BitRss.com latest Crypto World News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

DAEX: Distributed Digital Asset Clearing Ecosystem For Centralized Crypto Exchanges

DAEX: Distributed Digital Asset Clearing Ecosystem For Centralized Crypto Exchanges

Ironic is the fact that we use centralized crypto exchanges for decentralized crypto assets.
Not just this. Even though the centralized exchanges have a history of being hacked, we continue to use them due to lack of options.
One obvious solution is not storing cryptocurrencies on these centralized exchanges, but because these exchanges also act as the clearing and settlement hub, one needs to store them here, again for lack of alternatives.
But to make lives more comfortable,  DAEX is developing a new ecosystem for centralized exchanges which aims to remove these risks.
Apart from fighting the risks mentioned above, it will also open up new frontiers for newly launched centralized exchanges to make their user base and thus capture the much-required liquidity.
Let’s dive in and see what DAEX has to offer.
What Is DAEX?

DAEX (Digital Assets Exchange) is a distributed digital asset clearing ecosystem built using a blockchain-based multi-asset clearing and settlement protocol.
This ecosystem will include DAEX wallet, clearance & settlement blockchain, identity blockchain for KYC and DAEX fund and DAX native token and smart contracts.
In a nutshell, it is an ecosystem that centralized exchanges can join. Upon joining, all trades on their platforms will be cleared on a public clearing chain, unlike the ones that are currently cleared on the centralized exchanges itself.  This will prevent exchanges from storing their customer assets pool in their own hot/cold wallets, and traders will be able to access their assets through the DAEX Wallet securely.
And in this case, DAEX users will hold their keys with themselves and DAEX will keep a fragmented copy of their keys on their behalf for security and custodian purposes.
How DAEX Works

DAEX will provide identity authentication, asset registration, asset clearing and asset settlement services using their distributed ledger technology and smart contracts to centralized exchanges that join its ecosystem.


DAEX Clearing Chain

It is also known as the DAEX blockchain which will serve as a means to store transaction data for multiple types of digital assets. It will also connect to other blockchains as it will support cross chain functionality with Identity Chain and Settlement Chain.

Identity Chain

It will be an entirely different chain that will act as a Distributed ID Center that completes the identity registration, authentication, and management of user identities. This will allow exchanges to get potential customers from the DAEX ecosystem who are already verified and authentic.

Settlement Chain

This is a separate blockchain, which will connect to the Asset Registration & Settlement Center. The primary purpose of this center is to facilitate the trusted registration of digital assets, as well as mapping, said assets on the Clearing Chain.

DAEX Wallet

DAEX wallet is expected to be a multi-currency wallet with access to the multi-segment private key mechanism. All the users of the DAEX wallet will be able to use different partner DAEX exchanges to buy/sell cryptocurrencies in a transparent ecosystem built by DAEX.

DAEX Fund

DAEX ecosystem will also have DAEX Fund that contains several institutional investors such as LD Capital, JRR, Qtum Foundation, J One Capital, ChainPE, 8 Decimal Capital, InnoNext, RadarWin Labs, Hello Capital, DFJ Dragon Fund that will invest in exchanges, wallets, cross-chain solutions and asset management solutions.
Features Of DAEX

Expect DAEX to boast of the following features:

Normal spot trading to be possible
Usage of wallet to store crypto assets possible
Futures & options will be possible in the future
Gamification of trading features and customized benefits for DAX token holders and users

DAEX Team

The DAEX team is competent enough to run an exchange. A few members of the team have backgrounds from financial and blockchain fields.
Chairman Mr. Benjamin Gu has several years of management experience in financial service firms as well as enterprise software companies. Mr. Jason Tang, a co-founder, has an extensive background in creating blockchain related applications for domestic banks in Mainland China. Hana Zhang, another co-founder, is an investor in several exchanges and an initial member of the IDEL
DAX Token Utility

The DAX token will be a native token for all the exchanges joining the DAEX ecosystem. It is a utility token using which traders can pay fees related to clearing, asset settlement or trade matching.
Users who will be making accounts and who will be sending referrals to make an account will also gain rewards in DAX token which will eventually decrease as more registrations/invitations happen.
Another factor called as Clearing Value Factor (CVF) will be assigned to DAX token holders upon which their incentive and rewards will also depend.
Conclusion
DAEX is an exciting solution. When I started off in the cryosphere, I was thinking of the same idea but never encountered something like this which reduces the loss of cryptocurrencies due to exchange hacks so significantly.
The DAEX ecosystem has it all to make it big in the future if they can partner which a few notable exchanges.

In my opinion, crypto traders should prefer something like DAEX more because this has both – robust security and transparency.
Regarding the roadmap and upcoming plans for DAEX, the test net is set to be live in Q4 of 2018, and the main net is scheduled to be ready in Q2 of 2019. The technical whitepaper is scheduled to release in several versions throughout 2018 while the  token sale is expected to go live soon.
See below the scheduled release dates and topics each version will cover:


Q2 2018: Overall design of the clearing ecosystem, including the ASPoS consensus mechanism.
Q3 2018: Clearing Value Factor (CVF) and wallet solution based on a trusted computing environment.
Q4 2018: DAEX Fund report, token plan (clearing-as-mining), node deployment and governance model.

Sign-up for free on DAEX Platform
Official Resources
Some official links that will help you stay updated with DAEX’s news:

DAEX Twitter
DAEX Telegram
DAEX Blog

Note:   This is a sponsored content, but no factor influences the information.
Here are a few hand-picked guides for you to read next:

LocalEthereum: LocalBitcoins For Ethereum [ETH P2P Market]
Here Are The Top Supply Chain Management Cryptocurrency Projects
Why Are Decentralized Exchanges The Future Of Cryptocurrencies?
3commas: The Smart Cryptocurrency Trading Bot

The post DAEX: Distributed Digital Asset Clearing Ecosystem For Centralized Crypto Exchanges appeared first on CoinSutra - Bitcoin Community .

- - - - -

Thank you for Share!

   
Read the full Article

Read the full Article: DAEX: Distributed Digital Asset Clearing Ecosystem For Centralized Crypto Exchanges


Search Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, from leading exponents of BlockChain, Bitcoin and Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Cypto Currencies World.

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

24h Most Popular News