Announcing EasyDex Open Beta Launch! Fiat Deposit/Withdrawals and Trustless Account Recovery On Bitshares!

in easydex •  7 months ago

Greetings Steemians! Today we are proud to announce the open beta launch of EasyDex! EasyDex is a new company creating services and providing an interface for the Bitshares platform. Our goal is to provide transparent highly needed services to the crypto space. We chose to build our services on the Bitshares platform because it is the most efficient decentralized exchange option. Our research has given us some insight on how we can make the platform a more attractive option to not only experienced crypto enthusiasts but also to users who are new to the crypto space.

One of the ways we are implementing this is through an improved user interface. One of the biggest problems that we wanted to solve is an account recovery process. Until now, if you lost your Bitshares web wallet password you lost access to all of your funds. It was important to us to create a trustless and secure way for users to recover their password in the case of accidental loss. We're happy to say that we have solved this problem. New web wallet accounts created through the EasyDex UI have the option of storing an encrypted version of their password in our databases. Through our 2 step process, the user (and only the user) can recover their password.

One of the biggest problems within the entire crypto space has been transparent fiat-tethered assets. There is so much uncertainty with current options about whether they are actually backed by an equal amount of the fiat asset they represent. To solve this problem we wanted to make sure to provide a crypto asset that fully represents and is freely tradeable for the asset it represents. Therefore, our primary order of business was to create viable fiat bridges to the Bitshares platform. We are now happy to announce that we have cleared all legal hurdles and can provide deposits and withdrawals of USD and EUR! Our pledge is to regularly (once a week) publicly post the amount of each currency we hold in deposit in our accounts compared to the amount of the corresponding asset in circulation. We will also have regular 3rd party audits as deemed necessary to ensure that users can rest assured that their tethered assets are appropriately backed. We plan to add many other fiat assets in the future and will spread our holdings across as many banks as possible to ensure that users will always be able to trade in their crypto assets for the fiat currencies they represent.

Our experience has proven that the best way to create a successful project is by building a community with whom to share value. To this end we have created the EasyDex Portfolio Builder token (EASYDEX.PB on the dex). The portfolio builder token is backed by the crypto bridges that are currently in development. Holders of our Portfolio Builder token will receive regular sharedrops of each crypto asset that we have a bridge for amounting to 50% of the market fees collected for each asset. Some of the first assets in development are Steem and SBD so users will be able to buy and sell these assets directly for fiat! The maximum supply of Portfolio Builder tokens is 1 million. Most of these (800 thousand) will be sold through an EOS style campaign. However, we have made an initial presale supply available here. In addition we have set aside 100 thousand tokens to share with the community through bounties, contests, and to reward people working on the project.

One of our primary goals is to provide the most intuitive, easy-to-use interface possible. To achieve this we will need feedback from the community. So, we invite you to try out our services here. Everyone who tries our services and posts a review of their experience will be rewarded with 5 Portfolio Builder tokens. Please let us know your likes and dislikes about the UI and any suggestions you may have. Constructive criticism is extremely welcome. You can log in with your existing Bitshares account or you can create one to take advantage of our account recovery option. To be eligible, post a link to your review in the comment section along with your Bitshares username.


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Just bought the first EASYDEX.PB tokens!

I'm pretty excited about this, it was a tremendous pain in the ass to buy crypto this year, thanks to centralized exchanges. Will it work with russian banks?

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That's an interesting question.... Since we are based in Bulgaria that's a hot topic of conversation around here. We are a member of the EU and Russia is on the EU sanctions list but Bulgaria strongly disagrees and has a long history with Russia. As of right now the bank we are currently using is based in Greece so we can't accept deposits or do withdrawals to people in Russia. We are currently looking for a way around this and it is a large priority for us. I know that some Bulgarian banks offer Ruble accounts but a lot of Bulgarian banks have had problems with crypto. We do want to offer a ruble-tethered asset when possible and will keep you informed of our progress.

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Please do, I'd like to turn my back on Binance and the likes, but right now I have no means to.

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@nameless-berk
You are best
but why............

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There is a flag for spam comment with no sense or finished question.

Yes! This is big news for all the STEEMIANS! Super excited to test it out! Thanks @easydex team!

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Yep!!!!!!!!!!!!!!!

