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CoinEx is about to build a public chain CoinEx Chain (www.coinex.org) for decentralized trading. The website was launched on March 22 and a CoinEx Chain-based decentralized trading platform CoinEx DEX will be online expected in Q4 this year.
In last August, CoinEx stood out among many exchanges with the launch of “Trade-driven Mining” (aka. Trans-fee mining), shortly surpassing Binance and BitMex, and became the world’s largest trading exchange in terms of 24-hour volume; 6 months after the successful debut, the announcement of CoinEx Chain and DEX has once again triggered the discussion, unveiling CoinEx’s ambition in the global market.
Last weekend, in a 90-minute live ask-me-anything (AMA) chat on Telegram, Haipo Yang, the founder of CoinEx, shared his vision of CoinEx Chain and CoinEx DEX:
“A brand new pattern of ecosystem, a new era of exchanges,” Yang explained. “No more centralized drawbacks, users can control the private keys in their own hands, easily create a secured wallet, issue and manage their own tokens, and be freed of the fuss of prolonged listing procedures. Since all operations and account addresses are traceable and positions and transaction data are crystal clear, the only mission for the platform (CoinEx DEX) is to provide efficient and stable wallet and transaction services.”
High performance, high transparency and low fees sum up CoinEx Chain according to its website (www.coinex.org). Aside from the basic features, three things caught users’ eyes:
Users are in control of their own private keys
Supported by its strong R&D team, CoinEx exchange has been stably operating for over a year. CoinEx DEX too will continue with its proprietary high-speed matching engine to ensure secondly transaction confirmation and supported a processing capacity of up to 10,000 transactions per second. Comparably, only a few or dozens of transactions can be processed per second in BTC or ETH network.
CoinEx DEX empathized that it neither hosts or transfers user assets, nor saves users’ private keys – and rather, it only provides efficient and stable wallet and transaction services.
Unlike most centralized exchange services where users have no access to their own private keys, CoinEx DEX allows traders to store assets in their own wallet throughout the transaction process, and they only need to verify signature with private key when placing or canceling an order. Trust becomes unnecessary here – users have unlimited access to and obtain ownership of their asset, even if the exchange is hacked.
Moreover, the POS consensus mechanism adopted ensures transaction confirmation within seconds; Placing/cancelling orders and trade matching are executed instantly and all user operations are recorded in sequence to rule out rollback possibilities.
Of course there will be downsides: Since CoinEx DEX neither hosts or transfers user assets, nor saves users’ private keys, it can no longer assist users in retrieving their private keys. Though some diversity of functionality were sacrificed, CoinEx DEX will instead achieve higher performance.
Permissionless one-click token issuing
If the key points of CoinEx Chain are high performance and ease-of-use, the “Token Issuing” section is definitely the combination of both.
The token issuing module preinstalled in CoinEx Chain makes it more efficient and secure to issue your own tokens. Without any permission, users can issue tokens (Including but not limited to stablecoins) anytime, anywhere and create its trading pairs simultaneously, which frees users all the fuss of ICO, prolonged evaluation procedure of centralized exchange as well as high listing fees.
There are certain bars before issuing a token via the traditional smart contract. To start with, users need to know about the basics of coding, and depending on the smart contract in question, a set of steps must be followed to have the token ready to be issued. After this preparation, users still have to take into account an ICO, their project profile, and the listing procedure and fees by the targeted exchanges.
In a single click, users can easily issue and manage their own tokens after creating a secured wallet.
Completely open source code
As the open source of CoinEx, GitHub has already received popularity amongst developers, CoinEx Chain and DEX will also be open source for the community.
For the CoinEx R&D team, there is no boundary in the world of code and they would like to make contributions to make technology shared worldwide and various products available for users – That’s how they help the blockchain industry move forward and become a better place.
CoinEx Chain – Born for financial liberalization
CoinEx Chain’s a public chain built for the decentralized exchange and its vision is “Born for financial liberalization”. Developed by a top R&D team of the industry, CoinEx Chain aims for high performance. The CoinEx team plans to support smart contracts with more diversified features via side chains and connect to mainstream public chains via cross chains in the future for a fully open and decentralized ecosystem and being a better public chain.
Presently, it is becoming increasingly difficult to differentiate an exchange from a public chain and the competition for exchange services has gradually evolved into a competition of ecosystems. CoinEx intends to stand out from the crowd in these changing times.