WEIDEX (WDX) ICO REVIEW | DECENTRALIZED CRYPTO TRADING EXCHANGE




INTRODUCE  WEIDEX

The main idea behind the decentralized exchange is the removal of the third party and it doesn’t need to collect your personal data like email, name or identification number. All the logic is held by the smart contract. Hence only the users have the tendency to control their assets thereby making human mistakes very impossible. weiDex supports all Ethereum based tokens and by the end of the year, we will also support Neo based tokens.

Cryptocurrency transactions are not reversible. This means that right now the only way to safely transfer one coin to another is by using a trusted third party of some sort to ensure that both parties get the desired coin. That’s why currently we rely on centralized exchanges such as Binance or Kraken to exchange our coins. weiDex is a fully featured decentralized exchange (DEX). It guarantees the highest possible security, full transparency and open source logic. The main idea behind the decentralized exchange is the removal of the third party and it doesn’t need to collect your personal data like email, name or identification number. All the logic is held by the smart contract. Hence only the users have the tendency to control their assets thereby making human mistakes very impossible.

WEBSITE /WHITEPAPER


MARKET OPPORTUNITY

There were over 500 different cryptocurrency types that were available for trading in January 2015. It is important to note that only a few of them had a market cap that is over $10 million. By September 2017, the number of crypto currencies had increased to 1100 and the total market cap reached an all-time high of $60 billion by December 2017, the total market cap reached $600 billion which is a multiple of 10 in about two months. In 2017 the cryptocurrency market reached an estimated $600 billion, and experts have forecast that it will reach an inevitable $700 billion. Despite a lot of financial skeptics predicting that cryptocurrency will fail in 2017, the value of the mother of all Crypto currencies, Bitcoin, increased by an estimated 2000%. About $3.7 billion was raised by Token Sale in 2017 alone, raising the question, what is the future of venture capital? Despite skeptics and fear regarding the prospect of cryptocurrency in 2018 experts predict that the cryptocurrency market will continue to grow as institutional capital gets involved. Even though the future of cryptocurrency remains uncertain, cryptocurrency is more than a fad. Even after considering its pros and cons, there is a high possibility that it is here for the long haul.


WHAT IS WEIDEX?

weiDex is an exchange market that does not need to rely on a third party service to hold the customer’s assets. Instead, the trades occur directly between users (peer to peer) through an automated process called smart
contract.

A decentralized exchange is an exchange market that does not need to rely on a third-party service to hold the customer’s assets. Instead, the trades occur directly between users (peer to peer) through an automated process called smart contract. This system can be achieved through a decentralized multi signature escrow system, among other solutions that are currently being developed.


HOW ITS WORKS?

weiDex is a decentralized exchange  market where  does not need to rely on a third-party service to hold the customer’s assets. Instead, the trades occur directly between users (peer to peer) through an automated process . This system can be achieved through a decentralized multi signature escrow system, among other solutions that are currently being developed.

This example will use Bitcoin as the non-Ethereum cryptocurrency being traded. However, it works with any cryptocurrency that supports the same level of scripting as Bitcoin; including, but not limited to, Bitcoin Cash,
Bitcoin Gold, and LiteCoin.
For this example, Alison holds Ether and John also holds Bitcoin. Alison is looking to give her Ether to John in exchange for his Bitcoins.
1. John generates a random secret key K and hashes it using SHA256 to generate a secret lock H(K).
2. John uses the secret lock, and a Bitcoin Script, to setup a transaction to Alison on the condition that she produces the secret key. If she does not do so within X hours then John can withdraw the funds.
3. John sends the secret lock H(K) to Alison along with the address of his transaction on the Bitcoin blockchain.
4. Alison checks John’s transaction, verifying the details of the trade. If she does not agree then she does not need to do anything. After X hours, John can withdraw his funds.
5. Alison call a contract function with unique id that has been negotiated between both traders. She also uses the secret lock H(K) that was provided by John. This is a payable call and Alison must send her Ether when she makes this call.
6. John call another contract function to verify the details of the trade. If he does not agree, then he does not need to do anything. After X hours, Alison can invoke a contract function, getting a refund of her Ether.
7. John can now submit the secret key K associated with the secret lock to the smart contract. If he has provided the correct secret key, the contract will transfer Alison’s Ether to John and store the secret key.
8. Alison can now acquire the secret key K.
9. Alison provides the secret key K to John’s Bitcoin Script, and receives his Bitcoin.
This same process can be used to swap any other ERC Token for BTC.


PROBLEM STATEMENT

Crypto currency seems to be the latest technological trend that many investors are recently focusing on. Crypto currency trading also comes with its own challenges and these challenges arise because of the nature of the
market and the fact that it uses blockchain technology, a decentralized approach, and platform.

