The most important chain in DAEX is Clearing Chain. Its architectural complexity permits it, to join multiple chains and meet high demands in concurrency. It has three layers: an underlying protocol and system support layer, a core module layer, and an ecosystem service layer. Second and last layers have many components and in all, they collectively ensure private keys, smart contracts and ledger data are effectively and efficiently managed. They also provide information on nodes and blocks and at the same time, monitor them.
To enable decoupling assets and transactions, authenticating using tokens, and restructuring of transaction process using a multiple asset based on the clearing and settlement protocol of blockchain.
To make the system, from three angles, more flexible and fair. The angles are: token time value, value sequence management and dynamic seat management.
DAEX’S CONSENSUS MECHANISM
Proof of work which Bitcoin, the first cryptocurrency implemented as its consensus mechanism was replaced by proof of stake because the latter does not consume energy like the former. In DAEX, proof of stake is used and a node can mine blocks when it has met several requirements which qualifies it to stake, one of the requirements is the number of currency it (the node) has.
Five types of incentives (rewards) are given to nodes: reward for creating a block, adding proof of penalization, adding proof of revenue, adding proof of idleness and for participating in the validation of blocks. These incentives are awarded to ensure sustainability and growth. Users who err are justly penalized.
CHALLENGES FACED BY THE MARKET AND DAEX'S SOLUTION
The Digital Asset Market has both merits and demerits but its demerits, mostly security issues, non transparency, distrust, prone to volatility etc, have caused its goodness to diminish. This is the reason why DAEX was birthed; to help overcome these challenges with the use of a blockchain solution, which enables a safe, open, trusted and fully decentralized ecosystem. The market, is also as a result of the challenges aforementioned, prone to malicious cyber attacks and thievery which can cause major decline in digital value. Clearing business does not enjoy security and efficiency and many protocols need optimization and re-engineering. DAEX solution, discovered by its team of experts and computer scientists, differentiates clearing, transactions and custody. DAEX also opines that another functionality should be added to the wallet as regards asset trading to improve credibility and usefulness of wallets for managing assets.
DAEX Clearing chain has some features that are also obtainable in centralized systems. Examples: a consensus mechanism, encryption of all transactions and security of privacy.
DAEX wallet permits users to personally clear transactions, thereby enabling a better user experience as regards trading and making payments.
Financial records of transactions on the network cannot be questioned as its smart contracts ensures that terms and conditions agreed on by both nodes are stored on an account that both party can identify with and the contract is implemented on each node. Atomic transactions are obtainable in DAEX in chains without smart contracts.
The wallet is specially designed to meet requirements of users both personal and/or organizational. It is what allows complete participation of users in the ecosystem’s process of voting and receiving rewards for clearing validation.
To find out more about Daex, check out the links below:
BTT Profile Link: https://bitcointalk.org/index.php?action=profile;u=1577997