Update: We’re delaying our DEX’s mainnet release for side chain plasma like solution
TLDR: We’re delaying our mainnet release so we can speed up trades using a side chain plasma like solution. This means our DEX will be fast, trades instant, and you’ll never miss a trading opportunity through on-chain delay. To compensate for the delay, we’re increasing all referral rewards by 5%.
Thank you for your patience while we’ve been building our decentralized exchange. You’ve shown incredible support so far: registering online, referring friends, and testing our atomic swap wallet.
Today, we’d like to ask for your patience again as we delay the mainnet release of Altcoin.io until Q2 2018.
Rather than releasing a mediocre decentralized exchange now, we don’t want to compromise on trading speed and our proposed solution means you’ll be able to trade lightning fast, ensuring you won’t ever miss a trading opportunity because transactions times are too slow.
With our mainnet release you’ll be able to make trades quickly, securely, and with lower fees than current centralized exchanges.
Why the delay? On-chain atomic swaps are really slow.
Those of you who’ve atomically swapped tokens on our testnet wallet will know how close we are to realizing the potential of our decentralized exchange, but trades are still too slow — taking between five and twenty minutes because of on-chain confirmation times.
To address transaction speed issues typically seen within most current decentralized exchanges, we’re working on a off chain plasma like solution (learn more here).
This is the future of decentralized cryptocurrency trading: instant, low-fee trades of virtually any token, all secured by the blockchain. This enables us to truly compete with centralized exchanges, but without exposing you to their risks. And to do this right, we need a bit more time.
As well as working on off chain plasma like solution, we‘ll be conducing more formal bug bounties to fortify our decentralized exchange, and ramp up our operations team (customer service, community managers, etc.) so when we launch we’ll fully deliver on our promise of creating the cryptocurrency exchange of the future.
What’s in it for you? We’re increasing referral commission by 5%.
To compensate for the delay, we’re increasing all referral rewards by 5%. As well as working on off chain plasma like solution, we‘ll be conducing more formal bug bounties to fortify our decentralized exchange, and ramp up our operations team (customer service, community managers, etc.) so when we launch we’ll fully deliver on our promise of creating the cryptocurrency exchange of the future.
Why are off-chain solutions so important? They give fast transactions.
The big problem with processing on-chain transactions, whether it’s swapping altcoins or simply sending Bitcoin these days, is that every node on the blockchain network has to agree and process that change. This makes everything super slow — especially when making a lot of changes (as a trading exchange would). As well as being frustrating, this hinders performance and could cost you money in missed trading opportunities.
Plasma, on the other hand, is an off-chain mechanism for tallying changes, whether they’re altcoin trades, smart contracts, or DAPPs — and only updating the blockchain once someone (trader, for example) signs off on the final outcome.
The blockchain validates each signature over a holding period which ensures mistakes or fraudulent transactions are caught before hitting the blockchain.
Since there’s no need to update the blockchain for every single transaction, plasma is fast, scalable, and private, with only final changes (a balance of trades, per say) published on-chain when each traders wants to exit exchange. Exactly the criteria we’re looking for in our decentralized exchange.
We’ll be releasing a draft version of our white paper soon. This is just the start but we’re hoping to have a proof-of-concept completed within the next month or so.
When will you know more?
Over the coming weeks, we’ll continue providing technical insights into our decentralized exchange and the technology we’re using to build it, as well as keeping you informed of our vision and road map.
We’re extremely excited about the next stage of our development, and even more excited about releasing the world’s first decentralized exchange to leverage a side chain plasma like solution. Until then, thanks again for your patience, and if you have any questions don’t hesitate to contact us.
Altcoin.io Team