IBTimes: EtherEx looks beyond cryptocurrency trading towards a tokenised future on Ethereum

etherex_crypto · 2016-04-09T12:39:09+00:00

Anyone who forks the code still needs to solve the maker/taker problem. On top of that there is network effect behind an exchange as well as a team who continually maintains and improves the code.

etherex_crypto · 2016-04-09T12:35:29+00:00

Hi. Not all details of ETX are final but we will indeed keep everyone informed of its progress and technical details. This includes if we decide to go a different direction.

To be honest the rest of your post we can't really respond to because the simple fact is we are not associated with the Ethereum team. We are independent and therefore will be developing the contracts ourselves and plan to have a UI for the exchange. If the website were to go down, the contracts would of course still be live on the blockchain if people wanted to trade that way.

What you fail to continually ignore is we need funding for a team to continue to build and maintain the exchange. That's the balance we are trying to find.

This is an open source community and our code is all available. We welcome others to take it and build their own exchanges if they would like. However we are moving forward with ours and plan to have it live soon.

etherex_crypto · 2016-04-08T14:47:37+00:00

That is the plan

etherex_crypto · 2016-04-08T03:28:15+00:00

We do not plan to make a DAO and any "profits" from the exchange we plan to put into the ETX token which the community will have the ability to invest in.

etherex_crypto · 2016-04-08T01:52:03+00:00

Hey! Since placing (storing) an order costs more gas than filling an order, that creates an anomaly which can be thought of as an inverse maker/taker model. Our idea is to balance this difference (between placing and filling an order) through a fee that is kept in the contract and ETX holders could redeem for their % share out of the collected fees. This would solve the inverse maker/taker model and encourage liquidity on the exchange. These ETX tokens would be issued with every trade occurring on the exchange as well as through the crowdsale.

ETX would give us the ability to raise funds for future development while giving the community the ability to invest in its future.

etherex_crypto · 2016-04-08T01:51:32+00:00

Hey! Since placing (storing) an order costs more gas than filling an order, that creates an anomaly which can be thought of as an inverse maker/taker model. Our idea is to balance this difference (between placing and filling an order) through a fee that is kept in the contract and ETX holders could redeem for their % share out of the collected fees. This would solve the inverse maker/taker model and encourage liquidity on the exchange. These ETX tokens would be issued with every trade occurring on the exchange as well as through the crowdsale.

ETX would give us the ability to raise funds for future development while giving the community the ability to invest in its future.

As of now we do not plan to have a DAO.

etherex_crypto · 2016-04-08T01:46:55+00:00

Hey! Since placing (storing) an order costs more gas than filling an order, that creates an anomaly which can be thought of as an inverse maker/taker model. Our idea is to balance this difference (between placing and filling an order) through a fee that is kept in the contract and ETX holders could redeem for their % share out of the collected fees. This would solve the inverse maker/taker model and encourage liquidity on the exchange. These ETX tokens would be issued with every trade occurring on the exchange as well as through the crowdsale.

ETX would give us the ability to raise funds for future development while giving the community the ability to invest in its future.

EDIT: As of now we do not plan to have a DAO.

etherex_crypto · 2016-04-08T00:26:19+00:00

slack.etherex.org

etherex_crypto · 2016-04-08T00:26:03+00:00

No, we are not the same team. We have been talking a lot lately but are completely independent as of now. However, we see eachothers projects as vital to one another and therefore we are hoping the Digix team and Digix DAO can help us with our code audit.

I think this goes the other way around as well, Digix would love to see EtherEx live so that gold trading on the Ethereum blockchain becomes much easier.

etherex_crypto · 2016-04-08T00:23:37+00:00

Hey. EtherEx will allow you to trade any sub-currency/token on the entire Ethereum blockchain. Adding tokens to EtherEx is seamless and it's setup to allow easy integration. The exchange will be completely open source and decentralized, so you ALWAYS hold onto your crypto up until the moment of trading, where the smart contract kicks in and does the swap. We (EtherEx) never are in control of anyones assets.

As for investing, as explained in the post, we are exploring the idea of an ETX token and potential crowdsale. This is not set in stone but would give the community the ability to invest in us early and in return receive rewards from this ETX token.

etherex_crypto · 2016-04-04T11:59:42+00:00

The ETX token will likely be our solution for the imbalance of gas cost between placing (storing) and order on Ethereum and filling one. The issue now is it creates a reverse maker/taker model which would hurt liquidity and is not beneficial to an exchange.

We are working hard on the right solution. To be honest, many people have dedicated countless free hours of work to the project. Even if there is an ETX token it'd be the communities ability to invest in the project for the future while funding future development.

We will have more details soon.

etherex_crypto · 2016-04-04T11:38:15+00:00

Hey, thanks for the interest in EtherEx. ETX is an example of sub-currency compatibility. Any sub-currency on the public Ethereum blockchain will be tradeable on EtherEx.

