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DX.Exchange: Subscription-Based Crypto Exchange With 500,000 Pre-Registered Users

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DX.Exchange has announced the registering of half a million traders in their system, all waiting for the new P2P, Crypto Exchange with no trading fees to go live.

DX.Exchange reaches important milestone ahead of the official launch

The new Estonian-based cryptocurrency exchange that operates on a subscription fee model says that more than 500,000 traders have pre-registered to join its platform.

It is a very important milestone for the NASDAQ powered, centralized cryptocurrency exchange platform that is said to be launched later this month.

DX.Exchange has attracted significant traders’ interest without any specific marketing efforts. The main and maybe the most obvious factor that definitely deserves attention is the fact that DX. Exchange represents the free trading model.

A Subscription Model

Currently, most cryptocurrency trading platforms charge users a percentage fee on every trade they do. When it launches next month, however,  DX.Exchange will charge most traders a flat 10 EUR monthly fee, after which they can trade up to 50,000 EUR for “free” during the billing period. Any trading that a user does which exceeds this limit will be charged percentage fees.

A Safe Exchange

This new exchange already shows promise; it holds two licenses from its country’s (Estonia) ministry of economic affairs and communications and it claims that it has formed a partnership with multinational stock exchange giant Nasdaq to use its matching engine to arrange trades. While this hasn’t yet been confirmed by Nasdaq, it wouldn’t be out of the realms of possibility. Nasdaq has previously acknowledged that it is licensing its tech to a small number of cryptocurrency exchanges, including Gemini, which uses its surveillance technology to prevent traders from engaging in market manipulation and other illegal activities.

Another notable point is that currently there is declining public interest in cryptocurrency, with reducing crypto prices and trading volumes. Despite this, DX.Exchange has still managed to get half a million pre-registered users. We mustn’t forget, however, that the world’s highest-volume crypto trading platform, Binance, has more than quadrupled its user base to 9 million during the first half of this year.

Starting Cryptos

A lot of users of Ripple are excited, as DX.Exchange will launch with XRP

DX.Exchange Goes Live In July

DX. Exchange announced on Twitter recently that they are going live for full registration and K YC on July 2nd. The platform goes live on July 25th. During July they are going to run a beta test with selected registered members.

The CEO and Co-Founder of DX. Exchange Daniel Skowronski commented on PR Newswire:

“Because we are fully regulated, a number of Banks and Brokers have reached out on how they can connect directly to the exchange to give their clients access. By connecting directly they can still offer a full suite of cryptocurrencies to their clients while decreasing their risk dramatically”.

Analysis

Cardano benefits most after Coinbase listing announcement

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Coinbase is exploring Cardano, Basic Attention Token, Stellar Lumens, Zcash and 0x, and as a result we’ve observed a full $500m dollars added to the market cap of Cardano alone.

Each of Basic Attention Token, Stellar, Zcash and 0x have added around $100m to their market caps, which will likely increase as, attention and speculation grows. It’s very likely the combined effect of the Coinbase tweet will shortly be over a billion dollars.

Time will tell to see how fast Coinbase is able to list these new digital assets, but given that they are all listed on other major exchanges none of the technology should be particularly novel.

Coinbase announced that they would list IOHK’s other cryptocurrency, Ethereum Classic, one month ago and that is yet to be listed, so we can comfortably assume that none of these assets will be listed in the coming weeks. A conservative estimate suggests an October release would be the earliest time to expect any of the recent announcement to be available.

For now, each of the 5 currencies have experienced a 10% jump which is welcome news to many.

 

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Analysis

Coinbase is exploring Cardano, Basic Attention Token, Stellar Lumens, Zcash and 0x

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ADA, BAT, XLM, ZEC, ZRX logos

Today Coinbase has finally broken its silence on the work it is doing behind the scenes to bring more cryptocurrencies to its platforms.

The tl;dr in our office today has been; called it. Loyal readers will be elated that of the 5 coins Coinbase has announced interest in, we confidently predicted three of them.

In a rare, actually super interesting announcement, Coinbase is now exploring the following cryptocurrencies, with the intention of listing each of them “across the widest variety of products in each jurisdiction.”

Cardano (ADA)
The Cardano protocol was created by Charles Hoskinson, one of the co-founders of Ethereum. Cardano’s Bitcoin-like Settlement Layer (CSL) mainnet is live and it has a functional wallet for its built-in ADA cryptocurrency. It has also taken a different technical direction from other blockchains on several axes, like its Ouroboros proof-of-stake algorithm, its use of Haskell, and its focus on formal verification. While Cardano’s Computation Layer (CCL) is not yet live, the project has published long-term roadmaps, has shipped working software, and appears to have a growing community.

