Migration to Waves.Exchange: all you wanted to know
In this post, we answer users’ questions about Waves.Exchange and the process of moving accounts from Waves DEX.
Will transactions be still viewable on the blockchain?
Yes. No changes will occur here. Just as before, everything will be recorded and visible on the blockchain.
What’s the main difference in the operation of the matchers for Waves DEX and Waves.Exchange?
Waves.Exchange’s matcher will operate in an asynchronous mode, which will create opportunities for raising the speed of transaction processing. Although this still won’t mean High Frequency Trading (HFT), we will do our best to increase speeds. The matcher is capable of doing other things as well, but we’ll announce more on that a bit later 🙂. (Spoiler: we’ve already mentioned one of the matcher’s new features — good luck finding that info!)
Will it still be possible to deploy and use your own matcher?
Could you say more about the technical side of the matcher? How will speeds be increased? How are orders going to be matched, etc.?
If tech-focused community members really want to see the matcher’s specification, we’ll aim to publish this in due course. Our plans also include a new API, the architecture for which is already under development. The new API will be faster and will have broader functionality, including the possibility of subscribing to events, etc. We’ll publish further details on our blog later.
What is the main difference between the new and old exchanges?
We are no longer focused only on decentralization — our main focus is user experience. We will gradually and thoroughly rebuild all of the existing clients (web/desktop/mobile). We will add some tech, such as WebSockets and a special backend to boost the clients. Meanwhile, key decentralized features we have developed will be maintained. This includes seed phrase storage (seed phrases and keys will never leave your device) and the matcher/settlement (all transactions will be written to the blockchain). All other elements will be made as fast and user-friendly as possible.
Can the exchange block a specific user’s wallet or cancel orders?
The exchange will keep its decentralized properties: your assets, private keys and seed phrases will belong exclusively to you. Neither the exchange nor the matcher have ever had (or will have) access to them.
However, the new exchange plans several transformative stages, from fixing old issues to fully-fledged licenced operation in developed countries. In those markets, there are specific requirements for service providers. Why do we need those markets? Because of the opportunity to attract new users, transactions and liquidity. To gain access to these, we need to abide by certain rules. For instance, if we receive a request from one of those countries to block a user’s funds, we’ll decline to do that (we don’t have access, in any case). But to keep our license and access to liquidity and users, we’ll have to restrict some addresses’ access to the exchange’s services.
Telegram operates in much this way, though unlike Telegram, we won’t be able to delete a user’s account and messages. Even if we restrict access to our services, users will still be able to switch to other providers on the same blockchain. In any case, this all applies to the distant future. For now, we can confidently say that assets will always be controlled by users and the exchange operator’s task will be to increase liquidity and attract new users.
When will the widget for iOS get push-notifications for a price I’m targeting?
This functionality is in active development and will be available to users shortly.
Will the old client’s bugs and irregularities be fixed?
YES, YES and YES! Currently, this is the main priority: the new exchange’s team’s chief focus is on users and their convenience. The number of bugs will fall, but developing complicated multi-platform software without any bugs at all is impossible. Certainly, the process of fixing bugs will speed up, and the user support service will soon graduate to a new level.
Who currently owns Waves.Exchange?
The answer to this question, as well as many others, can be found in the Terms and Conditions.
Why did you need to move to another client in the first place? The migration process is causing users a lot of trouble.
Migration was necessary for several reasons:
1. Legal considerations: the old client’s “shell” is owned by a company to which the exchange is no longer linked.
2. A new development structure.
3. Most importantly, the shell’s new version. This is not only newer and faster, but also has functionality that couldn’t be built into the old shell. A key feature is the ability to use the new client for signing blockchain transactions in the outside world. For instance, if you are logged into the new client, you’ll no longer need Waves Keeper for signing transactions on other websites. The new client will be used for fast and secure transaction signing in Neutrino, as well as in games, pawnshops and many decentralized financial apps that are anticipated shortly. The new client will be able to do what Waves Keeper currently does, but will be more user-friendly. 🙂
Why did you have to make the migration process “automatic”?
