Cryptocurrencies have in their small world, offered many financial opportunities. Both the banked and the unbanked are profiting from the massive and impressive offers provided by the currencies. Despite the setbacks in the early years of launch, and the antagonisms from the government and the banks, the coins have grown to become one of the forces to reckon with in the global financial sector.
The trend could have continued if not for a few setbacks that became cogs in cryptocurrencies’ wheel of progress. Against the backdrop of many challenges arising from the cryptocurrency trading platforms/exchanges, it has become essential that feasible solutions should be in place to fight back the excessive downsides that came with such challenges. The DACX cryptocurrency platform, which prides itself as the one-stop platform for digital asset and commodity exchange, is here with many features meant to address many of the problems in the conventional cryptocurrency exchanges.
EXISTING CHALLENGES
The current formulation of the cryptocurrency trading platforms/exchanges is patterned in a way that the traders at the verge of losing their funds/assets in most cases. With the slow matching engines and the increasing rates of hacks and thefts on the platforms, cryptocurrency investors/traders at the receiving end. Also, there are higher market manipulations whereby a few traders create artificial scarcity and demand as a way of “enticing” other unsuspecting investors to invest.
HOW CAN DACX ADDRESS THE CHALLENGES?
In light of the aforementioned challenges, only a feasible platform like the DACX cryptocurrency exchange can go the extra mile to usher in robust features for addressing the current problems. If that is the case, then let us look at how the platform aims to achieve those remarkable milestones.
Hot Wallets
Cryptocurrency investors are mandated to operate with two kinds of cryptocurrency wallets. The first is the cold wallets, which also doubles as the users’ crypto wallets. That is where they store their funds. The second are the hot wallets, which are left in the custody of the cryptocurrency exchanges. The idea is that part of the cryptocurrency traders/investors’ funds would be left there for safe-keeping. That is also part of the reasons behind the continuous attacks on cryptocurrency exchanges – the hackers are looking for ways to get access to the assets therein.
Without leaving anything to chance, the DACX cryptocurrency exchange has promised to leave behind only a few crypto assets. That notwithstanding, it takes the precaution of encrypting the keys. Therefore, before a cryptocurrency asset can be moved from the crypto exchange, then the keys must be decrypted. Interestingly, that would be a hard nut to crack because the platform already entrusted the keys to trusted and authorized personnel.
Checkmating Money Laundering
Contrary to the inflation of the crypto traders’ assets at short notice, the DACX cryptocurrency exchange has measures in place to reduce the chances of money laundering. It achieves that by delegating the Modulus Global infrastructure, which has been used by many top institutions, such as NASA, The Bank of America, IBM, Yahoo, Ford Motor Company, and Microsoft.
CONCLUSION
The DACX cryptocurrency exchange aims at bolstering the security of the platform and that of the cryptocurrency investors and traders. From the feature seen so far, it is apparent that the measure is a step in the right direction. With more enlightenments of the target audience and the subsequent adoptions, there would be no stopping the DACX cryptocurrency exchange in the crypto-sphere.
USEFUL LINKS
Website: https://dacx.io/
Whitepaper: https://dacx.io/wp-content/uploads/2019/09/DACX_WhitePaper.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=5154783.0
Telegram: https://t.me/OfficialDacx
Twitter: https://twitter.com/dacx_io
Facebook: https://www.facebook.com/dacx.io
Medium: https://medium.com/@dacxinc
AUTHOR'S DETAILS
Bitcointalk Username: Chomsy
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1759759
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