The challenges in cryptocurrency exchange have been a major setback to the growth of the industry and this points to the reason why the market is not globally adopted so far. Poor liquidity, poor market regulations, long process of compliance and complex integration are some of the challenges plaguing crypto currencies. Financial Institutions and banking sector benefits from these factors and government are planning to legalize the digital currencies.

Additionally, some of these exchanges are plagued with poor security and lack of investor’s protection that a more regulated financial sector enjoys. There have been multiple dozens of cryptocurrency heists since 2011 and there are situations where many hacked exchanges had to shut down. A huge amount of bitcoins that would have worth more have been stolen while only a few have been recovered.


MAIN TRADING ASSETS

Token name – weiDex
 Token symbol – WDX
 Total supply – 50 000 000 WDX
 Token type – ERC-827
 Token Decimals – 18

weiDex Token (WDX) has several different uses:
 Users will have the chance to reduce their trading fee by 50%
 When new tokens are listed on weiDex, they can use WDX as a payment method.
 Users will be able to swap WDX between different blockchains e.g. ETH and NEO. In the roadmap, there is integration with Neo. After this integration is done, users will be able to trade between this platform using WDX.
 After new tokens are listed, we will provide airdrop to all WDX holders, proportionate to the amount of WDX each user has.


BENEFITS

weiDex  here to provide the best and the most transparent trading service! To the right you can see a few of our benefits and advantages we have over the other existing exchanges.

DECENTRALIZED

weiDex is a fully featured decentralized exchange. It guarantees the highest possible security, full transparency and open source logic. Here  does not need to rely on a third-party service to hold the customer’s assets. Instead, the trades occur directly between users (peer to peer) through an automated process . This system can be achieved through a decentralized multi signature escrow system, among other solutions that are currently being developed. Here All assets and trading logic stored on the blockchain. No manipulation possible also.

REFERRAL SYSTEM BONUS

Invite a friend and 20% of their exchange trading fee goes to your wallet. The number of users you invite determines the number of bonuses you will receive. This is often used strategy, we hope that when we have a good amount of users, we will make this count grow exponentially with the referral system. This functionality is entirely handled by the smart contract and such kind of referral bonuses has never been implemented on another decentralized exchanges.

LOW FEES

As compared to other platforms that require huge procedures and huge pocket cut, weiDex is cost effective and minimizes time wastage. This is because the platform is created in a very fast and efficient blockchain network. You will only be charged little or no amount thereby making you deploy a payment service of your own. Even more, after a certain amount of volume is reached, there will be no fees. For example if the daily exchange volume is 1000 ETH, then all trades will be completely free for the rest of the day. Between 0.1% – 0.2%. Also, cheap listing fees for new ERC20 tokens.

MULTIPLE ORDER FULFILLMENT

We want to give you the best and most user-friendly way to trade. We brought to life the Multiple Order Fulfillment! This means that you can set an order for a certain amount and our smart contract will make sure to take as many transactions as needed to fulfill your request, while you get charged for just one transaction. It’s a very time-saving and cost-effective feature for all users.

CROSS-CHAIN TRANSACTION

Cross-chain transactions are the golden apple of our project. This is one of the hardest and most difficult, unsolved problems in the blockchain technology. We have different blockchains, but they have their own ecosystem. We hope to unite them in a decentralized and secure way in order to exchange trading assets from separate blockchains. There are different solution to this problem and these solutions include side chains or atomic swaps, but we offer a new innovative solution in which we will
use our token and smart contract. Our plan is described in the following
example:
1. We create a WeiDex mintable token (WDX) on the Ethereum network.
2. We create a WeiDex mintable token (WDX) on the Neo network.


NEEDS

Crypto currency transactions are not reversible. This means that right now the only way to safely transfer one coin to another is by using a trusted third party of some sort to ensure that both parties get the desired coin. That’s why currently we rely on centralized exchanges such as Binance or Kraken to exchange our coins. This produces a few problems. For one, these exchanges make money off of… well, exchanging. Depending on the exchange, the fees can be quite small (or none), but some of the larger, wellknown exchanges, such as Coinbase, charge exorbitant fees, 4% for a credit card on top of a poor price on the coin to begin with. These add up over time, and can really eat into your gains.


VISION

We are going to make decentralized exchanges widely used and the main method for transferring crypto assets. Our vision is to provide the best services to our clients, from the user interface and user experience to the usability and performance. We will create a great, strong community wit brave dreams like ours. Our main task to achieve our dream is to develop a decentralized technology for cross-chain transactions.


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Khadija Akter
Crypto and ICO analyst

Thanks for Reading My Article. i m a Crypto and ICO analyst of Viral News Today Team.

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