For years crypto traders had to choose between a high-speed centralized trading experience that came with the constant anxiety of hacks versus trustless, non-custodial trading that is slow, cumbersome and prohibitively expensive due to on-chain cost.
User experience is king, and traders overwhelmingly trade on centralized exchanges with the full awareness that everything they own, everything they have worked so hard to build — could disappear in an instant.
“We are going to have break this dilemma,” said our CEO “or prove that the laws of physics and mathematics render it impossible”
We have tried various solutions over the years from custom multi-signature bitcoin scripts to fraud-proof enforced ethereum contracts but something was missing. A critical element that completed the picture … and then the Plasma paper was released, which put the final piece of the puzzle into place.
Plasma MVP and Plasma Cash are UTXO models and are designed for coins. There are several additional issues that exchanges need to deal with such as fast withdrawals, the free-option problem and managing millions of utxos. Our prior experience as an exchange that had to manage millions of UTXOs during network congestion made us lean strongly to an account model.
Gluon Plasma provides instant finality and eliminates long withdrawals, the free option problem with low on-chain storage burden.
We believe that our version of plasma is the first and only version that gives the speed and UX of a centralized exchange combined with the security of a decentralized exchange.
The testnet launch provides ample opportunity for testing of major platform issues with potential catastrophic consequences. We aim to establish provable security, non-custodial possession, smooth transition of platform upgrades and other systemic issues. By the end of this period, all smart contracts should have been audited and security bounty programs established. Stochastic testing and stress testing will commence at the later part of this phase.
Major UX issues should be ironed out and roadmap be reprioritized based on user feedback at the end of this phase.
Thursday, the 31st of May begins phase one of the Leverj Product Launch: Beta on Testnet.
Product Update Webinar from our CSO Shashank Tiwari
We are lucky to have community members with high levels of expertise in finance, engineering and trading who have agreed to dedicate a significant amount of time to participate in the testnet beta. The platform would be rapidly changing and should be expected to be somewhat unstable due to frequent updates. This phase requires tight and rapid communication with the team and for reasons of efficiency, the group size is limited to around 30, sufficient for statistical metrics. The testers will be provided with regular updates and specified tasks as features are rolled out. There will be a system for logging bugs, as well as for feature suggestions. When this phase comes to a close, we intend to address every aspect of the platform, and complete all fixes, updates, and reinforcements where necessary.
To become a part of our Beta Testing Program, please reach out on our Telegram channel. We will be adding new interested users to a waitlist, from which we will extend invitations to join the Beta Testing Program as necessary.
The mainnet beta will start with the same user group. The user base will increase in proportion to product readiness. Significant backend engineering would occur in parallel to prepare the platform for scaling and stress testing would occur regularly. From the features perspective, the focus is primarily on UI/UX and polish the look and feel of the platform. Once the Beta on Testnet is complete, we will have a clearer idea of what is left to accomplish with regard to user interface and experience.
When we announce the launch of the EAP, we will open up a sign-up for those who are not already participating in the Beta Program to submit their interest in getting involved. For the EAP, we will look to get a good amount of activity on the platform so we can see how the exchange reacts to increasing levels of volume. We have worked extensively on the scalability of the platform and have made it a priority to ensure that performance remains at peak at all times, be it high or even massive volume. Testing performance during the EAP will provide valuable insights into how well our system works, as well as a chance to tweak anything that isn’t topnotch prior to the Official Launch.
No explanation needed here! Come launch time, the Leverj platform will be live, open to all, and bulletproof. We look forward to having you on board.
