In recent years, with the explosion of the cryptocurrency market, there has been a great demand of crypto exchange services, comes with it is the challenge and also the opportunity for exchanges, new start up to join this billions dollar market. Because the amount of traders increase too fast. The current trading exchanges show weakness in meeting the growing demand of users in operation as well as management. In last year 2017 and this year 2018, we have witnessed many exchanges get hacked. Hundred billions dollar has been stolen by hackers because of the weakness cyber security level of crypto exchanges. Coinrail, a South Kore crypto exchange, a was attacked in early 2018 and hacker has stole approximately $40 million worth of cryptocurrency from it. In January, Coincheck, one of the largest crypto exchanges in Japan, was attacked, more than $500 million worth of cryptocurrency was stolen. On June 2018, hackers also stole $31 million in cryptocurrency from Bithumb, the world's sixth largest crypto exchange. These hacks causes severe damage for crypto market, traders and also exchanges. These exchanges are target of hackers because they are centralized exchanges, they hold all customers assets in their wallets and don't have enough strong solutions to protect user assets. Decentralized exchanges still show weakness in security system after many hacks happened.
What is the solution? Meet DAEX, a clearing ecosystem for centralized cryptocurrency exchanges. Using distributed ledger technology and blockchain smart contract, DAEX aims to provide better infrastructure for exchanges, crypto traders, taking the advantages of both centralized exchanges and decentralized exchanges. In DAEX ecosystem, centralized exchanges will continue to provide trading service but the the clearing process will be done by DAEX clearing service. This process can be done by centralized exchanges as it was before, but in DAEX, it's safer and has less vulnerability because DAEX clearing service uses distributed ledger technology. By using distributed ledger technology, trader's assets are kept in their own wallet, not on exchange wallet, and nobody can access them. It means, in DAEX ecosystem, traders have full control of their crypto asset, but also can trade on centralized exchanges. Until now, there are 6 centralized exchanges have joined DAEX ecosystem, they are LBANK, INDODAX, SEADEX, XBRICK, TOKENOMY. To join DAEX ecosystem, exchanges must meet the technology requirements and also the quality of their services. In DAEX ecosystem, DAEX Wallet is one of the most important component. DAEX Wallet supports multi cryptocurrency to make it convenience for traders. DAEX Wallet is secure with its own identity system and multi-factor authentication. DAEX Wallet has three parts private key and we need two of three parts to access the wallet. Futhermore, we can store the private key if we lose it. User can use his own DAEX wallet to trade on exchanges which joined DAEX ecosystem.It's safer than before when users trade directly on centralized exchanges and all their crypto assets held and stored by centralized exchanges. Comes together with DAEX Wallet is the DAX Token, DAX is ERC20 token which used to serve DAEX ecosystem operations and usage demand between parties. DAX Token will be rewarded to users who use their computer power to do the clearing service process. Who open account on DAEX ecosystem and invite people to join also receive DAX token as rewards. This encourage people to join and contribute to DAEX ecosystem and receive DAEX Token. Users can exchange DAX Token for other cryptocurrency or cash on cryptocurrency exchanges. Until now DAX has been listed on several different exchanges, LBank, Allcoin, Indodax, BCEX. Not intend to stop at this, DAEX is continuously negotiating with other exchanges to list DAX on them and also add them to DAEX ecosystem. Exchanges and users in DAEX ecosystem can use DAX Token to pay for clearing fee, settlement fee, trading fee, and derivatives clearing fee. These create high demand and liquidity flow of DAX token, which increase DAX Token value naturally by the time with out inflation. Furthermore, because DAEX is the first platform in the world offers clearing service for centralized cryptocurrency exchanges while crypto trading community is needing a platform like DAEX ecosystem to enjoy safe and convenience trading, we can see that DAEX will receive the enthusiastic welcome and big wave of new users to join DAEX everyday. The continuous and healthy growth of DAEX is undeniable.
To give community whom support DAEX a chance to own DAX Token and join DAEX ecosystem. DAEX will hold a DAX Token sale at September, 2018. Details about DAX Token Public Sale as below:
To learn more about DAEX and catch up with lastest news, you can follow DAEX channels below:
Author: kiemnhieutien
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