Thank you very much for your concern and support for Newdex. This article is written to state our attitudes toward some doubts. As a Newdex user, reading this article at the moment means you must be bonded with Newdex in some ways.
Recently an article titled "Newdex, a fake EOS decentralized exchange" was written by a Newdex user. Probably due to a deep concern for Newdex, the author questioned Newdex's operating model mainly in two aspects, one of them is that Newdex entrusted account does not applies smart contract, and the other is that the Newdex team is anonymous. We believe that the content of this article can represent the thoughts and concerns of some users, therefore it is necessary for us to make a statement.
When Newdex was founded, we wanted to build a decentralized exchange that is free of burden. Being free of burden means that assets do not need to be managed by exchange and the platform do not need to worry about any security issues, which is our original intention. However, in the process of development, we found that the EOS main chain does not support the function of freezing the order entrusted assets on chain, and it is unable to deliver assets in real time when the transaction is completed. That’s when Newdex entrusted account came up. When user places an order, the assets are transferred to the entrusted account first, which will be delivered in real time when match is made. If match is not completed, the assets remain in the entrusted account, waiting for the real-time delivery after the match is completed. This is how Newdex entrusted account works. It is a big progress from centralized exchanges where deposit and withdrawal are still required. Yet there is still some distance to our ideal decentralized exchange. Hence Newdex is also actively exploring a more decentralized approach, and we're developing smart contract, scheduled to be tested in 2019 on Q1, which will be launched when safety assured. From public sources, BLOCK.ONE Office plans to launch dex, so if technical case proved, we will replace our base layer with the official dex for further decentralization. Like all users, decentralization is our constant ideal and pursuit.
Newdex adopts the main decentralized operating mechanism, as the detailed explanation that we provide in Newdex official introduction and promotion video. The same mechanism is also adopted by IDEX, the top one decentralized exchange on ETH, also Ox protocol and Loopring.
Newdex doesn't shy away from talking about the entrusted account. We have detailed the operating mechanism on the page. To furtherly secure the assets in the entrusted account, we have applied cold wallet. For easily tracing and monitoring, we link to third-party block browsers, EOSPark, Eosflare, and MyEOSKit, where users can find the details of each transaction on Newdex. In addition, we are proud to announce that Newdex has pioneered the function of querying transaction details in order to increase transparency, which allows users to query information on both sides of a transaction. We believe that users who have experienced this function would be impressed.
About the question of anonymity, here’s our explanation. On one hand, we prefer users to focus on the Newdex, the product itself, not the team. It is because that we focus on the user experience, Newdex can be user-centric and become the world's first decentralized exchange that supports wallet code scanning exchange and wallet embedded exchange. On the other hand, the current global regulatory policy on decentralized exchanges is still not very clear. In view of national policy issues, our team chose to operate anonymously and attentively. Some users worry that we may abscond with user’s assets because of the anonymity. As a matter of fact, there is no need to be worried, If we want to abscond with all the assets, we would not choose to be a decentralized exchange. We make reasonable benefits by charging 0.1% transaction fee, meanwhile we have gotten the investment from well-known institution. There is no reason to abscond with funds. If you are really worried, you can choose to place order with a proper price and deal directly, the assets will be transferred in real time, so to relieve your worries.
Since the launch of the EOS main net in June 2018, Newdex and EOS have been ‘co-operating’ for more than half a year. We have developed a strong relation with EOS and we share its honor and disgrace. We would like to unite major nodes, wallets, DAPP developers, and EOS users, to develop EOS ecology together, heading a healthier direction, making EOS the world’s top public chain, linking to various business industries and life application scenarios, starting a new decentralized lifestyle for human culture.
No matter what changes and decisions we have made, we never forget our intention. Newdex will always adhere to the core of decentralization and continuingly strengthen our decentralization. You are more than welcomed to supervise and criticize. Thank you all!
December 7, 2018
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