Introduction
Digitex is a blockchain Ethereum based project that seeks to eliminate transaction fee charged on trades through the creation of their own native token called the DGTX. DGTX is an ERC-223 Ethereum token created with the help of blockchain and used to record users profits,losses and balances. Not just eliminating the commission process of every trade, they also ensure users security by giving them the control over their balances- users balance is at their own discretion this is called the Digitex's trustless nature.
The platform doesn't have any connection with users balances and when exchanges hand over the control of users balances to them, situation of hacks and theft are eliminated. Though Digitex is free, it has its own operational cost. People might ask how it is maintained as the platform proclaims a no-commission trade. Digitex users come together and decide about the issuance of a new token to the market, to regulate token availability. The decision taken here will help create demand for the DGTX token and increase its value thereby generating their operation cost from here and also promoting democracy as the system gives all users a say in the decision about to be made.
How Digitex Works
The digitex futures exchange is powered by a native cryptocurrency called the DGTX token. This currency will be used to denominate every margin, account balances, profits, losses and tick sizes on the exchange. This implies that, anyone that wants to use the digitex exchange to trade futures will need to have this token in order to be able to utilize the no-commission digitex futures exchange. This token is the reason why digitex users can be able to use the exchange for free.
Who determines The Operational Cost Of Running The Exchange And How Many DGTX Tokens To Be Created?
The operational cost for running the exchange will be projected by the digitex team responsible for keeping the exchange operational and an estimated value will be given. This estimated value will be the proposed amount of the DGTX token that will be minted. But the process of arriving at this value or the templates used in arriving at this value will be made available to all digitex users.
After the cost in DGTX for keeping the exchange running has been determined, digitex users will now have to vote on the volume of the DGTX token to be minted. The digitex users are the ones that will always determine when, how and how many DGTX tokens will be minted. The vote by the users will be done through a decentralized governance by blockchain. Each vote will be equivalent to 1 DGTX token. A user with 50 DGTX tokens will be having 50 votes and so on.
The volume of token voted on by the digitex users is what will be minted and sold to both existing and new users to keep the exchange running. Since keeping the digitex exchange operational will be in the interest of all digitex users, the users will always ensure that they do what is best for the exchange and vote accordingly.
Digitex will not be minting any new DGTX tokens two years after its launch because the purchase from the token's ICO sale will be used to cover its operational cost. New tokens will be minted around 2021 to cover for the operational costs of keeping the exchange running. The token will always be in demand because both existing users and new users will need this token to participate in the digits free exchange so the exchange will always run smoothly with no hitch.
Conclusion
Digitex is revolutionizing the cryptocurrency futures trading market, with decentralized account balances coupled with the expertise of a reliable blockchain smart contracts, making the Digitex trading platform fully equipped with all the tools necessary to deliver outstanding performance. Traders can buy and sell futures contracts on Bitcoin, Ethereum and Litecoin, and pay zero transaction fees on all trades and at all times.
The trading platform is second to none as it is the first and and best of all commission-free exchange platform of its kind. With its users not having to worry about theft attack or breaches of any sort as the Digitex platform dose not operate with intrusive and insufficient regulations, users can trade with high leverage on a secure exchange developed by a professional team.
Convincing new traders to get into futures trading may prove difficult for the development team – nevertheless, many will quickly realize the simplicity of futures trading, not to mention the benefits. Millions around the globe already trade futures contracts on a daily basis. The team is going after an enormous market.
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