Hello everyone, the last time I expressly talked about a project that has seen the light of day and is trending. This project is not one of the many projects without a working solution but one with the solution that blockchain needs for a good and secured future. This is no other than DAEX. In my last review, I gave an overview of the subject and the solutions it is bringing to blockchain industry. In this review, I'll explain the components of daex and how it works. This is going to open your mind to the technological innovation that is being spearheaded by great team of specialised individuals but before then I'll give a little overview on what DAEX is.
DAEX
DAEX is an acronym for Digital Assets Exchange, it is an open and distributed clearing ecosystem used for the exchange of digital assets or Cryptocurrencies. This exchange is geared towards solving the major problem plaguing blockchain technology and I have explained the problems in detail in my previous article. Today, I will be explaining the features of these platform that makes it a better and universal exchange that will be of great use in the cryptospace.
THE CLEARING CHAIN
Blockchain with all its innovations is yet to attain the point at which its ecosystem can control every distribution single-handedly and this has almost stampede the growth of blockchain technology. DAEX clearing chain is introduced in order to help in solving this problem of interoperability, as it provides an interface in which an individual can transfer digital assets, pay for an asset and perform a trade. The beauty of DAEX clearing chain is that it allows both smart contract and non smart contract transactions. Non smart contract chains are allowed to perform atomic transactions (that is, the transactions are not divisible, either all the transactions go through or all fails) and this is the most imperative part of the clearing and settlement chain. The clearing chain work based on the following components
Consensus Component: This is an algorithm that is enables the completion of transactions. It uses the proof of stake method which helps in the performance and validation of transaction.
Ledger and Storage Component: This is used for fast storage of value in the ecosystem. This ensures that there is a consistency in the ledger hence making sure there is no modification of data.
P2P Communication Component: Blockchain technology is based on peer to peer activities between nodes. Hence this component establishes and synchronizes a peer to peer communication between nodes.
Smart Contract Engine: this executes the commands based on a virtual machines that is compatible with the smart contract. Different commands are coded for different scenarios.
Privacy Protection Component: In as much as transparency is key in blockchain technology, there is a dire need for privacy. This component protects the transactions of individuals in that only the parties involved in the transaction can view the transaction details.
Ecosystem Governance Component: This component protects the ecosystem from malwares, bugs, soft forks and any emergencies that may occur.
Node Management Component: These are nodes that supports the regular nodes in validating and configuration of the validator nodes.
Cross Chain Component: This helps in the transfer of information between the ledgers of multiple chains.
THE DAEX WALLET
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: yudee