0x Launch Kit – Launch your own cryptocurrency exchange or marketplace(0x.org)
0x.org
0x Launch Kit – Launch your own cryptocurrency exchange or marketplace
https://0x.org/launch-kit
206 comments
If you want to list the same assets as everyone else with the same interface in the same markets, then yes, it's hard to compete. However, we see a world of tokenized assets coming online that will need unique markets for exchange. Something like Radar Relay (https://radarrelay.com/ for ERC-20 commodities) is totally different from Veil (https://veil.co/ for prediction market shares) is totally different from BoxSwap (https://boxswap.io/ for trading collectibles). Even within ERC-20 commodities exchange, there are many different models of exchange within different markets that are sufficiently differentiated.
We think of 0x more like Stripe: an under-the-hood technology that allows entrepreneurs to move more quickly and easily add exchange to their product. The concept of "tokens" and "exchange" will become very abstract in the near future.
We think of 0x more like Stripe: an under-the-hood technology that allows entrepreneurs to move more quickly and easily add exchange to their product. The concept of "tokens" and "exchange" will become very abstract in the near future.
Not that I have any interest in launching an exchange, but I do see what you mean by the possibility of an exchange becoming quite abstract. If housing deeds are traded then a housing marketplace is an exchange. If cars ownership is traded then a car marketplace is an exchange. If in-game items are traded, it's an exchange.
Could one think of stores as one-sided exchanges, where resale is just not natively possible? Does Google operate an ad exchange? Is iTunes an exchange? If digital goods ownership were on a blockchain then resale would be possible... What about physical goods?
Could one think of stores as one-sided exchanges, where resale is just not natively possible? Does Google operate an ad exchange? Is iTunes an exchange? If digital goods ownership were on a blockchain then resale would be possible... What about physical goods?
tacosx(4)
> We think of 0x more like Stripe: an under-the-hood technology that allows entrepreneurs to move more quickly and easily add exchange to their product.
One’s velocity should always be slightly less than their SEC defense attorney. If you're legit, take the time to make sure your paperwork is legit.
https://news.ycombinator.com/item?id=18185701 (Top comment by Animats should draw your attention)
One’s velocity should always be slightly less than their SEC defense attorney. If you're legit, take the time to make sure your paperwork is legit.
https://news.ycombinator.com/item?id=18185701 (Top comment by Animats should draw your attention)
Launch Kit is not an ICO or promoter, it's a platform for crypto exchanges. Could you elaborate why you're referring to a comment detailing the SEC going after ICO scams?
Different jurisdictions have different compliance requirements. Not sure, but my guess is the goal of this project is to allow regulatory arbitrage with a single unified interface.
Capabilities to enforce regulatory compliance on permissionless chains is coming. You could, say, have zero-knowledge proofs in smart contracts that enforce that tokens representing security X can only be transferred if the receiving account has performed KYC and confirmed as an accredited investor in jurisdiction X, Y or Z, without leaking any PIIs that went Intl the verification.
Or more trivially, TPL for account tagging.
Microsoft's initiative on decentralized identity leveraging on the Bitcoin blockchains could be a component in this. Excellent podcast episode here: https://letstalkbitcoin.com/blog/post/what-bitcoin-did-107-m...
Not to say you're completely wrong, just that smart contracts can be used to enforce regulation rather than skirt it - like any tool the outcome depends on the intentions of the one wielding it. :)
Or more trivially, TPL for account tagging.
Microsoft's initiative on decentralized identity leveraging on the Bitcoin blockchains could be a component in this. Excellent podcast episode here: https://letstalkbitcoin.com/blog/post/what-bitcoin-did-107-m...
Not to say you're completely wrong, just that smart contracts can be used to enforce regulation rather than skirt it - like any tool the outcome depends on the intentions of the one wielding it. :)
I sincerely hope permissionless solutions make such permissioned solutions obsolete. There are people, who by accident of their place of birth, are not permitted to use permissioned financial systems.
Yes. What many of the well-intentioned people (many with libertarian/cypherpunk/anarchist ideals) in the blockchain space are building now might become enablers of the perfect control system.
Zero-knowledge proofs or RingCTs? Great, require disclosure and reporting of proofs or view keys to the man, who will enforce it for all interacting parties.
"You can't enforce bans on running nodes"? Well, start enforcing strict control of the public IP space so everyone address has a responsible individual behind it and put severe penalties on unlicensed crypto/privacy enabled assets/what have you.
I am thinking more and more we need to seriously consider moving the web to something like I2P or Freenet before it's too late.
Zero-knowledge proofs or RingCTs? Great, require disclosure and reporting of proofs or view keys to the man, who will enforce it for all interacting parties.
"You can't enforce bans on running nodes"? Well, start enforcing strict control of the public IP space so everyone address has a responsible individual behind it and put severe penalties on unlicensed crypto/privacy enabled assets/what have you.
I am thinking more and more we need to seriously consider moving the web to something like I2P or Freenet before it's too late.
You have it the wrong way around.
As a customer I want an exchange so that the tokens I buy have some liquidity, at least in theory. You're not going to be listed on an exchange initially and those exchanges that do list smaller tokens tend to be sketchy.
As an entrepreneur, you figure out how your use-case benefits from tokens. For example, let's say you provide a product/service. You can sell tokens that can be redeemed for the product/service to investors at a "wholesale price".
There's no need for tokens to go "to the moon", just to serve as a medium of exchange and ideally provide some margin to you and/or your investors. You could also offer a company ownership structure for tokens, but now you're in securities regulation territory, which nobody wants to deal with right now, at least at the moment.
Of course a lot of crypto projects are garbage, just like most businesses fail and wipe out investor money in the process. The hype surrounding crypto certainly has massively underpriced risk, but the same could be said about stock like Tesla, Lyft or Uber.
As a customer I want an exchange so that the tokens I buy have some liquidity, at least in theory. You're not going to be listed on an exchange initially and those exchanges that do list smaller tokens tend to be sketchy.
As an entrepreneur, you figure out how your use-case benefits from tokens. For example, let's say you provide a product/service. You can sell tokens that can be redeemed for the product/service to investors at a "wholesale price".
There's no need for tokens to go "to the moon", just to serve as a medium of exchange and ideally provide some margin to you and/or your investors. You could also offer a company ownership structure for tokens, but now you're in securities regulation territory, which nobody wants to deal with right now, at least at the moment.
Of course a lot of crypto projects are garbage, just like most businesses fail and wipe out investor money in the process. The hype surrounding crypto certainly has massively underpriced risk, but the same could be said about stock like Tesla, Lyft or Uber.
Re: Why launch an entrepreneur...
