EtherEx, the decentralised exchange platform on Ethereum, is looking beyond the concept of trading cryptocurrencies, towards a tokenised future of yet to be imagined types of value transfer.
The team behind EtherEx have released a live demo on the Ethereum testnet and are looking at going live around Q3 2016. They are also mulling a crowdsale with ETX token, and are proud to have DigixGlobal helping with an audit of their code.
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In building the platform, which has been self-funded since inception, the team has encountered some interesting problems, with the best solutions expected to come from the community – as one would expect with a truly decentralised peer-to-peer application that benefits everyone.
One such avenue is to instantiate a crowdsale of an ETX token. The reason for this is to address the gas imbalance from operating exchange transactions on Ethereum. The team realised that placing an order (storing) cost a lot more gas than filling. This in turn creates a type of inverted maker/taker model, which could have a large impact on the liquidity of the exchange.
EtherEx co-founder Eric Conner told IBTimes: "The gas fee imbalance kind of creates an anomaly of an inverse maker-taker model, and this would be seen on any decentralised exchange on Ethereum. So our idea was an ETX token to balance this.
"This way the fee imbalance is taken and stored in a contract on Ethereum, which any ETX token holder would be able to redeem for their share in the contracts.
"At the same time it gives us the ability to do a crowdsale, which would help fund current and future development."The cryptocurrency community generally, and Ethereum perhaps in particular, are highly receptive to a worthy crowdsale. For example, DigixGlobal, the gold trading platform on Ethereum, had to close its recent DigixDAO […]
