DAEX Releases First Version of Technical Whitepaper, Includes Details on Clearing and Settlement Blockchain-Based Protocol
SHANGHAI, July 6, 2018 /PRNewswire/ -- The Global DAEX Foundation (www.daex.io) are the founders of DAEX (Digital Assets Exchange), a distributed digital asset clearing ecosystem for cryptocurrency exchanges. The first version of the DAEX technical whitepaper was released on July 5, 2018. The document addresses the concerns and problems that currently exist in the digital asset market, with an overview of the DAEX ecosystem and how it plans to solve these issues. There are details that explain the DAEX Identity Chain, Clearing Chain, Settlement Chain, DAEX Wallet and the ASPoS (Accumulative Signatures for Proof of Stake) consensus mechanism -- all of which are key parts of the distributed clearing ecosystem that DAEX is creating.
The Clearing Chain, also referred to as the DAEX Blockchain, is the core product of the ecosystem. It is responsible for storing all transaction data for multiple types of digital assets, and provides a Clearing-as-a-Service solution. The chain features several technical characteristics of traditional public chains, although it has optimized key components such as the consensus mechanism, confidential transactions and privacy protection. Supporting cross-chain architecture, its application layer connects to the Identity Chain and Settlement Chain. The Identity Chain primarily serves as a global identity management system. It connects to the Distributed ID Center, which processes the registration, management and authentication of identities on the Clearing Chain. The Settlement Chain is another separate chain used in the ecosystem, and connects the DAEX Wallet to public chains outside of the ecosystem. It connects to the Asset Registration & Settlement Center, which facilitates mapping assets on the Clearing Chain.
The DAEX Wallet serves both enterprise and user level customers, and provides an identity authentication mechanism that allows users to access multiple assets across any exchange within the ecosystem. It also features a multi-segment private key that uses a three-stage mechanism stored in multiple locations (user, server and custodian). If the private key is lost or stolen, it can be recovered by combining the server and custodian key segments together after the user provides proof of identification (the private key cannot be recovered by using either the server segment or custodian segment alone). With its single-identity account asset management system, the wallet is able to connect between different exchanges and blockchains despite having different account systems and technical architectures. The DAEX Wallet also enables token holders to participate in the clearing process by voting and obtaining rewards.
DAEX uses the ASPoS consensus mechanism, which includes components of Casper's security deposit system, Algorand's lottery system and the Proof of Work self-perspective selection mechanism. In ASPoS there are four types of nodes that exist: regular nodes, verification nodes, quasi-creator nodes and creator nodes. Details of how each node operates in the block creation process are outlined in this version of the technical whitepaper. The consensus also uses a VRF lottery function that guarantees the randomness of node selection for creation of new blocks. This random selection function prevents DOS attacks, as predicting future nodes for selection is not possible.
The DAEX project solves several creditability and security concerns that currently exist in the digital asset trading industry. Both exchanges and traders who are part of the ecosystem will benefit from the secure, transparent and open solution.
The first version of the whitepaper can be read here: https://daex.io/pdf/DAEX(EN)-TechnicalWhitepaper-V0.6.1.pdf
There are another two versions that will be released, see below for the schedule and topics that will be covered:
- Q3 2018: Clearing Value Factor (CVF) and wallet solution based on a trusted computing environment
- Q4 2018: DAEX Fund report, token plan (clearing-as-mining), node deployment and governance model
Follow us online to stay up to date with news and information from DAEX:
Website: www.daex.io
Twitter: https://twitter.com/DaexBlockchain
Telegram: https://t.me/DAEXOfficial_en
Medium: https://medium.com/daex
Reddit: https://www.reddit.com/r/DAEX_Blockchain/
YouTube: https://www.youtube.com/channel/UCqgUNUY8fM6-XIbweKrYL0w
SOURCE Global DAEX Foundation
Share this article