Wooo! I'm mad excited for easydex!

who's the team behind, where's the company based?

Seeing how terms & privacy are blank, makes me wonder some things... especially when you claim to deal with FIAT.

what's the KYC process like?

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The guy who is doing the landing page has been a little bit behind but we have the team page updated with at least the key members here. We still have more to add but that has the main dev team and some others. I'm not sure if he's got the TOS and privacy statement up yet but it's pretty standard. We won't sell your information to anyone and will only share it with parties necessary to provide the services (ie: we'll have to give your name and bank details to our bank to send fiat to your account). The kyc process is fairly standard. We need some information to confirm identity and address before you can make a withdrawal or for deposits beyond a certain level. For larger withdrawals we'll require more information depending on the user's location as required by the bank an applicable laws. We are a registered corporation in the Republic of Bulgaria so are under EU laws and there's certain legal requirements when it comes to bank transfers over a certain level to bank accounts in the US (I believe it's $10,000).

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Actually there is a list of things that are strange about this exchange.

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If you have any questions about it we'll gladly answer them in discord or in telegram.

Lovely, I am so excited about this whole fiat deposit/withdraw. Just wanted to ask if its gonna be possible to deposit/withdraw from/to Payoneer Global Payment Service bank account?

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That's something we are looking into now.... Revolut as well and possibly Skrill if possible. I think so long as you have an IBAN number and the SWIFT code then you can deposit/withdrawal. We're hoping to be able to reduce fees for customers using the services I mentioned in the future.

This is an awesome development. I will review when I get home tonight. Where do you need to post the review to qualify for the free tokens? In this thread?

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The best way to do it I would say would be to make a post about it here on steem and post a link in the comments. If you prefer you can just type it in the comments too.

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I can write a post here on Steemit but I won’t have time until the weekend unfortunately. In the mean time I have checked out the app, registered a new account etc and my initial thoughts are below. If this qualifies, my bitshares handle is

grizgal1

Overall easydex is a massive improvement on the bitshares interface. I registered a new account in a couple of minutes. It was simple and intuitive, not to mention fast.

The rest of the interface is well laid out and it is easy to find the various features (such as dashboard and viting etc). I am not too sure about the background but I may just be getting a little old. You may be able to turn this off but I didn’t manage to find out how, if you can.

Over all I really liked it. A simple, clean interface which retains the complexity of the bitshares interface whilst simplifying the key features. I will definately be using this in the future.

Examples like this are the reason why i'm still being around BitShares... Mainstream adoption and Commercial use are key factors for so beyond due date, explosion BitShares deserves.

Welcome @easydex, will do review as user and will hit @apasia.tech for one business review, also will do test of fiat deposits/withdrawals from Thai bank. We are legal here regarding crypto paymentt :) McDonalds, TrueCorp and few others are already accepting OMG payments.

P.S. Thanks to @officialfuzzy for support and introduction of this fine team to the blockchain!

Cheers :)

Luci

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Nice! There's no issue with our banks and Thailand. I actually have some friends that repatriated there. It seems like a beautiful place.

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Only for a Holiday! Living here as expat entrepreneur I wouldn't advise anyone to start business in Thailand at the moment :) Anyway, will follow up with that review soon. Talk to you on Saturday, i'm heaving few bullet questions for your DEX :)

Don't worry i'm sure mine will be less lethal than you might actually get :)

Cheers,

Luci

Directly from fiat to Steem and SBD, wow! I wish Indian govt. could support the crypto, and I could buy fearlessly.

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We were actually looking into rupees as one of our first fiats to add then the Indian government came out with their crypto ban thing.... We'll still do it if we can find a way.

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That is good to know. Maybe big people in crypto from India will fight the central bank and win. That will be great.

@easydex, welcome and congratulations on making your first post! I gave you a $.05 vote! If you would be so kind to give me a follow in return, that would be most kind of you!!

wow... I don't understand how I missed that.. Have you ever posted anything on bitsharestalk forum?
Just a suggestion..It would be nice if one can see the order books without having to register on the main page. Like the way binance for example is doing.
Looking forward for great things from you

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We did a few months back but since then we have all been busy with development and since we've been self funded we haven't had time to do much in the way of promotion. We prefer to promote a functioning project instead of trying to sell an idea anyway and we're in it for the long haul so we have time to promote it while we are making improvements and we'll probably never stop promoting it.

