Exchangily is a new decentralized exchange model which carries the best of a centralized exchange, namely the speed and ease of use, with the security benefits of a decentralized exchange. Users retain control over their funds, their private keys, and their transaction information is transparent and secure. Individuals can trade, and enterprises can transact on eXchangily with ERC20 tokens and other cryptocurrencies.
eXchangily is type of decentralized cryptocurrency exchange. Decentralized cryptocurrency exchanges are a new generation of peer-to-peer (P2P) platforms that will be more transparent in operations and fees than the current exchange model. eXchangily is a new decentralized model based on the Fast Access Blockchain. It carries best of a centralized exchange, namely speed and ease of use with all the security benefits of a decentralized exchange. In a centralized exchange, a trader deposits crypto funds along with the private keys on the exchange account and in return the exchange gives the trader an IOU that can be used to trade on their platform.
The establishment of a decentralized trading system that is unified and efficient to meet practical applications, the need to connect the chain ecosystem is imminent. Constructing a completely decentralized efficient trading system in the blockchain era will not only enable
users to take entirely control digital assets but also freely trade all the cryptocurrencies and apply asset intelligent management mechanisms. A decentralized exchange is exchange market that does not rely on a third-party service to hold the customer’s funds. Instead, trades occur directly between users through automated process.
To build a decentralized trading platform that meets the actual needs of the enterprise to
support digital asset management, trading and lightning payment services. eXchangily aims to keep the user to same ease of use and speed as a centralized exchange. Efficient, secure, and fully user-controlled, with the processing power and user experience of the current centralized system. The eXchangily platform is an open-source, P2P protocol built on the Fast Access Blockchain. Individuals and enterprises can trade or transact on eXchangily with ERC20 tokens and all other types of cryptocurrencies Transactions are facilitated through a high-speed trading engine that can process payment.
Centralized exchanges have a single point of failure and are vulnerable to hackers. The most significant risk for investors losing their entire investment. Last year it was estimated USD 15 billion had been stolen from crypto exchanges and this number is expected to escalate. Cryptoaware.org tracks frequent attacks, and 2018 is poised to be the worst year of crypto=funds stolen. Investors can store digital tokens offline in cold storage, but this is not a practical solution for the crypto trader. Governments are scrambling to find a solution.
Hacks and scams
Centralized and private, mean the regulators are at mercy of the Exchange management.
Even regulators aren’t getting the response they need from exchanges about their internal
controls. Jesse Powell, Founder of Kraken, slammed the New York State Attorney General for trying to extract information about internal controls and said that “licensing, regulation and market manipulation didn’t matter to crypto traders. According to Chris Skinner, “the point is that regulators can regulate but harder to regulate networks that don’t recognize borders”.
High-speed trading engine
The high-speed trading engine is the core technology of the system. It consists of technical
modules such as general state layer, decentralized cryptocurrency pool, and aggregated multi-signature. It serves high-speed transaction processing and cross-chain operation.
High-speed transactions are implemented based on the unified layer of the underlying
main chain. The unified layer only updates the address state, and the underlying main chain storage system stores the transaction details, combined with Sharding technology so that an efficient transaction matching capability can be achieved.
Side chain protocol
The system uses a unique cross-chain compatibility mechanism to support the import of thirdparty currencies and high-speed transaction processing. The first deposit of funds into the USL is a cross chain, the remainder of the transaction afterwards happen in USL chain. Cross-chain transactions are low performance. The implementation of cross- chain transactions faces many technical challenges. The current popular practice is to use Atomic Swap technology, but Atomic Swap is a cross-chain direct transaction implemented by smart contracts, which will be constrained by the performance of the associated main blockchain.
The top 10 centralized exchanges are generating as much as $3 million in fees revenue in a day and raking in billions. Ownership for many of the large exchanges remains a mystery. Centralized exchanges have limited transparency on fee structure and unknown discounts for active traders. Some exchanges charge ridiculous fees up to $15M USD to get projects listed. eXchangily plans to build a platform rake in millions with a revenue structure that is transparent, fair and profitable. Every holder of EXG has fair participation in revenue allocation, governance and voting.
Dora Tang CEO
Liza Horowitz CIO
Jamie Tan CTO
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