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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.

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Blockchain Guides

What Is the Tari Protocol?

There can never be enough competition in the world of blockchain technology. The people responsible for creating the Tari protocol certainly seem to agree. This new solution will enhance the digital asset experience by introducing increased convenience, security, and liquidity. It is a tall order, although the project has some significant people backing it.

The Purpose of the Tari Protocol

It is always interesting to see how existing cryptocurrency and eBitsdevelopers are trying to bring major changes to these industries. In the case of Tari, the new digital asset experience protocol aims to bring positive changes in the coming months and years. This particular venture was created by a team of veterans, including the lead maintainer of Monero, the CEO of a music merchandising company, and the co-founder of Ticketfly.

The project is an open source blockchain protocol designed specifically for digital assets. Tari is not just for developers or corporations, as it targets consumers as well. Given the increasing interest in digital assets, there is a growing need for more convenient solutions when it comes to managing these assets. Tari wants to make that happen, as the project is mainly interested in eBitsoutside the realm of cryptocurrency.

More specifically, the current focus ranges from event tickets to in-game items and loyalty points. Although blockchain-based solutions exist in this regard already, there are still restrictions to contend with. Corporations and service providers currently struggle to control assets after distribution, mainly because there is no adequate infrastructure in place to make this process easier.

The negative side of that approach is that it prevents companies and consumers from reselling or transferring digital assets. It leaves a potential revenue stream completely untapped and causes unnecessary friction. Tari is designed to change this by letting businesses and companies manage and transfer digital assets in a flexible manner. It should also help reduce the number of fraudulent digital assets, which is extremely important where event tickets are concerned, for example.

Tari’s co-founder, Riccardo Spagni, comments:

I’m excited to draw from my experience to build something on top of Monero, and to create a modern digital assets-focused protocol that leverages the Rust programming language. We have the resources to expand Monero’s world-class developer community, and I look forward to launching and stewarding a next-generation protocol that is truly useful.

It is evident that bringing blockchain technology to major industries will be challenging. It seems to be an ideal solution for digital asset management, but most existing projects aren’t suited for this specific purpose as of right now. Whether or not Tari can make a meaningful impact in this area remains to be determined. It is good to see more competition in this regard, especially when it is an open source platform rather than a proprietary implementation.

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Blockchain Guides

What Is Bitcoin Incognito Cryptocurrency?

For those people who can’t get enough Bitcoins in their life, a new option is emerging. Known as Bitcoin Incognito, it is another attempt at fixing some of the glaring issues which Bitcoin presents. Whether or not this new fork will succeed is unclear, but more competition isn’t necessarily a bad thing.

Anonymity and Bitcoin in one Package

One of the biggest misconceptions people have about Bitcoin is that it is anonymous. That is anything but the case, though, as Bitcoin has neither anonymity nor privacy features. The currency allows one to be pseudonymous – similar to an online nickname – but not anonymous. Some projects are trying to address this lack of anonymity through various means.

In the case of Bitcoin Incognito, there isn’t much information to go by at this time, as the project was only announced Friday afternoon. From what little information has been made public, it’s evident Bitcoin Incognito will primarily focus on proof-of-stake and masternode solutions.

Anyone who has paid close attention to the various altcoins on the market will have noticed that masternodes are quickly becoming more popular. It is a system that many currencies are embracing, although it is not something one would ever see as being part of Bitcoin itself. Bitcoin Incognito thinks it is a good time to take the plunge in this regard, although it remains to be seen how this will pan out when combined with proof-of-stake capabilities.

Additionally, the new project will make use of the eBitsprotocol to provide anonymity features. It will convert publicly visible BTCi into fully anonymous zBTCi. Sending the anonymous version will appear as normal BTCi to the recipient, but there will be no traceable route indicating where the money came from exactly. It is somewhat similar to how other currencies using the Zerocoin protocol operate. Furthermore, it seems Bitcoin Incognito will make use of a feature known as SwiftTX. This is not a unique feature, as it is found in a fair few altcoins. Even so, it will allow Bitcoin Incognito’s users to send transactions faster and cheaper compared to Bitcoin and most altcoins.

It is evident that the project has some interesting ideas, although it remains to be seen whether this particular altcoin will gain any major traction. Various newer versions of Bitcoin have popped up in recent months, yet none have made any lasting impact other than Bitcoin Cash. Changing this situation will not be all that easy, but that doesn’t mean launching new projects is no longer worth it.

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Blockchain Guides

What Is FuzeX Cryptocurrency?

Even though decentralized currencies such as Bitcoin and Ethereum have opened the floodgates to innovative solutions within various sectors in recent years, the process of putting one’s crypto wealth to everyday use is still quite cumbersome and inconvenient.

