KYC

Why KYC Is Broken Right Now

Blockchain
Crypto Industry
• Christina Comben
April 6, 2020

Not to be confused with the fast-food fried chicken chain, banks have had to comply with KYC (not KFC) practices for several years now. In the US, KYC emerged out of the Patriot Act, the Bush administration’s response to 9/11. One of its aims was to prevent any future financing of terrorism. But, this goal has tripped into crypto and it has no place here beyond ‘Big Brother’ wanting to know what everyone is doing all the time.

Confusion and Uncertainty in Traditional Finance

Globally, KYC and AML (Anti Money Laundering) requirements are changing all the time. That creates confusion, uncertainty, and delays in onboarding customers. Lack of clarity on KYC requirements means that there’s no real standard to follow–even within the same jurisdiction. This results in financial services institutions (FSIs) implementing their own variations of KYC.

And since they’re terrified of being found non-compliant and facing crippling fines in the millions of dollars (Deutsche Bank was fined over $200 million for unacceptable AML protocols in 2017) they tend to err on the side of caution. This makes KYC unnecessarily complicated.

No Place in Cryptocurrency

Now let’s consider cryptocurrency exchanges dealing with global customers where different laws apply. While KYC is in its infant stages in this industry, there are already plenty of problems caused by it and a lot of guesswork and noncompliance.

In fact, a 2018 study by PAID found that two-thirds of cryptocurrency exchanges in the US and EU (where KYC is required) fail to comply with requirements. They ask for nothing more than an email address and a phone number. So, that means they don’t know much about their customers after all. And flash-forward to 2020, even with the strict AML5 directive in Europe, not that much has changed.

This is still the main reason why the vast majority of banks are hesitant to work with cryptocurrency exchanges, forcing them to relocate to friendlier pastures and set up accounts in small and nimble jurisdictions like Lichtenstein or Switzerland. So, what are the main issues with KYC and why is it failing so miserably right now?

Do you want to trade BTC futures commission-free as well as KYC-free? Sign up for an account in seconds at the Digitex Futures beta and discover a new way to trade. With a one-click trading ladder interface and no fees of any kind, get your practice in ahead of the April 27 mainnet launch.

JOIN NOW
Customers Don’t Like KYC

Tough luck, you might say, if your customer happens to be a criminal. Of course they won’t like being forced to reveal their identity. But no legitimate operation, be it a cryptocurrency exchange or FSI, wants profits from drug sales or human trafficking floating through their systems.

At Digitex, we want to represent the interests of upstanding citizens, not criminals. However, the downside of KYC is that it punishes the sweeping majority of investors who are decent people and simply want to sign up and start trading. It’s a massive barrier to onboarding and makes the difference between people signing up to trade and simply deciding it’s not worth the trouble.

It also leaves exchanges vulnerable targets for hackers looking to seize sensitive data. At Digitex, we don’t need to know everything about you for you to use our platform. We believe that we all have a certain right to privacy and that exercising that right does not make you a criminal in any way. That’s why you can sign up for our exchange with just an email address – we removed all the need for KYC on our exchange. 

Removing the need for KYC allows us to be more agile than other exchanges that rolled over and decided to ask their customers for their sensitive information. Many a crypto exchange has missed out on customers thanks to the frustrations of KYC pushing them to an offshore competitor. Others have been forced to shut down. We want to see Digitex succeed and we believe this will play a pivotal part in that.

KYC Is Expensive

Not to mention that removing KYC will allow us to save costs. KYC is extremely expensive. Banks are already spending around $500 million per year on KYC and it’s pushing up the cost of onboarding new clients. And if the costs of KYC are prohibitive for large banks, just imagine how that affects smaller cryptocurrency exchanges!

Against the threat of fines or having their businesses shut down, plenty of cryptocurrency exchanges are scrambling to comply, asking users to upload an ID card or perhaps an additional note proving they are who they say they are, signed and dated. But, again, as with banks, this KYC process is performed with poetic license, with each exchange coming up with its own version.

KYC takes up a severe chunk of their profits and a lot of their time. Not only collecting and validating data, but also the risk associated with storing it (as we witnessed ourselves at Digitex). After all, if exchanges can get hacked for crypto, they can also get hacked for data. 

Our goal is to allow for frictionless, commission-free trading. The last thing we want is to drag our customers through invasive fact-checking missions that delay onboarding and affect liquidity.

Verification Isn’t Portable

Since no one exchange can cover all the needs of cryptocurrency traders, they must work with more than one. Fiat to crypto, crypto to crypto, OTC trading, and futures. And customers have to through the lengthy process over and over again at the next exchange.

Unlike showing a passport as a universal and acceptable form of ID, KYC has no standard from bank to bank, exchange to exchange, country to country. You may need to show a utility bill, a national ID card, a passport, or a selfie with a note. You may not be allowed to use the exchange at all. Not to mention the fact that some people don’t even have government-issued IDs.

The Takeaway

KYC is imposed top-down by Big Brother as an excuse to monitor the crypto space and we’re taking a stand. We’re already doing what is required by blocking all US users and users from restricted countries. But we won’t make all our users jump through hoops just because overzealous regulators say we should. Come join us today and trade zero-fee and commission-free.

Digitex is a revolution in cryptocurrency derivatives trading. If you want to stock up on its native DGTX token ahead of the public launch on April 27, you can do so by heading on over to the Treasury now. You’ll get a simple fast frictionless transaction with no commissions and no need to hand over any sensitive data.