There's actually several use cases here that are worth noting. As technology improves, more and more centralized crypto exchanges (where the majority of trading volume currently lies) are creating decentralized counterparts - yielding lower custodial risk among other benefits. Also, newer blockchains that don't have DEX's yet are completely untapped markets for developers. Lastly, there are a variety of different use cases beyond just an exchange that benefit from basic exchange templates: prediction markets, decentralized lending, etc.
Disclaimer: I work for Hydro (https://hydroprotocol.io/), a competing product.
There's actually several use cases here that are worth noting. As technology improves, more and more centralized crypto exchanges (where the majority of trading volume currently lies) are creating decentralized counterparts - yielding lower custodial risk among other benefits. Also, newer blockchains that don't have DEX's yet are completely untapped markets for developers. Lastly, there are a variety of different use cases beyond just an exchange that benefit from basic exchange templates: prediction markets, decentralized lending, etc.
Disclaimer: I work for Hydro (https://hydroprotocol.io/), a competing product.
In a worldview where communities, orgs, products, countries, states, provinces etc. all have their own tokens, there will be need for niche, localized exchanges and 0x makes a lllot of sense.
It's there perhaps an angle with inter-exchange trading?
Answering why is up to you, the builder; differentiation is key to why 0x has created this protocol.
"Tokens" can be a special kind of object which can be "exchanged" for other kinds of objects. It is not always about purchasing or swapping; this interaction can solve many different kinds of coordination problems.
The exchange can create a context around users interacting via various types of tokens, enabling new kinds of services and communities to form. This could lead to enormous value for users.
"Tokens" can be a special kind of object which can be "exchanged" for other kinds of objects. It is not always about purchasing or swapping; this interaction can solve many different kinds of coordination problems.
The exchange can create a context around users interacting via various types of tokens, enabling new kinds of services and communities to form. This could lead to enormous value for users.
> This could lead to enormous value for users.
In what way? I think that was the parent poster's question. I think it's fair if we're going to be making huge broad-strokes claims we should at least attempt to justify them.
In what way? I think that was the parent poster's question. I think it's fair if we're going to be making huge broad-strokes claims we should at least attempt to justify them.
The properties of the general medium and of exchanges themselves would provide value if built upon. At the core of of the value proposition is the value derived from more efficient human coordination.
- Giving certainty about the properties of the token asset to the user. Whether trading the exchange or in use at a service which accepts the token, the user verify what the token actually does. And what might change! Reduces risk of policy-change by owners and managers of services.
- Giving control of the token asset to the users, or at least a verifiable level of control. Reduces risk of interference.
- Securing the token asset, protecting the asset and related data. Reduces risk of loss.
- Enabling easy integration or migration to other smart contract systems, due to token standards like ERC-20 and ERC-721. Reduces risk of vendor lock-in. Powers beneficial second-order effects.
- Enabling composability. With primitives like various kinds of tokens and "exchange" addressed and standardized, new layers can be built, new configurations found. Creates value by reducing steps for users as they engage with each other within token-based smart-contract systems.
- Giving certainty about the properties of the token asset to the user. Whether trading the exchange or in use at a service which accepts the token, the user verify what the token actually does. And what might change! Reduces risk of policy-change by owners and managers of services.
- Giving control of the token asset to the users, or at least a verifiable level of control. Reduces risk of interference.
- Securing the token asset, protecting the asset and related data. Reduces risk of loss.
- Enabling easy integration or migration to other smart contract systems, due to token standards like ERC-20 and ERC-721. Reduces risk of vendor lock-in. Powers beneficial second-order effects.
- Enabling composability. With primitives like various kinds of tokens and "exchange" addressed and standardized, new layers can be built, new configurations found. Creates value by reducing steps for users as they engage with each other within token-based smart-contract systems.
>> Why should I launch an exchange when there are already hundreds of existing exchange?
Maybe you have the on-off ramps sorted out, a friendly bank and a regulatory environment, licenses, legitimate AML/KYC measures and can do it properly?
While there are many exchanges already, how many can say they're that above board?
Maybe you have the on-off ramps sorted out, a friendly bank and a regulatory environment, licenses, legitimate AML/KYC measures and can do it properly?
While there are many exchanges already, how many can say they're that above board?
Think more broadly about what an "exchange" could be. You're thinking crypto forex, but consider a crypto-kitty bidding platform or a virtual game item marketplace.
Or market for insurance policies. Or bonds. Or stocks. Regulation is clearing up and there are many biting at the bit for this. The disruption of financial markets may not happen tomorrow, but once it does it will go fast in each market. If there are more efficient venues, competitive market participants will start moving once they realize that they will be at a competitive disadvantage if they don't. When I say efficiency, I am not talking in technical terms and not necessarily on the kind of environments we see on public permissionless chains. So let's keep transaction finality and computational efficiency out of scope for a moment.
Think of chains as subnets on the internet. The gaps will be bridged to allow seamless transfers between them.
I've been wrong before but to me this is bound to happen. How many businesses in competitive areas have fax as a preferred method of communication today?
Don't take what I'm saying as an argument in favor of buying ZRX tokens. I do think it's a cool project, albeit IMO could have done better without the utility token as an inherent component. But that's more about the business model than the tech. It will probably be another boom and bust before we see the leading protocols emerging.
Think of chains as subnets on the internet. The gaps will be bridged to allow seamless transfers between them.
I've been wrong before but to me this is bound to happen. How many businesses in competitive areas have fax as a preferred method of communication today?
Don't take what I'm saying as an argument in favor of buying ZRX tokens. I do think it's a cool project, albeit IMO could have done better without the utility token as an inherent component. But that's more about the business model than the tech. It will probably be another boom and bust before we see the leading protocols emerging.
> Regulation is clearing up and there are many biting at the bit for this.
In what way is regulation actively harming your ability to purchase shares of a legitimate operating business without overextending yourself financially? Please be specific.
In what way is regulation actively harming your ability to purchase shares of a legitimate operating business without overextending yourself financially? Please be specific.
The ability to compensate someone who is creating value in a network with ownership of said network (eg giving an early uber driver, or Airbnb host, options or equity.) this is currently not possible to do in the US, but is possible with crypto networks.
By "clearing up" I mean that we are starting to see how regulation is being applied, not that it is being relaxed.
I actually don't see how your question relates to what I wrote at all..? Sorry, English not native language etc. Please clarify if I wooshed.
To clarify, many, especially investors, bigger businesses and financial institutions have been cautious because of regulatory uncertainty.
There's still ways to go, but it's happening. The sky is far from blue but the wind is blowing, so to say.
I actually don't see how your question relates to what I wrote at all..? Sorry, English not native language etc. Please clarify if I wooshed.
To clarify, many, especially investors, bigger businesses and financial institutions have been cautious because of regulatory uncertainty.
