The bitcoin blockchain which is the first type of blockchain to be created inspired the creation of the current blockchains such as the Ethereum and EOS blockchains. The invention of this unique technology however will disrupt the way financial transactions are handled because it is safe, fast and highly transparent, these are the features that banks fail to offer.
The blockchains make use of cryptocurrencies which is being used to keep its services running and also to facilitate and award it's users depending on the kind of consensus algorithm they use.
However, due to the creation of different cryptocurrencies that the Ethereum blockchain allowed to be made possible, now there are millions of cryptocurrencies in the crypto space with their own unique specific duty, the need for a cryptocurrency exchange platform became vital. After a while lots of cryptocurrency exchange platforms started sprouting out each with its own rules and regulations, terms and conditions but even with these rules they have an exchange platform can either be a Centralized or Decentralized type.
A centralized exchange is one that makes use of real people to see to the service of the platform and these middlemen as they are usually called charges amount for the services they render which is a disadvantage in a platform of this kind it's other issue is that user data is often exposed and at risk of being scammed but it has strong advantages in offering better liquidity the matching speed is second to none and it's very flexible.
A decentralized exchange is completely the opposite of a centralized one, this type of exchange is an autonomous one all of the platforms services are being run automatically therefore any one that uses this platform for an exchange need not pay any kind of extra charges and it is completely based on the distributed ledger technology which is a great advantage to a platform of this kind but its disadvantage is that it is complex to use, matching speed is slow and offers low liquidity.
But an ideal solution known as DAEX is being implemented to solve the problems plaguing both type of exchanges.
DAEX aims to create better amenities for the crypto space by combining the advantage that a centralized and decentralized exchange have and create something unique.
To be more specific on what DAEX will function as, DAEX will function as a clearing service on exchanges based on the distributed ledger technology while current centralized exchange will keep functioning as a trading service since it possesses more advantage over a decentralized exchange on the aspect of trading efficiently while the use of a distributed ledger will ensure that a traders assets are kept in their own accounts on the blockchain, also ensures that a traders trade are correctly and securely settled and cleared.
DAEX also have other amazing features that will also benefit the crypto space and these are;
DAEX WALLET: This is a cryptocurrency wallet in the DAEX ecosystem that users can be able to use to store multiple cryptocurrencies of their own, the wallet also supports multiple signature. When a user wants to trade cryptocurrency, they will use the wallet to access exchanges while the clearing chain will manage the assets.
MULTIPLE PART PRIVATE KEY: We are used to private keys and what they are used for, but as we know some malicious cyber attackers still tend to hack peoples wallet with their private keys, well,DAEX has taken that security aspect a notch higher as it will not provide its users with the usual one private key we are used to but will provide multiple private keys which together can be used to access the wallet. With this innovation, if a hacker doesn't have the complete private keys your account can never get hacked and it is highly impossible for a hacker to get all your multiple private keys at once.
As you have read above, the idea behind the DAEX solution is very brilliant, merging the advantages of both exchanges for the benefit of the crypto space and users to trade efficiently.
For further research on the DAEX project, refer to the links below;
Website: https://daex.io
Whitepaper: https://daex.io/whitepaper.html
Telegram: https://t.me/DAEXOfficial_en
Medium: https://medium.com/daex
Twitter: https://twitter.com/DaexBlockchain
Reddit: https://www.reddit.com/r/DAEX_Blockchain/
Writer's info
Bitcointalk username: Beneze
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