Basic Attention Token (BAT)
The Basic Attention Token (BAT) is the internal token of the Brave browser. The initial purpose of the BAT is to allow advertisers to pay for user attention when they view ads via Brave, but it can potentially be used as a general digital currency for Brave user interactions with arbitrary websites. Brave announced that they have recently passed 3 million monthly users and are in the top 10 list in the Google Play store in more than 20 countries. More than 18,000 verified publishers are using Brave across 4,500 websites and 13,500 YouTube and Twitch streamer accounts. The CEO of Brave is Brendan Eich, the inventor of Javascript and co-founder of Mozilla and Firefox, and the company is funded by Founders Fund and Digital Currency Group, among others.

Stellar Lumens (XLM)
Stellar is an open-source protocol for value exchange developed by Stanford CS professor David Mazieres, Rust language author Graydon Hoare, and Jed McCaleb. Lumens (XLM) are the native asset of the Stellar network. Stellar’s consensus protocol is different from proof-of-work in that it allows and requires individual nodes to choose the set of other nodes they trust as a group (a “quorum slice”) to give them accurate information about the state of the Stellar network. Stellar allows for the creation of anchors that can issue assets, use bridge servers to interface with existing banks, and follow Stellar’s compliance protocol. Initially funded by Stripe, Stellar’s board members include Khosla Ventures partner Keith Rabois, Stripe cofounder Patrick Collison, WordPress founder Matt Mullenweg, YCombinator President Sam Altman, MIT DCI head Joi Ito, and AngelList founder Naval Ravikant.

Zcash (ZEC)
Zcash is a cryptocurrency which uses recent advances in cryptography to allow users to protect the privacy of transactions at their discretion. The distinction between Zcash’s “transparent” and “shielded” transactions is analogous to the distinction between unencrypted HTTP and encrypted HTTPS. In both cases, the unencrypted/transparent version of the protocol allows third parties to see metadata associated with the communication or transaction, while the encrypted/shielded version protects this information. The Zcash protocol has been live since 2016 and the development team has published technical improvements that may reduce the memory consumption associated with transaction privacy by 98%.

0x (ZRX)
0x is an open protocol that allows ERC20 tokens to be traded on the Ethereum blockchain. ZRX is the native utility token of the 0x protocol, and several dozen independent projects have been built with the 0x technology, including relays and decentralized exchanges with tens of millions of dollars in collective transaction volume to date. The project has shipped a number of tools for developers, including Javascript, Solidity, and Web3 libraries, and has mostly adhered to the roadmap outlined in their whitepaper.

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Exchanges

Binance And Cardano

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On 2018, Apr 17th Binance announced that Cardano is now available on the platform with two trading pairs, ADA/BNB and ADA/USDT.

Cardano is already picking up the pace and is enjoying a 90% increase over the last two week period.

With staking pools going live over the next few weeks and more updates to Daedalus recently announced, it looks like Cardano’s success is set to continue for the foreseeable future.

The full announcement is available from Binance here.

On the same day, Michael Parsons, Chairman of Cardano Foundation delivered a speech at UK parliament in support of Distributed Futures, an open source research programme to develop vital infrastructure to make Smart Ledgers a success.

Cryptocurrencies are another application of Smart Ledgers (the next big thing in technology!). They are based on a combination of mutual distributed ledgers (aka blockchains) with embedded programming and sensing, thus permitting semi-intelligent, autonomous transactions. Smart Ledgers are touted as a technology for fair play in a globalised world. There are numerous projects building trade systems using this technology with announcements from governments, shipping firms, large IT firms, and the like.

Long Finance’s Distributed Futures research programme recently published the report, “The Economic Impact Of Smart Ledgers On World Trade”, the latest in a series of exciting projects in the programme. The report, features a description of the econometric approach that maps trade frictions that Smart Ledger technology might be able to offset, especially in the realm of non-tariff and bureaucratic barriers to trade.

For a deep dive analysis of Cardano you might enjoy this article.

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Exchanges

The Easy Way To Buy Bitcoin

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When you first buy Bitcoin or any other cryptocurrency, it can be a very confusing process. There are dozens of options available and an overwhelming amount of information is required to dig through them all. We’ve got a very straightforward approach laid out that is the way all the cool kids do it, to super simply buy some Bitcoin. Literally, it couldn’t be simpler than this. Read on, courageous internet hero!

Other exchanges are available, but we’re not laying out options here. We’re giving you answers, and the answer is to use Coinbase. Simple. It’s the best company in the world for first-time buyers of cryptocurrency, without a doubt. Sign up here and get $10 free.

Coinbase is a San Francisco based company licensed by New York’s Department of Financial Services, to offer Bitcoin, Ethereum and Litecoin. It has over 8 million clients and serves over 30 countries including the US, Canada, Australia, Singapore and much of Europe. It accepts PayPal, bank transfers and credit/debit cards.

