NIOdex: NIO Decentralized Crypto Exchange by Autonio with NIO Suite Integration
NIOdex — NIO's Own Decentralized Crypto Exchange
NIOdex is a blockchain-based decentralized exchange that was created with a goal of bringing a safer and smarter P2P trading system to its users. It was created on the 0x protocol, which is basically a permissionless protocol that allows the trade of ERC-20 tokens within Ethereum's network. With it, NIOdex can provide users with the ability to trade cryptos with minimal effort and without any issues.
However, there is much more to this exchange, and numerous other aspects are making it stand out from others. Today, we would like to determine what is making this exchange so unique.
Why Is NIOdex Different Than Other Exchanges?
The first thing that is important to mention are the numerous issues that a lot of decentralized exchanges are facing. Those include low volume, low liquidity, but high latency and network costs. While a lot of exchanges are suffering from these problems, NIOdex was designed with an intent to solve those problems. Now, the logical question is — how?
To tackle these issues, NIOdex has developed a so-called ‘hybridized design'. This design centralizes all the elements that are connected to the exchange platform, but at the same time, it manages to maintain full decentralization by employing a wallet-to-wallet exchange, which is also crucial for its increased security.
It will decentralize its offering completely when scalability issues are taken care of. However, as long as these problems remain a mainstream issue, NIOdex will continue with its hybridized approach, so that the customers won't have to suffer from the negative effects of the problems.
Additionally, NIOdex will slowly introduce the traders to crypto trading by letting them experience test trades and learn from their own experience, rather than from various guides and tutorials.
The Design Of The Network
Now is time to talk about the technical side of things. All NIOdex orders will be first broadcasted, and then also matched within NIO's own servers. This will significantly improve TP, and make the experience much more fluid and natural. The process will take the scalability associated with centralized exchanges, as well as the security and privacy offered by decentralized ones, and mash it into a new, top product.
They will store orders off-chain so that latency problems can be avoided. Also, a lot of other decentralized exchanges are known for bad transaction speeds, while NIOdex has them covered. Additionally, all of the transactions will be possible without the supervision of NIO servers.
Another new thing that NIOdex offers are so-called “gas-free cancellations”. This will allow users to cancel their orders at any time, provided that they are not already filled by takers. Basically, if you ever place an order and then change your mind, you can cancel it without having to pay a fee.
This is also possible due to off-chain order broadcasting and is possible due to the fact that order is happening outside of the blockchain. That means that it doesn't modify the blockchain until it is filled. It is like ordering something online, and then changing your mind, and deciding that you don't want it after all. Now, you get the chance to cancel the order before it was shipped — nobody is at a loss, and you get to fix a wrong decision without suffering consequences.
Finally, there is the matter of 0x integration, which was one in order to improve the network's liquidity. What this means is that the orders can be shared across multiple other decentralized exchanges that also have this protocol integrated. The result is a large liquidity pool that will boost NIOdex's own liquidity offered to the users.
From all that is known about the exchange, it is obvious that the user experience is unparalleled. NIOdex is running on ETH network, which means that it will support all ETH tokens, including ERC-20 and ERC-721. Additionally, users will be able to access the exchange via desktop and mobile alike, which will improve the convenience. Users can also share and use their own trading algorithms, send coins to whoever they wish, and expand their portfolio. Also, registration is completely free.
NIO Suite is a complex, multi-use platform that is imagined to have several components, with NIOdex being only one of three largest ones. By using them, customers will be provided with three elements that are supposed to improve their crypto trading experience. Those include technical market analysis, sentiment analysis, and a reliable, decentralized exchange.
The technical market analysis will be handled by AutoNIO tool, which is an AI-powered software that will use various algorithms for determining current trading trends. The sentiment analysis will be handled by NIOnet tool, which will conduct the analysis of the market and help users make better trading decisions based on the current trends. As for the exchange part, NIOdex will take care of that.