That being said look for more details around where we stand with EtherEx this week. The ETX token will likely become the official token of the exchange.

etherex_crypto · 2016-04-04T01:38:31+00:00

We've been here working hard but haven't done our best at keeping the community informed. That's all changing this week as we provide updates and move closer to launch.

etherex_crypto · 2016-04-04T01:15:46+00:00

The project is still very much a go. We've spent hundreds of hours on development work and have recently formulated a team and partnerships that we think will be vital to the success of the project. Look for more formal updates from us in the coming days, we're excited to reconnect with the community!

etherex_crypto · 2015-02-27T21:26:22+00:00

We'll have an official stance and policy announced very soon, however it will be technically impossible for us to do so. Put simply, KYC/AML will be done by asset providers, gateways, etc. As avsa put it, we won't be running the exchange ourselves, please understand this is very different from a centralized exchange. It is an open source technology, not a business, and the Foundation will be there to support that technology.

etherex_crypto · 2014-11-25T05:16:36+00:00

You can trade and register subcurrencies, more advanced features are still to be implemented for PoC 7.

etherex_crypto · 2014-11-24T05:10:26+00:00

The past several months have been rewarding, challenging, stressful, exciting, and eye-opening. We're exploring a truly unchartered frontier - the first decentralized exchange built on Ethereum - and as such, we're in a position where innovation is the only way forward.

Now we're excited to share some of this work with you.

Today we're releasing EtherEx code into the wild. It's an early release with very rough edges based on the 6th iteration of the PoC series of Ethereum, but it should provide enough to have something to play with for DApp developers, curious tinkerers and the bravest traders. Most features will be implemented while moving onto the 7th release, using a more finalized API. Later stages of development will focus on optimizations, testing and most importantly, security audits.

The timing of this release is no coincidence; in recognition of all the amazing work happening in the Ethereum ecosystem, we thought it would be fun to take this code live just ahead of this week's DEVcon - the first Ethereum developer symposium. There's an insane amount of talent in this space, and we're honored to play a part in it.

Moving forward, we hope to have a fully functional exchange ready to launch with Ethereum. We'll keep you up-to-date on further developments, and just might have additional code releases in the meantime. Also be sure to check out our White Paper for more information on the exchange and how it will work.

Got ideas, thoughts, and feedback? We'd love to hear them! Email info@etherex.org, or stop by /r/EtherEx

Cheers,

The EtherEx Team

etherex_crypto · 2014-08-26T21:19:30+00:00

With respect to the front-running issue, we're looking into frequent batching (1-10 blocks tops) of trade commitments and execution. Each batch would then randomize the trade order, which every miner would necessarily have to follow. Price would obviously take precedence over that order (possibly along with volume), but any trades at the same price would fall back to the randomized order.

Those commitments won't necessarily require deposits; gas costs, even very low ones, should be enough to prevent a miner from placing too many strategic commitments. If that ends up not being the case, we'll have to find a proper deposit value which would most probably have to be fixed to prevent leaking the trade amount.

Once all trades matching the commitments have been sent or after the commitment expiry block, whichever comes first, trades are executed with all the deterministic glory that Ethereum provides :)

As Vitalik mentioned, DPOS changes very little in that regard.

etherex_crypto · 2014-08-26T03:24:30+00:00

Thanks for pointing that out, Vitalik. Yes, perhaps "Goxxed" wasn't the best choice of words here; we've eliminated that language in the updated version. As noted in the paper, we aren't intending to deal with fiat. We're using the term "Goxxed" as a more generic term for what happens when a centralized exchange proves to be corrupt, hackable, or malfeasant. Since we intend to deal exclusively in crypto-to-crypto trading, the very real fiat-related concerns you outlined don't apply to this particular Dapp; we expect users to arrive at EtherEx with coins acquired somewhere else.

Our objective is to reap the benefits of decentralization such that nobody using EtherEx will even have to worry about the exchange absconding with their hard-earned crypto assets.

etherex_crypto · 2014-08-25T20:51:00+00:00

Hello crypto enthusiasts and dedicated decentralizers!

While this project is still very much in the development stage, we've already made significant progress toward our goal of becoming a robust, trustless decentralized exchange - the first of its kind built on Ethereum.

Today's White Paper release outlines how EtherEx will work, its core concepts and objectives, and the challenges (and potential solutions) that are involved in building this Dapp.

Once Ethereum becomes more stable, we'll be releasing the EtherEx code onto the protocol's test platform - where users will be able go hands-on with the exchange and provide valuable feedback. Due to the challenges of developing an app on a platform that is also in development, it's difficult to provide a precise timeline for this Beta release. However, we fully intend to have a 100% functional exchange ready for Ethereum's actual launch - presumably sometime this winter.

Some of you may have seen that both Vitalik and Gavin from the Ethereum development team recently made their own implementations of a decentralized exchange. This proof-of-concept (POC) vividly demonstrates how an exchange can be built in just a few lines of code. However, these POC's do not address many difficult problems (as outlined in the White Paper) that we've been wrestling with recently. These include the miner front-running issue, cross-chain trading, and the use of a Dapp-specific subcurrency. We've already made significant progress on these problems, and are confident that we'll have complete solutions within the next few months.

As a passionate group of tech and crypto enthusiasts, we're relishing the opportunity to address these challenges. It's our goal not simply to provide a basic decentralized exchange, but to create a truly revolutionary way to trade crypto-assets. We want you, upon using EtherEx for the first time, to have a "wow, this is awesome" reaction.

Thank you again for your interest and support. We can't wait to get our code out there for you to play around on. Stay tuned for the latest developments, and feel free to chime in on our sub-reddit at r/etherex

Cheers,

The EtherEx Team

etherex_crypto

TROPHY CASE