There's still ways to go, but it's happening. The sky is far from blue but the wind is blowing, so to say.
> How many businesses in competitive areas have fax as a preferred method of communication today?
Oh just large legal and healthcare companies[1].
[1] https://www.popsci.com/why-fax-machines-still-exist
Oh just large legal and healthcare companies[1].
[1] https://www.popsci.com/why-fax-machines-still-exist
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I'm thinking a database.
If you're willing to trust the entity holding your assets, then a database will suffice. The non-custodial features of 0x enable exchange without reliance on third parties.
Yea I mean, if we're going to go down the hole of "cryptokitties" and other asset exchange, let's be honest, we're reliant on a third party to create the value in the first place already.
judging a cryptocurrency projects usefulness on cryptokitties is like judging a front end frameworks usefulness on “TODO MVP”: it’s just the example of a tradable asset that everyone uses BECAUSE it has no value and anyone can just set it up to test.
substitute crypto kitties with something more real, like say a government starts to issue ownership information for cars (pink slips in the US i think? idk exactly) on the blockchain... there’s live, traceable ownership information, duties can be calculated and applied automatically, and traded on a platform like this. this is an asset that has real value because it exists in the real world; it’s not the bit of paper that has value, it’s the significance that it constitutes ownership of an asset
*EDIT: and i’m not saying that this idea has value either; it was just an example of something with intrinsic value rather than “third party created value”
substitute crypto kitties with something more real, like say a government starts to issue ownership information for cars (pink slips in the US i think? idk exactly) on the blockchain... there’s live, traceable ownership information, duties can be calculated and applied automatically, and traded on a platform like this. this is an asset that has real value because it exists in the real world; it’s not the bit of paper that has value, it’s the significance that it constitutes ownership of an asset
*EDIT: and i’m not saying that this idea has value either; it was just an example of something with intrinsic value rather than “third party created value”
> judging a cryptocurrency projects usefulness on cryptokitties is like judging a front end frameworks usefulness on “TODO MVP”
If you sold one of your TODO notes for $170,000 [1] frankly I think that'd be a fair judgement to make.
> substitute crypto kitties with something more real, like say a government starts to issue ownership information for cars (pink slips in the US i think? idk exactly) on the blockchain... there’s live, traceable ownership information, duties can be calculated and applied automatically, and traded on a platform like this. this is an asset that has real value because it exists in the real world; it’s not the bit of paper that has value, it’s the significance that it constitutes ownership of an asset
You know you can do that with a database right? Literally, a database. Like we have today. That's how it works today. You're trying to introduce complexity and inefficiency into the US government. It's like trying to sell ice blocks in the arctic, but somehow dramatically less efficient.
I already trust the government to allow me to drive my car. Why on earth does this need to be decentralized? It's the definition of centralized. A vehicle registration reflects the governments acknowledgement that you own that vehicle and are allowed to drive it at the governments discretion. If they revoke it your blockchain entry will be totally worthless and just out of sync with reality. The value is created by the government.
[1] https://ethereumworldnews.com/worlds-expensive-cryptokitty-6...
If you sold one of your TODO notes for $170,000 [1] frankly I think that'd be a fair judgement to make.
> substitute crypto kitties with something more real, like say a government starts to issue ownership information for cars (pink slips in the US i think? idk exactly) on the blockchain... there’s live, traceable ownership information, duties can be calculated and applied automatically, and traded on a platform like this. this is an asset that has real value because it exists in the real world; it’s not the bit of paper that has value, it’s the significance that it constitutes ownership of an asset
You know you can do that with a database right? Literally, a database. Like we have today. That's how it works today. You're trying to introduce complexity and inefficiency into the US government. It's like trying to sell ice blocks in the arctic, but somehow dramatically less efficient.
I already trust the government to allow me to drive my car. Why on earth does this need to be decentralized? It's the definition of centralized. A vehicle registration reflects the governments acknowledgement that you own that vehicle and are allowed to drive it at the governments discretion. If they revoke it your blockchain entry will be totally worthless and just out of sync with reality. The value is created by the government.
[1] https://ethereumworldnews.com/worlds-expensive-cryptokitty-6...
> If you sold one of your TODO notes for $170,000 frankly I think that'd be a fair judgement to make.
Other than the fact that people spend stupid money on stupid things [1], I'm not sure what your point is
> You know you can do that with a database right? Literally, a database
Yes, and this is a generic solution that applies to any kind of asset, and then software like 0x can plug in to trade said assets. Generic cases are always more complex than specific cases
> trying to introduce complexity and inefficiency into the US government
Well actually I'm trying to do nothing of the sort: As I said, it was an example of asset trading of something with intrinsic value, and not a valid use-case
> I already trust the government to allow me to drive my car. Why on earth does this need to be decentralized?
It has nothing to do with trusting the government, or driving a car. It has to do with transferring ownership information of an asset with intrinsic value between 2 parties, ensuring payment without relying on (possibly expensive) escrow
You seem to be conflating a number of examples that I made to explain specific points to be a proposition of things that should actually be done
[1] https://mentalfloss.com/article/54308/9-most-pointlessly-exp...
Other than the fact that people spend stupid money on stupid things [1], I'm not sure what your point is
> You know you can do that with a database right? Literally, a database
Yes, and this is a generic solution that applies to any kind of asset, and then software like 0x can plug in to trade said assets. Generic cases are always more complex than specific cases
> trying to introduce complexity and inefficiency into the US government
Well actually I'm trying to do nothing of the sort: As I said, it was an example of asset trading of something with intrinsic value, and not a valid use-case
> I already trust the government to allow me to drive my car. Why on earth does this need to be decentralized?
It has nothing to do with trusting the government, or driving a car. It has to do with transferring ownership information of an asset with intrinsic value between 2 parties, ensuring payment without relying on (possibly expensive) escrow
You seem to be conflating a number of examples that I made to explain specific points to be a proposition of things that should actually be done
[1] https://mentalfloss.com/article/54308/9-most-pointlessly-exp...
> It has nothing to do with trusting the government, or driving a car. It has to do with transferring ownership information of an asset with intrinsic value between 2 parties, ensuring payment without relying on (possibly expensive) escrow
The government is the entity that recognizes the change of ownership, it's not something you can do without their approval. Your change of ownership is being filed with the government and is available at their discretion - they can choose to block it. Car registration isn't for your benefit. If you require the government's approval you may as well store it in their database. I just saved you a blockchain :)
The government is the entity that recognizes the change of ownership, it's not something you can do without their approval. Your change of ownership is being filed with the government and is available at their discretion - they can choose to block it. Car registration isn't for your benefit. If you require the government's approval you may as well store it in their database. I just saved you a blockchain :)
And yet again you've missed the point... So I don't understand how the ownership and transfer of ownership of vehicles works in the US (where, BTW, I do not live, and have no need to understand).
