Connect with us

Blockchain Guides

What Is DAEX Cryptocurrency?

Crypto market analysts estimate that until the third quarter of 2017, investment returns on cryptocurrencies were as high as 448%. This figure far exceeds investment returns from other assets like conventional market stocks, gold, and even real estate. Additionally, there are nearly 60 alt-assets that boast average daily trading volumes of $10 million each.

DAEX is an all-new blockchain-based clearing service that has been built using distributed ledger technology. Owing to its use of a decentralized ledger, DAEX is able to guarantee that all internal trades are facilitated correctly and that all accounts are safely cleared and settled.

All trader assets within DAEX are kept in their own accounts and are recorded immutably on the blockchain. To ensure a high degree of safety, the ecosystem is designed in such a way that no one else can access a user’s assets without their permission. As a result, most trader-based risks associated with existing centralized exchanges are eliminated.

Lastly, the DAEX platform is entirely open-source based and has been established on a public blockchain. This means that its intrinsic program code is open for public inspection, supervision, and scrutiny.

Overview of the platform

  • DAEX is a cryptocurrency clearing service built upon distributed ledger technology.
  • The platform makes use of a Clearing as a Service (CaaS) model to provide clearing services to cryptocurrency exchanges.
  • The DAEX Wallet supports multiple signatures as well as a host of unique digital currency assets.
  • DAEX is designed to access multiple crypto exchanges, facilitating virtual currency trading in a seamless manner.
  • The clearing facility has been deployed within a public cloud. Exchanges and participating members can obtain clearing-related services via specialized APIs or clients.

Key Features

First and foremost, the DAEX ecosystem ensures that all participating exchanges adhere to business and technology requirements set forth by the developers of this platform. Consequently, a high level of trading quality is maintained at all times. Since all of a user’s assets are held on the blockchain, they cannot be moved or altered in any way without possessing pertinent authorizations.

Overview of the DAEX ecosystem

In the interest of customer safety, the DAEX ecosystem employs a private key as well as a recovery mechanism in case a customer loses his or her security clearance (i.e., access key).

Another important aspect of this platform is its use of smart contracts. They guarantee the correctness of clearing and asset settlement, as well as remove the need for trust between trading and clearing entities. The insurance fund contributed by participating exchanges also provides another layer of safety.

Lastly, DAEX is open to new asset trading platforms, and all of the participating exchanges are given permission to make use of the products and services that have been made available by the developers of DAEX. Not only that, participating exchanges are also allowed to make use of more value-added services that have been envisioned by the company in their roadmap—including cryptocurrency derivatives trading.

How it works

As is clear by now, the DAEX platform has been devised as a clearing service that is based on a unique technology that involves:

  • Distributed ledger technology
  • Centralized exchanges
  • User wallets

Visual representation of how the system works

Customers can make use of their wallets to perform trades via various online exchanges, and after the trades are matched, these platforms automatically send the matched trades to the relevant clearing service.

It is also worth noting that the employed CaaS module is executed exclusively through the use of smart contracts as well as distributed ledger technology. During the initial phase of DAEX, cryptocurrencies will be serviced, but as time progresses, the company aims to also service crypto derivatives.

Transaction mechanism employed by DAEX

Here are some other key functional aspects of DAEX:

  • DAEX automatically lists new clearing products so that participating exchanges can perform their trade activities in a seamless, hassle-free manner.
  • The native DAEX wallet simplifies the trading of new cryptocurrencies across multiple exchanges.
  • Using this platform, trading services can significantly expedite their product listing work and hence become more competitive within this rapidly growing industry.
  • DAEX makes use of a token-reward mechanism for its users, thereby attracting more customers as well as generating more trades.
  • The separation of trading and clearing activities helps exchanges focus more on their core competencies, thus maintaining their competitive advantages over similar services.

About the team

Benjamin Gu is the founder of this project. According to his professional bio, he possesses extensive management and professional experience within the Chinese and US financial markets. In addition, Benjamin previously worked as the associate CIO of Hua Tai Lian He Securities Corporation and has also served as the COO of several other financial services companies.  

Hana Zhang is the co-founder of this project. She is an active investor in various cryptocurrencies and was also an initial member of IDEL (International Digital Economic League). Hana is a graduate of Shanghai Jiao Tong University and has previously worked at companies such as A.T. Kearney, Dun & Bradstreet, and Euromonitor International as a strategic consultant.

