SHANGHAI, July 6, 2018- The Global DAEX Foundation (www.daex.io) are the creators of DAEX (Digital Assets Exchange), an open and distributed clearing ecosystem for cryptocurrency exchanges. The goal of the project is to alleviate the responsibilities of centralized exchanges by providing them with identity authentication, asset registration, asset clearing and asset settlement services. Centralized exchanges who are part of the ecosystem will remain in control of matching trades, although the aforementioned services will be provided by DAEX using distributed ledger technology and smart contracts. With a wide range of products, the ecosystem will provide several benefits to all participants (exchanges and traders) involved.
The DAEX Clearing Chain, also known as the DAEX Blockchain, will be the core product of the ecosystem. The Clearing Chain will serve as a means to store transaction data for multiple types of digital assets. It will also feature a cross chain structure that supports connections to the Identity Chain and Settlement Chain. The Identity Chain is a separate blockchain, which will act as a Distributed ID Center that completes the identity registration, authentication and management of user identities. This will allow the identity and authentication process to occur in a trustworthy and secure environment. The Settlement Chain is another separate blockchain, which will connect to the Asset Registration & Settlement Center. The main purpose of this center is to facilitate the trusted registration of digital assets as well as mapping said assets on the Clearing Chain. The DAEX Wallet (available for both enterprises and user level customers) is a multi-asset wallet that will include a multi-segment private key mechanism.
Another part of the DAEX ecosystem is the DAEX Fund, which consists of several institutional investors as well as The Global DAEX Foundation. The fund’s plan is to provide support in investments related to exchanges, wallets, cross-chain solutions and asset management while paving the way for greater industry compliance. Some investors included are LD Capital, JRR, Qtum Foundation, J One Capital, ChainPE, 8 Decimal Capital, InnoNext, RadarWin Labs, Hello Capital, DFJ Dragon Fund among others — all of whom have an abundance of experience when it comes to investing in blockchain exchanges and wallets.
The team behind the Global DAEX Foundation includes several experts in both financial and blockchain fields. The Chairman, Mr. Benjamin Gu, has several years of management experience in financial service firms as well as enterprise software companies. Mr. Jason Tang, a co-founder, has an extensive background in creating blockchain related applications for domestic banks in Mainland China. Hana Zhang, another co-founder, is an investor of several exchanges and an initial member of the IDEL (International Digital Economic League).
The community activity of DAEX mainly takes place in WeChat (a Chinese messaging application that is widely used across Mainland China). There are more than 15 thousand users across the multiple DAEX WeChat groups, and more than 12,000 users in the Chinese language Telegram group. For the English speaking community, the DAEX official Twitter account (https://twitter.com/daexblockchain) has more than 11,000 followers.
Regarding the roadmap and upcoming plans for DAEX, the test net is set to be live in Q4 of 2018 and the main net is scheduled to be ready in Q2 of 2019. The technical whitepaper will be released in several versions throughout 2018. See below for the scheduled release dates and topics each version will cover:
- Q2 2018: Overall design of the clearing ecosystem, including the ASPoS consensus mechanism
- Q3 2018: Clearing Value Factor (CVF) and wallet solution based on a trusted computing environment
- Q4 2018: DAEX Fund report, token plan (clearing-as-mining), node deployment and governance model
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