As you may be aware, Lamden has been hard at work developing their own decentralized exchange, LamDEX. Today, we want to announce some major developments to our exchange plans that bring us much closer to actualizing the reality of a Lamden-based exchange. There are two major initiatives that we are announcing:
Introducing Lamden’s Fiat Solution
Lamden has begun its plan to include a fiat pairing through its own tokenized representation of fiat. The new token will run on a proof of authority network, which is a less decentralized method of consensus, but there is no actual centralization concerns due to this coin acting as a payment processor. This acts an alternative to a true fiat pairing, as that legal complications such as the need for a money transmitters license. Our approach would require a bank sponsorship, which we are in the process of obtaining. These tokens would be compliant with Clove’s atomic swaps, thus introducing fiat tokens to the decentralized exchange world.
By initially using Ethereum Proof of Authority, we can introduce an easy to use REST API so that the service can be integrated into any application, a liberty no other type of fintech payment system can offer. The system would be completely automatable, which when coupled with our application integration, would cause businesses and other users to become reliant on it, leading to long term use.
This fiat solution is significantly cheaper than other fintech payment options such as Paypal and Stripe. Also, unlike these completely centralized entities, Lamden can provide true client-side payment creation with a crypto-method of signing transactions, something other companies cannot do. This direct interaction with the client would lead to minimal fees for the consumer while providing a steady-stream of revenue for Lamden to pour back into the software to ensure further compliance to decentralized standards.
Lamden’s Exchange Updates
As a preliminary step in the creation of Lamden’s decentralized exchange, we will be working to release a traditional exchange. In the long-term, this traditional exchange will act as a companion to LamDEX. Ultimately this exchange and LamDEX will be integrated into a single app.
Casual traders may prefer the traditional exchange approach while heavier and more security-conscious traders are more willing to switch to the newly emerging decentralized exchange model, as they include a different model of fees-per-transactions and delays related to block-time limitations. Additionally, by offering both options, we can introduce LamDEX to our centralized exchange users to build the LamDEX user base.
We hope with these initiatives, Lamden’s exchange will become one of the most comprehensive exchange solutions available on the crypto market.
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