BUY NOW
April 6, 2020
Blockchain
Crypto Industry

Why KYC Is Broken Right Now

Christina Comben
KYC

Not to be confused with the fast-food fried chicken chain, banks have had to comply with KYC (not KFC) practices for several years now. In the US, KYC emerged out of the Patriot Act, the Bush administration’s response to 9/11. One of its aims was to prevent any future financing of terrorism. But, this goal has tripped into crypto and it has no place here beyond ‘Big Brother’ wanting to know what everyone is doing all the time.

Confusion and Uncertainty in Traditional Finance

Globally, KYC and AML (Anti Money Laundering) requirements are changing all the time. That creates confusion, uncertainty, and delays in onboarding customers. Lack of clarity on KYC requirements means that there’s no real standard to follow–even within the same jurisdiction. This results in financial services institutions (FSIs) implementing their own variations of KYC.

And since they’re terrified of being found non-compliant and facing crippling fines in the millions of dollars (Deutsche Bank was fined over $200 million for unacceptable AML protocols in 2017) they tend to err on the side of caution. This makes KYC unnecessarily complicated.

No Place in Cryptocurrency

Now let’s consider cryptocurrency exchanges dealing with global customers where different laws apply. While KYC is in its infant stages in this industry, there are already plenty of problems caused by it and a lot of guesswork and noncompliance.

In fact, a 2018 study by PAID found that two-thirds of cryptocurrency exchanges in the US and EU (where KYC is required) fail to comply with requirements. They ask for nothing more than an email address and a phone number. So, that means they don’t know much about their customers after all. And flash-forward to 2020, even with the strict AML5 directive in Europe, not that much has changed.

This is still the main reason why the vast majority of banks are hesitant to work with cryptocurrency exchanges, forcing them to relocate to friendlier pastures and set up accounts in small and nimble jurisdictions like Lichtenstein or Switzerland. So, what are the main issues with KYC and why is it failing so miserably right now?

Do you want to trade BTC futures commission-free as well as KYC-free? Sign up for an account in seconds at the Digitex Futures beta and discover a new way to trade. With a one-click trading ladder interface and no fees of any kind, get your practice in ahead of the April 27 mainnet launch.

JOIN NOW
Customers Don’t Like KYC

Tough luck, you might say, if your customer happens to be a criminal. Of course they won’t like being forced to reveal their identity. But no legitimate operation, be it a cryptocurrency exchange or FSI, wants profits from drug sales or human trafficking floating through their systems.

At Digitex, we want to represent the interests of upstanding citizens, not criminals. However, the downside of KYC is that it punishes the sweeping majority of investors who are decent people and simply want to sign up and start trading. It’s a massive barrier to onboarding and makes the difference between people signing up to trade and simply deciding it’s not worth the trouble.

It also leaves exchanges vulnerable targets for hackers looking to seize sensitive data. At Digitex, we don’t need to know everything about you for you to use our platform. We believe that we all have a certain right to privacy and that exercising that right does not make you a criminal in any way. That’s why you can sign up for our exchange with just an email address – we removed all the need for KYC on our exchange. 

Removing the need for KYC allows us to be more agile than other exchanges that rolled over and decided to ask their customers for their sensitive information. Many a crypto exchange has missed out on customers thanks to the frustrations of KYC pushing them to an offshore competitor. Others have been forced to shut down. We want to see Digitex succeed and we believe this will play a pivotal part in that.

KYC Is Expensive

Not to mention that removing KYC will allow us to save costs. KYC is extremely expensive. Banks are already spending around $500 million per year on KYC and it’s pushing up the cost of onboarding new clients. And if the costs of KYC are prohibitive for large banks, just imagine how that affects smaller cryptocurrency exchanges!

Against the threat of fines or having their businesses shut down, plenty of cryptocurrency exchanges are scrambling to comply, asking users to upload an ID card or perhaps an additional note proving they are who they say they are, signed and dated. But, again, as with banks, this KYC process is performed with poetic license, with each exchange coming up with its own version.

KYC takes up a severe chunk of their profits and a lot of their time. Not only collecting and validating data, but also the risk associated with storing it (as we witnessed ourselves at Digitex). After all, if exchanges can get hacked for crypto, they can also get hacked for data. 

Our goal is to allow for frictionless, commission-free trading. The last thing we want is to drag our customers through invasive fact-checking missions that delay onboarding and affect liquidity.

Verification Isn’t Portable

Since no one exchange can cover all the needs of cryptocurrency traders, they must work with more than one. Fiat to crypto, crypto to crypto, OTC trading, and futures. And customers have to through the lengthy process over and over again at the next exchange.

Unlike showing a passport as a universal and acceptable form of ID, KYC has no standard from bank to bank, exchange to exchange, country to country. You may need to show a utility bill, a national ID card, a passport, or a selfie with a note. You may not be allowed to use the exchange at all. Not to mention the fact that some people don’t even have government-issued IDs.

The Takeaway

KYC is imposed top-down by Big Brother as an excuse to monitor the crypto space and we’re taking a stand. We’re already doing what is required by blocking all US users and users from restricted countries. But we won’t make all our users jump through hoops just because overzealous regulators say we should. Come join us today and trade zero-fee and commission-free.

