BankDex is a decentralised cryptocurrency exchange built on an innovative and ground-breaking technology that facilitates inter-blockchain transfer of crypto assets. At present, traders are forced to use centralised exchanges where traders share their control on the assets which creates a huge risk for them. However, BankDex is the first decentralised exchange that solves the transaction problem of cross-chain transfer between different blockchain accounts in a distributed ledger network. On BankDex traders will be able to trade BITCOIN, ETHEREUM, AND other ERC20 TOKENS.
BankDex is created on a powerful blockchain technology that ensures higher transaction per second. It overcomes the scalability limits of current blockchain systems with the BankDex protocol that balances the trade-of between throughput and latencies. This helps in confirmation of initial transactions in seconds, in place of minutes in regular blockchain transactions. BankDex is exceptional due to the following reasons: BankDex is built on a core technology that rests on high-speed and high-performance servers. The platform verifies the transaction and makes it non-reversible almost instantaneously.
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Challanges faced by traders
A centralised exchange is usually run by a profit-oriented company that receives revenue from the fee levied on the platform. In short, the transactions including withdrawals are facilitated on the basis of fee payment. This negates the very ideology of implementation of Blockchain technology in cryptocurrency exchanges.
- Price slippage and liquidity issues.
- Fraud can lead to loss of money.
- Monopolistic ecosystem can misuse or abuse the KYC details.
- Inadequate returns due to market manipulation.
- No protection in case of hacking.
- Traders are stressed due to high trading fees.
Decentralised exchanges, although not completely functional at the moment, has the potential to overcome the drawbacks of centralised exchanges. Most importantly, they eliminate the need for a third party or middle man in the exchange ecosystem, ensuring smooth and direct trading between the parties involved. However they do have their own set of challenges.
- Low response time.
- Lack of flat exchange.
- Security loopholes.
- Unethical response time.
- High trading fees.
BankDex solves the challenges for both types of exchanges by:
- Connects different blockchains in a distributed manner.
- Enables both Cross-chain and intra-chain transactions.
- Integrates with any public, private or consortium chain.
- Enables high token exchange privacy.
- Supports low cost transactions.
How its work
The BankDex platform consists of a Smart Contract, responsible for the storage of assets and execution of trade settlements, a transaction processing arbiter for processing and keeping track of the transaction and a trading engine to carry out the trade. Although the exchange possesses a centralised order matching system, the order settling is carried out in a decentralized way in the Blockchain, making it a faster exchange platform. It also provides protection from front running by concealing the orders. The orders are paired of chain in a trusted execution environment before getting finally confirmed on Blockchain. The trade in the exchange is conducted by market makers and market takers.
Despite the issues encountered by the digital currency market, in BankDex the global interest in cryptocurrencies and their trading have continued to rise. According to data collected from trusted sources, there is a total of 2076 cryptocurrencies and tokens in the market. The number of new crypto trading accounts open on a per day basis is found to be somewhere between 70,000 and 100000. A recent survey conducted by Encrybit across 161 countries to evaluate the advanced trading features of existing cryptocurrency exchanges and trader preferences, brings forth the following observations.
What sets BankDex apart
BankDex is created on a powerful blockchain technology that ensures higher transaction per second. It overcomes the scalability limits of current blockchain systems with the BankDex protocol that balances trade-of between throughput and latencies. This helps in confirmation of initial transaction in seconds, in place of minutes as in regular blockchain transactions. BankDex is exceptional due to the following reasons:
- BankDex is built on a core technology that rests on high-speed and high-performance servers. The platform verifies the transaction and makes it non-reversible almost instantaneously.
- Trader’s assets are absolutely safe as they don’t need to deposit into a central wallet.
- BankDex Platform uses DAG that makes it impossible to tamper with trading transaction history.
- BankDex is fully extensible and will support an ever-growing number of coins even in future.
Technology of BankDex
BankDex supports cross-chain transfers of crypto assets by setting up connections between the accounts of different blockchains using Blockchain Kernel. BankDex is based on Blockchain network which is a public distributed ledger that allows any public distributed ledgers to connect and gain trillions of TPS, sub second final confirmation, zero transaction fee, enhanced privacy and unlimited extensibility. BankDex will be created on star topology where each star is a separate DLT. The assets will flow through BankDex and whether your asset is part of Ethereum or any other technology, it is treated as a trusted instance. During these cross-chain transaction, transaction finalization is done with a unique method of sharing the threshold keys ie [Tracing key and Secret Key].
Top features of BankDex
Easy & safe
The underlying Blockchain technology helps in making BankDex transactions faster, easier and safer.
BankDex enables immediate cancelation of a transaction at zero charge.
BankDex enables transactions to be carried out without the need of registration or admin
BankDex offers seamless integration with different types of cryptocurrency wallets
including hardware and software wallet.
BankDex supports scalability with the provision to trade more coins and assets in the future.
Reza Solgi, CEO & Founder
Abdolreza Alameri, Founder
Lin Wan, CTO
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