The main task of DAEX project - to increase credibility and security concerns of digital assets by using blockchain technology and now I will try to figure out how the project is going to translate the plans into reality and identify all the positive and negative aspects of the project.
DAEX project team says it is going 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.The DAEX solution will be an open sourced clearing service based on a public blockchain. Its code is open for public inspection and supervision.
In fact, an extremely rapid growth of cryptocurrency trading and caused by this negative factors such as hacker attacks and security issues, so it needs better and secure clearing service. Taking into account this, I can conclude, that the introduction of blockchain technology is completely justified. Thus, the project will provide maximum security for users of exchangers, increase the trust of traders and guarantee openness and transparency.
In general, the project is going to put into action a whole multi-layered, interacting ecosystem among themselves composed of a clearing service that is based on distributed ledger technology, centralized exchanges and user wallets.
Pay attention, DAEX Pre-ICO extremely successfully ended on 29 of April with a raised funds of 79,5 million dollars! Only taking into account this figure, can conclude that there is a significant interest to this project.
Also was released DAEX token (DAX) , which until recently was confidently traded on several exchanges , but the team made a right decision to freeze trades on all exchanges, given the terrible situation on the cryptocurrency market.
Its popularity can be explained by the use of tokens inside the ecosystem, such as:
- Clearing fee;
- Settlement fee;
- Exchange trade matching fee;
- Derivatives clearing fee
DAX token trades will resume after DAEX public sale which will last from 9 to 14 September 2018.
In conclusion, I want to say that DAEX project for crypto community is a real GODSEND!
Taking into account the volatility and bearish trend observed at the moment in the cryptocurrency market, the introduction of a good clearing service on the blockchain technology will allow many companies to save their money by reducing the large drop in the exchange rate. And, of course, do not forget about a lot of simple user benefits.
A large number of detailed and illustrated information about DAEX you can find in technical and non-technical whitepapers - https://www.daex.io/daexPaper.do
DAEX website - https://www.daex.io/
