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At the Cutting Edge — Digitex To Implement Plasma Technology with Matter Inc.
At the Cutting Edge — Digitex To Implement Plasma Technology with Matter Inc.
At the Cutting Edge — Digitex To Implement Plasma Technology with Matter Inc.
Yes, the rumors are true. Digitex Futures has been selected by one of Plasma’s development teams Matter Inc. to be one of their first use cases! This implementation will allow Digitex Futures to be the first hybrid futures exchange using Plasma technology.
Since Adam’s interview with Crypto Playhouse earlier this week, where he let slip that Digitex is partnering with one of Plasma’s development teams, our social channels have been blowing up! Well, we were going to wait a little longer to bring you all up to speed, but it seems that everyone is eager to know all the details! It’s great to see that the Digitex community is as excited over our latest development as we are.
While there will be a handful of other blockchain companies implementing Plasma, Digitex will be the only hybrid cryptocurrency exchange to use this groundbreaking technology. We’ll be making history–and helping Ethereum to make history in the process!
The Matter Inc. team has announced that their company is ready to release one of the first production-ready implementations of Plasma Protocol created in tight contact with the Ethereum Foundation and the BANKEX Foundation.
Alexander Vlasov, Head Researcher at Matter Inc., approached Adam about working with them. Naturally, Adam jumped at the opportunity to be the catalyst company that showcases Plasma technology. In partnership with SmartDec and Matter Inc., we will bring about the Ethereum blockchain’s much-needed solution to their scalability problem with the Digitex Futures exchange version 2 during the second half of 2019.
Why Does Digitex Futures Need Plasma?
Without getting too technical on you, any blockchain business, particularly one planning to manage hundreds of thousands of transactions simultaneously, built on the Ethereum blockchain needs Plasma. If they plan on delivering flawless speed, zero bottlenecks, and real-time trading, the current infrastructure provided by Ethereum will inhibit their growth.
This has never been an issue for Digitex since we have always been working on a hybrid exchange design. We use a centralized server for order matching and to gain the necessary speed for real-time transactions, while using the decentralized aspects of smart contracts that allow us to be a non-custodial exchange. “Non-custodial” is basically a fancy way of saying that we’ll never hold onto your money.
So at this juncture, you may be wondering–if we already have the scalability issue under control and can onboard a colossal amount of users from the get-go, why does Digitex need Plasma?
The Plasma Protocol is going to be a game-changer for the Ethereum blockchain, and our CEO Adam is one of Ethereum’s biggest fans, calling it the missing piece of the internet.
What Is Plasma?
In short, Plasma is a system for opening and maintaining side chains that allows for potentially billions of transactions to happen off-chain and therefore avoids the issues associated with scalability. But it also allows for greater security and decentralized account balances; the key to a non-custodial exchange like Digitex.
Our utility token, DGTX, is required to carry out any function on our platform. All your transactions, gains and losses will be denominated in DGTX.
Being an ERC-223 token, it can be used on a sidechain, which means that we can operate our futures exchange without ever having to hold onto your funds. We can offer traders commission-free trading and full security–they never have to trust us with their tokens.
Non-Custodial Trustless Spot Trading in 2019
If dominating the cryptocurrency futures market wasn’t enough, Digitex will also be using our superior technology, industry-leading partnerships, and highly liquid trading platform to offer non-custodial trustless spot trading in 2019!
Using Plasma technology, we’ll be offering the same type of cryptocurrency trading that’s available on most major exchanges today–but we’ll be doing it better and ensuring that customer funds are 100 percent secure at all times.
Thanks to Plasma technology, we will be one of the very few crypto exchanges that does not hold onto customer funds. And because we understand that not all traders are futures traders and we want to extend commission-free trading to everyone, we’ll be venturing into spot markets in 2019 as well.
How Does it All Work?
We’ll be going into way more detail about Digitex and the Plasma Protocol as we progress, but here’s a quick overview:
We’ll be using smart contracts on the Ethereum network. So, instead of depositing DGTX by sending them to our exchange, traders will keep their tokens in a Plasma sidechain. They can withdraw them from there and challenge an invalid transaction or withdrawal if necessary. Plasma has built-in fraud-proof capabilities and punishes malicious actors.
All of this means that the trader keeps control of his or her DGTX and doesn’t have to trust our exchange. The trader’s profits and losses are updated on the sidechain in real-time which is possible because they’re not hitting the main chain. This saves not only time but also gas costs.
Without getting too deep in the weeds, as we advance with the technology and begin to see it working harmoniously with our exchange, we may also shift from a hybrid exchange to a completely decentralized model.
Plasma has the ability to create matching transactions as well and also check for double-spends…
But, let’s not get too far ahead of ourselves! It’s early days right now. The main advantage and takeaway for users of Digitex is that Plasma will provide us with a robust and fraud-proof technology that they can trust at all times.
A Quick Workflow Example
The Digitex exchange provides the opportunity to trade futures on BTC/USD, ETH/USD, and LTC/USD pairs. Users send their orders to a Block Producer which immediately includes them in the sidechain block.
The matcher keeps track of all order transactions and matches intersecting orders by sending matching transactions to the Block Producer. The Block Producer then includes the corresponding transaction in the block.
All active trades are settled at the end of the trading day. The price is fixed and profits and losses are calculated at this price.
Why Is Plasma So Important to Digitex?
There are a billion reasons why we’re jumping at the chance to be one of Plasma’s first use cases! In fact, just as the Matter team said they couldn’t think of a better company to work with than Digitex, our sentiments are exactly the same.
Our company culture is based on agility, innovation, and a strong dedication to the latest technology. Being at the cutting-edge is a place where Digitex naturally feels comfortable–have you seen Adam on a skateboard?!
We’re also fiercely dedicated to offering the very best solution to our users that technology permits. Not only will we soon have a non-custodial, commission-free, 24/7 futures and spot trading exchange up and running, but we’ll be one of the first companies in the blockchain community to implement Plasma to its technology stack!
We couldn’t be more excited about the Ethereum team placing their confidence and trust in Digitex and that they see the exchange for what it has: the potential to become one of the biggest players in the industry.
With commission-free crypto futures trading, the implementation of non-custodial, trustless spot markets in 2019, and the very latest Plasma technology, we’ll be turning both the futures and the crypto industry on their heads.
At the Cutting Edge — Digitex To Implement Plasma Technology with Matter Inc. was originally published in Digitex Futures on Medium, where people are continuing the conversation by highlighting and responding to this story.
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