Let me say it again so it's really obvious:
It has to do with transferring ownership information of an asset with intrinsic value.
Stop arguing the specifics of the admittedly flawed example that I came up with between starting to type, and ending typing the sentence.
Let me say it again so it's really obvious:
It has to do with transferring ownership information of an asset with intrinsic value.
Stop arguing the specifics of the admittedly flawed example that I came up with between starting to type, and ending typing the sentence.
I respect that may have been a poor example, but I think you’re missing my point, which is that the information on the blockchain isn’t relevant if it’s not in sync with state off the blockchain, doubly so when not backed by law.
Ok your car is registered on the blockchain and you fail to pay your bills. Now it belongs to your lender. Well, the blockchain says one thing but the lenders tow truck says another. So what good is it? Blockchain technology does not address this critical component which is the faith that reality reflects the consensus on chain.
The reason the only thing that has any traction at all is cryptocurrency is that the entire concept is encapsulated on chain. The second the chain becomes a record of the real world it falls over because the world won’t change to reflect the blockchain and the blockchain won’t change to reflect the world. Only cryptocurrencies have intrinsic value captured on chain, and I am being generous when I say value.
Ok your car is registered on the blockchain and you fail to pay your bills. Now it belongs to your lender. Well, the blockchain says one thing but the lenders tow truck says another. So what good is it? Blockchain technology does not address this critical component which is the faith that reality reflects the consensus on chain.
The reason the only thing that has any traction at all is cryptocurrency is that the entire concept is encapsulated on chain. The second the chain becomes a record of the real world it falls over because the world won’t change to reflect the blockchain and the blockchain won’t change to reflect the world. Only cryptocurrencies have intrinsic value captured on chain, and I am being generous when I say value.
The reliance on the severely distorted plutocratic ownership of 0x, Ethereum, and most of the cryptocoin supplies is a huge risk factor that is often conveniently swept under the rug.
By building on 0x, or other cryptocoin software it's essential to be aware of the elephants/whales in the "economy" of cryptocoins and tokens.
By building on 0x, or other cryptocoin software it's essential to be aware of the elephants/whales in the "economy" of cryptocoins and tokens.
Agreed, especially with respect to Ethereum's governance. The ETC/ETH fork is still fresh in many peoples' minds.
Yeah that was brutal; the definition of oh, you lost a few thousand dollars? That sucks ETH transactions are irreversible. Now I lost a few hundred million so all of a sudden it’s reversible, no harm no foul -- and most importantly, no lessons were learned that day.
Why should I launch an exchange when there are already hundreds of existing exchange?
Because you can steal the assets, like about half of Bitcoin exchanges to date.
Because you can steal the assets, like about half of Bitcoin exchanges to date.
You can't with 0x, at least not in the way you could at say Bitfinex or Binance. All of the assets remain in your personal Ethereum wallet until a trade is matched up.
That's the genius of the 0x protocol. The Relayers that LaunchKit lets you create are effectively just order books or other matching-engines that exist as a website or other service. They expose completed trades to the 0x smart contract, which atomically swaps the tokens of the trade. (Official 0x people can correct me here, I've done just a bit of research.) At no point does any organization other than you actually have control of your funds, nor can they receive them without giving you equivalent funds under the terms of the trade.
I've said before that the real use-cases for blockchains will be in doing stuff that nobody in their right mind would want to do because it's currently foolhardy. This is a good example. Giving money to a fly-by-night exchange is foolhardy - unless you don't have to give money to them. And that's what 0x enables: tradable assets without trust.
That's the genius of the 0x protocol. The Relayers that LaunchKit lets you create are effectively just order books or other matching-engines that exist as a website or other service. They expose completed trades to the 0x smart contract, which atomically swaps the tokens of the trade. (Official 0x people can correct me here, I've done just a bit of research.) At no point does any organization other than you actually have control of your funds, nor can they receive them without giving you equivalent funds under the terms of the trade.
I've said before that the real use-cases for blockchains will be in doing stuff that nobody in their right mind would want to do because it's currently foolhardy. This is a good example. Giving money to a fly-by-night exchange is foolhardy - unless you don't have to give money to them. And that's what 0x enables: tradable assets without trust.
[deleted]
nurettin(2)
> Exchange services is very difficult to differentiate.
Because financial markets are very globally fragmented. The hardest part about opening an exchange is banking, clearance and KYC/AML. For example the chance that a citizen of say Benin or Uzbekistan could open safely and easily open an account at one of the major crypto exchanges is essentially zero.
There's a lot of parts of the world where there's a captive audience with high demand for crypto trading, but no decent service available. There are pre-existing traditional brokerages and forex shops that have the local banking and KYC/AML infrastructure place, but don't have the tech for the exchange itself.
Because financial markets are very globally fragmented. The hardest part about opening an exchange is banking, clearance and KYC/AML. For example the chance that a citizen of say Benin or Uzbekistan could open safely and easily open an account at one of the major crypto exchanges is essentially zero.
There's a lot of parts of the world where there's a captive audience with high demand for crypto trading, but no decent service available. There are pre-existing traditional brokerages and forex shops that have the local banking and KYC/AML infrastructure place, but don't have the tech for the exchange itself.
The market has ridiculous demand really, at times. But it highly depends on timing, location etc. And also resilience. If you run the exchange for long enough time, you will collect customers who will be coming back.
I'll give you my answer because I have a project which could have used this.
I created a dapp that allows people to do [stuff] which generate some erc-20 token for users. They can then use this token to access special features on the dapp.
It's easy to let users send and receive the tokens they have. But I want the token to have a value outside the dapp itself.
Unfortunately I cannot get this token accepted on coinbase and other exchanges. Just because it is not important enough.
I still want people to be able to sell or buy these tokens. The next best idea is to create a small exchange platform on my dapp: let people trade the token for ether or for other tokens. It's time consuming to code so I gave up.
Now this is where this thing would have been great.
Hope this helps.
I created a dapp that allows people to do [stuff] which generate some erc-20 token for users. They can then use this token to access special features on the dapp.
It's easy to let users send and receive the tokens they have. But I want the token to have a value outside the dapp itself.
Unfortunately I cannot get this token accepted on coinbase and other exchanges. Just because it is not important enough.
I still want people to be able to sell or buy these tokens. The next best idea is to create a small exchange platform on my dapp: let people trade the token for ether or for other tokens. It's time consuming to code so I gave up.
Now this is where this thing would have been great.
Hope this helps.
Tom from 0x here. Happy to answer any questions about Launch Kit or 0x more broadly!
Hi Tom!
