plan to continue to provide positively surprises. We will deploy regular updates of hubii core as our backlog of functionality is extensive.
We strongly believe that having one single, user friendly tool to manage assets is a massive improvement on the current maturity level of the ecosystem.
Feedback provided by the community will help us identify and add the most unique and necessary features. Please join our telegram channel (https://t.me/hubiinetwork) to let us know how we can improve hubii core.