Digitex is a revolution in cryptocurrency derivatives trading. If you want to stock up on its native DGTX token ahead of the public launch on April 27, you can do so by heading on over to the Treasury now. You’ll get a simple fast frictionless transaction with no commissions and no need to hand over any sensitive data.

BUY NOW

Latest News

Futures Trading

The Next Generation of Futures Trading

Blockchain
Digitex Futures
• Dave Reiter
March 30, 2020

Commission-free futures trading is quickly becoming a reality. 100 years from now, people are going to look back on the first two decades of the 21st century and quickly realize that this was a great time for new disruptive technologies and innovative solutions. We’ve only just started to scratch the surface. We are still in the infancy stage of blockchain technology and digital currency usage. Tremendous opportunities await traders, investors, and entrepreneurs in the digital currency and blockchain universe.

Digitex Futures Allows Trading Commission-Free

One of the companies shaking up crypto futures trading is Digitex, which will provide commission-free futures trading of Bitcoin perpetual swaps. Currently in the testnet version, the mainnet will be released on April 27 and will face the change of futures trading for good. 

The uniqueness of the Digitex Futures exchange is based on the fact that Digitex has its own native cryptocurrency, called the DGTX token. All trading profits and losses are denominated in DGTX tokens. Additionally, account balances, deposits and withdrawals are denominated in DGTX tokens. Therefore, traders must own the tokens in order to trade. Of course, this is what creates the underlying demand for the DGTX tokens.

Are you ready to join in the commission-free trading revolution? Stock up on DGTX tokens while they’re at a knock-down price ahead of mainnet launch by buying DGTX today. You’ll get an instant trustless transaction with zero commissions, KYC, or slippage.

BUY DGTX
Zero Need for KYC

Another feature that separates Digitex from traditional exchanges is the way in which the firm manages your private information. Traditional brokerage firms and futures exchanges must follow strict KYC/AML regulations. Originally, these regulations were designed to prevent the opening of fraudulent accounts. 

However, the Know Your Customer (KYC) rule has proven to be extremely ineffective and rather pointless. In fact, the need for KYC/AML has actually increased incidents of identity theft, an occurrence that led to Digitex’s choice to go KYC-free

Automated Market Makers

An additional unique characteristic of the Digitex Futures exchange is the fact that it enhances market liquidity by using automated market makers. Essentially, these market makers are automated trading bots with algorithms that are programmed to lose. This not only created liquid markets through active trading but gives traders on the exchange a built-in edge working in their favor, unlike any other exchange.

One-Click Trading Ladder Interface

Another killer unique feature of the Digitex Futures exchange is its one-click trading ladder interface. This is the way that most traditional futures traders trade but it’s a first for the cryptocurrency industry. 

This will allow traders to stay in the zone and literally watch the prices move up and down on either side of the ladder and place an order with one single click. When you’re looking to capitalize on the smallest price fluctuations, time is of the essence and placing a trade with a click of your mouse is truly revolutionary. 

These are just a few examples of the manner in which the Digitex Futures exchange is setting the standard for a new futures trading platform based on blockchain technology. As we discussed earlier, this is just the beginning. We are still in the first inning in regard to the blockchain’s ability to unleash new and exciting ideas in the area of financial innovation. Without question, Digitex Futures exchange is laying the groundwork in order to play a major role going forward.

Want to try your hand at trading commission-free on the Digitex Futures exchange? With the beta version handling insane volume, you can practice your skills on our trading ladder interface and hone your strategy before the mainnet release on April 27, 2020.

JOIN NOW

March 30, 2020
Blockchain
Digitex Futures

The Next Generation of Futures Trading

Dave Reiter
Futures Trading

Commission-free futures trading is quickly becoming a reality. 100 years from now, people are going to look back on the first two decades of the 21st century and quickly realize that this was a great time for new disruptive technologies and innovative solutions. We’ve only just started to scratch the surface. We are still in the infancy stage of blockchain technology and digital currency usage. Tremendous opportunities await traders, investors, and entrepreneurs in the digital currency and blockchain universe.

Digitex Futures Allows Trading Commission-Free

One of the companies shaking up crypto futures trading is Digitex, which will provide commission-free futures trading of Bitcoin perpetual swaps. Currently in the testnet version, the mainnet will be released on April 27 and will face the change of futures trading for good. 

The uniqueness of the Digitex Futures exchange is based on the fact that Digitex has its own native cryptocurrency, called the DGTX token. All trading profits and losses are denominated in DGTX tokens. Additionally, account balances, deposits and withdrawals are denominated in DGTX tokens. Therefore, traders must own the tokens in order to trade. Of course, this is what creates the underlying demand for the DGTX tokens.

Are you ready to join in the commission-free trading revolution? Stock up on DGTX tokens while they’re at a knock-down price ahead of mainnet launch by buying DGTX today. You’ll get an instant trustless transaction with zero commissions, KYC, or slippage.

BUY DGTX
Zero Need for KYC

Another feature that separates Digitex from traditional exchanges is the way in which the firm manages your private information. Traditional brokerage firms and futures exchanges must follow strict KYC/AML regulations. Originally, these regulations were designed to prevent the opening of fraudulent accounts. 