After reading the Why page, I still don't have a concrete notion of what this is. So I'll jab a few questions that might help me make some sense:
First question is about decentralization. What is off-chain relay in this case? Is that a centralized part of the system? Are there centralized parts of the system?
Can this be used to implement more robust margin trading? To my knowledge, only centralized exchanges/brokers currently exist for margin trading.
What settlement speeds can be expected?
That's it for the questions. I don't want to retract from them, but I'll mention that the site doesn't work well with Dark Reader: all theme generation modes, except static, render most of the text invisible.
After reading the Why page, I still don't have a concrete notion of what this is. So I'll jab a few questions that might help me make some sense:
First question is about decentralization. What is off-chain relay in this case? Is that a centralized part of the system? Are there centralized parts of the system?
Can this be used to implement more robust margin trading? To my knowledge, only centralized exchanges/brokers currently exist for margin trading.
What settlement speeds can be expected?
That's it for the questions. I don't want to retract from them, but I'll mention that the site doesn't work well with Dark Reader: all theme generation modes, except static, render most of the text invisible.
Great questions!
First question is about decentralization. What is off-chain relay in this case? Is that a centralized part of the system? Are there centralized parts of the system?
Off-chain relay is how parties find each other facilitate a trade. As a maker, I can create an order off-chain, but I still need to find a relevant taker who is interested in filling the order by sending it to the 0x smart contracts on-chain. Relayers pool together these off-chain orders and serve them up through a website, so that it's easy to find people to trade with. Note that this process is optional -- you can still trade peer-to-peer if I send you the order over email, SMS, etc. While relaying is centralized, relayers are non-custodial, so your funds are never at risk. We also have plans to make some parts of relaying less centralized in the future through 0x Mesh: https://blog.0xproject.com/0x-roadmap-2019-part-3-networked-...
Can this be used to implement more robust margin trading?
As for margin trading, yes, you can trade dY/dX tokens on 0x relayers, or combine 0x orders with any on-chain lending protocol such as Dharma or MakerDAO to get leverage.
What settlement speeds can be expected?
All trades currently settle on-chain, so the Ethereum block time is our bottleneck. Look for some updates on this near future :)
First question is about decentralization. What is off-chain relay in this case? Is that a centralized part of the system? Are there centralized parts of the system?
Off-chain relay is how parties find each other facilitate a trade. As a maker, I can create an order off-chain, but I still need to find a relevant taker who is interested in filling the order by sending it to the 0x smart contracts on-chain. Relayers pool together these off-chain orders and serve them up through a website, so that it's easy to find people to trade with. Note that this process is optional -- you can still trade peer-to-peer if I send you the order over email, SMS, etc. While relaying is centralized, relayers are non-custodial, so your funds are never at risk. We also have plans to make some parts of relaying less centralized in the future through 0x Mesh: https://blog.0xproject.com/0x-roadmap-2019-part-3-networked-...
Can this be used to implement more robust margin trading?
As for margin trading, yes, you can trade dY/dX tokens on 0x relayers, or combine 0x orders with any on-chain lending protocol such as Dharma or MakerDAO to get leverage.
What settlement speeds can be expected?
All trades currently settle on-chain, so the Ethereum block time is our bottleneck. Look for some updates on this near future :)
To expand on this - a middle ground between the centralized exchanges dominating today and the (relatively) slow and expensive ones on the Ethereum mainnet would be a sidechain using a different physical topology and consensus model.
Some examples that have been gaining buzz recently (these are just examples, there are alternatives to each) if you want to read up and grok the statr of implementation and thoughts today: Plasma chains, PoA Networks xDAI, SKALE, PegaSys.
Some examples that have been gaining buzz recently (these are just examples, there are alternatives to each) if you want to read up and grok the statr of implementation and thoughts today: Plasma chains, PoA Networks xDAI, SKALE, PegaSys.
Been following the 0x project for a while, just want to say this is an amazing project that demonstrates the power and potential of smart contracts and decentralized finance. Keep up the good work!
I think i see what you are doing here while others are missing the point. If there is an open source ui, there is an open source api as well. My do-something-usefull-for-users app isn't going to launch a full exchange - but what I would implement is the api library allowing a user to exchange utility and $$ tokens from one to another while staying in my app.
ergo, the user benefit here is that the user only needs a Coinbase or like account to transfer dollars to tokens, and then the user can obtain other tokens within any particular app. The user doesn't need to sign up to yet-another-exchange-with-my-personal-data-and-who-are-these-people-anyway-and-do-they-have-the-tokens-i-use-etc,etc. Now the user can readily take tokens not in use on one platform and transfer them to a token of another platform, all without leaving the platform specific application. That's a big win for the ecosystem.
I can see why you built the slick ui to demo your product, i think it's the right move because i can use it without a single line of code. I think the next challenge you will have is getting developers to adopt an underlying api client library. If I understand what you are doing correctly, perhaps build that client library in js to be used in react and a demo app that has reduced exchange funcationality for quickly swapping two tokens. it should look as simple as the interface for sending tokens to someone now.
If I guessed all that right, the company i work for may be willing to be an early adaptor. Let me know. We certainly aren't going to build yet-another-exchange, but i think empowering a transfer of btc/eth/eos/xrp -> myLittleUtilityToken within app would be very powerful.
ergo, the user benefit here is that the user only needs a Coinbase or like account to transfer dollars to tokens, and then the user can obtain other tokens within any particular app. The user doesn't need to sign up to yet-another-exchange-with-my-personal-data-and-who-are-these-people-anyway-and-do-they-have-the-tokens-i-use-etc,etc. Now the user can readily take tokens not in use on one platform and transfer them to a token of another platform, all without leaving the platform specific application. That's a big win for the ecosystem.
I can see why you built the slick ui to demo your product, i think it's the right move because i can use it without a single line of code. I think the next challenge you will have is getting developers to adopt an underlying api client library. If I understand what you are doing correctly, perhaps build that client library in js to be used in react and a demo app that has reduced exchange funcationality for quickly swapping two tokens. it should look as simple as the interface for sending tokens to someone now.
If I guessed all that right, the company i work for may be willing to be an early adaptor. Let me know. We certainly aren't going to build yet-another-exchange, but i think empowering a transfer of btc/eth/eos/xrp -> myLittleUtilityToken within app would be very powerful.
Hi John -- sounds like you might be interested in 0x Instant, which lets you offer one-click token-to-token swapping on your website or inside your app. https://0x.org/instant
How do you overcome the inevitable "I don't trust an exchange that was launched within minutes by an amateur" stigma?
