DAEX: ONBOARDING CENTRALIZED EXCHANGES TO DECENTRALIZED FUNCTIONALITY

Earlier this year, Binance, the biggest cryptocurrency exchange revealed plans to upgrade into a decentralized exchange model by holding a competition to develop a decentralized exchange. The CEO, Changpeng Zhao has severally mentioned that decentralized exchanges are the future of the cryptocurrency exchange. Not long after, around mid this year, another top exchange in the space, Huobi, announced plans to launch a decentralized financial platform Huobi Chain with the goal of migrating their services to the Huobi Chain platform, which will run operations through a decentralized autonomous model. This is a very encouraging trend for a multitude of reasons.The biggest being, the initiative taken by centralized entities in a decentralized space to operate in a decentralized way. This is important because it shows that to remain competitive companies have to walk the talk or else face disruption from emerging better alternatives.

Vulnerability of centralized exchanges

Hybrid

That centralized exchanges are easier to regulate cannot be understated. Currently, crypto has been the reserve of hard-boiled retail investors because the lack of regulation deters large institutions and risk-intolerant traders. Manipulation of Bitcoin price is rampant such as Bitmex undergoing maintenance today, when the platform was seeing an all-time high in shorts. Not surprising, at the same time the value of Bitcoin spiked cutting out many traders from profit.

DAEX

DAEX is a blockchain project that seeks to create a suite of cryptocurrency exchange operation tools, that can be leveraged by centralized exchanges in order to operate in a decentralized manner. This means that instead of developing in-house decentralized architecture from scratch, exchanges can utilize DAEX’s solutions to achieve their operations of registration of digital assets, trade matching, asset clearing and asset settlement in a decentralized way. By doing this, centralized exchanges are able to optimize their operations and focus on adding value to the customer instead of being weighed down by multiple functions.

Clearing chain/DAEX Blockchain

DAEX Wallet

The fact that DAEX is able to offer the best of centralized and decentralized worlds, in a transparent and secure manner is what makes it particularly unique.

Currently, the project has made appearances in a number of conferences and spread the word about their innovative solution. Already initial contact with over 10 exchanges, setting up legal contracts that will see them upgrade using DAEX. These include

✅INDODAX,

✅Xbrick,

✅SEADEX,

✅LBank and

✅Tokenomy.

DAEX has already raised some capital in its private sale and is already trading on exchanges LBank, Indodax, BCEX and Allcoin. The public sale is however ongoing.

Conclusion

For more information, please follow the following links:
Website: https://www.daex.io/
Whitepaper: https://www.daex.io/daexPaper.do

Solidity&Web3 dev/writer