Giant.Exchange Beta
This article tells about the key features of the upcoming beta version of Giant.Exchange - the blockchain-based binary options platform the Giant team is actively developing. To find out the basic principles of this marketplace, you can read our material called What Is Giant.Exchange.
Giant.Exchange Beta will be released on 1 October 2018. Users will have an opportunity to test the following basic functions and get a first glimpse of what we have been preparing for quite a while.
Giant developers have found a good way to use a Chrome V8 Engine-backed JS smart contract technology on Giant.Exchange for efficient binary options trading. It has already been tested in the mainnet, meaning that it has proven its compatibility with the blockchain of Giant. The first decentralized application (DApp) that uses the Giant blockchain as a basis and Giant Coin - as a payment tool is a binary options exchange called Giant.Exchange.
The beta client will demonstrate the market situation for one trading pair - BTC/USD (Bitcoin and the U.S. Dollar). This list will, of course, expand over time - Ethereum, Ripple, Litecoin, Dash and Bitcoin Cash are planned to be used in the future versions. Giant.Exchange customers will be able to engage with the Giant blockchain and use the platform without any new programs by simply downloading and installing GiantSigner - a special browser plugin. Its closest equivalent is MetaMask, an extension which allows to send requests in the Ethereum blockchain to access Ethereum DApps.
Users will be able to become the first brokers and create binary options, all they need to start this is owning a masternode. The ‘Binary Option’ smart contract is created with the use of the masternode signature. Only Call options and Put options will be available in this version of Giant.Exchange. It will not be hard to create new binary options, as all smart contracts will be using a common template. The broker will only have to insert the necessary data in the corresponding form.
New smart contracts will be first tested in the sandbox environment (working title GiantJS). This will allow to check them for various flaws and debug them before putting them on the actual platform. The documents related to GiantJS and the examples of first smart contracts created by GiantJS will be released simultaneously with Giant.Exchange Beta.
Those who aim not to create new binary options but bet on the market behavior instead can become the first traders as even the early version of Giant.Exchange will already allow to buy binary options.
The mechanism that allows to show relevant trading information is quite important when establishing a swift binary options exchange. The data on underlying assets will be demonstrated by using these information supply channels. Another example: the system will show the results of each binary options contract you have created or entered, including but not limited to the distribution of rewards. There will also be an opportunity to show the data coming from Oracles - one at a time in beta.
Those familiar with our previous materials are aware that the Giant.Exchange budget is placed on a separate ‘Giant.Exchange’ smart contract. Aside from keeping the development funds safe, this smart contract will allow to add new assets and oracles through masternode voting.
Similar to Metamask, a browser plugin that allows to send requests to Ethereum blockchain, we will release a Chrome plugin which will be able to send and sign requests to the blockchain of Giant.
The beta is still basic in comparison to the full version which is why we are going to add only one oracle in this installment. This oracle will grab the data on BTC/USD from Coinmarketcap and/or CryptoCompare. These services are, in turn, using the biggest digital currency exchanges as a reference, Coinmarketcap can often be met in the press as a trustworthy source on the issue of crypto prices.
The October beta release will be a major breakthrough in the development of Giant.Exchange and Giant DApps in general. Our users will finally receive an opportunity to see our definition of transparency and decentralization. Note that this will still not be a final product and some glitches may occur prior to the release of the full version.