The SciDex platform comes with two main elements: these are the SciDex protocol, as well as the SciDex market space. The market-space also doubles up as the first use case for the protocol. It is expected that the protocol will be used in easing the process followed when exchanging scientific information.
This protocol will make it possible for organizations to easily complete their transactions on the ethereum protocol through the use of smart contracts. The data exchange or the SciDex marketplace will run on the SDX (SciDex) token which is also a first-case use of this protocol.
The team behind this revolutionary platform comprises of engineers, scientists, and entrepreneurs. All the team members possess a vast amount of experience in creating and running successful businesses. They also share a combined passion for driving and accelerating science.
SciDex has a total of four co-founders. Each co-founder has a specific role to play, ensuring that the team gets to run in an efficient manner. Alex Bouaziz and Shuo Wang act as the co-CEOs, while Constantin Overlack acts as the CMO, and Ofer Simon acts as the CTO.
The SciDex protocol is unique in that it has introduced a compliance component to their smart contracts, unlike the traditional smart contracts. The included compliance component will make use of the Ricardian Adaptive Smart Contracts (RASCs). The use of this protocol means that specific terms can be used to share certain data.
As a result, the smart contracts are expected to be both compliant and independent. The development team recognizes the role played by smart contracts, but it has also been able to pinpoint a few problematic areas, which have made it difficult for smart contracts to be adopted by the mainstream cryptocurrency enthusiasts.
At the moment, smart contracts are deemed to be too complex for use by businesses in generating, managing, as well as deploying them. Additionally, there is also the issue of existing laws which make it vital for legal contracts to be generated for each transaction. But the problem is that humans cannot be able to read the smart contracts.
With the introduction of the SciDex protocol, it will become easier for businesses to overcome such obstacles with ease. This means that they can now start using smart contracts in their business dealings. It is a process that will begin with a smart contract translation, ensuring that each contract can easily be read.
As mentioned earlier, the SciDex marketspace also acts as the first real use of this protocol. By introducing this application, the platform hopes to be able to streamline the data exchange process. The marketspace includes a large information index known as DataDex. The index contains information on the prices that have been set for each data set.
Presence of the metadata template means that all data descriptions will be unified. The smart contracts from SciDex mean that users are now in a position to easily exchange data without worrying about it being intercepted or corrupted.