Lastly, Jason Tang is the chief architect for DAEX. According to his LinkedIn profile, Jason has worked as a product manager for China Zheshang Bank and has also been associated with a host of blockchain projects related to commercial banks in China. He has two patents to his name and also holds a master’s degree in software engineering from Zhejiang University.

Token Performance Analysis

Since being introduced into the market over ten days back, the price of a single DAX token has remained relatively stable.

   

DAX token lifetime performance (courtesy of CoinMarketCap)

While initially trading at $0.17, the currency experienced a massive value dip on the 7th of May, when the price of a single token fell to $0.14.

Since then, DAX has recovered substantially, and as of May 11, the currency is valued at $0.166.     

Final Thoughts

DAEX provides the market with a clearing solution for centralized cryptocurrency exchanges that is based on distributed ledger technology. The clearing process is automated and cannot be interfered with by external, third-party actors.

Owing to its plethora of unique features, DAEX possesses good market value and can thus be expected to thrive within the blossoming crypto domain.

If you would like to start investing in DAEX, DAX trading pairs are currently available on LBank, Allcoin, and BCEX.

Advertisement
Comments

Blockchain Guides

What Is Proxeus Cryptocurrency?

With the advent of blockchain technology, digital startups have started to create a network of value that provides customers with a unique method of transferring ownership and recording the settlement of real-world assets.

Proxeus can be thought of as a new workflow engine and platform that can be used by tech-driven individuals to generate documents which can in turn be used to make new DApps using blockchain technology.

This platform was the winner of the 2018 Swiss FinTech Early Stage Award. When using Proxeus, users will possess the ability to create new digital solutions by putting information into the network and building new workflows without having to spend time learning a brand-new programming language like Python or Rails.

The aim of this service is to help bring traditional companies and blockchain technology together. This is achieved primarily by rebuilding blockchain systems for traditional businesses so that they can be fully integrated into existing enterprises or layers of a program.

Lastly, this platform also serves as a proxy between the traditional business space and the crypto domain. Proxeus gives users of all knowledge levels the ability to create blockchain applications that are affordable and can be used in conjunction with existing enterprise systems.

Overview

  • Proxeus provides customers with a series of building blocks that can help organizations add extra value to their existing services.
  • The system focuses on creating digital documents that can be read by humans (PDF) as well as by machines (JSON).
  • Documents can be verified and notarized within the native blockchain. They can also be stored as encrypted files off-chain.
  • The service is presently compatible with the Ethereum and Hyperledger blockchains.
  • It has a highly simple user interface that can be used by novice as well as experienced blockchain operators.

Key Features

Proxeus’ unique work model combines three layers of services on top of the blockchain. They include:

  • Proxeus Core
  • Native operational modules
  • Third-party DApps

Key offerings of the Proxeus ecosystem

The DApps that can be created on the Proxeus core span a diverse range of use cases and can be implemented within niche areas such as:

  • Document certification and notarization
  • Tokenization
  • Reporting of blockchain events
  • Smart contract generation
  • Development of voting services

All of the aforementioned services can be used by network participants via either a web client or the company’s mobile application.

Visual representation of the core modules employed by Proxeus

For added context, Proxeus works in a way that is quite analogous to Outlook. For example, the platform deploys an SMTP layer on top of a TCP-IP protocol, thereby making interactions easier and more streamlined.

Other important advantages of Proxeus include:

  • The platform allows users to employ workflows, documents and IPs that have been produced by community members.
  • Customers have the option to store documents off-chain with storage providers that make use of the native XES token.
  • All stored documents are automatically notarized on the blockchain.
  • Users can build their own blockchain-based applications without needing to go through countless hours of coding.
  • Organizations using Proxeus don’t have to forgo the use of existing paper-based workflows.

How it works

Proxeus uses a foundational structure that incorporates the Ethereum blockchain. Ethereum currently offers blockchain enthusiasts with one of the most robust frameworks for constructing and developing novel decentralized applications. It also serves as an abstraction layer which is designed to deploy contracts on other blockchains as well — such as Hyperledger.