That was done exclusively for the sake of the security of users’ seed phrases. The process is organized in such a way that users WILL NOT NEED TO COPY AND PASTE THEIR SEED PHRASES ANYWHERE.
How do you plan to attract new users?
There will be a referral program, market-making campaigns, special trading activities, and classic financial marketing. We’re also working on establishing partnerships, which will be announced at a later stage.
How many people are in Waves.Exchange’s team?
What will be the transaction fee on Waves.Exchange?
Does Sasha Ivanov own Waves.Exchange?
What are the advisory board’s responsibilities? Are more people going to be added to it?
Rob and Marc are tech consultants who help the team to find and integrate up-to-date and reliable tech solutions. Sasha Ivanov provides synergy between the new exchange with Waves Platform and other projects on the platform. Ioann Voronin is responsible for the product side. His task is to make sure that users are satisfied with the product and to establish communication between the exchange’s users and the development team. Further advisory board members will soon be added.
Will the exchange still be compatible with the old API? Will the matcher’s address stay the same?
The matcher’s old address will be updated on December 2. In the short term, the API won’t see any changes.
Is automatic signing of all transactions really safe?
It won’t work like that. Transactions will only be signed with the user’s consent.
Are you planning to add Tether (USDT) and Neutrino integration?
Yes, we are working on that. We’ll also significantly simplify the token listing process.
Are you scrapping Waves Keeper?
Waves Keeper will still exist, but a user-friendly alternative will be added.
It looks like Waves.Exchange will almost be a copy of Binance, EXMO and other well-known exchanges. Are you going to offer anything unique, apart from the glittering avatar?
Waves.Exchange won’t be a copy of those exchanges. They don’t offer decentralized storage of funds, and they don’t record transactions to the blockchain. It’s not a reasonable comparison.
Can you reveal a list of tools slated to be added, including stop-loss and take-profit orders?
Separate posts will deal with this.
What is going to change “under the hood”? Is the tech side staying the same?
First of all, the Waves blockchain stays “under the hood”. However, given the scope of our plans, saying that the tech will “stay the same” isn’t exactly correct either. Shortly, the matcher, mobile, web and desktop versions will undergo a major overhaul. Currently, the team is focused on “polishing” existing tools and adding new ones. As for the mobile client, it will be substantially rebuilt. It will gain a list of markets and functionality for filtering required pairs, while the trading mechanics will be significantly improved. Overall, a very strong team is working on the exchange, so its prospects are excellent! Still, these changes will take a while — though by the release date, we’ll have fixed a number of things that are currently not working smoothly.
Will private keys always stay on my device?
Private keys will never leave your desktop and mobile devices without your consent.
What will happen to the API on the new exchange? There used to be an excellent PyWaves library…
The API won’t see any changes at the time of release. Only the matcher’s URL address will change.
Are there any measurable goals for the new exchange for 2020?
We are aiming for at least 10x from the current user numbers.
The new exchange’s logo looks like Vostok is looking down on Waves. Isn’t that a bit weird?
Our focus isn’t exclusively on the existing community, who are familiar with Vostok/WEST. We also want NEW people — new users who have never seen the Vostok logo. One of the most important things we want to do ASAP is add new fiat gateways to let people deposit and withdraw funds using their credit cards and paying low fees.
What’s the new exchange’s attitude to speculators?
WE LOVE SPECULATORS!
Do you plan to introduce a list of lower-risk, verified tokens?
We are thinking about the best way to do this, perhaps by creating a “Safe” zone for lower-risk tokens and a “Wild West” zone for everything else. It would be up to users to decide which one to choose. But this idea is still under consideration.
The tech work on December 2 will take 8 hours, during which you won’t be able to trade on either the old or the new exchange. Is that correct?
We will try to reduce the downtime to a minimum, but there will still be a window during which both exchanges will be completely unavailable.
Are you thinking about linking the exchange to TradingView? That would attract a lot of traders.
Yes, we are thinking about it, but a final decision is yet to be made.