Crypto market analysts estimate that till the third quarter of 2017, funding returns on cryptocurrencies have been as excessive as 448%. This determine far exceeds funding returns from different property like standard market shares, gold, and even actual property. Moreover, there are almost 60 alt-assets that boast common each day buying and selling volumes of $10 million every.
DAEX is an all-new blockchain-based clearing service that has been constructed utilizing distributed ledger expertise. Owing to its use of a decentralized ledger, DAEX is ready to assure that every one inner trades are facilitated appropriately and that every one accounts are safely cleared and settled.
All dealer property inside DAEX are stored in their very own accounts and are recorded immutably on the blockchain. To make sure a excessive diploma of security, the ecosystem is designed in such a means that nobody else can entry a person’s property with out their permission. Consequently, most trader-based dangers related to current centralized exchanges are eradicated.
Lastly, the DAEX platform is fully open-source primarily based and has been established on a public blockchain. Because of this its intrinsic program code is open for public inspection, supervision, and scrutiny.
Overview of the platform
- DAEX is a cryptocurrency clearing service constructed upon distributed ledger expertise.
- The platform makes use of a Clearing as a Service (CaaS) mannequin to supply clearing companies to cryptocurrency exchanges.
- The DAEX Pockets helps a number of signatures in addition to a bunch of distinctive digital forex property.
- DAEX is designed to entry a number of crypto exchanges, facilitating digital forex buying and selling in a seamless method.
- The clearing facility has been deployed inside a public cloud. Exchanges and taking part members can acquire clearing-related companies by way of specialised APIs or shoppers.
Before everything, the DAEX ecosystem ensures that every one taking part exchanges adhere to enterprise and expertise necessities set forth by the builders of this platform. Consequently, a excessive stage of buying and selling high quality is maintained always. Since all of a person’s property are held on the blockchain, they can’t be moved or altered in any means with out possessing pertinent authorizations.
Overview of the DAEX ecosystem
Within the curiosity of buyer security, the DAEX ecosystem employs a personal key in addition to a restoration mechanism in case a buyer loses his or her safety clearance (i.e., entry key).
One other essential side of this platform is its use of good contracts. They assure the correctness of clearing and asset settlement, in addition to take away the necessity for belief between buying and selling and clearing entities. The insurance coverage fund contributed by taking part exchanges additionally supplies one other layer of security.
Lastly, DAEX is open to new asset buying and selling platforms, and all the taking part exchanges are given permission to utilize the services which have been made accessible by the builders of DAEX. Not solely that, taking part exchanges are additionally allowed to utilize extra value-added companies which have been envisioned by the corporate of their roadmap—together with cryptocurrency derivatives buying and selling.
The way it works
As is obvious by now, the DAEX platform has been devised as a clearing service that’s primarily based on a novel expertise that entails:
- Distributed ledger expertise
- Centralized exchanges
- Person wallets
Visible illustration of how the system works
Clients could make use of their wallets to carry out trades by way of varied on-line exchanges, and after the trades are matched, these platforms routinely ship the matched trades to the related clearing service.
Additionally it is price noting that the employed CaaS module is executed completely by way of the usage of good contracts in addition to distributed ledger expertise. Throughout the preliminary section of DAEX, cryptocurrencies can be serviced, however as time progresses, the corporate goals to additionally service crypto derivatives.
Transaction mechanism employed by DAEX
Listed here are another key purposeful facets of DAEX:
- DAEX routinely lists new clearing merchandise in order that taking part exchanges can carry out their commerce actions in a seamless, hassle-free method.
- The native DAEX pockets simplifies the buying and selling of recent cryptocurrencies throughout a number of exchanges.
- Utilizing this platform, buying and selling companies can considerably expedite their product itemizing work and therefore turn out to be extra aggressive inside this quickly rising trade.
- DAEX makes use of a token-reward mechanism for its customers, thereby attracting extra clients in addition to producing extra trades.
- The separation of buying and selling and clearing actions helps exchanges focus extra on their core competencies, thus sustaining their aggressive benefits over comparable companies.
In regards to the workforce
Benjamin Gu is the founding father of this undertaking. In response to his skilled bio, he possesses in depth administration expertise throughout the Chinese language and US monetary markets. As well as, Benjamin beforehand labored because the affiliate CIO of Hua Tai Lian He Securities Company and has additionally served because the COO of a number of different monetary companies firms.
Hana Zhang is the co-founder of this undertaking. She is an energetic investor in varied cryptocurrencies and was additionally an preliminary member of IDEL (Worldwide Digital Financial League). Hana is a graduate of Shanghai Jiao Tong College and has beforehand labored at firms corresponding to A.T. Kearney, Dun & Bradstreet, and Euromonitor Worldwide as a strategic guide.
Lastly, Jason Tang is the chief architect for DAEX. In response to his LinkedIn profile, Jason has labored as a product supervisor for China Zheshang Financial institution and has additionally been related to a bunch of blockchain initiatives associated to industrial banks in China. He has two patents to his identify and likewise holds a grasp’s diploma in software program engineering from Zhejiang College.
Token Efficiency Evaluation
Since being launched into the market over ten days again, the value of a single DAX token has remained comparatively steady.
DAX token lifetime efficiency (courtesy of CoinMarketCap)
Whereas initially buying and selling at $zero.17, the forex skilled a large worth dip on the seventh of Might, when the value of a single token fell to $zero.14.
Since then, DAX has recovered considerably, and as of Might 11, the forex is valued at $zero.166.
DAEX supplies the market with a clearing resolution for centralized cryptocurrency exchanges that’s primarily based on distributed ledger expertise. The clearing course of is automated and can’t be interfered with by exterior, third-party actors.
Owing to its plethora of distinctive options, DAEX possesses good market worth and might thus be anticipated to thrive throughout the blossoming crypto area.
If you need to start out investing in DAEX, DAX buying and selling pairs are at present accessible on LBank, Allcoin, and BCEX.