The structural outline of the ecosystem

The core components of this service are designed to allow for the quick creation of documents. Some of the primary functional modules of Proxeus include:

  • Form and document generator
  • Workflow builder and manager
  • Blockchain registry

Additionally, there are certain value-added services that users can deploy when making use of this platform. Those services relate to:

  • Data importation
  • External storage
  • Monitoring of blockchain events
  • Execution of smart contracts

Lastly, third-party users also have the freedom to build their own applications on this platform. Applications built on Proxeus can be monetized using payments in crypto or fiat currencies — depending on one’s particular needs.

About the team

Antoine Verdon is the co-founder and CEO of this venture. According to his LinkedIn profile, Antoine is also the founder of Sandbox, a global network of young entrepreneurs under 30. Additionally, he has been in the crypto domain for more than five years and was named one of the top 100 Swiss personalities by esteemed publications such as L’Hebdo and Bilan. Antoine holds a law degree from the Universities of Fribourg and St. Gallen.

Patrick Allemann is the CIO of this project. He has extensive knowledge of both data security and cryptography and has previously been associated with a host of ventures related to secure data storage.

Artan Veliju is Proxeus’ Chief Technical Officer. He has been in the blockchain domain for nearly a decade and has worked on technologies related to:

  • Merchant integration
  • Bitcoin ATMs
  • Blockchain-secured storage services
  • Mobile apps for the trading of tokenized assets

Lastly, Philippe Furter is the COO of this project. According to his professional bio, Philippe previously served as the CIO of an international shipping company where he helped digitize their business infrastructure.

Token Performance History

As mentioned earlier, all internal transactions taking place within the Proxeus ecosystem are governed by a native currency called XES.

XES token lifetime performance history (courtesy of CoinMarketCap)

Having been introduced to the market just over a week ago, XES tokens have remained quite stable in their value.

Initially sold at a rate of $0.25, the tokens are currently being traded at $0.177.

Final Thoughts

Proxeus delivers its customer base with an easy-to-use product that gives users the power to create blockchain applications that are affordable and compatible with current enterprise systems.

As a result of its unique technological offerings, it would not be surprising to see this service do well this year.

If you would like to invest in Proxeus, XES trading pairs are currently available on Qryptos, IDEX, and Radar Relay.

 

Continue Reading

Blockchain Guides

What Is ThinkCoin Cryptocurrency?

Various blockchain and cryptocurrency companies are looking to revolutionize the way in which people trade. Right now, trades occur through centralized platforms, which bring a lot of risks and problems to the table. TradeConnect is a venture designed to shake things up in the years to come.

The TradeConnect Concept

Competition in the financial industry often leads to innovative solutions. TradeConnect is designed to let traders exchange any financial asset instantly and without intermediaries. It is similar to a decentralized exchange model, although there are some key differences to take note of as well. Combining blockchain tech with financial trading seems like a powerful concept, assuming projects like TradeConnect can deliver.

Under the Hood

While TradeConnect mainly relies on blockchain, it is not the only technology to be utilized. As the project’s web page explains, there will be support for eBits, which is something we’ve been seeing more and more of in the financial sector. Using AI will, according to the team, lead to a higher degree of flexibility and personalized trading.

The removal of intermediaries is not just done for ideological reasons. In a practical trading environment, trades need to be executed immediately without a central point of failure. TradeConnect connects individuals and institutions with one another to create a balanced playing field. How this will play out exactly remains to be seen.

The trading aspect of TradeConnect will mainly rely on contracts. Said contracts will reside on the blockchain powering this ecosystem and can be verified at all times. It is this technology which allows for instant settlement. Although other projects are thinking along the same lines, TradeConnect can prove to be successful in its own way.

The Thinkcoin Token

A project such as TradeConnect seemingly cannot exist without its own native currency. This particular currency is aptly named Thinkcoin and will be sold through an initial coin offering. Users will be able to use ThinkCoin – or TCO for short – as a unit for all trades on the TradeConnect network. This applies to CFDs, Forex, commodities, shares, and so forth.

What’s Next for TradeConnect?

Although TradeConnect has a working MVP in the form of a mobile application for both Android and iOS, there is still much work to be done. The official roadmap does not include much information, other than getting the token listed on various exchanges by next month. Additionally, work on the mobile app, as well as the native technology, will continue behind the scenes.

Continue Reading

Blockchain Guides

What Is CryptoFind?

