In recent times, mode of transactions and exchanges have changed. As the world gets older day by day so does intelligence sharpen and shapen the world we live in. From the days of the trade by batter system to recent times where the economy has gone cashless in that mobile banking and exchanges are used in place of physical cash. the use of cryptocurrency and online banking where one need not hold cash in his or her purse, wallet or hand.7
Trading first started with the batter system where goods where exchanged then it went to the use of coin or what we call the Goldsmith coin which was used as the mode of transactions. After many years of using the Goldsmith coin, the bank note came in, which was used as a source of purchase of goods and payment of services. In recent times we have seen the birth or inception of cryptocurrency which is been tagged as the ideal way of transactions although it poses some security threat.
Daex also known as Digital Assets Exchange is an open and distributed clearing ecosystem for cryptographic currency exchanges. DAEX has been created to solve the issues posed to all cryptocurrency exchangers. Challenges faced by many cryptocurrency exchanges are:
-Steady occurrence of security threat
-Delay in verification
-Inadequate and non trusted facilities used in their platform
Steady occurrence of security threat: many blockchains present in the world today are being threatened by the fear of cyber criminals. Security has been the fear of many consumers and customers of cryptocurrency. DAEX has pose a solution to that aspect of the problem by providing Multiple cryptographic algorithms has been set up to solve that problem.
Delay in verification: although there has been frequent complaints by users or customers of cryptocurrency about the time taken to verify a transaction on other exchange sites. Daex has already provide a solution to that by assuring its customers or users of a 3 (three) seconds verification period which is the fastest any exchange platform can offer. Imagine you verifying an action on your phone at a blink of an eye, the speed is unrealistic and unheard of. Daex is the only platform that offers this.
Methods of identification.
-Identity Registration
-Registration Authentication
-Credential Management
-Credential Authorization
-Identification
Identity Registration: before you're logged into this platform you must be registered on this platform to allow easy access to the exchange site. The series of identification takes place so that there would be no issue of third party.
Registration Authentication: this is to check if a robot or to check if the user already had an account with this exchange platform.
Credential Management: when any user is done with registering and authenticating his/her account his/her Credentials is taken down by the blockchain and secured against any cyber threat. With this Credentials the user is able to log in and access his or her account.
Credential Authorization: before users or customers are able to access their account on the exchange platform, their Credentials or details of logging in is passed through a stage of Authentication before they are authorized to use the exchange platform.
Identification: to allow users into their blockchain account, they need to provide the suitable identity to be logged in. Details like username, password or keyword etc.
In the world today security is what the world looks at. Daex has brought out all this formats to ensure that users or customers account are safe and free from threat
For more information on DAEX project use the links below:
Official website: https://www.daex.io
Whitepaper: https://daex.io/whitepaper.html
️Twitter: https://twitter.com/DaexBlockchain
Telegram: https://t.me/DAEXOfficial_en
Reddit: https://www.reddit.com/r/DAEX_Blockchain/
Authors bounty0x username: beeeyibio
