Announcing BankDex with Smart Trading Advantages
Tags: Cryptocurrency, Decentralized Exchange, Smart Contracts, Blockchain, Wallet

Introduction

Cryptocurrency trading has gained momentum over the last few years. With Blockchain technology being released from the shadows of cryptocurrency, decentralized exchanges have become a popular hub for investment trading. Cryptocurrency exchanges are basically online websites that facilitate trade — buying and selling of crypto and fiat currencies.

The earliest cryptocurrency exchanges to become popular were centralised exchanges. These exchanges such as Binance and Bittrex made cryptocurrencies such as Bitcoin accessible to the masses. They also provided the much-needed liquidity to these digital currencies. However, centralised exchanges lacked on the security front.

Decentralized exchanges became popular with the advent of Blockchain technology. These exchanges provided the element of security to trading with the power of distributed technology. Although on the path of development, decentralized exchanges have made cryptocurrency trading more popular and acceptable to the common people.

While there are several decentralized exchanges in cryptocurrency trade, none of them is without fault. While some lack in speed, others lack in the number of coins that can be traded. BankDex, a unique decentralized exchange powered by immutable smart contracts, aims to overcome the shortcomings of present-day cryptocurrency exchanges.

BankDex Decentralized Exchange

BankDex decentralized cryptocurrency exchange offers fully automated and decentralized crypto to crypto and crypto to fiat trade. The exchange enables peer to peer trade without the involvement of any centralised entity. This is carried out with the help of smart contracts, which allow for an easy, decentralized approach to creation and exchange of tokens.

Being a decentralized exchange, BankDex eliminates the need for the KYC process. However, the tokens undergo a verification procedure before transactions are carried out. BankDex provides a trustless platform where users can trade without having to trust the exchange with their funds.

BankDex is designed to provide the best out of the decentralized world. The exchange offers wallet facility that precludes the need for storing money on the blockchain. The funds are stored in a hardware wallet which is not connected to the internet directly.

Further, BankDex offers multiple currency wallet facilities. This allows for multiple currency transfers including national currency on the blockchain with the help of compliant gateways. The exchange processes in BankDex are accelerated with the help of a centralised matching service.

What’s new about BankDex?

BankDex stands out from the existing decentralized exchanges in terms of unique features powered by smart technology. The smart trading advantages of the exchange are listed below.

Speed: BankDex overcomes the inherent scalability limitations of Blockchain technology. This is achieved with the help of robust protocols that will balance off the trade-offs between throughput and latencies. This will help in ensuring faster transaction.

Security: BankDex ensures maximum security of transactions on the network with the help of well-built smart contracts. The exchange will be highly protected against security and data attacks. The exchange does not make signing up mandatory before carrying out transactions on the blockchain.

Liquidity: Blockchain Technology has previously faced a lot of controversy regarding value transfer with the network token. BankDex adopts the Coloured Coin approach which solves the problem of bitcoin non-fungibilty and bitcoin indivisibility.

Margin trading: Like some other decentralized exchanges, BankDex offers the facility of margin trading for its users. The BankDex protocol will allow margin trading through well-built smart contracts rather than with brokers or custodians as in traditional trading.

Advisory services: BankDex offers advisory services to blockchain companies and start-ups by assisting them in the launch of their ICOs. The company offers services such as technical, marketing, financial and legal services that meet the strategic goals of the business.

Hardware Wallet Integration: The exchange provides seamless integration with hardware wallets. This allows users to send coins directly to smart contract from the wallet. The hardware wallet integration feature ensures a safer transaction space.

Smart Technology — Smart Contracts

Smart contracts are basically self-executing contracts made between two parties in a transaction and embedded in the lines of code. These contracts ensure guaranteed real-time transactions to all parties.

In addition to eliminating the need for a middleman, smart contracts negate the need for human involvement for verification of the different terms of an agreement. Most importantly, smart contracts remove ambiguity in a transaction.

BankDex decentralized exchange draws its strength from well-ordered smart contracts. The contracts, built on fraud-proof business logic can securely execute settlement processes. They impart powerful and unique features to the exchange.

Smart Trading with BankDex

Apart from eliminating a third party or middleman, BankDex smart contracts impart several novel features to the decentralized exchange. From trustless execution of a trade to the inclusion of new trading facilities, the contracts lay the platform for a unique exchange.

Secure trade with smart contracts

The exchange ensures secure trading with the help of smart contracts. The contracts insulate the exchange from hacker attacks and eliminate ICO scams by conducting the KYC process on every token before it is traded on the exchange.

Seamless wallet integration

The exchange ensures seamless wallet integration letting users transfer coins directly from their hardware wallets to the blockchain and smart contracts. The wallets allow crypto-asset enabled fund transfer from one user to the other.

Peer to peer trade

The exchange enables peer to peer trade without any involvement of the third party with the help of smart contracts and a host of other reliable Blockchain protocols. This ensures faster trade as it is carried out directly between traders without having to wait for the approval of an admin.

Complete control over funds

All the transactions in BankDex are carried out using smart contracts that can be generated only with the help of the user’s private key. This enables the user to have complete control over their own funds.

Unlimited withdrawal of currency

The exchange ensures faster and cheaper transactions without placing a limit on the withdrawal of funds. BankDex supports a wide range of crypto and fiat currencies. It allows trade in national currencies as well, with the help of compliant gateways.

Margin Trading

BankDex offers diverse options for trading such as margin trading with the help of smart contracts and blockchain protocols.

Conclusion

Cryptocurrency exchanges have grown in number over the years. While there were only 70 cryptocurrency exchanges in operation in March 2015, there are about 190 exchanges that offer crypto-fiat trading. Moreover, the number of cryptocurrencies available today has increased from 40 to 1273 during the period 2013 to 2018.

Nevertheless, we haven’t been able to converge on a single cryptocurrency exchange that satisfies all the requirements of the trading community. The current market scenario demands an exchange solution that incorporates the best of the present technologies. BankDex is being developed to play that role of a secure trading platform provider.

With an interactive platform, coupled with a seamless network, reinforced by a powerfully built Blockchain, and smart contracts, BankDex aims to be the future of decentralized trading.