Getting more people excited about cryptocurrencies remains an ongoing struggle. A lot of everyday consumers do not see any merit in cryptocurrency, mainly because it is still a niche market. Developing applications which show people where they can spend cryptocurrency can certainly produce some interesting changes. CryptoFind is an interesting creation in this regard.

The Purpose of CryptoFind

As the name of this iOS app somewhat suggests, it is all about finding as many locations as possible which accept cryptocurrencies. So far, there is still no complete directory of such locations, even though wallets such as Edge make it a bit easier to spend cryptocurrency at businesses near you. It is somewhat surprising that there aren’t more efforts focusing on this particular aspect of crypto right now.

CryptoFind aims to change all that. The app, developed by GRAFT Payments, is meant to collect as many locations as possible for spending cryptocurrencies. With enough users submitting information, that shouldn’t be difficult. Users can mark places on a map within the app using their device’s GPS and include owner information.

Once the owner confirms that his or her location indeed accepts cryptocurrency payments, they will be listed in the CryptoFind app. Failing to do so will result in being delisted, although it is of the utmost importance for store owners to tap into this growing industry sooner rather than later. After all, there is no point in accepting Bitcoin or altcoins unless people know about it so that they can spend cryptocurrency.

When a listing is confirmed through the CryptoFind app, the user submitting the location will be awarded 100 GFRT tokens. Should the venue decide to accept this relatively unknown token, the person submitting the information will receive 500 GRFT tokens. It is an interesting way of incentivizing people to submit locations where cryptocurrency is already accepted. Additionally, it may lead to more locations eventually accepting Bitcoin and altcoin payments in the future. We all know that more of those locations are direly needed.

For those unfamiliar with the GRFT token, it is currently listed on CoinMarketCap.com as having a value of $0.017. This means that a successful submission will reward users with less than two bucks, but it’s an incentive regardless. More submissions will get users a lot more money, as there are bonuses for reaching a specific amount of submitted locations. Users can only submit a maximum of 100 locations per account, though, which is understandable.

Should any of the added locations stop dealing in crypto, they can be flagged by other CryptoFind users for removal. Moreover, the delisted venues will result in GRFT tokens being debited from the person who submitted the information. This is done to preserve honesty and maintain correct information at all times. Rest assured there will always be people looking to take advantage of such projects, as that is simply how the human mind operates.

Continue Reading
Advertisement

Lastest News

Blockchain1 hour ago

Ethereum Price Could Rebound to $700 Later Today if Momentum Remains Solid

Sundays are usually contrarian days in the world of cryptocurrencies. During this time of the week, there is often price...

Blockchain1 hour ago

Tron Price Makes a Strong Comeback Thanks to Solid Trading Momentum

There is still a fair amount of bearish pressure on the cryptocurrency markets as of right now. While all top...

Blockchain1 hour ago

Cryptopia Is Allegedly Vetting All Current and Future Listings to Avoid Legal Issues

Cryptocurrency exchanges list new currencies on a regular basis. In a lot of cases, those currencies add additional trading volume,...

Blockchain1 hour ago

UK Firm Launches Ethereum Futures Trading

Ever since Bitcoin futures contracts became a thing, people have been wondering when other currencies would receive a similar treatment....

Blockchain1 hour ago

Facebook’s Own Cryptocurrency Won’t See the Light of Day Anytime Soon

Various technology firms have made it clear that they aim to issue their own cryptocurrency or digital token. Telegram has...

Blockchain1 hour ago

Upbit’s “Investigation” Has Nothing to Do with Fraud, Everything to Do with Pooled Liquidity

As is usually the case when the cryptocurrency markets are taking a beating, people want to know what is driving...

Blockchain1 hour ago

Substratum Releases Early Open Beta of Its Protocol

Cryptocurrency and blockchain products can solve a lot of pressing issues plaguing the world today. With internet censorship being a very...

Blockchain1 hour ago

XRP Price Slowly Pushes to $0.75 as Bulls Retake Control

The big question this week is whether or not the cryptocurrency markets will recover or continue to suffer from bearish...

Blockchain1 hour ago

Another Bytecoin Price Pump Materializes out of the Blue

It has been almost two days without a Bytecoin price pump, but that situation is being rectified as we speak....

Blockchain1 hour ago

The 2018 Year of Cryptocurrency Challenge – Week 18

At the beginning of 2018, I wrote an article outlining a eBits that I thought could help boost cryptocurrency adoption...



Trending