However, the Know Your Customer (KYC) rule has proven to be extremely ineffective and rather pointless. In fact, the need for KYC/AML has actually increased incidents of identity theft, an occurrence that led to Digitex’s choice to go KYC-free

Automated Market Makers

An additional unique characteristic of the Digitex Futures exchange is the fact that it enhances market liquidity by using automated market makers. Essentially, these market makers are automated trading bots with algorithms that are programmed to lose. This not only created liquid markets through active trading but gives traders on the exchange a built-in edge working in their favor, unlike any other exchange.

One-Click Trading Ladder Interface

Another killer unique feature of the Digitex Futures exchange is its one-click trading ladder interface. This is the way that most traditional futures traders trade but it’s a first for the cryptocurrency industry. 

This will allow traders to stay in the zone and literally watch the prices move up and down on either side of the ladder and place an order with one single click. When you’re looking to capitalize on the smallest price fluctuations, time is of the essence and placing a trade with a click of your mouse is truly revolutionary. 

These are just a few examples of the manner in which the Digitex Futures exchange is setting the standard for a new futures trading platform based on blockchain technology. As we discussed earlier, this is just the beginning. We are still in the first inning in regard to the blockchain’s ability to unleash new and exciting ideas in the area of financial innovation. Without question, Digitex Futures exchange is laying the groundwork in order to play a major role going forward.

Want to try your hand at trading commission-free on the Digitex Futures exchange? With the beta version handling insane volume, you can practice your skills on our trading ladder interface and hone your strategy before the mainnet release on April 27, 2020.

JOIN NOW

Latest News

Market Is Down

Market Is Down — But This Only Creates More Demand For A Zero-Fee Trading Solution

Blockchain
Crypto Industry
Trading
• admin
January 6, 2020

After the cryptocurrency market capitalization plummeted from $300 billion to $184 billion in the span of a few short weeks, many cryptocurrency holders have once again parted from their coins. No markets have been spared, not even traditional safe havens like gold and commodities, and crypto has been badly hit. Bitcoin and ether may be rallying currently, but it’s uncertain they’ll remain their brief bullish decoupling from the stock markets. But not to fear, there are still plenty of ways to benefit while the market is down – and a commission-free trading solution is one of the best.

Commission-Free Trading Is Right Around the Corner

Even with all cryptocurrencies taking a hit, Digitex will certainly see a surge as we come up to the mainnet launch. What makes the Digitex exchange so disruptive is that the exchange will offer zero-fee trading, made possible by utilizing our base cryptocurrency, the DGTX token

This is huge, as percentage-based trading fees add up over time, and take away from making any actual profits. As more users are attracted to zero-fee trading, there will be more demand for Digitex tokens. Digitex is able to accomplish zero-fee trading via a three-stage financing model, rather like seed financing in a traditional company.

Our first phase was our sell-out ICO in Jan 2018, in which over $5mn of ETH was raised. The second phase is currently in action. It is called the Digitex Treasury and is an ongoing token sale in which we locked up 10% of DGTX supply (100mn tokens). 10mn DGTX tokens are released every quarter and the sale of these goes toward financing our operations. This will last for two and a half years until the end of 2021.

From the start of 2022, Digitex proposes to increase the amount of circulating DGTX by a very small percentage through a process called token minting. This will have a slight inflationary effect on the DGTX token, however, instead of having a set amount of inflation, users will democratically vote on the percent increase. This gives the Digitex protocol immense flexibility for the future.

Do you want to try your hand at commission-free bitcoin futures trading? Hop on over to the Digitex testnet now and practice honing your skills ahead of mainnet launch on crypto’s first trading ladder interface. 

TRADE NOW
Digitex Futures Is an Exchange with a Difference

Unlike most cryptocurrency exchanges, Digitex is creating a commission-free futures exchange. The futures (or derivatives) space has grown enormously in crypto over the past years since it allows traders to speculate on the future price of an asset by trading long and short futures contracts. If a trader is long, they expect the price to increase over time. As you’d expect, if a trader is short, they expect the price to decrease over time.

In order to “short” cryptocurrency on a normal exchange, you would need to move into Tether, which has issues of its own. Also, this only allows for 1x leverage. BitMEX is currently one of the highest volume cryptocurrency exchanges out there partly due to traders’ ability to use leverage. In fact, BitMEX has consistently broken trading volume records in the space, accompanied by platforms like OKEx, Huobi, and Binance. 

While all exchanges offer slightly different propositions, these are all fee-charging exchanges. This renders aggressive trading strategies like scalping impossible for most traders since their profits are eaten up by commission fees. A fee of 0.075% may not look like much, but if you’re trading with100x leverage, that quickly becomes 7.5%. This can wipe out a trader’s small profits. 

In contrast, by being commission-free, Digitex allows traders to place orders over and over again and trade to their heart’s content without incurring a single fee. This will create active liquid markets that will attract more and more traders and increase the demand for the DGTX token. 

What separates DGTX tokens from the rest of the cryptocurrency space is the real demand for the tokens due to their utility. Even though DGTX is a utility token, this does not stop them from having a price increase in the future. As demand rises for the token, the natural laws of supply and demand will apply.

Traders will also be attracted to our rapid-fire one-click trading ladder that allows them to save time and place orders with a single mouse click. This is a first for the crypto space and will surely set a trend in user experience as traders see just how much more convenient and fast trading with a ladder is.

Are you ready to join in the commission-free trading revolution? Stock up on DGTX tokens while they’re at a knock-down price ahead of mainnet launch by buying DGTX today. You’ll get an instant trustless transaction with zero commissions, KYC, or slippage.