You don't have to trust! 0x Exchanges are non-custodial -- you hold onto your funds and atomically execute trades through the 0x smart contracts, which are open source and audited.
https://www.youtube.com/watch?v=WSxphhWcLxk
https://www.youtube.com/watch?v=WSxphhWcLxk
So ultimately the users have to trust the smart contracts then, yes?
Remember that the smart contract is committed to the blockchain and can never be changed.
Just like when you push your code to a git repo. It's guaranteed immutable, tamper proof. Data side is handled by appending to the blockchain as well. But this doesn't mean it's bug-free.
You have essentially a tamper proof Database with Stored Procedures that doesn't need DBAs. I imagine it as a giant growing BitTorrent file that is maintained (and rewarded) by many computers worldwide. Any tampering to this file, it's immediately detected via hashing (just like in BitTorrent).
The only way to break this is by branching out like you do in git. But in Blockchain, you will have to convince those computers to maintain your fork. And on this note, a Blockchain is technically not controlled by 1 entity, it is the choice of every individual blockchain maintainers (aka miners).
Just like when you push your code to a git repo. It's guaranteed immutable, tamper proof. Data side is handled by appending to the blockchain as well. But this doesn't mean it's bug-free.
You have essentially a tamper proof Database with Stored Procedures that doesn't need DBAs. I imagine it as a giant growing BitTorrent file that is maintained (and rewarded) by many computers worldwide. Any tampering to this file, it's immediately detected via hashing (just like in BitTorrent).
The only way to break this is by branching out like you do in git. But in Blockchain, you will have to convince those computers to maintain your fork. And on this note, a Blockchain is technically not controlled by 1 entity, it is the choice of every individual blockchain maintainers (aka miners).
None of that is really true though. It can all be changed on the whim of influential thought leaders within the eth community.
Yes, the thought leaders in the eth community are indeed influential just like Linus Torvalds is to the Kernel project. But that doesn't mean you can't fork Linux should you disagree with him.
What you are saying is not a technical problem. But a problem in Human Society. Or even just an inherent due to it's novelty. This issue is present to almost anything that is not yet widely adapted.
With that said, giant evil mega corporations have grouped up to work on an 'enterprisy' version of Ethereum with a standard spec for interop. We're on a good track to get more 'thought leaders'.
What you are saying is not a technical problem. But a problem in Human Society. Or even just an inherent due to it's novelty. This issue is present to almost anything that is not yet widely adapted.
With that said, giant evil mega corporations have grouped up to work on an 'enterprisy' version of Ethereum with a standard spec for interop. We're on a good track to get more 'thought leaders'.
Whether it's a technical problem or a human one, the bottom line is that "guaranteed immutable, tamper proof" is not true. It doesn't matter that Linus Torvalds is influential on the linux kernel project because the linux kernel is not claiming that it is "immutable and tamper proof".
Or they can verify them themselves since it's all open source. And for the less technically inclined there's also 3rd party audits and an active bug bounty. Point being, everything is open and transparent, and none of it happens behind the scenes, so that's where the "trustless" comes in.
While yes, that word is overused and misunderstood, and regular users still admittedly do put trust in open source code on a public network, it's a much more open system than we've been able to have before. The trust users depend on in this instance doesn't rely on faith in any single entity to tell you what's changed in their private DB behind the scenes, you can verify it for yourself.
While yes, that word is overused and misunderstood, and regular users still admittedly do put trust in open source code on a public network, it's a much more open system than we've been able to have before. The trust users depend on in this instance doesn't rely on faith in any single entity to tell you what's changed in their private DB behind the scenes, you can verify it for yourself.
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This question is open to anyone:
I'm extremely curious what the business model here is.
Who is paying for this to be created, and what do they get out of it in the long run?
I'm extremely curious what the business model here is.
Who is paying for this to be created, and what do they get out of it in the long run?
Is there a bug bounty on this?
The real bug bounty is for someone to exercise a flaw and steal from others :/.
A dapp of any sufficient complexity will have bugs, some of which can probably be exercised to steal funds.
A dapp of any sufficient complexity will have bugs, some of which can probably be exercised to steal funds.
There's a bounty on the 0x smart contracts, but not on this sample exchange codebase https://blog.0xproject.com/the-0x-v2-bug-bounty-f8981f322dd7
Could I use this to launch an exchange for crypto derivatives?
Sure. If you create an Ethereum-compatible token that represents the crypto derivative you have in mind, then you can indeed use this to launch an exchange for that token.
how will you guys compete against binance?
How does this manage to connect the real world to a blockchain? The fundamental problem with the promises of insurance/bonds/stocks/whatever on a blockchain is that it doesn't matter what the blockchain says, people's real-world actions aren't tied to it, so it's not trustless. And so the blockchain part is pointless.
Only if all the related elements are all virtual and on the blockchain can it do anything - so we're stuck with gambling and cryptokitties for real world usage.
Only if all the related elements are all virtual and on the blockchain can it do anything - so we're stuck with gambling and cryptokitties for real world usage.
Another related issue is that tokens are bearer instruments controlled by whoever holds the right private keys.
Most investments regulated in the US cannot legally be bearer instruments. This means there must be a ledger listing who owns what with real names attached. For public companies they must use a registered transfer agent to keep these ownership records. Private companies can keep their own records, but in most cases cannot use bearer instruments. What happens if I transfer you the token if there is a master ownership ledger with names and addresses? Nothing happens. The token record becomes out of sync with reality is the only thing that happens.
Most investments regulated in the US cannot legally be bearer instruments. This means there must be a ledger listing who owns what with real names attached. For public companies they must use a registered transfer agent to keep these ownership records. Private companies can keep their own records, but in most cases cannot use bearer instruments. What happens if I transfer you the token if there is a master ownership ledger with names and addresses? Nothing happens. The token record becomes out of sync with reality is the only thing that happens.
Isn't onchain here a transfer agent? Bearer is more appliable to cash, because it's physical. A token movement is still recorded onchain, i.e. there is a set of transfer agents and consensus among them. It can be tuned to support some regulation.
Bearer has nothing to do with physicality.
Anything controlled by a private key is a bearer instrument by definition because the person bearing the private key has custody of the asset.
You're making up your own definition of transfer agent, not the one used by the SEC. They have specific requirements and responsibilities.
Anything controlled by a private key is a bearer instrument by definition because the person bearing the private key has custody of the asset.
You're making up your own definition of transfer agent, not the one used by the SEC. They have specific requirements and responsibilities.
An account is controlled by a key AND the validators who choose to record their transaction. One cannot just share the key with others. First, they need to record it with ledger keepers. How is it not like transfer agent?
Yes, the transfer agent can ask for a key signing before moving funds, but they also need to be able to transfer WITHOUT the key. Examples would be a key loss or transfer of ownership due to court order. I don't know what the key is doing since it's optional and highly fallible proof of transfer intent.
