WandX is a decentralized platform on the Ethereum (now also NEO) blockchain which enables users to create, trade, and settle any financial instrument on crypto-assets. The current version of the WandX platform is a decentralized, multi blockchain DEX with a proprietary protocol for Basket Trade. WandX seeks to establish an infrastructure for decentralized creation and trade of ERC20 Tokens built on the Ethereum blockchain. The pilot application allows users to create combinations of ERC20 Tokens (known as a Basket of Tokens) and trade the Basket by way of a single transaction.
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- Some of the problems that the WandX platform aims to solve are:
- How can users solve the problem that the price of any single ERC20 Token is higher than it ought to be, on account of speculation?
- How can users purchase multiple ERC20 Tokens in a single transaction?
- How can users not lose money even if there is a fall in the price of a single ERC20 Token?
- How can users increase the liquidity of single ERC20 tokens?
- How can users create and trade digital assets (such as loyalty points) recorded on a blockchain?
- Many of these problems are currently being solved by centralized cryptocurrency exchanges and crypto-asset management platforms. Though popular and easy to use, many centralized exchanges and asset management platforms face problems with data security. They provide a centralized platform for blockchain assets, which by definition are meant to be decentralized. Other challenges faced by centralized exchanges and platforms include low liquidity thresholds and longer waiting periods for users to withdraw their funds from these exchanges.
- WandX aims to solve the above problem by providing a decentralized platform that enables the creation and trade of Baskets of ERC20 Tokens through smart contracts.
- Users can trade in Baskets of ERC20 Tokens. Users can acquire multiple ERC20 Tokens with a single transaction. The WandX platform does not hold private keys or any Tokens.
- Innovative solutions to sell an ERC20 Token or Basket that is borrowed are being developed on WandX.
- WandX provides tools to create tokens that can be backed by a digital asset such as loyalty points, and these tokens can be traded on the platform. They are experimenting with a larger number of trades happening off-chain, and only record the trades happening on-chain.
Although anonymity or pseudonymity is welcome in certain cases, in the WandX business model it would benefit the network as well as the users to reveal their identities or parts of their identities. This would be done through integration with identification platforms such as uPort and Civic. WandX enables solving the information asymmetry problem using the transparency of the blockchain, but still retaining the business model and working economics of creating liquidity of ERC20 Tokens.
From a technology standpoint, WandX is built on the Ethereum blockchain because of its smart contracting capabilities, large network of miners and users, and a large number of tokens already having been issued on Ethereum. The initial product will be based on creation of baskets of ERC20 tokens on Ethereum. They have six types of contracts – data storage (d-gen), functionality enabler (f-gen), trade enabler (t-gen), settlement enabler (s-gen), rating enabler (r-gen), and analytics enabler (a-gen). Together they create a holistic ecosystem to create, trade, view, and settle contracts. Issuers create the ERC20 Token instruments, market makers and buyers purchase these instruments, sellers close the loop and thus all the players together create the market for the instrument. Using the f-gen, the issuer creates the product, the d-gen stores the product, the t-gen and s-gen are responsible for decentralized trade of the product through smart contracts. The r-gen is optional, and can be used only by certain users to rate products.
- Users of each of the gen modules are incentivized to contribute to the platform. Incentives of different players on the WandX platform are slightly different depending on the value they bring to the platform. All the incentives are distributed using the Wand token which is based on Ether. The underlying value of this Dapp will be in its applications to create, trade and settle instruments based on ERC20 Tokens. The Token sale will distribute the Wand tokens among the public, after which bounty programs will be conducted to incentivize each player in the platform.
- Market maker: Market makers are marketing partners. Their role is a combination of acting as an issuer and as a seller. They create a market for products that they think will sell based on their real-world experience in various industries. For example, if they think that a certain basket of five ERC20 Tokens has shown good returns in the past two years, they would create and trade this basket on WandX. They would receive Wand for its creation, and they can specify their trading fees when they sell the basket.
- Developers: Benevolent developers are always welcome! Developers can greatly contribute to the Beta version of the platform by identifying bugs and suggesting features, and better yet creating and pushing the fix.
- Hackathons : Virtual hackathons will be held once during the Beta phase.
- Issuer : Issuers are basically creators of the ERC20 Token products.
- Sellers : Using the d-gen, f-gen, and the t-gen, sellers will enhance the liquidity of the various products. Sellers are the other side of the contract, and help with price discovery of the basket or asset.
- The point of creating this system of decentralized ERC20 Token contract settlement on Ethereum is to allow the system to develop trust amongst different players. However, adherence to the type of contracts on the platform can be further enforced using standardized accounts available on the platform.
- Since this platform is developed on the Ethereum blockchain, the single source of truth of the creation, trade and settlement of the products is based on the blockchain. Integrations of uPort and other identity platforms will serve to increase trust in the system.
Abhinav Ramesh – FOUNDER & CEO
Sridhar Kolapalli – PLATFORM ARCHITECTURE
Dinesh Rekula – DISTRIBUTED SYSTEMS
Amit Maurya – FULL STACK DEVELOPER
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