In a large scope, digital currency innovation is on the upward movement but not excluding some challenges. Those who start using Blockchain technology innovation as soon as it becomes available to have a significant history to write about this amazing and new advancement. Such countless exploration (about 15%) have tapped from its imperceptible assets like the agricultural services, traveling sectors, hotel reservations, transportation, shipping sectors and many others are advantageous they did benefit from the undiscovered while many out there are yet to tap from its untapped assets. The creation of blockchain innovation has put forward to overcome the delivering of countless digital assets each needing to expunge problems faced in our everyday life.
Clearing services can be referred to as a means whereby an institution goes about as a third-party (middleman) between executing parties, their services are to provide productiveness and efficient trustful exchange.
The enormous advantages of digital assets are often obscured by trustworthiness and security concerns. In its present state, the digital asset market has countless complications, together with its predisposition to market instability and price variations as well as its inadequate security and transparency. One of the challenges is the recurrent Security episodes – In the up-to-date blockchain based digital asset market, there is a deficiency of clear limitations, transparency, and safety. This leaves participants susceptible to malicious outbreaks and stealing. Security occurrences are routine. These comprise hacks executed both against different investors and digital asset exchanges. The recent hack Coincheck exchange has caused a global market decline in digital asset values.
Secondly, Imperfect Clearing Solutions problems – today, digital asset market does not have any purpose-built clearing ecosystems, but most product solutions have additional clearing functionality, which is not built precisely everywhere in the clearing business course. However, in a direction to build a purpose-built Blockchain 3.0 clearing environment that is mutually secure and resourceful, it is consequently obligatory to re-engineer and enhance many of the fundamental blockchain protocols.
Thirdly, Lack of Secure and Trustworthy Organization – The expansion of conformist digital asset clearing mechanisms is at a halt, with existing resolutions deteriorating to yield a consistent clearing mechanism for digital assets across various digital asset exchanges. In a directive to resolve these glitches, the market desires an innovative clearing solution that offers harmless and trustworthy services for all types of digital asset processes which includes the capability to use said assets across multiple platforms. To accomplish this, the essential clearing solution should also embrace a dependable digital asset wallet based on blockchain technology that will not only solve market agony but also offer added functionality when digital asset trading is involved, thereby leading to justly trustworthy, an advantageous tool for handling digital assets.
Blockchain technology as a trustless, distributed ledger introduces a disruptive way to revitalize the existing structure of Clearing services through its potential to streamline execution of Clearing in near-real-time and in a transparent, cost-effective way.
DAEX objectives are to build a circulated digital asset clearing ecosystem by means of a multi-asset blockchain-based clearing and clearance protocol. The network will disassociate assets and transactions, empowering token-based certification and streamline the transaction process. This will permit for harmless and more resourceful distributed registration, clearing and reimbursement of digital assets. Using this as a groundwork, DAEX will aid the whole digital asset market, beginning from the digital asset exchanges including multiple interconnected nodes to specific digital asset handlers.
DIGITAL ASSETS EXCHANGE (DAEX) is a development of the blockchain revolution whose core design is to diffuse digital assets (cryptocurrency) in a clearing ecosystem. DAEX was created to check problems faced by crypto enthusiasts globally which combine; value deviations, low market volatility, liquidity among different various calamities. DAEX will help overcome any problems amid innumerable intense cryptographic currency trades, provide holders of cryptographic currency a trustworthy thoroughfare to store various digital assets that will be obtainable when essential. Adopters of this development will happenstance with a transparent, fast, simple, and decentralized means that permits everyone to witness and share the rewards of the clearing ecosystem, DAEX will instantaneously execute innovative item placement work.
The Clearing Chain is the elementary core chain of DAEX's clearing ecosystem. Its request layer supports an intricate cross-chain building that permits it to link various chains, together with the Identity Chain and the Clearance Chain. By feature of diverse levels of side-chains on exchanges, the system is intelligent to meet the high coexisting request. The DAEX Wallet is the automobile via which the digital asset management and decentralized clearing services are executed. Base on the organization of the Clearing Chain, the actually separated and logically autonomous disseminated ID Center and asset registration & clearance Center are established concurrently, thereby creating a comprehensive clearing and settlement value chain not excluding ecosystem governance protocol. This "multi-center" classified ecosystem unravels countless of the integral borders of the blockchain protocol, confirming that the distributed network can interrelate with exterior data safely and consistently. As a fragment of this development, the Distributed ID Center and the Asset Registration & Settlement Center link to the
Identity Chain and the Settlement Chain correspondingly. In order to advance the security of assets and transactions, multiple level verification technologies are used to decrease the gradation of autonomous trust of each center. However, the usage of distributed ledger technology and a trustless consensus mechanism guarantees the truthfulness of the DAEX ecosystem.
Adopters of the blockchain innovation face loads of security problems, they frequently get hacked from digital theft, and they can fortuitously tap on malicious connections which will result in them getting phished. Both digital assets investors and exchanges are challenged with the security risk, prices of digital assets (cryptocurrency) regularly fall below normal at all point an exchange becomes hacked predominantly top exchanges and an enormous amount of cryptographic currency become stolen. Coordinating rate and low liquidity is moreover a problem.
DAEX will provide a legalized clearing platform in view of the blockchain innovation which provides security to all cryptographic forms of currency and an open door for clients to have the capacity to exploit them on diverse stages. DAEX is secured, straightforward with its management and open to both old and new exchanges. Operators of existing digital asset wallets regularly lose their assets due to uninstalling or reinstalling applications, vicissitudes to app store product regulations, users fail to recall mnemonics words or phrase, losing keystore files and many more. The DAEX multiple layer security protection system in the DAEX wallet shields the security of digital assets from multiple approaches. These comprise mobile security protection mechanisms, secure key administration, multi-factor verification and defending against malicious user comportment. However, the wallet's segmented key mechanism can be used to recuperate assets if a user loses their key. And many more.
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 will use decentralized system to develop a reliable and efficient platform between exchange markets and merchants. There is a presence of clearing service which solely depends on distributed ledger, user wallets and centrally based exchange. Most merchants make use of their wallets in performing exchanges of transaction. This will provide security trading framework that makes user assets all held on public blockchain and will not transfer without the permission of such users. The exchanger has their own clearing duty to accomplish; without that, trading industry as a whole will unable to make good use of its resources. Such that, with use of clearing service, most industry resource will be are useful more efficiently.
Author: Dinh Van Tuyen
Bitcointalk username: dvtuyen
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2114926
