How to Build a Decentralized Exchange: Interview With DEx.top
Decentralized cryptocurrency exchanges are one of the community’s most eagerly-anticipated applications. Now DEx.top is set to bring one online in the coming days with several trading pairs, and many more on the way. Built using ERC-20 token architecture, it provides a base with many compatible coins and tokens. Bitsonline got in touch with the team to get more information to share with our readers.
Interview With DEx.top: How Does It Work?
Scott: DEx.top is a new decentralized exchange, something users have been waiting for. What can you tell us about the upcoming launch?
DEx.top: We are going to be open and transparent. We will open source our code once we launch our product and invite hackers to join the bug bounty program such as “Hackerone Challenge”. We will list quality projects receiving high scores from both our code auditing and voting committee with years of engineering, investment banking & risk management experience in Google, Uber, Temasek, etc. for people to trade. We will also host trading competitions and provide many prizes including popular tokens and an iPhoneX to incentivize and give back to our community.
Being able to quickly and easily exchange ERC-20 tokens means there are many to choose from. DEx.top has selected a solid group to start with.
At the very beginning, we will list very limited pairs including Cortex (CTXC), Zilliqa (Zil), Kyber Network (KNC), Loom Network (Loom) and Yee Token (Yee) standing for A.I., sharding, decentralized exchange, games and social apps. We include other decentralized exchanges because we consider nobody as competitors but rather friends building up better community and ecosystem together. We will list more pairs in the future without a listing fee. Welcoming all good projects.
Scott: Could you tell us about some of the development process? How long have you been working on it?
DEx.top: The DEx.top project has been in development for over six months, while the developers have years of experience developing blockchain applications. We have team members from USA, Switzerland, Singapore, Hong Kong, etc. who have designed the consensus algorithm, built up a federal chain and developed a futures decentralized exchange before. We have suffered from some twists of design, but finally we made many unique “firsts” ourselves.
Scott: What features are you the most excited about?
DEx.top: We utilize a ROC mechanism (Replayed on Chain) to provide users with a more secure, instant, and low fee trading experience that no other exchange can compare with. Both ledgers closely synchronize with each other, where all trading activities are recorded on the off-chain ledger and later replayed (executed in the same fashion and order) and confirmed on the on-chain ledger.
We also do not hold users’ private keys, all assets are stored in the smart contract, and therefore users’ assets will never be lost even in the unlikely event of DEx.top getting hacked.
Bucking the Trend: Focus on the Product, Not a Token Sale
It is good that DEx.top is taking security seriously, as we have seen many times in the Ethereum ecosystem many exchanges and ancillary companies keep getting hacked, or leave exploits that expose customers to theft and loss.
Another interesting aspect of DEx.top is they are going to launch with a product first instead of with an ICO. This is bucking a trend which has plagued the industry lately, where so many startups have launched ICOs with promises of great products and services with very little chance of ever delivering what they are offering. They are comprised of an international team incubated by Bitmain releasing the first decentralized exchange DEx.top, utilizes the ROC (Replayed On Chain) mechanism.
DEx.top also stated during the interview:
“We will not issue any token for financing. We will deliver products rather than a whitepaper. We are a group of people keen on blockchain, just wishing to make a better ecosystem.”
Scott: Is the exchange available in all countries at launch?
DEx.top: No, we are strictly compliant with the relevant regulation. We will have a list of countries we will be available in at launch soon.
Scott: What is DEx.top most looking forward to in the first few months after launch?
DEx.top: First, we wish to see how people accept the concept of the decentralized exchange. They should gradually come to understand, use and enjoy our secure instant trading on chain.
Second, we wish to dig out the star projects world-wide and help these blockchain teams grow better, like Nasdaq for the traditional start-ups.
Third, we wish to cooperate with more partners such as software and hardware wallets such as Bitcome and Ledger to provide a better experience for users. Also we want to include instant messaging and social media apps such as Yeecall and K Site to build up our community. Ethererum and Bitcoin sidechains such as loom and RSK will also be supported in the future to provide users cross-chain transactions.
Lastly, we will design and develop our mobile app since there is still no user-friendly app now. This will allow people to easily trade and keep track of their assets on the go.
Great Potential for Decentralized Exchanges if Done Right
We are looking forward to the coming launch of DEx.top as a working, decentralized exchange is something that has been a long time coming. The potential for growth in this market is huge.
DEx.top looks to have a bright future with the base it is building. By starting out with a working product, it puts them ahead of many of the ICOs who are promising something similar without a single line of code. We will follow the launch and let you know what we find. Stay tuned.
Will truly decentralized exchanges change the landscape for cryptocurrency traders? Let’s hear your thoughts in the comments.
Images via DEx.top