Smart Contract-Based Decentralized Exchange Dex.top Launches This Month
This week news.Bitcoin.com spoke with the team behind a new trading platform called Dex.top — a decentralized exchange built using a smart contract. According to the Dex.top developers the exchange has no access to a user’s private key and assets are never held on the Dex. This means, much like the cryptocurrency wallets out there that allow individuals full control over their private keys, Dex does the same as it acts a non-custodial trading platform.
Also Read: Steve Eisman of ‘The Big Short’ Fame: What Value Does Cryptocurrency Actually Add?
A New Bitmain-Incubated Cryptocurrency Exchange Dex.top Utilizes a Smart Contract to Facilitate Decentralized Trades
The Switzerland-based exchange, Dex.top, is an open source decentralized trading platform incubated by the well-known blockchain firm Bitmain Technologies. Unlike traditional cryptocurrency exchanges, Dex.top is built from a smart contract that is compatible with both the Ethereum and RSK networks. The organization claims that all assets are kept within a smart contract and are never held by the exchange. Dex.top says that users maintain full control over their assets and transactions are always signed by the users themselves.
“Technically users do not need to trust Dex.top, as Dex.top neither has a user’s asset nor does it have the authority to transfer the user’s asset. Lastly, our platform utilizes Raft’s algorithm to ensure our system’s security and usability,” explains the Dex development team.
It initially creates ROC (Replayed-On-Chain) trading mechanism, which supports off-chain and on-chain of two ledgers that secure assets and instant trading.
Dex.top and Metamask
The exchange explains that as it builds on the ERC-20 framework, in the future developers hope to add other public blockchains into the mix such as RSK, BCH, and EOS. This week news.Bitcoin.com was granted access to look at the exchange via the trading platform’s trial period. Dex.top representative, Yixuan Lin, tells us the trading platform’s public launch will begin around the end of May. While giving the platform a tour we noticed that users utilize Metamask as their wallet which gives the exchange fluid transfers with ETH or ERC-20 tokens. Users simply tether their Dex account to the Metamask wallet and when you sign to deposit or withdraw tokens users confirm via the Metamask UI. The Dex team in the future it will also be collaborating with other wallets like Imtoken, Bitcome, and the hardware wallet Ledger. At the moment due to the pre-trial period, the Dex.top platform has very little volume and users at the moment.
The Dex.top user interface.
The Dex.top Team Plans to Integrate an ERC-721 Marketplace and Collaborate with Other Decentralized Platforms
Additionally, the Dex.top team says it hopes it can also work with other prominent decentralized exchange platforms like Kyber, IDEX, and DDEX. Alongside this, the project will also be implementing ERC-721 protocol compatibility and a marketplace for these types of tokens. Yixuan Lin explains to news.Bitcoin.com that the Dex.top team members are based in Switzerland, the United States, Singapore, and Hong Kong and all of them are huge fans of decentralized concepts. For now, users can register on the platform and check it out, while the Dex.top team emphasizes that they look forward to greeting the cryptocurrency community at the end of this month with its new exchange.
What do you think about the Dex.top platform and concept? Let us know your thoughts in the comments below.
Images via Shutterstock, Pixabay, and Dex.top
Need to calculate your bitcoin holdings? Check our tools section.