Before you know it, you’ll have a bitcoin wallet with an address. Easy! If you like, you can even get their mobile app to make things really easy to use your cryptocurrencies, however, you don’t need it. To our next challenge!

Buy Some Bitcoin

Now that we have a Coinbase account set up, we’re able to buy some Bitcoin. Buying, for instance, 0.1 Bitcoin can be done through the Coinbase interface and is no different to buying a table online. Simply enter your card details, buy a small amount, and wait till you can see your balance reflected in your bitcoin wallet. It really could not be simpler. At that point, with some bitcoin sitting in a Coinbase wallet, we could stop. It’s been a long weary journey – but you are now the proud, heroic owner of some Bitcoin. However, we must press on, for we are not out of the woods yet! One final step lies in front of us, with a bonus option for those dealing in larger sums of money. Bravely, we must continue!

Two Factor Authentication

bitcoin image

We must enable something called Two Factor Authentication (2FA) on our Coinbase account. To not do this would be reckless. Luckily, setting it up is easy and Coinbase will mostly guide you through the process. Go into account settings, and follow the guidance there. All this means is that when logging in there are two things at play – the password you use to log in, and then a special code only you have. So if someone manages to steal your password, they can’t just steal all your precious cryptocurrency treasure. With hackers getting more and more sophisticated this is a must have these days, so please please please invest one minute to set this up.

At this point, for most people, the journey is over. You are now the proud owner of a secure Coinbase account that contains some Bitcoin. Or maybe you bought some Ethereum or Litecoin. For as long as Coinbase remains secure and continues to do business, then your Bitcoin will be available to you. Of course, if something catastrophic destroyed Coinbase, then your cryptocurrency investment would be lost. However, holding a small number of coins on an exchange with two-factor authentication enabled is a reasonable approach, all things considered. For the lucky ones, your journey is over and may the force be with you. For those prepared to step once more into the breach…

Hardware Wallets

A hardware wallet will set you back around ~$120 so unless you’re investing at least a few hundred dollars, then they probably aren’t worth it, but nonetheless are an option. For those wanting to take control of their cryptocurrency then a hardware wallet is the answer and for most people, the Ledger Nano S is the perfect option. An alternative is Trezor although they supportfewer cryptocurrencies.

Purchasing a Nano is easy and setting one up once it arrives takes a few minutes and full instructions are provided. Once you’re up and running with your Ledger you’re free to send all your cryptocurrencies from Coinbase to your Ledger, where they will be securely stored. Make sure you enable two-factor authentication on your Ledger as well.

The downside of storing your cryptocurrency on your Ledger, of course, is that your 24-word recovery seed is the key to the kingdom you have built. To lose it risks losing access to your cryptocurrency forever. So make sure you understand how and where you will store it, such that if you lose your Ledger, you’re able to recover.

And that, brave warrior, brings us to the end of our journey. You now have a cryptocurrency investment residing on Coinbase, the world’s most trusted and reliable cryptocurrency exchange to date, or on a hardware wallet which protects your cryptocurrency from everyone but yourself. Stay safe and be sure to check out some of our other articles on the future of blockchain technologies. Until next time, young padawan.

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Discussion

Raiblocks to Nano and the Bitgrail Hack

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Nano Logo On White Background

With a platform that has tested 7,000 transactions per second, Nano is garnering more and more attention ever since their latest re-branding effort. This project has come a long way since the days of Raiblocks and uses new technology that could disrupt the blockchain industry.

Raiblocks to Nano: A History

In 2014, Colin LeMahieu started working on a Bitcoin alternative that would solve its performance and scalability issues. He envisioned a distributed ledger that was free from the centralization of mining by sharing memory with all transactions on the network, allowing for instantaneous, fee-less transactions. A whitepaper was released in October of 2015, outlining a new way of securing transactions using directed acyclic graph (DAG) technology, which allowed transactions to be updated immediately and asynchronously. This idea took three years to form into a new cryptocurrency known as Raiblocks, which in early 2018 rebranded to Nano.

Nano features

Instead of the traditional blockchain, technology, Nano utilizes a directed acyclic graph (DAG) model for its decentralized ledger, which is known as a ‘block lattice’ as opposed to a ‘blockchain.’ IOTA is another popular cryptocurrency that utilises a DAG. By using a DAG Nano is able to be lightning fast, feeless, able to scale to thousands of transactions per second and all of this while maintaining a very small carbon footprint.

Block Lattice

With the Nano block-lattice, each account has its own blockchain, with only the account owner able to update their chain. To transact on the network, the account owner must provide the computational power to run a transaction, eliminating the need for miners to verify blocks of transactions and the entire network to update the ledger, which in turn creates a system that is instantaneous, extremely efficient and free to transact.

