Wednesday, 6 December 2017

xChainge Crypto Exchange With Blockchain Based P2P Transactions

xChainge - A group of Russian founders have announced the launch of the new xChainge blockchain project - a global decentralized cryptocurrency exchange with no commission fees, no corporation mediators and no KYC / AML. The new xChainge platform is to handle the decentralized crypto asset exchanges made in the Ethereal blockade. The platform will operate on the wallet xChainge Wallet application with a very simple interface. In addition, the app will implement functions previously unavailable to users of the crypto-currency system, in particular, complex transaction constructors with crypto assets and mechanisms by which users can safely buy and sell real goods and services for crypto currency.

The number of crypto asset exchange transactions grows exponentially. Globally, trading volume on cryptocurrency exchanges has increased from $ 100-200 million in early 2017 to $ 10 billion per day. The capitalization of crypto assets has grown by more than 13 times, exceeding $ 200 billion.

However, the crypto asset market hardly looks different from the stock market, whose total capitalization exceeds $ 60 trillion, or the foreign exchange market, whose daily trading volume is above $ 5 trillion. The lack of easy-to-use crypto asset exchange methods partially limits growth.

Wallets with built-in exchange functions are offered by some solutions such as Jaxx and Exodus, but are supported by third party centralized services.

Centralized exchange provides fast and secure transactions, but offers only a limited list of crypto and evidence and continues to be under pressure from regulatory agencies.

Some decentralized exchanges such as EtherDelta and Oasis DEX allow to swap ERC-20 tokens without verification. However, their users are not protected from loss of funds.

Overview About xChainge Platform
The xChainge P2P platform makes it possible to perform an on-chain exchange of every ERC-20 token directly from the wallet. To make an exchange, the user may send an exchange offer to be collected by another user, or choose an existing offer to make a transaction immediately.

Publish bids. To issue an offer, the user goes to the "P2P Stock" section of the XChainge Wallet, chooses an option to make an offer, chooses the type of asset to be exchanged, inserts the desired price and expiry date, and confirms the offer. Then the offer is published to the Ethereal blockchain.

Choose a quote Those who want to select an existing offer can later filter with token type, price and transaction volume. If the user selects an offer, it is confirmed and the results of the transaction are published to the Ethereum block.

Using smart contract builder. Users have the opportunity to create custom transactions backed by smart contracts. Builders allow to set prices, maximum execution time and various parameters.

Using cross-chain platform. Using the XChainge cross-platform P2P platform, XChainge's Wallet users can redeem ETH and ERC-20 tokens for other cryptocurrencies. Currently, there is no solution that allows the same without having to trust the other side. To overcome the possibility of a dispute, a mediator mechanism is introduced. Mediator is a xChainge user who obtains a token (XCH) to resolve any conflicts that may arise between the parties.

The xChainge wallet allows P2P transactions from crypto assets from an easy-to-use interface, similar to popular online banking applications. All platform functions are available in the xChainge Wallet app.

xChainge Wallet for Windows will launch in Q1 2018, followed by iOS and Android apps in Q2 2018.

Key features of the xChainge Wallet application include:

  • Convenient and secure storage of crypto assets;
  • Secure peer-to-peer exchange;
  • Easy-to-use smart contract maker for fully customizable exchange transactions;
  • Smart dispute resolution with the help of a mediator;
  • Creating a custom market.
  • The xChainge wallet does not require verification and gives users full control over their assets.

As a means of payment on the platform xChainge Token (XCH) was introduced.

Sales Token xChainge
The xChainge token is a utility token based on ERC-20 Ethereum used on the platform to pay for the Matcher node service and create a stack of Matcher security deposits. This is issued by a nonprofit fund that created the xChainge platform.

The crowd is scheduled to run between December 1 and 25, 2017. The team chose a Dutch auction model, similar to Raiden Network. At the beginning of the crowdsale each token will cost 0.05 ETH and the price will drop gradually over time with constant tariffs.

As many as 23,529,412 XCH tokens will be generated. The hard arm of the auction is equal to 20,000 000 XCH tokens. You may find more details about the official one-page token sales of the project.

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