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I saw your post on bitsharestalk and I think you should revisit it now again. After all it is the official bitshares forum...Don't be put off if you receive skepticism there. Bitshares community has a long history of questioning anything new until it is proven and is working as intended and try to protect its members.

You mentioned above that your bank is based in Greece. Do you mind share with us the name of the Bank in Greece and the name of your company?

Thank you very much in advance
Wishing you all the best!

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The bank we are currently using is Piraeus Bank. The official name of the company in English is EASYDEX, LTD and in Bulgarian it is ИЗИДЕКС, ООД

wow... sound so great

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I'm pretty excited about this,sir i.m new people

if you lost your Bitshares web wallet password you lost access to all of your funds. It was important to us to create a trust-less and secure way for users to recover their password in the case of accidental loss. We're happy to say that we have solved this problem.
"it's a supper security process......!!! thanks for good information about bitshare "

Awesome! I posted my initial feedback and suggestions in the EasyDEX Discord.

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I am very much excited about this.and i think it will be halpfull


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it's amazing that you can develop the digital money exchange process very easily for the use of cripto money

Wow.
It's a very exciting post. Great contribution.
Thanks for shear it.

Happy Steeming.

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This is great news, looking forward to testing your platform. Def need more options for getting FIAT in/out of crypto

When this one is going to launch??
I mean the date
& also share me admin fb profile or more details about it

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This post is announcing the beta launch so you can use it now. The UI is stable but since it's early beta you might notice a little bit of weird things and it will change a little from time to time. We don't really use fb... you can click on the discord or telegram images in the post and join the channels though.

@easydex
you are great man
i like u and you are a one man army
your loveing FAN @nirobchowdhury333

I added step by step directions for creating a BitShares account through EasyDex to Whaleshares.info today. I have also created a post on Steemit with the screen captures and a little plug for EasyDex.

My experience was that EasyDex seemed lightning fast compared to OpenLedger, Bitshares.org, and RuDEX. Overall I think the site is nice and most things I could easily adapt to. The biggest draw back to me is the lack of link tabs for Dashboard/Account and Tranfer/Send accross the top. I jump back and forth quite a bit and having to open the hamburger menu every time is an added step I don't need.

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Thanks for your feedback and your help. Maybe that's what we'll do with the extra space we created on the top of the page. We do have a lot of things we're going to have to figure out how to cram into a limited space but easy navigation is incredibly important.

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One other thing, I just noticed in the Activity tab the bought xxx, sent xxx does not indicate the asset just the quantity.

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Interesting.... It doesn't do that on any of our browsers. What browser are you using?

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Chrome

Here is what I see on Openledger
Screen Shot 2018-04-22 at 5.58.19 PM.png

And here is what I see with EasyDex in same browser just a different tab
Screen Shot 2018-04-22 at 5.58.48 PM.png

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Ah... I know why that happened. We were fixing the My Portfolio page where it said the asset name twice and it must have been connected. That's easily fixable. Thanks for the head's up.

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great, glad it is an easy fix

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The interface looks really nice, one observation...when hovering over the USD markets a message appears stating that the asset is backed 1:1 by real USD however, the markets are for BitUSD which is collateralized by BTS not USD.

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Thank you for pointing that out because I hadn't noticed that the guy who was working on it did that. We are fixing that right now. What's your BTS username?

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We have resolved that issue. Thank you for bringing it to our attention. Please let us know your BTS username so we can reward your efforts.

this is fantastic

Innovative approach, love it.

Trust... less???

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Yes our password recovery process is trustless in that we figured out a way to grant you, and only you, access to your password in case you lose it without us actually having access to it ourselves. The way it works is that we store a version of your password encrypted according to a key that is your answer to a test question. To recover the password you will have to answer the test question you selected as well as have access to the email you gave during sign up. This is the most secure way we could find to ensure that users could always access their password but noone else could.

This looks great, well done!

good post

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ok I will check it out

this is good news to share

Hi, Thanks guys! Great job. Here is a link to my review.

steemit.com/easydex/@snowmanmike/review-of-easydex-fiat-on-off-ramp-direct-to-bts