What Is DAEX (DAX)?

DAEX describes itself as a clearing solution for centralized cryptocurrency trading exchanges based on distributed ledger technology. The Clearing as a Service (CaaS) mechanism is utilized to offer DAEX’s clearing services. A clearing service is a procedure in which an institution acts as an intermediary between transacting parties to reconcile various orders.

On the DAEX clearing chain, clearing and settlement rules are preprogrammed into clearing smart contracts. People are not involved in the clearance process because the process is automated. DAEX's mission is to improve the cryptocurrency trading industry's infrastructure by using new opportunities brought about by distributed ledger technology.

There are two types of cryptocurrency trading exchanges available: centralized and decentralized exchanges ((https://www.coinbase.com/learn/crypto-basics/what-is-a-dex#:~:text=A%20decentralized%20exchange%20(or%20DEX,occur%20directly%20between%20crypto%20traders.&text=A%20decentralized%20exchange%20(better%20known,occur%20directly%20between%20crypto%20traders)). Decentralized cryptocurrency exchanges have significant drawbacks in terms of liquidity, matching speed, and flexibility.

Moreover, the current architecture of existing centralized cryptocurrency exchanges is fundamentally faulty. Each exchange is responsible for the assets of its customers. Customers' assets are therefore exposed to substantial internal and external dangers. Therefore, the operation of such exchanges is not transparent.

DAEX aims to tackle all of these challenges. The code of the DAEX solution is based on a public blockchain, which means it is open for public inspection and supervision. All users' assets are kept on the blockchain in the DAEX ecosystem. Without the user's permission, assets cannot be transferred. The usage of a multi-part private key protects the user's assets and provides a safe recovery procedure if the user loses his private key. DAEX claims that smart contracts and blockchain technology ensure the accuracy of clearing and settlement.

Moreover, new exchanges are welcome in the DAEX ecosystem. Exchanges part of the DAEX ecosystem have access to all of DAEX's goods and services, including wallets and clearing services.

The native token of the platform is "DAX.". The DAEX ecosystem uses the DAX token to facilitate collaboration between various elements of the system. The DAEX Foundation issues DAX to collect funds for the DAEX solution's development.

History of DAEX (DAX):

Jason Tang and Hana Zhang are the co-founders of DEAX. Ms. Hana Zhang is an investor in numerous exchanges and has been a blockchain and digital asset entrepreneur since 2014. Mr. Tang is a software engineer with a master's degree from Zhejiang University. He has two blockchain patents. The whitepaper was published in May 2018. The total supply of DAX is two billion coins.