The developers of this project aim to develop a digital currency broker that will eventually grow into a bank for businesses of the digital generation. At this project, they believe that decentralization and great customer service are the most important factors for the future of digital banking.
The Goal Of DaxBase
This project believes that innovation must go hand in hand with the needs of customers. The aim is to offer quality services to customers even as they innovate. To achieve this, those behind the project intend to combine the best features of the modern banking world and the best of blockchain technology. Via this, the developers will be able to achieve some of the highest security standards of the banking sector.
DaxBase is not working in isolation to meet the needs of its customers. To achieve their goals, they will have an “optimal steps approach.” In this approach, technology is going to be developed in a manner that helps the project give customers an optimal experience. Initially, it will be a financial broker, but the aim is to grow an ecosystem that offers banking services.
How DaxBase Digital Cryptocurrency Bank & Payments Works
The broker will initially be an exchange for digital coins. The semi-trusted broker will be used to collect and match trading orders. If orders match, they will be settled via ethereum. Those that succeed will be shown as a set of atomic electronic atomic coin swap trade. For the trades to match, the exchange has to be trusted. This is even though it will not take possession of the coins.
Central Exchanges Have Many Flaws
One of the important factors about digital currency is their decentralized nature. That means there is no central point of failure. However, this is not the case for most digital exchanges. They are centralized, which leads to efficiency for those using them. However, this can sometimes go quite wrong. A good example was when Mt.Gox was hacked. This led to hundreds of millions of dollars of value being stolen. A more recent example is Bitfinex, where the hack led to about 120,000 bitcoin being stolen.
Attempts At Decentralization Are Unsuccessful
However, attempts to decentralize digital coin trading have faced major hurdles. This is because the enforcement of the rules of decentralized exchange is hard to achieve. Having considered this, the developers of DaxBase opted to create an exchange that centralizes the matching of orders while keeping the exchange of asset direct and bilateral.
It will ensure matching orders is fast while keeping transactions secure. Because of legal issues, traders have to register with the broker. This is in line with KYC rules that are being enforced globally.
DaxBase DXBT ICO Details
The ICO is expected to start in about 22 days. This sale started on December 4, 2017, and is set to end on March 11, 2018. If you have an interest in this ICO, you can still take part in it. There will be a total supply of 5 million DXBT tokens.