The emergence of cryptocurrencies has not only been beneficial for the core market participants but has also seen a proliferation of business entities and huge openings for different businesses. One of these openings brought us decentralized exchanges (DEXs), with a clear intention of cutting out the middlemen and returning interactions to a peer-to-peer model without the need for a central authority.
While many DEXs struggle to achieve a certain degree of a multi-functionality, liquidity and scalability, Volentix has been developing a more advanced digital assets ecosystem (DAE), which consists of a decentralized digital assets exchange VDEX, secure multi-currency cross-blockchain peer-to-peer wallet VERTO, a user-friendly market-ratings analytical interface VESPUCCI, an incentive-based recruitment program VENUE, and Volentix’s native digital currency VTX.
The Volentix framework provides a user-friendly system that includes both traditional markets and blockchain-powered assets. The system consists of compatible products and features and acts as a one-stop-shop for individuals and businesses looking for a safe, reliable, easy, and efficient trading experience.
Volentix provides many opportunities to earn VTX. Community members receive transaction fee redistribution, transaction authentication compensation, and bounty campaign awards. Of the 2.1 billion maximum VTX ever to be issued, 800 million VTX comprises a mining pool.
Let’s take a closer look at the five key components of the Volentix DAE, developed by the highly-talented team, including by utilizing existing EOS.io open-source technology.
VDEX Decentralized Exchange
Arguably the key component of the Volentix DAE is the VDEX decentralized exchange. It acts as a scalable trading platform which provides a highly-customizable environment to manage speed and cost, while preserving security. Transactions are performed directly from the VERTO wallet, thus making the relationship between the two applications inseparable.
VDEX reduces fees and transaction delays, and seeks to eliminate hacking attacks and insider frauds. VDEX is designed on an open-source platform to allow users to import the ledgers of supported blockchains.
VDEX aims to make the trading process as seamless and user-friendly as possible, for beginners and for experienced traders. VDEX uses atomic swaps with Hashed TimeLock Contracts (HTLC) to settle transactions.
VENUE is a community platform designed by Volentix with the goal of facilitating participation by decentralized community members and distribution of VTX. By offering such a platform, Volentix keeps its community members up-to-date on the latest news and initiatives.
VENUE offers VTX as an incentive for being active community members: participating in community recruitment, reporting bugs, submitting fixes & etc. Overall, the platform helps bring people into the Volentix community to experience the ecosystem and assist its expansion.
Verto is a downloadable multi-currency wallet, used primarily for management of funds and assets. It facilitates personal custody and local management of private and public keys for use in peer-to-peer transactions, with the goal of eliminating risks of losses associated with centralized exchanges.
VERTO has the advantage of the HTLC feature on VDEX. Funds are temporarily locked when a trade is made on VDEX, until either the transaction is completed and the funds are transferred or the transaction is cancelled and funds become available again.
VESPUCCI provides Volentix with a competitive advantage over its rivals because the application acts as an analytical engine to increase user education and confidence by providing real-time and historical market data and digital assets ratings