The cryptocurrency market in general seems to be growing in popularity as the day passes. This growth can be seen in the astronomical rise of cryptocurrencies such as bitcoin and ethereum with other influx of cryptocurrencies that are entering the market each day.
Currently today, they are millions of cryptocurrencies that are trading on different exchange sites. I still remember vividly when bitcoin enter the crypto world, many people where afraid to invest in the cryptocurrency, even so many people where saying the price of bitcoin can never rise rather it will drop but look at what is happening today.
Bitcoin is the most highest priced cryptocurrency in the market today. This alone proves that the crypto world is really gaining popularity.
In the crypto world, each cryptocurrency have an exchange site where is been traded and it is on these trading exchanges that you can be able to buy and sell at same time.
This exchanges is divided into two,the centralized exchange and distributed exchanges. The distributed exchange runs on its own and it is based on distributed ledger technology.
This exchange site does not need any body to operate it and this is because it runs and maintains its operations. The traders assets remains on his own personal account ,the exchange does not have access to it.
The challenges of the exchange is trading and clearing cost are low and the traders can join or leave any time they want and they can trade with anybody in the world. However, the centralized exchanges is the opposite of distributed exchanges.
The exchange provides centralized order matching mechanism for their traders. They receive the traders deposits and keep it in its own storage. They give IOU to the traders which they use to trade with each other in the exchange site.
The centralized exchange has so many advantages such as provides liquidity,match speed and flexibility,but out of all these advantages and benefits, the exchanges still faces series of challenges in terms of security and matching mechanism.
This is where my article of today comes in,the daex platform. Daex is an awesome platform with so many interesting technologies. The main aim of the platform is to provide a better infrastructure for the cryptocurrency trading industry and to implement new opportunities which is brought by the distribution ledger technology in the system and more so they wants to categorically separate clearing trading into different entities.
Centralized exchanges will continue to provides trading services while the clearing work will be handled over to a common clearing service that is based on the daex solution but it will be different from the current centralized services and this is because it will be based on distribution ledger technology.
THE DAEX ECOSYSTEM
This is an awesome platform and it is made up of clearing services which is based on distribution ledger technology,centralized exchanges and the users wallets.
The platform has many traders and this traders use their wallets to carry out trades on the exchanges. Immediately any trade is been matched at the exchange ,the exchange will send and matched trades to the clearing services.
This clearing services Caas is been performed by the smart contracts and this occurs on the distribution ledger technology. The platform has two phases which is the initial phase and the future phase.
The initial phase occurs when the cryptocurrencies are serviced while the future phase occurs when the cryptocurrency derivatives will be serviced. This means that Daex will provide the clearing services for cryptocurrency derivatives that is traded on the exchanges. The diagram below explains more to this...
BENEFITS OF THE PLATFORM
This platform has so many benefits and they include
(1)Trust:.they make use of decoupling between trading and clearing and this is the best and accurate method use to guarantee safety of customers trading assets. The platform provides a trustworthy environment for the exchanges and also for the traders.
(2)Secure:.. To participate in any exchange,you must meet the standard business and technology requirements of the ecosystem. In daex platform,the user assets are held on the blockchain and it can not be moved without the users permission. Multiple part private keys also protect the users assets and at same time work as a safe recovery mechanism just in case of the user mistakenly lose his private key.
(3)Open:..The daex platform is open to every one and it is also open for new exchanges. The exchanges that participate in daex ecosystem can make use of all their products and also the services that is provided by Daex and this include the wallets and the clearing work.
THE DAEX WALLET
The daex wallet is a client system of the clearing chain. This wallet is an unmanaged and distributed wallet and it supports multiple different types of cryptocurrencies and it has the following features
(1)The users has autonomy over digital assets in his wallet
(2)The private keys when lost can be restored back
(3)It uses three private keys and needs two parts to be used together to access assets inside the wallet. The chart below explains more to this
THE TOKENS
The daex platform uses the daex tokens to carry out cooperation among different parts of the system ,below chart explains more to this
THE ROADMAP
THE TEAM MEMBERS
CONCLUSION
DAEX platform is an awesome and interesting ecosystem . it brought solutions to the cryptocurrency exchange trading site. The team members is made up of professional groups with vast knowledge in cryptocurremcies. I advice every one to invest in this platform because they really have a great and nice concept.
USEFUL LINKS
Website--https://daex.io
Twitter-- https://twitter.com/DaexBlockchain
Telegram-- https://t.me/DAEXOfficial_en
Medium--- https://medium.com/daex
Reddit-- https://www.reddit.com/r/DAEX_Blockchain
Facebook-- https://www.facebook.com/daexblockchain/
Linkekdin--- https://www.linkedin.com/company/daex-blockchain-group-limited
AUTHORS DETAILS
Bounty0x username--- ifeoma419
Congratulations @jupitar! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
SteemitBoard and the Veterans on Steemit - The First Community Badge.