Place/Date: - April 4th, 2018 at 12:36 pm UTC · 5 min read
A much anticipated new project that may revolutionize cryptocurrency trading is set to launch on April 5. Ethen , a decentralized platform for exchanging cryptocurrencies for professional traders, novice traders and investors, will launch with a unique algorithm for acquiring and trading ERC20 tokens.
The service features wallets integrated with Ethereum-based smart contracts that allow users to manage trades, deposits, and movement of funds. Ethen will also provide a backup feature by publishing their open source code for withdrawing funds on Github if the main site becomes unavailable.
“Our main goal in developing Ethen was to make decentralized exchanges more accessible to a wide range of users, not just to professional traders, while incorporating as many convenient features as possible from centralized exchanges. We brought on top-level developers with experience building high load systems to create the most stable system available on the Internet. Our decentralized algorithms for carrying out transactions with cryptocurrency of completely different volumes help to create an unparalleled trading experience for our users. The smart contracts at the trading core of the platform makes our system completely transparent and practically invulnerable,” the creators state.
The key difference between Ethen other exchanges on the market is decentralization, which allows users to avoid the drawbacks inherent in a lot of “classic” sites, especially problems related to wallet security. For example, a decentralized exchange has no access to user wallets, which means that user funds are protected from hacking.
Ethen’s unique advantages include:
Another key feature of the platform is group and partial closing of orders. When a user places an order, Ethen determines the best offers available in the buy and sell offers pool (trade blotter) and presents the most profitable trades, saving time and helping users increase their earnings.
Ethen’s algorithm contains a double-signature verification mechanism for each transaction. Both the signed purchase and sale data are first sent to the server where these signatures are compared and verified, only then is the transaction confirmed.
Double-signature verification ensures superior security, high performance, and complete control over transactions, maintaining transparency at all stages of the process while at the same time enabling significantly faster transactions compared to other exchanges.
User accounts don’t exist on the Ethen platform, which means that Ethen has no access to user wallets. Users are able to enter secret keys into the interface of the exchange, but Ethen will never store or transfer these keys on its server, thereby ensuring security of the user’s data and finances, another feature that sets Ethen apart from every other exchange on the market. This algorithm makes it possible to independently approve a desired amount of currency or exit from the smart contract that manages all activities between users and checks the transactions.
Further, the exchange does not have access to user funds transferred to the smart contract, only the user can manage these funds. This ensures the confidentiality of transactions, the complete security of the flow of funds from one client to another, and prevents access by third parties to funds blocked under this smart contract.
Ethen allows users to verify the address of the smart contract, order type, token address, unique transaction number, price and amount of the token, as well as the expiration date of each transaction before confirming their order by signing it with their own unique key. The signed order is then sent to the server, which adds its own signature to the transaction for verification. When the recipient receives an order or orders signed by the server, the recipient can send the transaction to the smart contract.
The system then checks both signatures and whether both users have sufficient funds to complete the transaction.Only then are the tokens sent from one address to another address. The smart contract generates event logs, which are synchronized with the server, to notify users of updates to transaction information.
Platform users pay a small and fixed commission on the sale and purchase of tokens executed on Ethen. The commission is calculated when the order is placed, clearly displayed for the user before the transaction is confirmed, and charged when the tokens are sent between the accounts. The upper limit of the commission is set at 0.5%. The cost of placement is from 0%. The maximum amount is set in the smart contract cannot be altered.
As a safe, stable, fast, and user-friendly decentralized platform for trading cryptocurrencies, Ethen has huge potential. The project will launch on April 5, so our readers have the opportunity to be among the first to join this innovative and revolutionary project.