The importance of security all around the world cannot be overemphasized. A safe and secured environment breeds peace, success, innovations and all positive things. The same can be likened in the blockchain and cryptocurrency environment. Every crypto investor puts security as a foremost consideration. Most crypto exchangers are prone to cyber hacks both internally and externally. Various security measures have been sorted in place to mitigate these threats, but to some extent, these measures have not been enough to put a stop to the threat plaguing the cryptocurrency world.
It is to this concern that the DAEX foundation devised the DAEX solution poised to eliminate all issues of security threats that cryptocurrency investors go through in their transactions.
To bring forth these blockchain solutions, it was paramount for the DAEX to indepthly scrutinize and analyze the current clearing problems faced by exchangers and platforms.
Some of the issues raised by the DAEX foundation included:
• Most exchanges, especially centralized, withholds the assets of their customers, and this make them open and vulnerable to attacks and hacks both internally and externally.
• Exchanges make use of man-power which leaves transactions susceptible to human errors.
• Centralized models and devices does not 100% guarantee security.
• Due to the fact that exchanges make use of human effort, the mechanisms and methods will surely have some level of bias and partiality, which does not sit well for investors.
The issues mentioned above are definitely avoidable and solutions are what is being initiated by DAEX. DAEX aims to use all the advantages of the distributed ledger technology to create and promote a flexible and adaptable infrastructure that brings a halt to all insecurities in the crypto currency trading industry.
Hence the clearing includes the way towards arranging, negotiating, exchanging and trading esteems in light of market and prearranged principles and convention, the DAEX clearing arrangement at that point assumes responsibility of the unified clearing administrations so as to ensure sheltered and redress transactions, in other words the centralized trades gives their exchanging administrations while the DAEX arrangement fills in as a clearing specialist or record administrator that effectively clear and settles a clients exchange utilizing the DAEX dispersed record.
To separate clearing and trading into individual entities, it also makes multi-asset wallets for companies and traders.
The aim of DAEX is to alleviate centralized exchange responsibilities by providing them with identity authentication, asset registration, asset clearing and asset settlement services.
DAEX consists of clearing services based on ledger technology that is distributed and centralized
Aman - A joint custodian organization for all assets registered in the DAEX ecosystem. Multi-level encryption mechanism for DAEX Wallet.
Transparent - A public clearing network that allows transparent accounting information. Allows everyone to witness and share the benefits of the DAEX clearing ecosystem.
Open - Open an ecosystem that supports trade and clears infrastructure that supports derivative businesses in the future.
Hacking is still common in some exchange companies. This is difficult to avoid because of the lack of additional security on each platform. After hacking often occurs, many exchanges must reach consensus that general clearing and asset custodial services are needed to protect markets and ensure sustainable market growth. The rapid development of cryptocurrency trading requires a more effective and safer clearing service. Therefore DAEX is the answer to the needs of this market.
Centralized exchange has a long history of being the main target for hacking groups. It seems like a weekly event where thieves can access and steal funds from these entities, with stolen amounts ranging from hundreds of millions of dollars.
Similar to a bank, this centralized entity has complete control over funds when a trader makes a deposit on the exchange. They also act as clearing houses that provide order matching, clearing and settlement services. With this infrastructure, traders must fully trust the exchange to not only keep their assets safely from external and internal threats, but also facilitate the trade that occurs. The hot wallet they use to store their customer's digital assets allows hacking.
supports many assets, which are accessed using multi-segment keys. Double encryption makes your wallet safe and protected. End users have complete control and ownership of their assets.
is the core product of the DAEX ecosystem. This provides individual institutions and customers with integrated clearing and settlement services using distributed ledger technology.
Support investment in currency and wallet exchange, cross-chain solutions and asset management projects.
Token used on the ecosystem is known as DAX. They are built on the ERC20 smart contract and help to facilitate cooperation among the different parts of the Daex ecosystem. The tokens would serve as a form of reward for opening an account on Daex platform, for inviting others to participate and for actual participation by utilizing the clearing services during trading. They would also serve as means of payment of clearing and settlement fee.
The DAX tokens are current being traded on:
BENJAMIN GU - Foundation Chairman
DAEX solution brings about many advantages for any player in the cryptocurrency industry. This distributed ledger technology-based system assists digital asset users not only in lowering transaction costs an accelerating transaction speed but also increasing security and transparency level. Generally, it effectively removes trader’s asset risks in currently centralized exchanges.
Author: Dinh Van Tuyen
Bitcointalk username: dvtuyen
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2114926
