With the recent surge of interest in the cryptocurrency markets, mainly from
larger financial institutions and corporations, we are introducing a decentralized exchange with a highly customizable environment for speed, cost, security, anonymity and scalability.
BankDex decentralized exchange will o er traders a fair and secure platform
to trade and manage their assets. Power users are granted the freedom to
choose and thrive, while new users feel welcomed and free from the risks
that are inherent in a centralized system.
The growth of the exchange resides in a flexible architecture that is able to
adopt the best practices of second generation blockchain applications. The
task of building BankDex mainly resides in successfully merging and integrating today’s best protocols, paradigms and patterns to match the requirements of today’s cryptocurrency traders.
The BankDex Ecosystem
The BankDex ecosystem consists of components that work together to
improve the overall trading experience. The components and their applications work together to enable a smooth, secure and fast multi blockchain trading platform for cryptocurrency exchange.
BankDex Multicurrency Wallet
BankDex boasts an impressive array of crypto to crypto pairings across its
network. Supported crypto currencies and tokens are BTC, ETH, XRP, EOS, TRX,
ADA, XLM, VIBE, QNT, REM, MKR and ZIL. Users can withdraw funds their funds
in their Bankdex Network wallet for FREE and in its roadmap BankDex allows
the integration of third-party multicurrency wallets also that can be used for
doing the peer to peer transactions.
The BankDex platform does not hold the custody of any assets. The 2-of-3
multisignature feature of our clients’ wallets ensures that their funds are not
at the risk of being lost or stolen, at any time. This is a unique and secure transaction management system that we are deploying on the exchange. As a
result, clients will be able to focus on buying and selling cryptocurrencies
without any worry for the safety of their funds.
BankDex Order Serializer
BankDex creates a secure and transparent cryptocurrency exchange by combining the best of the centralized and decentralized ecosystem. The BankDex
serializer will help in the chronological storage of orders created by the users.
The orders are stored in the BankDex o -chain database.
A user puts together an order by specifying the following parameters:
- The cryptocurrency pair for exchange
- The price
- The quantity
- Type of order
Once this order is validated by the client, the order will be encrypted to a cryptographic hash value and a timestamp that specifies the time of its emission.
The order is then added to the serializer which contains the new orders and
those that were not executed in the past. The orders are ranked by their timestamp and their contents are encrypted.
User
Order #1234
Timestamp: 1546738
BankDex Order Matching Engine
A BankDex trading platform is built around an e cient orders allocation algorithm known as a matching engine. As this algorithm functions as the core of
an exchange, we have developed a matching engine that matches and
protects our values. Hence, we have been focused on developing a fair and
powerful matching engine.
Our exchange has been designed for both institutional and retail investors.
We have strived to strike a balance between the expectations of all the
market participants along with our objective to restore the confidence of consumers in the market. The matching engine is unquestionably plays a key role
to “build trust” in our new generation trading platform.
We assume that market orders, limit orders and cancel orders can arrive at
the order book at any time. We also consider that the market is governed by a
FIFO (First in First Out) rule, which means that each limit of the order book is a
queue, and the first order in the queue will be the first one to be executed. We
consider a market maker who stands ready to send buy and sell limit orders
on a regular and continuous basis at quoted prices.
A matching engine basically functions by taking the order and order book as
input parameters, matches the order with available corresponding open
orders and lists out the trades, along with the remaining orders. The remaining orders will become the order book for the next order in the matching
engine.
The matching engine can process millions of transactions per second. The
architecture of the Matching engine makes it highly scalable with the capacity
to support a large number of existing markets (Crypto Token pairs) and new
token pairs as they emerge. A robust order management system has also
been incorporated to support a variety of order types.
The BankDex order matching engine tries to find the best price available
for a given order in the exchange.
If a matching order does not exist, the order is considered as a resting
order and added to the order book.
In case of multiple matching orders, the matching engine allocation algorithm is applied. In BankDex, we apply FIFO (First in First Out), which gives
priority to the oldest counter order with the best matching price.
BankDex Exchange Core – The
Lightning Network
“Lightning’s fundamental technology is a local two ¬party consensus, known
as a payment channel. Two parties send an initial amount of Bitcoin into a multisignature transaction with a local consensus on the current balance allocated between the two participants. Updates to the allocation of the current
balance can be made only with the cooperation of both parties, using a new
transaction which spends from the funds allocated to the multisignature
transaction to each party.”
In other words, the Lightning Network allows two people exchanging funds to
agree upon each other’s respective balances o -chain while maintaining control over signed transactions, enabling balances to become e ective
on-chain.
The Lightning Network, in its current version helps overcome two limitations
of the Bitcoin Network:
Instant transaction as opposed to waiting for at least one confirmation (six
confirmation are recommended)
Lower fee because fees are collected by LN nodes and not miners as with
the Bitcoin Network
A trade is conducted on BankDex decentralized trading exchange as
explained below:
1. Trader [Maker] deposit funds in BankDex
2. Trader [Maker] Creates a Buy Order [Market, Limit or Stop Limit]
3. Trader [Taker] deposit funds in BankDex
4. Trader [Taker] Creates a Buy Order [Market, Limit or Stop Limit]
5. Orders are submitted to Order book on an O -chain database
6. Order Serializer picks up the orders to be matched based on the order type,
assets type, date of order and value.
7. Order matching engine matches the Buy orders with Sell orders
8. Order Processor checks the asset type and send to Exchange Core.
9. From the Exchange Core, Interoperable blockchain router routes the order
for execution on respective blockchain
10. On successful execution, Order is confirmed in O -chain database and
user get notified through alerts.
11. The assets get transferred to Taker Wallet.
12. In case order are aging and are there in o -chain database for more than
30 days. Orders shall be archived to control the size of Order book
Sidechains
Sidechains can be considered as an emerging mechanism which allow tokens
or digital assets from one blockchain to be used securely in a separate blockchain and again moved back to the parent blockchain if needed. The distribution of task evenly on side chain will help improve the processing e ciency.
The inter-blockchain communications are conducted with the help of inter-operable Blockchain routers
BankDex Order Book
The order book is a list of sell or buy orders which are sorted by price and timestamp. When a new order is received in the order book, it is checked against
the open orders (for a new buy orders, existing sell orders are checked) to see
if there are any orders matching the conditions imposed by the new order.
If there is a match, we generate trades between the orders until the conditions are invalidated or until the order is filled. The platform's activity history
(completed orders, old trades), can easily be inserted into a traditional relational database.
Order Book Settlement
Order settlement comprises of familiar elements of the conventional financial
market transactions. Utilizing FIFO technology to design the order book, BankDex intends to check order, inventory, and fill rate, as well as limit orders and
cancellations
SAM Token
SAM Token is an ERC 20 token that will be issued on the Ethereum blockchain.
SAM token will help fund our Research and Development activities, engage in
marketing activities that aim to create and increase the awareness and acceptance of BankDex. The immediate and long-term benefits of buying SAM
tokens during the Crowd Sale includes short term gains of rapid price appreciation and long-term goal of wealth creation, and value addition to the token
holders
for more information :
https://www.facebook.com/bankdex.io
https://t.me/BankdexChatOfficial
https://www.linkedin.com/company/18708308
Writer : Sidhay33
MyEth : 0xCC85881B95643023EA2a9B6B60c3A55A71aa4C42
