What is weiDex?
Let’s first explain what decentralized exchange is. A decentralized exchange is an exchange market that does not need to rely on a third-party service to hold the customer’s assets. Instead, the trades occur directly between users (peer to peer) through an automated process called smart contract. This system can be achieved through a decentralized multisignature escrow system, among other solutions that are currently being developed.
weiDex is a fully featured decentralized exchange (DEX). It guarantees the highest possible security, full transparency and open source logic. The main idea behind the decentralized exchange is the removal of the third party and it doesn’t need to collect your personal data like email, name or identification number. All the logic is held by the smart contract. Hence only the users have the tendency to control their assets thereby making human mistakes very impossible. weiDex supports all Ethereum based tokens and by the end of the year, we will also support Neo based tokens.
WeiDex More Information
WeiDex ICO Token Sale Information
|ICO Project Name||RedCab Symbol||ICO Price|
|Weidex.Market||WDX||1 WDX = 0.0011 ETH|
|ICO Start Date||ICO End Date||Type|
|Platform||Soft cap||Hard cap|
|Ethereum||1,500,000 USD||15,000,000 USD|
|Tokens for sale||Accepting||Distributed in ICO|
We are going to make decentralized exchanges widely used and the main method for transferring crypto assets. Our vision is to provide the best services to our clients, from the user interface and user experience to the usability and performance. We will create a great, strong community with
brave dreams like ours. Our main task to achieve our dream is to develop a decentralized technology for cross-chain transactions.
Invite a friend and 20% of their exchange trading fee goes to your wallet. The number of users you invite determines the number of bonuses you will receive. This is often used strategy, we hope that when we have a good amount of users, we will make this count grow exponentially with the referral system. This functionality is entirely handled by the smart contract and such kind of referral bonuses has never been implemented on another decentralized exchanges.
As compared to other platforms that require huge procedures and huge pocket cut, weiDex is cost effective and minimizes time wastage. This is because the platform is created in a very fast and efficient blockchain network. You will only be charged little or no amount thereby making you deploy a payment service of your own. Even more, after a certain amount of volume is reached, there will be no fees. For example if the daily exchange volume is 1000 ETH, then all trades will be completely free for the
rest of the day.
Multiple Order Fulfillment
We want to give you the best and most user-friendly way to trade. We brought to life the Multiple Order Fulfillment! This means that you can set an order for a certain amount and our smart contract will make sure to take as many transactions as needed to fulfill your request, while you get charged for just one transaction. It’s a very time-saving and cost-effective feature for all users .
Cross-chain transactions are the golden apple of our project. This is one of the hardest and most difficult, unsolved problems in the blockchain technology. We have different blockchains, but they have their own ecosystem. We hope to unite them in a decentralized and secure way in order to exchange trading assets from separate blockchains. There are different solution to this problem and these solutions include side chains or atomic swaps, but we offer a new innovative solution in which we will
use our token and smart contract. Our plan is described in the following example:
- We create a WeiDex mintable token (WDX) on the Ethereum network.
- We create a WeiDex mintable token (WDX) on the Neo network.
Our goal is to transfer 1 WDX from Ethereum to Neo
- Burn 1 WDX on Ethereum blockchain.
- Call smart contract function deployed on Neo blockchain with the transaction hash of the Ethereum burn transaction.
- Check the transaction with Neo Oracle Smart Contract.
- Mint 1 WDX on Neo blockchain if the Ethereum burn transaction is valid.
- We successfully “transferred” 1 WDX from Ethereum to Neo blockchain.
- The total supply of all WDX on all blockchains is still the same.
With this simple algorithm, we will be able to transfer all Neo based tokens for all Ethereum based tokens. With the integration of additional Ethereum like networks (smart contracts, oracles, etc), we will create one big ecosystem in which users can trade currencies in a decentralized way. Without any third parties e.g. centralized exchange.
Why Oracles? Decentralized oracles connect smart contracts to any external piece of data in a trustless way. This retrieval of data from the real world is done following the rules of a protocol that incentivizes all nodes to tell the truth and punishes them for lying. What do we have so far? The following explanation is applied for the current oracle implementation:
It is all done using TLSNotary. TLSNotary works by splitting the symmetric key and the MAC key among three parties, that is, the server (e.g. Etherscan to check the transaction validity), an auditee (Oraclize server) and an Auditor (Locked-down AWS instance of specially designed Amazon machine). The auditor calculates the symmetric key and MAC key and gives only the symmetric key to the auditee. The MAC key is not needed by the auditee as the MAC signature check ensures that the TLS data from the
server was not modified in transit. With the symmetric encryption key, the auditee can now decrypt the data from the server. Because all messages
are “signed” by the server using the MAC key and only the server and the auditor know the MAC key, a correct MAC signature can serve as proof that certain messages came from Etherscan and were not spoofed by the auditee.
The next technology that we are going to use in order to tackle the problem is atomic swaps.
WeiDex More Information
Our Rating About The "WeiDex" Project
The main idea behind the decentralized exchange is the removal of the third party and it doesn’t need to collect your personal data like email, name or identification number. All the logic is held by the smart contract. Hence only the users have the tendency to control their assets thereby making human mistakes very impossible. weiDex supports all Ethereum based tokens and by the end of the year, we will also support Neo based tokens.
|ETH Address : 0x04cd193c757d2c5edf406efb688ec9301bffcd91|