BankDex is a user-friendly decentralized exchange, which ensures fiat trading with fast withdrawals and near-feeless transactions. Our team aims to involve new users in blockchain community by eliminating barriers relating with the complexity of buying, transferring & cashing out assets. In this article we research crypto exchanges market and our potential share at first, and then show our benefits and solutions and how it works.submitted by hayrimavi1 to ico [link] [comments]
DEX market overview
Encrybit team revealed real-time cryptocurrency exchange problems survey insights1. 1108 crypto traders were questioned: “What are the biggest concerns that you see in currently available exchanges!”. The main issues faced are:
The second question was which exchange do you like, and virtually all respondents referred to centralized exchanges (CEX) here. This survey can be supported by market researches. Trading data from six major centralized exchanges (Binance, Bitfinex, Bithumb HitBTC, Huobi and OKEX) was compared to that from nine leading decentralized exchanges (Bancor Network, BitShares, DDEX, EtherDelta, ForkDelta, IDEX, OpenLedger, StellarTerm, and the Waves Platform). The share of DEX was only 2% of the total trading volume2. The reason is clear: the current generation of DEX has made progress only in security concerns3, while contributing to all other problems and suffering new, like fragmented markets4, no fiat support5, no scaling6, the impossibility of transactions between different blockchains7. Also clear that market is looking forward to flagman product which will eliminate challenges and will enable market growth. Experts highly estimate its potential. Increasing the number of institutional investors8, DEXs should reach up to 4% of total crypto market volume within the next two years. This would mean growth of 5–20x for DEX usage.
A Primer to BankDex
BankDex is a decentralized exchange built in response to the demands of the cryptocurrency users, for a simplified and enhanced trading platform. The platform is built on a robust ecosystem that promotes an enriched user experience, low latency, greater liquidity and security for user transactions.
BankDex employs a loose mesh topology powered by kernel nodes which are responsible for faster transaction persistence and validation. In addition to ensuring faster transactions that can be completed in less than a second, they are also highly resistant to security attacks by being Asynchronous Byzantine Fault Tolerant (aBFT).
The exchange features an impressive collection of crypto — crypto pairing across its network. The array of its supported tokens and cryptocurrencies currently includes BTC, XRP, XLM, ADA, ETH, TRX, EOS, QNT, VIBE, MKR, ZIL and REM, with many more to be added along the timeline.
BankDex allows its users to withdraw funds for free from their wallet. Third party wallet integration is also one of those features to be integrated in the near future. The BankDex transaction management system is both unique and secure, ensuring a flawless trading platform for cryptocurrency users.
Latency and Cryptocurrency Exchanges
Traders handling large quantities of cryptocurrency trade often find themselves in need of an exchange with one particular feature — low latency. In the simplest of terms, latency can be defined as the delay to receive a response after a request is made. As it connects with trading, latency affects the amount of time required for traders to mingle with the market.
Latency, in trading terms, implies to the speed with which a trading platform can react to the present status of the market. Trading platforms integrate programs specially designed to buy and sell assets in less than a second. Low latency means that these platforms are able to react faster to the actions of the market. The rapid nature of today’s market enables traders to make a significant amount of money.
Traders who take part in such kind of trade look for very low latency, somewhere in the range 10 milliseconds to 0.1 milliseconds. This kind of speed limit can be reliably accomplished by machines only. For low latency trades to be worthwhile and lucrative, users require an exchange that can handle such high speeds. The ideal latency will figure around a speed of 0.5ms, but this is quite difficult to accomplish.
Managing Latency in BankDex
BankDex decentralized cryptocurrency exchange addresses the latency issue with the lightning network concept, which ensures faster and safer trade of crypto & fiat currency. It overcomes the scalability issues, inherent to blockchain and enhances the throughput and latencies associated with a transaction.
The trading exchange consists of seven blockchains, which communicate with the core through a set of communication protocols. The communication between the different blockchains is established with the help of an interoperable blockchain router.
BankDex and the Lightning Network
A lightning network can be described as a protocol layer that enables low-latency, high volume digital micropayments without the help of an intermediary. The fundamental technology of lightning network involves a payment channel, a local two-party consensus.
Both the parties involved in the transaction sends an initial amount of Bitcoin, or any cryptocurrency token into a multisignature transaction. The multisignature transaction involves a local consensus on the existing balance that is allocated between the two parties in the transaction.
Any update regarding the allocation of the existing balance can be only be made with the cooperation of both entities involved in the transaction. This is done with the help of a new transaction that spends the funds allocated for the multisignature transactions allocated to each party.
Website : https://www.bankdex.io/ Twitter : https://twitter.com/bank_dex Facebook : https://www.facebook.com/bankdex.io Telegram : https://t.me/BankdexChatOfficial Whitepaper : https://www.bankdex.io/index.php/white-pape Technical Paper : https://www.bankdex.io/wp-content/uploads/2019/05/Technical-Paper.pdf
Bounty0x username : nefsim
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