Since its inaugural launch in the year 2009, the block chain had been making waves in the digital space. Many investors were convinced of its prospect and casted doubts to the wind. A decade down the line, the platform had birthed many digital innovations. Cryptographic currencies are the most prevalent and utilized feature of the technology.
Faced by restrictions by regional governments and stiff financial regulations, these currencies found solace in the digital environment. Having piloted transactions on the space these past years; these currencies have cleared doubts on its potentiality. Though saddled by volatility downsides, their growth rate is impressive.
Since they cannot be exchanged through VISA and Western Union like their fiat counterparts, their exchanges therefore took different turns. CEX was developed as a centralized and controlled medium of exchanging these currencies. With widespread grievance rendered against it, alternatives were sought. The baton of change fell on decentralized exchanges.
Though DEX seems impressive and showed remarkable upsides, it is worthy of note that is has its fair share of issues. These two are the core channels of exchanging cryptographic currencies. To retain them, their downsides should be overlooked and concentration placed on their great tidings. Hence, a convergence of their upsides as proposed by DAEX
DAEX – FOSTERING UNITY AMONG EXCHANGES
To achieve interoperability of the centralized and decentralized exchanges, there merits and upsides have to be harnessed. DAEX offers the exact solution needed for such exchanges. The platform integrates these exchanges into one ecosystem. Hence, what DAEX offers is hybrid exchange.
Centralized exchanges (CEX) is not left out. For effective functionality, it was decentralized using the distributed ledger technology (DLT). Integration of DLT is not limited to CEX. It extends to the shores of users’ privacy. DAEX’s hybrid exchange will entrust transactions to users’ control – something CEX failed to acknowledge.
CLEARING ECOSYSTEM
Aside unifying exchanges, DAEX looks at more critical area. DAEX’s ecosystem is quite different from what we might have had before. Given the rise of cryptographic currencies taking into the exponential growth of their market value, it is certain more currencies will be developed in future. At the moment, there are about two thousand crypto currencies. Many of these rode on the crest of verified cons such as Bitcoin. Latter currencies are literally decentralized currencies with no basis to support that.
In the light of this, DAEX beamed its searchlight to curtail this anomally. Backed by Clearing as a Service protocol, the platform will efficiently curtail excesses of these unverified coins. The idea is to authenticate real currencies and set them apart from hyped ones. In the same view, users will be verified. In essence, through its clearing chain and the CaaS protocol, DAEX will remove bottlenecks in currency and identity verification.
STORAGE AND SETTLEMENT
One key feature of the block chain is concentration of powers in different hands. Thus, intermediaries are not needed for transactions. To this end, DAEX solves the issue of data monopoly in CEX by encrypting information into its clearing chain. Likewise, the smart contract will take the lead role of settling disputes and coordinating transactions within the ecosystem.
UNIQUE WALLET
Tons of cryptographic currencies we have today are not stored in the air. Digital wallets are central storage for all digital assets. There are multiple wallets in the digital space. Each holds supported currencies. In the long run, users will find it hard trading from multiple wallets. DAEX therefore offers a solution. Its wallet supports multi-currencies such as BTC, ETH and other ERC20-compliant tokens. The idea is to incorporate all currencies into one wallet. Through this channel, you can trade multiple currencies without necessarily logging on and off different wallets.
Conclusively, in essence, DAEX is one-stop platform that meets pain points of cryptographic trades. With a unified wallet, you can trade bitcoin, Ethereum alongside other cryptocurrencies with ease. Despite being decentralized, the block chain had witnessed fraudulent acts. This was partly because of its use of centralized exchanges with its numerous downsides. To this end, DAEX developed an hybrid ecosystem that can support decentralization and asset control. Unarguably, The DAEX project is pivotal to the success of crypto trades.
For more information about DAEX, kindly visit:
Website: https://www.daex.io/
Whitepaper: https://www.daex.io/pdf/DAEX(EN)-NonTechnicalWhitepaper-V0.9.8c.pdf
Twitter: https://twitter.com/DaexBlockchain
Telegram: https://t.me/DAEXOfficial_en
Bountyox Username: Crypto4ruby