BUY DGTX

So, even though the market is down right now, that gives traders even more reason to trade on the Digitex platform when the mainnet releases on April 27. Be sure to get practicing on the beta version so that you can hone your skills and prepare to make money even if the bear market continues.

January 6, 2020
Blockchain
Crypto Industry
Trading

Market Is Down — But This Only Creates More Demand For A Zero-Fee Trading Solution

admin
Market Is Down

After the cryptocurrency market capitalization plummeted from $300 billion to $184 billion in the span of a few short weeks, many cryptocurrency holders have once again parted from their coins. No markets have been spared, not even traditional safe havens like gold and commodities, and crypto has been badly hit. Bitcoin and ether may be rallying currently, but it’s uncertain they’ll remain their brief bullish decoupling from the stock markets. But not to fear, there are still plenty of ways to benefit while the market is down – and a commission-free trading solution is one of the best.

Commission-Free Trading Is Right Around the Corner

Even with all cryptocurrencies taking a hit, Digitex will certainly see a surge as we come up to the mainnet launch. What makes the Digitex exchange so disruptive is that the exchange will offer zero-fee trading, made possible by utilizing our base cryptocurrency, the DGTX token

This is huge, as percentage-based trading fees add up over time, and take away from making any actual profits. As more users are attracted to zero-fee trading, there will be more demand for Digitex tokens. Digitex is able to accomplish zero-fee trading via a three-stage financing model, rather like seed financing in a traditional company.

Our first phase was our sell-out ICO in Jan 2018, in which over $5mn of ETH was raised. The second phase is currently in action. It is called the Digitex Treasury and is an ongoing token sale in which we locked up 10% of DGTX supply (100mn tokens). 10mn DGTX tokens are released every quarter and the sale of these goes toward financing our operations. This will last for two and a half years until the end of 2021.

From the start of 2022, Digitex proposes to increase the amount of circulating DGTX by a very small percentage through a process called token minting. This will have a slight inflationary effect on the DGTX token, however, instead of having a set amount of inflation, users will democratically vote on the percent increase. This gives the Digitex protocol immense flexibility for the future.

Do you want to try your hand at commission-free bitcoin futures trading? Hop on over to the Digitex testnet now and practice honing your skills ahead of mainnet launch on crypto’s first trading ladder interface. 

TRADE NOW
Digitex Futures Is an Exchange with a Difference

Unlike most cryptocurrency exchanges, Digitex is creating a commission-free futures exchange. The futures (or derivatives) space has grown enormously in crypto over the past years since it allows traders to speculate on the future price of an asset by trading long and short futures contracts. If a trader is long, they expect the price to increase over time. As you’d expect, if a trader is short, they expect the price to decrease over time.

In order to “short” cryptocurrency on a normal exchange, you would need to move into Tether, which has issues of its own. Also, this only allows for 1x leverage. BitMEX is currently one of the highest volume cryptocurrency exchanges out there partly due to traders’ ability to use leverage. In fact, BitMEX has consistently broken trading volume records in the space, accompanied by platforms like OKEx, Huobi, and Binance. 

While all exchanges offer slightly different propositions, these are all fee-charging exchanges. This renders aggressive trading strategies like scalping impossible for most traders since their profits are eaten up by commission fees. A fee of 0.075% may not look like much, but if you’re trading with100x leverage, that quickly becomes 7.5%. This can wipe out a trader’s small profits. 

In contrast, by being commission-free, Digitex allows traders to place orders over and over again and trade to their heart’s content without incurring a single fee. This will create active liquid markets that will attract more and more traders and increase the demand for the DGTX token. 

What separates DGTX tokens from the rest of the cryptocurrency space is the real demand for the tokens due to their utility. Even though DGTX is a utility token, this does not stop them from having a price increase in the future. As demand rises for the token, the natural laws of supply and demand will apply.

Traders will also be attracted to our rapid-fire one-click trading ladder that allows them to save time and place orders with a single mouse click. This is a first for the crypto space and will surely set a trend in user experience as traders see just how much more convenient and fast trading with a ladder is.

Are you ready to join in the commission-free trading revolution? Stock up on DGTX tokens while they’re at a knock-down price ahead of mainnet launch by buying DGTX today. You’ll get an instant trustless transaction with zero commissions, KYC, or slippage.

BUY DGTX

So, even though the market is down right now, that gives traders even more reason to trade on the Digitex platform when the mainnet releases on April 27. Be sure to get practicing on the beta version so that you can hone your skills and prepare to make money even if the bear market continues.

Latest News

The Russian Tech Scene Is Booming, Let’s Take a Closer Look 1

The Russian Tech Scene Is Booming, Let’s Take a Closer Look

Blockchain
Digitex Futures
• Christina Comben
November 5, 2019

Russia is a country that you don’t hear a lot about beyond the occasional political feud. Yet, behind the curtain, a lot of people aren’t aware that the Russian startup scene is booming in this country. Besides government support and a growing local startup community, both Moscow and St. Petersburg are home to some of the highest quality talent fostered from excellent local universities. 

