A decentralized exchange is an exchange market that does not rely on a third party service to hold the customer's funds and the trades occur directly between users (peer to peer) through an automated process. The most obvious benefits to using a decentralized exchange over a centralized one is its "trustless" nature, privacy, absence of risk of server downtime. xChainge can certainly provide such benefits and much more.
What is xChainge?
xChainge is a decentralized solution for secure and anonymous token storage and exchange that utilizes the best UX/UI practices of modern online banking applications. xChainge does not charge users for operations. The new xChainge is created in aim to replace crypto exchanges with blockchain-based P2P transactions. It has a simple user interface for anonymous and decentralized exchange of assets based on the Ethereum blockchain. xChainge offers an alternative to centralized crypto asset exchanges with no commission fees, no mediator companies, and no KYC/AML. All of the platform’s functionality is available in the xChainge Wallet application.
xChainge is working on “Ariadna Network” technology, which is a hybrid distributed network of simple computational nodes with different roles built on a proprietary blockchain, whose primary job is to perform clearing operations, and the “Proof-of-Snitch” protocol lies at the foundation of Ariadna Network.
The xChainge Wallet enables P2P transactions of crypto assets from a user-friendly interface, similar to popular online banking applications. All of the platform’s functionality is available in the xChainge Wallet application. xChainge Wallet for Windows is stated to be launched in Q1 2018, followed by iOS and Android apps in Q2 2018.
Key features of the xChainge Wallet app:
- Convenient and secure storage of crypto assets;
- Secure peer-to-peer exchanges;
- Easy-to-use smart contract builder for fully customizable exchange transactions;
- Smart dispute resolution with the help of mediators;
- Creating custom marketplaces.
The xChainge Wallet does not require verification and gives users full control over their assets. xChainge Token is used as a means of payment on the platform.
- Publishing an offer
To publish an offer a user has to go to the “P2P Exchange” section of the xChainge Wallet, select the option to create an offer, pick the type of assets to be exchanged, enter a desired price and the expiration date, and confirm the offer. Then the offer is published to the Ethereum blockchain.
- Choosing an offer
Those who wish to select an existing offer can filter then by token type, price and transaction volume. Should a user select an offer, it is confirmed and the result of the transaction is published to the Ethereum blockchain.
- Using the smart contract builder
Users are able to create custom transactions backed by smart contracts. The builder allows to set the price, the maximum execution time and a variety of parameters.
- Using a cross-chain platform
xChainge Wallet users are able to exchange ETH and ERC-20 tokens for any other cryptocurrency. At the moment, there are no solutions that allow the same without having to trust the other party.
xChainge Token Sale Information
The xChainge token is an ERC-20 Ethereum-based utility token which is used on the platform to pay for Matcher node services and make Matcher node security deposits.
- Sales dates: from Dec 5, 2017 to Dec 30, 2017
- Total number of tokens: 23,529,412 XCH
- Token price: 1 XCH = 0.05 ETH
- Soft cap: 10,000 ETH
- Hard cap: 20M XCH
- Accepted currencies: ETH
"Proof-of-Snitch" protocol which lies at the foundation of Ariadna Network technology
- Theodosis Mourouzis - Research Fellow at the UCL Centre for Blockchain Technologies, Programme Director of the MSc in Business Intelligence and Data Analytics at the Cyprus International Institute of Management
- Natalya Tokareva - Senior researcher at the Laboratory of Discrete Analysis in the Sobolev Institute of Mathematics, associate professor at Novosibirsk State University, team leader of the CRYPTO-group
- Anastasiya Gorodilova - Researcher at Sobolev Institute of Mathematics, NSU Specialized Educational Scientific Center
- Alexey Oblaukhov - Researcher at Sobolev Institute of Mathematics, NSU Specialized Educational Scientific Center
- Mariya Lapuk - Founder of Vinci Agency, Head of the Media Department at Internet Initiatives Development Fund, Vice President of the PR Department at Odnoklassniki
- Dr. Stylianos Kampakis - research fellow at the UCL Centre for Blockchain Technologies.