【JOYSO — Hybrid Decentralized Exchange】Officially Launching Today!
With the rise of the cryptocurrency market, Taiwan’s blockchain industry has also become more dynamic. On May 7th, JOYSO, the “Hybrid-Decentralized Exchange” built by Taiwan’s startup was officially launched.
JOYSO had completed its ICO in late March this year and immediately went live in May. According to its roadmap, the plan is on schedule.
JOYSO team comes from Taiwan. The founder, Tom Soong, discovered poor user experience among decentralized exchanges, for instance, low efficiency for transactions on the Blockchain. At the same time, he also wanted to improve the security issues faced by centralized exchanges.
Specialized in Combining “Efficiency” and “Security”
JOYSO is based on the Ethereum Blockchain. After users deposit their cryptocurrency into the wallet, their tokens will be stored in smart contracts instead of being held by JOYSO.
This is the advantage that JOYSO strives to maintain — “Security.” Users can keep their private keys while the Blockchain protects their assets. This is safer than entrusting your assets to centralized exchanges.
The design of the exchange also holds the advantage of centralized exchanges — “ Efficiency.” In order to improve the poor user experiences for decentralized exchange, for example, wasting gas fees when competing for orders, placing orders one at a time that is fixed to a specific price, not being able to place orders consecutively and etc, implementing a centralized matching-making design would improve efficiency resolve these issues.
In simple terms, users sign their orders through their digital wallet (hot wallet or cold wallet, such as MetaMask, Ledger Wallet…), and JOYSO matches these orders using a centralized matching mechanism. The transactions are then executed using smart contracts and published on the Blockchain.
It is clear to us that JOYSO endeavors to improve “user experience” in the crypto-trading environment by building a secure and efficient exchange.
JOYSO Initial Functions
According to JOYSO, the initial version supports MetaMask. Compatibility for other wallets are currently under development.
As of now, several ERC-20 tokens have been listed on the trading platform. Other than JOYSO’s own token “JOY,” popular tokens such as USDT (Tether ERC-20 version), Dai (Stablecoin), and OMG (OmiseGo), ZIL (Zilliqa), RDN (Raiden Network) and Mithril (MITH) have all been listed.
JOYSO’s basic trading function are opened to the public and is ready to face operational challenges. It is expected that this team from Taiwan can create a high quality crypto-trading experience using its innovative.
This is the translated version of the article published on BlockTempo, written by the author named Brandon：https://goo.gl/Md9cKm