The Russian Startup Scene Is Thriving

The local startup community in Moscow is positively thriving, especially in the tech sector. Of course, for non-speakers of Russian, at first, it can be hard to get your foot through the door. Beyond the obvious language barrier, Russian businesses often don’t use the same platforms as other countries to publicize their meetups and events. So, it helps to ask some friendly locals to point you in the right direction.
At Digitex, we’ve been incredibly fortunate to have received so much help and support from the SmartDec team. We’re extremely grateful and proud to be part of such a flourishing scene. There are regular events for new businesses going on here and you simply need to know which sites to look at to find them. These could be social media platforms like vk.com or tech publications VC.ru or Rusbase.
For newcomers to the scene, they can opt to use a co-working space such as WeWork, who set up several office spaces here in 2019, WorkStation, StartHub, and many more. The idea behind these places is to encourage the development of the tech scene and they often hold pitch sessions for entrepreneurs to receive feedback from mentors.
There are also plenty of conferences and events, perhaps the most well-known here is called Startup Village, which is backed and organized by the state-funded Skolkovo Foundation. There is also the Open Innovations Forum, which has attracted the likes of Yandex CEO Arkady Volozh. When it comes to our industry, the Moscow Blockchain conference attracts plenty of visitors every year, and blockchain technology is ever-growing in Russia with its largest bank Sberbank using it to complete payments.

A Growing Pool of Talent

Let’s face it, people don’t come to Russia for its warm weather. But for tech companies, especially in emerging tech sectors like blockchain, a steady flow of highly trained and tech-savvy talent is readily available here. The Russian government has always heavily invested in STEM courses. This has resulted in an abundance of tech talent entering the industry with qualifications from respected educational institutions such as the Moscow State University, the Moscow Institute of Physics and Technology, the Moscow Technological Institute, and the Saint Petersberg State University, to name a few.
The Russian population is made up of many young, highly tech-savvy individuals with an average age of 38. Russia generates more software engineers than any other country and almost twice the amount of the USA. We can attest to the high-quality of developer talent available in this country at a more accessible cost than in many other regions.
They also really like trading Bitcoin! According to research from peer-to-peer Bitcoin trading platform LocalBitcoins, Russians have consistently topped the ranking for the most bitcoin trading volume over the last couple of years.

Blockchain Companies 

The Russian government so far seems to have a very friendly approach to blockchain technology, carrying out multiple experiments, most notably in finance. Its new legislation toward cryptocurrencies should serve to provide clarity for cryptocurrency users and businesses in this space and perhaps even encourage more companies to incorporate themselves here.
Of note among some of the most successful Russian tech startups are St. Petersburg-based behemoth social media platform Telegram, clean energy company InTech, and mobile tech operators Smart Locks. 
Telegram recently ventured into the cryptocurrency space by holding an ICO last year. While the company is still in talks with the US SEC over the legality of issuing its GRAM tokens to US users, Telegram shows tech and crypto innovation at its finest.
According to a report by Tracxn, there are already some 292 blockchain startups in Russia, and blockchain development firms abound here. Russia is also home to our trusted partners Changelly that allows you to buy DGTX from the best source at the best rate simply by using an email. 
We couldn’t be happier to have found the very best blockchain developers for Digitex. Not only is SmartDec skilled in cybersecurity and smart contract auditing, and a mountain of programming languages, but they’re also some of the best in the Ethereum space.

Wrapping It Up

We’re happy to call Moscow our home for now. Ever since Adam arrived here, he’s had nothing but positive words to say about the quality of talent here and the impressive size and accessibility of the blockchain ecosystem. Digitex is proud to be a company adding to the scene here and to be a robust bitcoin futures exchange built by Russian talent.

November 5, 2019
Blockchain
Digitex Futures

The Russian Tech Scene Is Booming, Let’s Take a Closer Look

Christina Comben
The Russian Tech Scene Is Booming, Let’s Take a Closer Look 2

Russia is a country that you don’t hear a lot about beyond the occasional political feud. Yet, behind the curtain, a lot of people aren’t aware that the Russian startup scene is booming in this country. Besides government support and a growing local startup community, both Moscow and St. Petersburg are home to some of the highest quality talent fostered from excellent local universities. 

The Russian Startup Scene Is Thriving

The local startup community in Moscow is positively thriving, especially in the tech sector. Of course, for non-speakers of Russian, at first, it can be hard to get your foot through the door. Beyond the obvious language barrier, Russian businesses often don’t use the same platforms as other countries to publicize their meetups and events. So, it helps to ask some friendly locals to point you in the right direction.
At Digitex, we’ve been incredibly fortunate to have received so much help and support from the SmartDec team. We’re extremely grateful and proud to be part of such a flourishing scene. There are regular events for new businesses going on here and you simply need to know which sites to look at to find them. These could be social media platforms like vk.com or tech publications VC.ru or Rusbase.
For newcomers to the scene, they can opt to use a co-working space such as WeWork, who set up several office spaces here in 2019, WorkStation, StartHub, and many more. The idea behind these places is to encourage the development of the tech scene and they often hold pitch sessions for entrepreneurs to receive feedback from mentors.
There are also plenty of conferences and events, perhaps the most well-known here is called Startup Village, which is backed and organized by the state-funded Skolkovo Foundation. There is also the Open Innovations Forum, which has attracted the likes of Yandex CEO Arkady Volozh. When it comes to our industry, the Moscow Blockchain conference attracts plenty of visitors every year, and blockchain technology is ever-growing in Russia with its largest bank Sberbank using it to complete payments.

