daex ico review - cryptocurrency exchange clearing token
ICO Review

DAEX ICO Review – Cryptocurrency Clearing Ecosystem (Listed on 6 Exchanges)

What is DAEX?

DAEX is an abbreviation for Digital Assets Exchange, and the project is set to disrupt the centralized trading model by providing clearing solutions to cryptocurrency exchanges. With the unique technology, DAEX can give users of partnered exchanges some of the benefits of a decentralized exchange merged with the centralized. The product consists of distributed clearance solutions for crypto exchanges. The solutions are designed to lighten the responsibility of centralized cryptocurrency exchanges by providing an ecosystem that will assist with services such as KYC and registration and settlement of assets.

DAEX is not just a clearing chain, but a complete clearing ecosystem.

About The Project

Clearing And Settlement

The clearing solution is based on distributed ledger technology, a consensus where data spreads across multiple channels, with no centralized administrator or storage of data.

The rules for clearing and settlement are placed in preprogrammed smart contracts. This efficiently automates the process and eliminates human interference.

Storage of Digital Assets

All digital assets stored on exchanges that support DAEX solutions are stored on DAEX’s clearing chain. The assets cannot be accessed by any participants without consent by the owner.

Why is The Project Needed?

Centralized Exchange Flaws

In a decentralized exchange, you own your assets and have full control of them. In a centralized exchange, essentially all assets are barely IOU’s (I Owe You). When a user wants to withdraw the funds, the exchange is instructed to send the asset back to their wallet.

The problem is that the exchange is responsible for your funds, and there is a lot of risks involved with holding digital assets there. A lot of people believe that their funds are safe on an established exchange, but too few consider the possible consequences. If the exchange gets hacked because their security is lacking, have corrupt employees or decide to ban your account, your funds are effectively lost. This kind of situations has repeated themselves time after time to this day, and even renowned, high-volume exchanges like Bithumb and Coinrail has recently gotten their funds stolen because of an exchange flaw.

DAEX provides a solution where the trading and clearing components are separated. The exchange offers cryptocurrency trading services, but the management of all clearing services is done DAEX associated services. The main benefit of this is that the DAEX ecosystem is based on ledger technology, and therefore can provide a decentralized solution for storing assets, and thus effectively eliminates the risk of customers losing their funds.

Cryptocurrency Clearing

One of the major problems for cryptocurrency exchanges is to find authentic tokens to list on the platform. Because of the decentralized nature of many cryptocurrencies, many cryptocurrencies appear as extensive, genuine projects, when the project, in reality, offers nothing but empty promises.

DAEX will be in charge of clearing tokens listings for partnered exchanges. This process includes project background and quality checks as well as integrating solutions for integrating the token into the DAEX wallet. By doing the job of clearing and integrating wallet support, the exchange efficiently can add the token to the exchange without developing the technology to support the token on their exchange themselves. This will simplify and ease the process for exchanges to add new tokens easier and faster.

DAX Token

The DAX token is an Ethereum erc-20 token that is going to be used to pay for  the following settlements and clearing fees:

  • Clearing fee
  • Exchange trade matching fee
  • Settlement fee
  • Derative trading fee

Token holders can pledge tokens through smart contracts to trusted validators that participates in the validation and receive additional tokens for their work. If they are hacked or it is found out that they are not following the rules, they lose their tokens.

What is unique with the DAX token, is that it has been released for trading on several exchanges before the ICO sale.

The token is already listed on the following exchanges:

Lbank 220 million USD volume
BCEX 150 million USD volume
Allcoin 50 million USD volume
Indodax 5 million USD volume
Tokenomy – Volume unknown
SEADEX – Volume unknown
XBrick – Volume unknown – Trading suspended until September 15 to prevent price fluctuations during ICO.

Note: Volume estimation is based on last 24 hours from August 10.

The token is currently priced at $ 0.79, 12% over the ICO price, and it currently boasts a healthy volume of over 6 million USD last 24/7.

Company & Team

The DAEX ICO is created by The Global DAEX Foundation, a Singapore based company.

The team consists of five team members with the support of 9 advisors.

Benjamin Gu
Foundation Chairman
Benjamin has experience working at the United States Options Clearing Foundation as an application engineer for five years. The foundation is one of the biggest Options Clearing Foundations in the world, and moves billions of dollars a day and holds approximately 100 billion worth of assets.

Benjamin has also served as the Associate Chief Information Officer (CIO) for the duration of one and a half year for HuaTai Securities, a brokerage and wealth management company with approximately 300 full-time employees.

Other experience includes serving as Chief Operation Officer for Sinowel InformationTechnology, the biggest independent credit card lending services provider in China and IceKredit, an AI-based risk management startup that raised over $ 50 million in 2015.

Benjamin noted that the cryptocurrency industry did not work the same way as it would in the traditional finance industry. In the cryptocurrency market, there was no relation between cleared assets and trading. Every exchange does its own clearing, which is not how it is supposed to work. Benjamin believes that trading and clearing should be separated let to the idea of DAEX being born.

Hana Zhang
Co-Founder
She has five years experience with consulting management and four years in blockchain related fintech. Worked as a strategic consultant for several Fortune 500 companies.

Lois Chen
Chief Operating Officer
Lois is responsible for the partnerships and marketing strategy.  She worked for Tencent, an Internet company with over 44,000 employees in over two years as a Senior Business Develops Management. Her greatest achievements include forming a partnership with a number of fintech enterprises and helping several Apps to rank in the top-10 section on App store.
As mentioned, DAEX has already formed a high number of partnerships, and it’s reasonable to believe that this is partly because of Lois’s great capabilities in the field.

Jason Tang
Co-Founder and Chief Architect
Jason has been working with fintech projects for years. He has served as Product Management for China Zheshang Bank, a bank that holds assets worth over 220 billion USD. He was in charge of managing the first AI and blockchain solution for the core system of domestic commercial banks, as well as the first blockchain based enterprise account receivables platform.

Stone Zhou
Wallet Architecture Scientist
Digital wallet architecture expert with 10+ years experience with internet project management and development.
Stone is also serving as CTO of Radarwin, an Investment Management company based in Shanghai that specializes in digital currency and crowdfunding, among other things. The company has between 50-200 employees, and the company claims to have the most advanced team for market exploring in China.

Interesting Aspects

  • Well written whitepaper – Also a great addition to write two separate whitepapers, one highly technical document and one non-technical whitepaper for regular people.
  • The project is based on an open source public blockchain where everyone can review the code.
  • Robust infrastructure that adds security to centralized exchanges
  • A rapidly growing list of partnerships with companies like Qtum, Sora Ventures,  Innonext and more.
  • A top-tier team that has worked in high positions for renowned companies.
  • The token is already listed on six exchanges.

ICO

The sale of DAX tokens starts September 9, with a price of 0.07 per token.

ICONOMICS
Soft cap: 7000 ETH
Hard cap: 10,000 ETH
Minimum investment: 2 ETH
KYC: Mandatory. Visit daex.io/kyc and complete the form.
Restricted from investing: USA and China

Conclusion

The fact that the token has been out in the market since May, and the price has generally held stable at levels over the ICO price during one of the worst bear market cryptos has seen speaks loads about the token.

The token is a much-needed addition for crypto exchanges, as it efficiently solves some of the most significant problems for centralized exchanges and offers higher security to the user through the distributed ledger technology.

Flipping potential

Short term, the token might dip, as no single cryptocurrency has managed to maintain their position during the current market, but in long term perspective, all the signs point to the fact that this is a bullish investment.

Learn More

Website
Technical Whitepaper Non-Technical Whitepaper
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Author: Gustafio

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