At best the key signing is providing a partial audit trail with no case law to support any liability transfer created by its use. Typically transfer agents take very little liability by requiring a medallion signature before allowing a transfer.
At best the key signing is providing a partial audit trail with no case law to support any liability transfer created by its use. Typically transfer agents take very little liability by requiring a medallion signature before allowing a transfer.
well they don’t have to be... tokens are just code running on the blockchain, so you can apply anything you like to them... you can block a transfer until the recipient is in a whitelisted KYC list so that real world identities are known, and then you have your ledger
worried that loses the “trustless” of blockchain? hash the KYC entry and store it on chain so you make certain that the off-chain real world ownership information hasn’t been tampered with
worried that loses the “trustless” of blockchain? hash the KYC entry and store it on chain so you make certain that the off-chain real world ownership information hasn’t been tampered with
What happens when someone steals someones private keys and transfers the tokens to their account?
What happens when someone loses their private keys? The asset by US law is tied to them as a person, not a bearer instrument like a private key.
What happens when someone loses their private keys? The asset by US law is tied to them as a person, not a bearer instrument like a private key.
Sounds like you're referring to security tokens, which place a securitized asset's cap table on a public blockchain. 0x works with all tokenized assets, so we're not opinionated about which assets people want to trade -- other companies like Harbor (https://harbor.com/) offer tokenization services. You're right that placing bearer instruments on a public blockchain presents some issues and the jury is still out a bit.
An alternative might be found in protocols like UMA (https://umaproject.org/), Augur (https://www.augur.net/) or MakerDAO (https://makerdao.com/) which allow you create synthetic tokens that trustlessly track the price of a real-world asset by creating financial incentives to rebalance the price of the minted tokens. MakerDAO has already been used to create over $80MM in a synthetic USD token called Dai (https://makerdao.com/dai/) and UMA has created a synthetic S&P500 token, allowing anyone anywhere around the world to get exposure to US Stocks (https://medium.com/uma-project/announcing-us-stock-index-tok...).
An alternative might be found in protocols like UMA (https://umaproject.org/), Augur (https://www.augur.net/) or MakerDAO (https://makerdao.com/) which allow you create synthetic tokens that trustlessly track the price of a real-world asset by creating financial incentives to rebalance the price of the minted tokens. MakerDAO has already been used to create over $80MM in a synthetic USD token called Dai (https://makerdao.com/dai/) and UMA has created a synthetic S&P500 token, allowing anyone anywhere around the world to get exposure to US Stocks (https://medium.com/uma-project/announcing-us-stock-index-tok...).
This looks great but I'm not sure if the title is accurate. For most of the world the barrier to running an exchange is four fold:
1. Technology
2. Regulatory
3. Trust
4. Critical mass
This looks like it only address 1. Which is certainly a big hurdle but I would have loved to seen something explaining how to get 2 - 4 done.
From some of the answers bellow:
> You don't have to trust! 0x Exchanges are non-custodial
That's great. There should be a writeup on that front and center of the how and why.
1. Technology
2. Regulatory
3. Trust
4. Critical mass
This looks like it only address 1. Which is certainly a big hurdle but I would have loved to seen something explaining how to get 2 - 4 done.
From some of the answers bellow:
> You don't have to trust! 0x Exchanges are non-custodial
That's great. There should be a writeup on that front and center of the how and why.
munificent(2)
Is it pronounced “ox”, “zerox” or “zero x”? :)
We pronounce 0x as “zero-ex,” but you are free to pronounce it however you please. https://0x.org/faq
We call it "Zero Ex"!
In the disclaimer it lists a company as ZeroEx Intl, so I’d guess the last example
Forgive the potentially dumb question but I'm pretty green in the crypto and finance spaces. What's the business value here? As in, why has this been funded so heavily? Does 0x take a cut of all trades on 0x powered exchanges and marketplaces? Or is the data that holds the value?
Site looks great. Nice design.
Looks interesting will give it a whirl. At work we have semi-jokingly been discussing idea of a internal currency as a mechanism of getting one team to do work for another when there is no obvious mutual benefit for said work. Its increasingly becoming an issue for us.
Chargebacks have been used since forever in corporate accounting systems for that purpose. They work fine, no cryptocurrency or exchange needed.
Hmm I think the whole point of using cryptocurrency is to not use actual dollars to incentivize work between parts of the company. Maybe you could use it to negotiate a promotion within a company, etc.
There's no point to using cryptocurrency for that. Regular dollars work just fine. It's just entries in an internal corporate accounting system.
When 0x was conceived, there were far fewer crytocurrency exchanges than there are today. It aimed to solve a real problem that still exists in some ways.
Since 0x is a blockchain project, it has moved at a snail's pace compared to the multitude of centralized and web-based "decentralized" exchanges that have sprung up since. These newer exchanges have largely solved the needs identified by 0x.
Since 0x is a blockchain project, it has moved at a snail's pace compared to the multitude of centralized and web-based "decentralized" exchanges that have sprung up since. These newer exchanges have largely solved the needs identified by 0x.
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There's still a big problem with many of the centralized exchanges that have sprung up: a bunch of them are exit-scamming, or otherwise have had incidents that make your funds inaccessible.
That's the reason to do this on the blockchain: you don't need to trust that the exchange operators will keep your funds safe, because they don't have your funds.
That's the reason to do this on the blockchain: you don't need to trust that the exchange operators will keep your funds safe, because they don't have your funds.
An even better solution is to transform exchanges into channel hubs, and settle trades instantly without ever touching blockchain. I.e. trade dynamic remains the same, but now each party holds a balance proof and redeemable onchain collateral.
Are orders settled onchain? If so, this is too expensive/not scalable. I'm looking forward channel/HTLC based exchanges.
Yes, trades are settled onchain.
Too expensive for who? 0x protocol allows you trade digital assets with anyone in the world, trustlessly, through the internet, for $0.10-$0.25 per trade. While this isn't perfect for all use cases, it is an incredibly powerful capability.
Scaling is indeed a limitation for decentralized networks. You can learn more about our scaling R&D efforts here: https://blog.0xproject.com/0x-roadmap-2019-part-2-scalabilit...
Too expensive for who? 0x protocol allows you trade digital assets with anyone in the world, trustlessly, through the internet, for $0.10-$0.25 per trade. While this isn't perfect for all use cases, it is an incredibly powerful capability.
Scaling is indeed a limitation for decentralized networks. You can learn more about our scaling R&D efforts here: https://blog.0xproject.com/0x-roadmap-2019-part-2-scalabilit...
It's $0.10 until it isn't. Average crypto exchange has hundreds of automated tx per second, once it is attempted onchain the fees go up. Atomic swaps onchain are good for large amounts and rare trades, but not for retail traders.