FuzeX is an all-new blockchain service that seeks to deploy alt-currencies for everyday purposes. The core offering of the company is an innovative card which basically serves as a crypto-enabled e-card.

The FuzeX card is identical in size and thickness to a standard credit or debit card, and consists of these core components:

  • An EMV chip
  • Dynamic magnetic strip
  • E-Paper Display (EPD)
  • Three input/option buttons
  • Rechargeable battery and charging terminal

The FuzeX card allows users to store, manage and use up to 30 credit, debit and cryptocurrency accounts via a single platform. This helps make financial accounting seamless and allows users to keep accurate tabs on their daily spending habits.

Overview of the system

  • The FuzeX card comes prebuilt with buttons to power on/off, enter pin codes, make selections, and authorize payments.
  • Through the use of a native E-Paper Display (EPD) module, customers are able to view their balances across various accounts as well as scan QR codes to procure rewards and blockchain addresses.
  • The platform has been designed to facilitate hassle-free P2P transfers between crypto wallets.
  • Thanks to the Bluetooth connection module that links the FuzeX card and wallet, the platform is able to maintain a high level of security and integrity.
  • Customers are also provided with the option to securely lock their FuzeX cards when their wireless connections are disrupted for any reason, thereby allowing for an additional layer of security.

Key Features

As mentioned earlier, the FuzeX ecosystem allows users to connect their accounts (credit, debit, rewards, and cryptocurrency) via the native FuzeX wallet app. Once all of the preliminary synchronizations have been completed, customers are able to make payments using their FuzeX cards without having to go through the trouble of pulling out their smartphones or wallets.

Layered representation of the FuzeX e-card

Additionally, the FuzeX card, when paired with the native wallet, functions as an independent hard wallet for one’s private keysThese fragmented private keys are encrypted and stored within the ecosystem and can be accessed by users only after they have unlocked their FuzeX card and wallet with a secret pin code and an account password.

The wallet allows users to store, spend, receive, and transfer tokens, and provides them with features such as validation of customer registrations (including KYC), and management of crypto portfolios by allowing customers to send, receive, and exchange alt-tokens on a single platform.

Visual depiction of the FuzeX exchange

 

Lastly, the FuzeX exchange acts as the backend protocol that helps facilitate cryptocurrency adoption and allows users as well as merchants to switch between alt and fiat assets (USD, EUR, JPY, and any other local currencies) seamlessly.

How it works

The user first has to download the FuzeX wallet app and create an account on the FuzeX exchange. They then have to transfer the desired amount of crypto from an external wallet to the native FuzeX wallet.

Overview of how transactions work within the FuzeX ecosystem

To make purchases, customers have to select their cryptocurrency of choice from the FuzeX card using the built-in buttons, and the user is provided with real-time exchange rates.

If they are satisfied with the rate provided, he or she swipes their card on the merchant’s POS device. The merchant subsequently receives an authorization for the payment, and the purchase is completed. The buyer also receives an automated purchase summary on his or her FuzeX wallet app.

FuzeX exchange transaction flow

However, according to the whitepaper, a user “must approve transactions on the FuzeX card when the cumulative spending balance surpasses $300 USD (limit adjustable) to finalize the transfer of cryptocurrency payment from his/her user account to the FuzeX exchange.”

About the team

Andrew Bae is the CEO of this project. According to his LinkedIn profile, Andrew specializes in product management and marketing, and has previously been associated with established ventures such as:

  • BrilliantTS (President and CEO)
  • CrucialTec (Vice President and Co-Founder)

Michael Park is the Chief Technical Officer of FuzeX. He describes himself as a crypto enthusiast whose core interest lies in “merging today’s burgeoning IoT sector with the blockchain domain”. Michael is an alumnus of Kwangwoon University and previously served as the Vice President of the IoT/B2B solution team at Samsung for nearly two decades.

Lastly, Daniel Kim is the CBO of this venture. He possesses a BSc degree in Computer Science from Macquarie University and has previously worked for companies such as:

  • Kona Co. Ltd (Global Sales Director)
  • CrucialTec (Director of Sales)

Token Performance Details

FXT tokens have been on the market for a little more than two weeks, and have already experienced some minor price swings.

FXT token lifetime performance chart (courtesy of Coinmarketcap)

As of May 26, FuzeX possesses a market cap of US$26,044,254. In all, a total of 1,087,156,610 FXT have been created, and out of them, 728,910,229 are currently in circulation.

Final Thoughts

With widespread crypto adoption slowly entering the mainstream, FuzeX comes at the perfect time to help everyday people deploy alt-currencies for regular, menial purposes, such as buying groceries, paying for gas, or getting a cup of coffee.

If you would like to start investing in this platform, FXT trading pairs are currently being traded on HitBTC, COSS, IDEX, Coinbe, LiveCoin, and CobinHood.

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