BANKDEX PLATFORM

By 𝓲𝓫𝓻𝓪𝓱𝓲𝓶 𝓖ü𝓵ş𝓮𝓷 | Kripto Analizlerim | 4 Jul 2019

Introduction

Cryptocurrency exchanges are one of the most vital applications of the Blockchain industry. The capability of accessing crypto assets, trading them and securely storing them away from the bad actors are a huge responsibility that goes beyond the expectations of a conventional exchange. While some of the pioneers in Fintech and Blockchain financial services have managed to explore the crypto world with élan, many have fallen prey to the inherent and vicious cycle of fraud attacks.

In this blog, we take a look at the top centralised competitors of our BankDex decentralised multicurrency exchange and analyse how it fares better than its counterparts.

Even after 10 years since the conception of the first crypto asset, the debate — centralised vs decentralised is still on. The primary distinction between a centralised and decentralised exchange lies in ownership. Although the concept of centralised exchanges have been in existence since long, decentralised exchanges (a model created with the advent of crypto assets and an immutable, transparent ledger) is relatively new. BankDex integrates the best of both concepts on its cross chain platform, enabling a smooth and fast trading experience to its users.

Blockchain allows the creation of a market place for the exchange of assets without oversight or permission and keeping track of the asset ownership without the help pf a third party. The advantages and limitations of the exchanges lay within the bounds of 5 distinct areas namely — anonymity, fees, fiat to crypto transfer, ownership and liquidity. Before we analyse the benefits of BankDex over the top centralised exchanges in market, let’s have a brief look at the working of a centralised exchange.

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BankDex offers decentralization exchanges with unique features that today's cryptocurrency exchange and hinders have a huge size. Being a decentralized system, it's not the single point of failure.

Easy & Safe:-

BankDex transactions faster, easier and safer.

Free Cancelation:-

Enables immediate cancelation of a transaction at zero charge.

No Registration:-

Transactions to be carried out without the need of registration or admin confirmation.

Unlimited withdrawals:-

BankDex does not limit the number of decentralized exchange withdrawal numbers.

Multi-wallet Support:-

Offers seamless integration with different types of cryptocurrency wallets including hardware and software wallet.

Peer to peer architecture:-

Platform built on a peer to peer architecture without the involvement from any third party APIs.

Free transactions:-

BankDex allows free trading, without any fees for the first 90 days. After the period, it imposes a nominal fee of 0.003USD.

Unparalleled Transparency:-

BankDex offers unparalleled transparency by storing all deposits, order books and withdrawals on the blockchain

Wallet to wallet trade:-

Enables wallet to wallet transactions with a powerful blockchain Smart Contract in place.

Scalability:-

BankDex supports scalability with the provision to trade more coins and assets in the future

Account Recovery:-

In case of a lost account, BankDex has the built in provision to enable account recovery to a new device.

Simulator Exchange:-

BankDex includes simulator exchange that helps to improve trading without risking real money.

Since traders’ convenience is of utmost importance, the BankDex user interface has been designed with a special focus on ease-of-use. All the functionality for trading is easily accessible and a trader can start instantly, even if they are not unfamiliar with different cryptocurrencies or blockchains.

One of the most trust of this project is “If the intended amount of soft cap is not sold, all funds paid by users will be returned to their accounts immediately.

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BankDex and the Lightning Network

A lightning network can be described as a protocol layer that enables low-latency, high volume digital micropayments without the help of an intermediary. The fundamental technology of lightning network involves a payment channel, a local two party consensus.

Both the parties involved in the transaction sends an initial amount of Bitcoin, or any cryptocurrency token into a multisignature transaction. The multisignature transaction involves a local consensus on the existing balance that is allocated between the two parties in the transaction.

Any update regarding the allocation of the existing balance can be only be made with the cooperation of both entities involved in the transaction. This is done with the help of a new transaction that spends the funds allocated for the multisignature transactions allocated to each party.

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Managing Latency in BankDex

BankDex decentralized cryptocurrency exchange addresses the latency issue with the lightning network concept, which ensures faster and safer trade of crypto & fiat currency. It overcomes the scalability issues, inherent to blockchain and enhances the throughput and latencies associated with a transaction.

The trading exchange consists of seven blockchains, which communicate with the core through a set of communication protocols. The communication between the different blockchains is established with the help of an interoperable blockchain router.

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Token information:

Token: SAM Token

Platform: Ethereum

Type: ERC20

Accepting: BTC,ETH,USDT, BCC

Distributed in ICO: 45%

Soft cap: 1,000,000 USD

Hard cap: 6,500,000 USD

PreICO price: 1 SAM Token = 0.019 USD

Price in ICO: 0.0190 USD

BONUS:

ICO Presale Round 1 - 24 June, 2019 — 15 July, 2019. 25%

ICO Presale Round 2 -16July , 2019 — 5 August, 2019. 15%

Tokens for sale: 450,000,000

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Free transaction;

If i aim to transact from BTC to ETH, i can first change BTC to SAM then to ETH, as long as its equivalent is more than $100, my transaction will be free of charge.

When trading, makers and traders get to take out when mining has been confirmed, if not yet, trades can be canceled.

Conclusion

As the technology around trading grows, the compulsion of a trader to gain a competitive advantage over latency issues have intensified. The timely reception of relevant market information and the capacity to act upon its receipt are greatly impacted by latency issues. As far as an active trader is concerned, latency needs to be managed and quantified, to maximise the odds of success. BankDex intends to ensure a profitable, safe and fast trading experience with its competent technology.

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