ExCraft (EXT Token): Proof of Existence Cryptocurrency Exchange?
What Is ExCraft?
ExCraft is the cloud-native crypto exchange that is based in Hong Kong. The exchange implemented microservices to achieve highly secure and high-performance architecture. For it to embrace decentralization without sacrificing performance, the exchange will issue an EXT token. This will be an Ethereum-based ERC20 token, which will reward traders via daily verifiable exchange volume called Proof of Existence.
Some additional EXT tokens will be given to users that stake tokens and to those who take part in exchange pools. The pool will craft the possibility for this community to offer some unique capabilities. EXT tokens will provide a mechanism of voting in the decentralized organization on various topics.
ExCraft shall continue to strive towards full decentralization by leveraging on-chain orders, cross-chain compatible order-making mechanism, and implementation of a dedicated mainnet that is built on the proof of stake consensus.
ExCraft Proof of Existence Cryptocurrency Exchange Launches
On August 10, ExCraft introduced the first DAO exchange that is managed based on single or pooled user trade volume proof of existing voting system. Users that are verified via KYC will have the ability to vote on the listing of a new project, which is sponsored in the exchange. All users' input in the ExCraft community is valued.
The DAO Governance
Governance of the DAO is going to combine ExCraft with a Senate and Congress that is comprised of pool masters. All the votes need to be submitted to these people. The votes are subject to the Congress and Senate smart contract voting. This is based on both KYC users and a meritocratic system.
Here is how it will work:
A Representative Proof of Stake Congress is going to be a meritocracy that is based on the top 101 holders of the EXT tokens. Any current representative of Congress can bring an issue to a vote. The resulting vote will be transparent and easy to verify. When the bill passes Congress, it moves on to the Senate.
A Representative Pool Master Senate comprises of pool masters of the top 101 pools that have the most PoE across the pool members. This system empowers the Senate to pass legislation that they pass. Members of the Congress can change pool and shift the PoE voting power to a new pool for the net voting round. This is if they do not agree with how a vote turned out.
The top 30 Senators with at least 100 KYC users over a two-week period are automatically designated the Grand Pool Master. These senators have additional decision-making powers to request ExCraft to list a custom token to their pool members. To do this, they do not need to go for the full DAO vote. If 80% of the Grand Pool Masters agree with a proposed token, it is automatically approved for use on the exchange.
ExCraft EXT Token Rewarding Users
ExCraft plans to reward the community with a given number of EXT token. These tokens are distributed based on the user’s PoE. There is a staking reward system and those sent to users that chose to be part of the Exchange pools and have the PoE count toward the PoE.