DAEX - an open and decentralized clearing and settlement ecosystem for all cryptocurrency exchanges.

brainpow (0)(1)in #bitcoin • 6 years ago

DAEX The Most Reliable Clearing Ecosystem for Digital Assets:
DEAX the world’s most reliable clearing ecosystem for digital assets by implementing a decentralized clearing solution for cryptocurrency exchanges. The DEAX ecosystem will provide both exchanges and traders with more efficient and trustworthy trading environment. With the rapid growth of the digital currency market, the demand for safety and convenience of digital asset transactions greatly increases. Centralized exchanges are widely used amongst traders due to their user-friendly interfaces, fast transactions speeds and liquidity, however, centralized exchanges are flawed in their underlying infrastructure, they provide both trading and clearing services in a centralized environment whilst maintaining their customers’ assets, this leaves them vulnerable to hacking attempts and internal fraud.

DAEX started with a goal to solve these problems by integrating distributed ledger technology and smart contracts. The ecosystem will provide transparency to both exchanges and traders who use their platform. it will include a clearing chain that will be an open source public blockchain and the DAEX wallet, a cryptocurrency wallet that supports multiple signatures and assets, by providing such infrastructure traders will receive full ownership of their assets whilst having their trades cleared on a public clearing chain.
The goal of DAEX is to provide a better infrastructure for the cryptocurrency trading industry by taking the reasonable parts of the mainstream securities trading industry and by taking advantages of new opportunities brought about by the distributed ledger technology. Specifically, trading and clearing will be separated into different entities. Current centralized exchanges will continue to provide trading service. But the clearing work will be handled over to a common clearing service which is based on the DAEX solution. But, different from current centralized clearing services, the DAEX clearing service is based on distributed ledger technology. The distributed ledger technology guarantees that trades are correctly and safely cleared and settled. By using distributed ledger technology, trader’s assets are kept in their own accounts on the blockchain. No one else can access traders’ assets without their permissions. This effectively removes trader’s asset risks in current centralized exchanges.

about blockchain:
The arrival of the blockchain technology introduced many advantages to the world making its potential huge. It allowed many computers to take part in a network, distributing the computing power, which helped reduce the risk in any tampering, fraud or cyber-crime. Furthermore, it allowed different parties to believe that transactions between them are indeed real and valuable. With immutable records of transactions this also ensured a possibility for a massive range of digital transactions to happen without any central authority. With significant reduction of monopolies or middle men, this also removed a lot of costs from the equation. Blockchain also ensured immutability, as any transaction can be confirmed and shared across the distributed network, while almost impossible to undo.

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