PREAMBLES
The creation and improvement of blockchain so far in the crypto community has been awe-inspiring. The use of Cryptocurrencies provides many financial opportunities such that both the conventional and the digital commercial operators are benefiting it. However, the implementation of these digital currencies has been heavily criticized by both government and other financial institutions, but the coins have made waves already and are fast nearing global recognition and adoption.
Since their many challenges emanating from the crypto trading platforms, it is now pronounced that there is an urgent need for practical solutions to cushion the excessive and imminent effect of the shortcomings that arise from these challenges. For this reason, the DACX, which takes pride as the unstoppable platform meant for digital asset and commodity exchange, has come with several functions to address these problems once and for all.
CHALLENGES FACED BY TRADING PLATFORMS
There have been several cries out from traders who have lost a lot of funds or assets or about losing their funds. This is a result of how the cryptocurrency trading platform is formed. So to say, it is patterned in such a way that it exposes traders to the risk of losing their fund most times. Coupled with the challenge of very sluggish matching engines and the increasing rates of hacks and thefts on the platforms to the detriment of the traders and investors. Furthermore, there are also increased manipulations in the marketplace. This happens when few traders create a kind of artificial scarcity and demand as a way of luring or enticing people to invest at that time of poverty.
MAJOR PANACEAS PROVIDED BY DACX
Based on these problems sited above, it is only a workable platform like the DACX, can provide extraordinary features/functions to handle these challenges. In that case, here are the features below;
DACX introduced a "Hot Wallet" to the trading platform. For this reason, crypto investors are mandated to operate with cryptocurrency wallets. The wallets are of two types, the cold wallets (which also doubles as the users’ crypto wallets and stores their funds) and the hot wallets (which are left in the custody of the crypto exchanges). The concept behind this innovation is to safe-keep part of the investors/traders' funds/assets. This measure will reduce or erase the risk of losing funds/assets to hackers. Furthermore, to tackle the challenges of security, the platform has encrypted the keys of asset/fund transfer to and fro the crypto exchange such that no fund can be moved without the keys being decrypted.
DACX is set to monitor and cushion money laundering in the crypto marketplace. With respect to the short notice on inflation of the crypto traders’ funds, DACX has strategies in place to curtail the chances of money laundering in the exchange. It achieves that by delegating the Modulus Global infrastructure, which has been used by many top globally known institutions.
FINALLY
DACX focuses on strengthening the security of the platform and that of the crypto investors and traders. Looking at the future from afar, it is obvious that the idea is a step in a more effective direction. The globe is much enlightened about these modern digital assets innovation. Therefore as enlightenment grows towards global adoption, DACX will keep growing from strength to strength to ensure that the good news of cryptocurrencies and its adoption will reach every nook and cranny of this planet earth.
USEFUL LINKS
Website: https://dacx.io/
Whitepaper: https://dacx.io/wp-content/uploads/2019/09/DACX_WhitePaper.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=5154783.0
Telegram: https://t.me/OfficialDacx
Twitter: https://twitter.com/dacx_io
Facebook: https://www.facebook.com/dacx.io
Medium: https://medium.com/@dacxinc
AUTHORS DETAILS
Bitcointalk username- Uju4real
Bitcointalk profile link- https://bitcointalk.org/index.php?action=profile;u=2202971