A Growing Pool of Talent

Let’s face it, people don’t come to Russia for its warm weather. But for tech companies, especially in emerging tech sectors like blockchain, a steady flow of highly trained and tech-savvy talent is readily available here. The Russian government has always heavily invested in STEM courses. This has resulted in an abundance of tech talent entering the industry with qualifications from respected educational institutions such as the Moscow State University, the Moscow Institute of Physics and Technology, the Moscow Technological Institute, and the Saint Petersberg State University, to name a few.
The Russian population is made up of many young, highly tech-savvy individuals with an average age of 38. Russia generates more software engineers than any other country and almost twice the amount of the USA. We can attest to the high-quality of developer talent available in this country at a more accessible cost than in many other regions.
They also really like trading Bitcoin! According to research from peer-to-peer Bitcoin trading platform LocalBitcoins, Russians have consistently topped the ranking for the most bitcoin trading volume over the last couple of years.

Blockchain Companies 

The Russian government so far seems to have a very friendly approach to blockchain technology, carrying out multiple experiments, most notably in finance. Its new legislation toward cryptocurrencies should serve to provide clarity for cryptocurrency users and businesses in this space and perhaps even encourage more companies to incorporate themselves here.
Of note among some of the most successful Russian tech startups are St. Petersburg-based behemoth social media platform Telegram, clean energy company InTech, and mobile tech operators Smart Locks. 
Telegram recently ventured into the cryptocurrency space by holding an ICO last year. While the company is still in talks with the US SEC over the legality of issuing its GRAM tokens to US users, Telegram shows tech and crypto innovation at its finest.
According to a report by Tracxn, there are already some 292 blockchain startups in Russia, and blockchain development firms abound here. Russia is also home to our trusted partners Changelly that allows you to buy DGTX from the best source at the best rate simply by using an email. 
We couldn’t be happier to have found the very best blockchain developers for Digitex. Not only is SmartDec skilled in cybersecurity and smart contract auditing, and a mountain of programming languages, but they’re also some of the best in the Ethereum space.

Wrapping It Up

We’re happy to call Moscow our home for now. Ever since Adam arrived here, he’s had nothing but positive words to say about the quality of talent here and the impressive size and accessibility of the blockchain ecosystem. Digitex is proud to be a company adding to the scene here and to be a robust bitcoin futures exchange built by Russian talent.

Latest News

Dear Haters, Thanks for Making Us Stronger 3

Dear Haters, Thanks for Making Us Stronger

Blockchain
Digitex Futures
• Adam Todd
September 24, 2019

Ever since I first came up with the idea of a zero-fee trading platform, I made a promise to myself that I’ll do whatever it takes to make Digitex a success. Back in April, when we announced our development delay, there was only one word to sum up how I felt… Continue reading

September 24, 2019
Blockchain
Digitex Futures

Dear Haters, Thanks for Making Us Stronger

Adam Todd
Dear Haters, Thanks for Making Us Stronger 4

Ever since I first came up with the idea of a zero-fee trading platform, I made a promise to myself that I’ll do whatever it takes to make Digitex a success. Back in April, when we announced our development delay, there was only one word to sum up how I felt… Continue reading

Latest News

Check Out SmartDec’s Latest Development Report Highlights 5

Check Out SmartDec’s Latest Development Report Highlights

Blockchain
Digitex Futures
• Christina Comben
September 16, 2019

If you’re following the progress of SmartDec’s development team in Moscow, you’ll know that they’ve had their work cut out to get here! With a few challenges along the way, SmartDec has overcome development obstacles with dexterity, grace, and humor. Perhaps even more exciting than having a launch date for the testnet, this week Adam received a live demo for the very first time. Read the highlights below.

The Hard Work Continues by SmartDec

As always, if you’re interested in the technical nitty-gritty of what the team has been doing, you can read their report here. Let’s just say, the hard work never stops! There are three key elements that they have to focus on developing and uniting in order to deliver a robust and fully functioning exchange. These are the user interface (UI), the back office, and the engine.
Digitex development flow

Creating a Seamless User Interface

When it comes to the user interface, the developers must make sure that they cover every possible user story. This means all types of scenarios that could happen to traders while using the exchange. As you can probably imagine, there are plenty of things that can go wrong when you have hundreds of thousands of traders active on an exchange at once! 
SmartDec has to put themselves in the shoes of the user and do their best to cover every eventuality. There are so many elements involved in the UI, however, over the last two weeks, they have been working mainly on the trading interface, including the trading ladder, and order panel. 
They’re also working to ensure that all necessary market data displays correctly in the trading interface and that the candle history saves so that the user can see the price changes chart–an essential element in trading. 
Other key pages are starting to really take shape now as well including the trader’s login area and personal page where the trader can check their balance and orders.

Building Out the Back Office

These past weeks, the team’s core focus has been on UI, but they’ve also been working on the back office. Actually, the back office also needs a seamless user interface so that the UX (user experience) is pleasurable. It’s really important, for example, that if a trader needs support, they can reach us quickly and in as few steps as possible. 
The exchange must also be secure and, as such, both password recovery and 2FA pages are completed. SmartDec is also continuing the work from the previous weeks of integrating ZenDesk support with the Digitex Futures exchange back office. 
Users can already contact the exchange for support via email and now, SmartDec is adding additional options for creating a ticket and seeking help.

