Bithumb and ONEROOT Partner on ‘Rocket Plan’ to Develop Decentralized Exchange Using R1 Protocol
ONEROOT announced the release of their “Rocket Plan” officially joining the world market and the 2.0 era.
ONEROOT also acquired the first digital currency Financial Services License given by the government of Canada.
On the 1st of October, 2018, “Rocket Plan” has pushed this achievement to a different level. Bithumb and ONEROOT have officially signed a partnership agreement witnessed by officials from both organizations dubbed the Bithumb accesses R1 protocol. It is a decentralized transaction system that will give services to the leading centralized exchange in the world for the first time.
R1 protocol features a special structure that allows Bithumb and other future exchanges based on R1 that can share order data and liquidity. This gives users better trading depth as well as experience and builds up a global distributed trading system.
Bithumb is the biggest centralize digital currency exchange in South Korea. Currently, the exchange has an excess of five million registered users. The exchange has seen an exponential growth in trading since it began offering its trading services in January 2014. Daily transaction volume has seen rapid growth hitting a record of 15 billion yuan. Currently, the exchange trades more than 13,000 Bitcoins daily, making it one of the top five bitcoin exchanges globally. This volume accounts for approximately 10% of the bitcoin trading volume in the world. The exchange is also the leading platform in trading Ethereum accounting to about 44% of all transactions in South Korea. Apart from cryptocurrency trading, the exchange is also a leading digital financial platform in the world dealing with digital coins-based payments, crypto investment and other services.
Bithumb, in an effort to grow its business ecosystem and create a platform that will provide users with safer and better services, the exchange has committed itself to be the first large-scale centralized exchange in the world offering decentralized trading services. After a careful analysis, Bithumb decided to access the R! protocol to develop its own decentralized trading platform. The R1 protocol is a decentralized trading protocol built upon the Ethereum blockchain.
It is important to understand then what this R1 protocol is. This protocol is an efficient decentralized system that was built by the ONEROOT team. This protocol is able to put a distinction between order matching and order execution better than any other available decentralized trading protocols. Using this R1 protocol, Bithumb is able to give its users with higher matching efficiency, stronger security and a far better trading experience. R1 also allows exchanges using it to share liquidity and order data thanks to its special structure. As more trading platforms continue accessing the R1 protocol, it will be possible to bring in billions of trading data in the coming days, promoting Bithumb’s globalization plan, coming up with a win-win ecosystem.
ONEROOT is the first blockchain project in the world to introduce the idea of traffic sharing. This project features a Rootrex model and R1 protocol at its core enabling it to support traffic holders to develop their own decentralized exchanges efficiently and have a true grasp of trading freedom. And additional feature is that all exchanges that utilize the R1 protocol can share liquidity and transaction data and develop a win-win ecosystem and thus develop a solid infrastructure for this industry.