What is DAEX?

DAEX is a clearing solution for centralized cryptocurrency trading exchanges. The clearing service is based on distributed ledger technology. Clearing and settlement rules are pre-programmed for cleaning smart contracts on the DAEX clearing chain. The cleaning process is automatic without any human intervention. The objectivity of clearing is guaranteed by the consensus mechanism for the clearing chain. In addition, customers' digital assets are registered and stored in the DAEX clearing chain. No other institutions or individuals have access to these assets without the consent of the owner.

The DAEX ecosystem consists of a clearing service based on distributed ledger technology, centralized exchanges and user portfolios. Traders use their wallets to carry out trades at stock exchanges. After transactions are matched on exchanges, exchanges send matched transactions to the clearing service. The CaaS clearing service is performed by smart contracts on the distributed ledger technology. Cryptocurrencies are maintained during the initial phase of DAEX. Cryptocurrency derivatives will be repaired during future phases of DAEX. That is, DAEX will provide clearing services for cryptocurrency derivatives traded on exchanges.

How Does DAEX Work?

The clearing solution offered by DAEX for centralized cryptocurrency exchanges is based on the distributed ledger technology. Rules for both settlements and clearing are preprogrammed into the clearing smart contracts found on the clearing chain. The process of clearing is completely automatic without any human interference. To further guarantee objectivity during clearing, DAEX uses a well-thought-out consensus mechanism on its clearing chain. For added transparency, the digital assets that customers store on DAEX are registered and then stored on the DAEX clearing chain. It is impossible for any other individuals or institutions to access assets without the permission of the asset owner.

Comparison of different modes

The DAEX ecosystem is the best combination of centralized trading and distributed clearing. Users of DAEX can enjoy the best trading experience offered by centralized exchanges and do not have to worry about the safety of their trading assets either. DAEX also significantly lowers the technical and business entry barriers for ambitious scholarships and provides a solid foundation for their business growth.

The DAEX Clearing Solution

The clearing chain is the core of the DAEX clearing ecosystem. It is an open sourced cryptocurrency clearing solution based on distributed ledger technology. It provides clearing and settlement services to both individual and institution users. This chain is deployed on multiple nodes on a public cloud. It uses one kind of POS consensus mechanism to validate transactions.

A clearing smart contract that is based on the smart contract technology plays a pivotal role in this clearing service. All clearing and settlement business rules are preprogrammed into this clearing contract. This smart contract finishes the whole clearing and settlement cycle of a matched trade. After a matched trade is formed in a DAEX participating exchange, it is sent to the clearing chain. A clearing smart contract is then formed for this matched trade. This clearing smart contract will first validate the matched trade to make sure that it meets all the business requirements. After the validation, the smart contract goes through the consensus mechanism and then updates corresponding accounts on the ledger.

DAEX token usage

The DAEX ecosystem uses token DAX to enable collaboration between different components in the system. The DAEX Foundation will provide DAX to raise funds for the development of the DAEX solution. During the initial offer
phase , accepted cryptocurrencies include BTC, ETH, QTUM and NEO. We will issue corresponding ERC20 coins. Received cryptocurrencies are managed by the DAEX Foundation and are jointly controlled by exchanges. We will also conduct a comprehensive token redemption program to avoid inflation and a phased lock-in program for some assets issued during the initial offering phase. The purpose of these programs is to maintain a reasonable number of tokens in the market.

THE DAEX TOKEN AND REWARD MECHANISM

Transaction plan to get more than one currency that will be named the DAX token. Digital value will be used as most of the time and choice to cross the world. It is designed to have many assets with accountability accounts making different mechanisms. Use that approach such as selecting other users to make plans or other actions that will make platform promotion stretch with DAX. They propose to consider the right time for the event. It is also important to handle many assets. Security is a good thing because these assets are available at ethereum netwоrk.

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