Given the limitations of 0x, I never thought of it as a good protocol for real-time exchanges (ie Coinbase Pro). For me, it's always fit more into a decentralized Over the Counter (OTC) trading alternative.
The speed of execution limitation is not because of 0x, but because of how fast a tx can be registered on the block chain. It can't compete (they say for now) at settlement speed with a high performance centralized exchange.
But you have to trust those centralized exchanges with your funds. While with 0x you don't have to. One could say centralized exchanges can't compete on trustlesness with decentralized ones.
But you have to trust those centralized exchanges with your funds. While with 0x you don't have to. One could say centralized exchanges can't compete on trustlesness with decentralized ones.
I completely agree. Until the blockchain can confirm transactions at lower latency I don't think the 0x protocol can provide a stand in replacement for a centralized exchange. I'm currently working on a project that goes about settlement a different way so trades can be confirmed instantly given a little trust. If you're curious, here's some details on how it works https://merklex.io/blog/decentralized-clearing-network/
This website takes 50 seconds to load on a modern laptop with an ADSL connection. 7 seconds once it's cached.
All demos crash Chrome Dev Version 76.0.3800.2 (Official Build) dev (64-bit)
great product from technical point of view, no product/market fit.
The next Fortnite could sell VBucks through an exchange like this
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Does the planet _really_ need any more crypto exchanges?
Hardly a week goes by without a couple of new ones starting. Surely we must have more than enough by now?
Hardly a week goes by without a couple of new ones starting. Surely we must have more than enough by now?
Hardly a week goes by without one folding due to hacking, mismanagement, or outright criminal activity. Seems like they need someone to keep up the churn or they might run low.
You can’t steal the tokens if you are running a 0x exchange.
Willing to bet your savings on it? I'm not.
Only 0x can steal them
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That's not true. Nostrademons [0] explains it better, but in short, trades occur atomically, so the assets never leave your possession.
[0] https://news.ycombinator.com/item?id=20044091
[0] https://news.ycombinator.com/item?id=20044091
They do leave you and go into the relay. The swap happens on finished contracts.
The stealing occurs in the relays not in the contract.
The stealing occurs in the relays not in the contract.
I think you have a misunderstanding of how the protocol works. At no point do your assets "go into the relay." The relay only takes your signed orders (not the actual assets), and the tokens literally do not leave your wallet until the time the trade is executed. No trades can be executed unless they have a signature generated by your private key.
So, no. The answer is no.
EDIT: it's absurd that people continue to fall for this nonsense, but here we are, I guess.
EDIT: it's absurd that people continue to fall for this nonsense, but here we are, I guess.
joosters(1)
Well, what's currently your favorite decentralized exchange, prior to 0x?
What do you suggest for people who live in regions where this technology is banned or where the difficulties of connecting orthodox bank accounts, etc, make access impossible?
The last decentralized exchange I knew about was EtherDelta, and 0x seems to be an improvement.
What do you suggest for people who live in regions where this technology is banned or where the difficulties of connecting orthodox bank accounts, etc, make access impossible?
The last decentralized exchange I knew about was EtherDelta, and 0x seems to be an improvement.
IDEX has been the #1 DAPP on Ethereum since March 2018[0]. It's also the #1 DAPP by users and transaction count.
You can't buy crypto with fiat there, though, so connecting your orthodox bank accounts is irrelevant in this case. The founder said yesterday in an interview [1] that they may work with partners to enable this eventually, but so far I don't know any good decentralized exchanges that offer that. Buying crypto on a decentralized exchange with your bank account seems pointless to me - either buy it in cash or buy it on a safe platform (and then get it out immediately so they can't exit scam you or get hacked with your money).
[0] https://twitter.com/idexio/status/969609728329469952
[1] https://www.youtube.com/watch?v=60rvPilAmDk
You can't buy crypto with fiat there, though, so connecting your orthodox bank accounts is irrelevant in this case. The founder said yesterday in an interview [1] that they may work with partners to enable this eventually, but so far I don't know any good decentralized exchanges that offer that. Buying crypto on a decentralized exchange with your bank account seems pointless to me - either buy it in cash or buy it on a safe platform (and then get it out immediately so they can't exit scam you or get hacked with your money).
[0] https://twitter.com/idexio/status/969609728329469952
[1] https://www.youtube.com/watch?v=60rvPilAmDk
Bisq has that and has been around for years. Want a single, stable, smooth and fast fiat gateway with strong guarantees like you have on he realized exchanges? I think that's fundamentally incompatible with not having intermediaries. As others mentioned,calling IDEX decentralized is weasel-wording at best. It's a hybrid.
Fair enough. As far as I know, it aims to be fully decentralized by everyone's definition eventually, apart from KYC which I accept as a necessity.
For my needs, the decentralization they currently offer is all I really care about (I am able to get my funds out at any time, and no one else is).
For my needs, the decentralization they currently offer is all I really care about (I am able to get my funds out at any time, and no one else is).
I think "non-custodial" is the word you are looking for. Another example wold be LGO Markets.
IDEX isn't a decentralize exchange
IDEX is semi-decentralized: order-matching is handled off-chain, funds must be deposited into a centralized smart contract that handles all settlement, but the smart-contract itself and balances within it are held on the Ethereum blockchain. It prevents some forms of exit-scam or hack (you don't need to trust that the IDEX principals won't send your funds to a bank in the Bahamas), but retains vulnerability to a bug in the IDEX smart contract allowing a hacker to obtain them. The IDEX smart contract is at least public and auditable, though.
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Incredibly cool
I'd perhaps add something like 'crypto' to the headline - I thought this was a marketplace for physical items, somehow - like a local goods exchange.
Agreed, just a small change, otherwise awesome to see something like this out there.
Just curious, does anyone know of a kit like this for digital marketplaces for goods or services (not crypto)?
Just curious, does anyone know of a kit like this for digital marketplaces for goods or services (not crypto)?
Yes! At Origin we built a Marketplace creator that allows you to create a decentralized marketplace for buying and selling anything in a matter of minutes.
https:/www.originprotocol.com/creator
https:/www.originprotocol.com/creator
Right. I thought this was for building an exchange for goods in general. That's what I thought was awesome.
OK, added. Thanks! We could also try “token”, which seems more precise in context although more ambiguous on its own.
deepspace(2)
As a entrepreneur: Exchange services is very difficult to differentiate. It’s a commodity service. Why should I invest in marketing to promote my new exchange?
As a customer: Why should I buy tokens? - Most of existing tokens have not active project behind - Many times the token is useless for the project and it will not increase in value if project succeed (just see ZRX token. It’s down -76% from 52wk high while your team is working actively on the project. Why investors have to buy tokens?