Blockchain and Smart Contracts open many doors to new decentralized businesses and eliminates the need for expensive third parties. Many new companies are now working on this technology, and large companies are testing it in closed networks to collaborate directly with each other without the need for intermediaries. For that reason, there is a lot of projects that are starting to use this new technology. However, not all of them are worth it. We have to read well what each project is dedicated to, what is its whitepaper, its qualified advisors, etc.
As I said, blockchain technology has gained popularity due to the hype about cryptocurrencies which has shaken many startups to launch their own cryptocurrencies even without convincing fundamentals. This trend has emerged because new entrants have been more agile in adopting emerging technologies compared to incumbents who are hampered by legacy systems. However, this competitiveness and this advantage enjoyed by the new players may be short-lived, as no economies of scale are taken into account.
For this reason, the project I am going to present you is DAEX, an open source compensation service based on a public blockchain. The code is open to public inspection and supervision. Digital Assets Exchange (DAEX) is an open and distributed clearing ecosystem for the exchange of criptocurrencies created by the Global DAEX Foundation (www.daex.io). The idea is to alleviate the responsibilities of centralized exchanges by providing them with identity authentication services, asset registration, asset compensation and asset liquidation. The centralized exchanges that are part of the ecosystem will remain in control of the counterpart exchanges, although the aforementioned services will be provided by DAEX using distributed general ledger technology and smart contracts.
The main objective of DAEX is to provide a better infrastructure for the cryptocurrency trading industry by taking the reasonable parts of the securities trading industry and taking advantage of the new opportunities offered by the distributed ledger technology. Specifically, negotiation and compensation will be separated into different entities. The current centralized exchanges will continue to provide negotiation services. But the compensation work will be transferred to a common compensation service that is based on the DAEX solution. But, unlike the current centralized compensation services, the DAEX compensation service is based on distributed ledger technology. Distributed ledger technology ensures that transactions are compensated and settled correctly and securely. Through the use of distributed ledger technology, the merchant's assets are held in their own accounts in the blockchain. No one else can access the operators' assets without their permits. This effectively eliminates the risks of operator assets in the current centralized exchanges.
The DAEX Ecosystem is composed of a compensation service that is based on the distribution of ledger technology, centralized exchanges and user's wallets. The merchants use their Wallets to carry out operations in the stock exchanges. After the operations are matched in the bags, the bags send the matching operations to the compensation service. The platform basically consists of a DAEX Wallet that supports multiple assets for both companies and individual clients, a public compensation chain that supports cross-compensation of digital assets, called the DAEX compensation chain, and a DAEX fund, which supports exchange investments of cryptocurrencies and wallets, cross-chain solutions and asset management projects.
As can be seen, the Compensation Chain is the core product of the DAEX ecosystem. Therefore, it provides institutions and individual customers with a unified compensation and settlement service using distributed ledger technology. In addition, the multiple DAEX Wallet encryptions keep the wallet secure and protected. End users have full control and ownership of their assets.
The most important feature is that it is an industry created for both merchants and stock exchanges. For the cryptographic industries, A decentralized ecosystem of compensation and liquidation based on DLT; for cryptography exchanges; and, for crypto merchants, A bridge to connect multiple centralized exchanges A reliable custodian of multiple assets. Accessible with a secure key of several segments
In addition, the platform also offers other important features such as the following: A joint custody organization for all assets registered within the DAEX ecosystem. A multi-level encryption mechanism for the DAEX wallet A public chain of compensation that allows transparent accounting information. Allowing everyone to witness and share the benefits of the DAEX cleanup ecosystem. An open ecosystem supports trade and compensation. An infrastructure supports future derivatives business. In this way, DAEX can address the flaws and risks of the current cryptocurrency of the industry and establish a solid foundation for the health development of this industry
The project gives the opportunity to earn DAEX tokens performing some social media tasks and doing simple steps from the bounty program explained into the Bitcointalk Webpage. Here (https://bitcointalk.org/index.php?topic=4958619.0) you can access the link in order to see what are the conditions to become an early DAX contributor and start acquiring tokens.
Doesn't that sound interesting? If you are interested in this airdrop or basically in the ICO, you can read their Whitepaper here (https://www.daex.io/pdf/DAEX(EN)-NonTechnicalWhitepaper-V0.9.8c.pdf). You can also stay tuned in their official Telegram group (https://t.me/DAEXOfficial_en). I hope you liked the post and soon I'll send you new ones.
Telegram username: @clauming
Bitcointalk username: adriaparcerisas
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1870482
Ethereum address: 0xC6AB45541006D53D31E25b41c7d245c5Ad99BF71