In conjunction with Block Lattice, Nano utilizes a delegate proof-of-stake (dPOS) consensus mechanism to maintain network security. In this dPOS model, each Nano holder has a vote weighted to the amount of Nano held, and stakes their votes to a network node that votes to verify the legitimacy of transactions being conducted.

What is a DAG?

Directed acyclic graph (DAG) technology is an alternative decentralized ledger system that provides more flexibility and speed than traditional blockchains. We cover it in great detail here but we’ll provide a quick explanation here too. Instead of grouping transactions together in blocks, which are then chained together to form a blockchain, a DAG maintains parallel blockchains, one for each private key. When a transaction is made, it only has to be reconciled against the balances of the two accounts involved – the sender and the receiver. The balances and activity of all other accounts on the DAG doesn’t matter, so there’s very little to verify and record – Account A has moved X amount of Nano to Account B. Every already knows the balance of Account A and B, so the nodes on the network have very little work to do, agree the transaction, and it resolves in under a few seconds.

One benefit of this peer-reviewed system is that the cost to transact on a DAG network is negligible, since each transaction is completing confirmation itself and there is no need for outside miners to secure the network. Speed is also improved, as transactions are processed on a micro scale individually, and not on the block level. These two factors make it easy to complete microtransactions on a DAG network, something that the blockchain has yet to realize.

The network effects of DAG are astounding, making it such that the network actually improves in speed and efficiency the more users and transactions come on the network. The more transactions on the network, the more transactions available to verify and secure other transactions, making for an exponentially growing ecosystem. This is in direct opposition to the scaling issues that plague Bitcoin and other blockchains that have a limit to the size of their blocks and amount of transactions that can be processed. Other projects such as IOTA and Byteball also have implemented DAG technology and are seeing increasingly positive feedback as a result.

Side projects

The development of Nano as a cryptocurrency involves partnerships with other projects and added layers of functionality above and beyond its distributed layer. A partnership with social gaming platform Twitch will allow users to tip using Nano. Tests on the network are being done in conjunction with 1upcoin which acts as the payment processor.

Developers are learning how to integrate Nano with e-commerce shops, allowing consumers to pay for goods using the cryptocurrency. Mobile wallet functionality is on the Nano roadmap, with test payments being successfully completed and release scheduled from sometime in 2018.

Bitgrail hack wrecks havoc

Nothing gets cryptocurrency enthusiasts more scared than malicious attacks that display the lack of security in the industry, and this is exactly the case with Bitgrail. After an internal audit, the cryptocurrency exchange noticed unauthorized transactions that led to the loss of 17 million Nano, at the time resulting in a $170 million loss. Theories abound to the nature of this loss, with some believing Bitgrail’s assertion that it was the result of an outside hacker, and other’s questioning if it was the result of internal fraud at Bitgrail.

This loss is made especially important given the lack of liquidity across markets for Nano. The 17 million token loss is represents roughly ~13% of all Nano, which is a high percentage to now be owned by a hacker, or group of hackers. With Bitgrail now filing for bankruptcy it appears the loss was a death sentence for the Italian exchange.

What does the future hold?

Nano is an amazing next generation distributed ledger technology and its innovations in using a DAG over a traditional blockchain are not to be overlooked. We could see other cryptocurrencies adopt similar technology in the future. Traditional blockchain technology has promised cheap, fast transactions for years and largely has failed to deliver. Nano however has created a truly scalable, decentralized platform for transacting globally. Already proving its mission, with a rate of 7,000 transactions per second and absolutely zero fees, Nano is no doubt destined to soon be acknowledged as one of the top cryptocurrencies.

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Discussion

Coinbase Announces Gear Change Enters Hyperdrive

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It’s been hotly debated which digital assets Coinbase will list, with no shortage of analysis and speculation. Any new assets listed on Coinbase stand to make significant gains as they are now available to the Coinbase user base.

Breaking

At what can only be described as break neck speed since their first announcement of their Digital Asset Framework 4 months ago, Coinbase has broken cover and told us the hugely unsurprising news that they will support ERC20 tokens in the future. That’s right folks. In what might be the slowest manoeuvre since the UK announcing its multi year departure from its neighbours, Coinbase is going to join the ranks of every other exchange on the planet by supporting the well known ERC20 tokens that exist on the Ethereum blockchain.

hyperdrive

The formal announcement sheds no light on which ERC20 tokens Coinbase, or GDAX, is going to add but given their gear change into hyper drive, it can only be a matter of months, perhaps years, until we find out. If global warming doesn’t kill us all first, 2046 is set to be the most exciting year of Coinbase’s history as literally tens of people buy their first ERC20 tokens.

Whether or not Coinbase is using the 0x protocol as we predicted is not yet clear but it seems likely, given the announcement to support ERC20 tokens in general, not any specific ones.

Stayed tuned folks, and try not to blink!

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