Making the Engine Robust

The name of the game over the last two weeks has really been stress testing. That basically means putting everything they’ve developed so far through its paces and under as much pressure as possible. Developers often do this with bots to simulate users as it’s an excellent way of discovering bugs and flushing out issues.
For example, the team found an error in the engine’s model and was able to fix it quickly and also ensure that the orderbook continues to work correctly. They have removed all errors uncovered by the bots and have had 100 bots running alongside the market makers for several days now without incidents. 
All the above-mentioned work is continuing and the team is monitoring the engine constantly through special software they developed. 

Delivering the First Live Demo

This Tuesday, Adam had an important meeting with the entire development team. It was probably the biggest and most conducive one yet, as he was delivered the first live demo of the exchange to test! The team went through the entire architecture with every single developer presenting their work and explaining the part they played.
One of the key highlights from this five-hour-long meeting is that the Digitex engine is currently capable of processing over 100,000 transactions per second! It’s still a simulated environment, of course, but with another 10 weeks to go until the public testnet launches, the whole team feels extremely confident that development is firmly on track. 
With everything coming together, at last, both Adam and the developers enthused that they felt a strong sense of synergy and inspiration over what they’re building. 
The team told Adam that they felt very excited to be a critical part of a project with the potential to substantially impact the trading market. We close this week feeling extremely positive and confident that we’re inching closer to realizing our vision at last. Thank you for sticking by us.

September 16, 2019
Blockchain
Digitex Futures

Check Out SmartDec’s Latest Development Report Highlights

Christina Comben
Check Out SmartDec’s Latest Development Report Highlights 6

If you’re following the progress of SmartDec’s development team in Moscow, you’ll know that they’ve had their work cut out to get here! With a few challenges along the way, SmartDec has overcome development obstacles with dexterity, grace, and humor. Perhaps even more exciting than having a launch date for the testnet, this week Adam received a live demo for the very first time. Read the highlights below.

The Hard Work Continues by SmartDec

As always, if you’re interested in the technical nitty-gritty of what the team has been doing, you can read their report here. Let’s just say, the hard work never stops! There are three key elements that they have to focus on developing and uniting in order to deliver a robust and fully functioning exchange. These are the user interface (UI), the back office, and the engine.
Digitex development flow

Creating a Seamless User Interface

When it comes to the user interface, the developers must make sure that they cover every possible user story. This means all types of scenarios that could happen to traders while using the exchange. As you can probably imagine, there are plenty of things that can go wrong when you have hundreds of thousands of traders active on an exchange at once! 
SmartDec has to put themselves in the shoes of the user and do their best to cover every eventuality. There are so many elements involved in the UI, however, over the last two weeks, they have been working mainly on the trading interface, including the trading ladder, and order panel. 
They’re also working to ensure that all necessary market data displays correctly in the trading interface and that the candle history saves so that the user can see the price changes chart–an essential element in trading. 
Other key pages are starting to really take shape now as well including the trader’s login area and personal page where the trader can check their balance and orders.

Building Out the Back Office

These past weeks, the team’s core focus has been on UI, but they’ve also been working on the back office. Actually, the back office also needs a seamless user interface so that the UX (user experience) is pleasurable. It’s really important, for example, that if a trader needs support, they can reach us quickly and in as few steps as possible. 
The exchange must also be secure and, as such, both password recovery and 2FA pages are completed. SmartDec is also continuing the work from the previous weeks of integrating ZenDesk support with the Digitex Futures exchange back office. 
Users can already contact the exchange for support via email and now, SmartDec is adding additional options for creating a ticket and seeking help.

Making the Engine Robust

The name of the game over the last two weeks has really been stress testing. That basically means putting everything they’ve developed so far through its paces and under as much pressure as possible. Developers often do this with bots to simulate users as it’s an excellent way of discovering bugs and flushing out issues.
For example, the team found an error in the engine’s model and was able to fix it quickly and also ensure that the orderbook continues to work correctly. They have removed all errors uncovered by the bots and have had 100 bots running alongside the market makers for several days now without incidents. 
All the above-mentioned work is continuing and the team is monitoring the engine constantly through special software they developed. 

Delivering the First Live Demo

This Tuesday, Adam had an important meeting with the entire development team. It was probably the biggest and most conducive one yet, as he was delivered the first live demo of the exchange to test! The team went through the entire architecture with every single developer presenting their work and explaining the part they played.
One of the key highlights from this five-hour-long meeting is that the Digitex engine is currently capable of processing over 100,000 transactions per second! It’s still a simulated environment, of course, but with another 10 weeks to go until the public testnet launches, the whole team feels extremely confident that development is firmly on track. 
With everything coming together, at last, both Adam and the developers enthused that they felt a strong sense of synergy and inspiration over what they’re building. 
The team told Adam that they felt very excited to be a critical part of a project with the potential to substantially impact the trading market. We close this week feeling extremely positive and confident that we’re inching closer to realizing our vision at last. Thank you for sticking by us.

Latest News

The Road to Our Testnet Launch - Latest Development Report 7

The Road to Our Testnet Launch – Latest Development Report

Blockchain
Digitex Futures
• admin
September 6, 2019

The 15-strong team of developers at SmartDec has been leaving no stone unturned. In their previous report, we were excited to receive a launch date for the testnet. On 30 November, we’ll be opening the doors at last and onboarding thousands of traders. But it hasn’t been smooth sailing to get here. This latest update straight from Moscow describes all the challenges and issues they’ve had to overcome to reach this point.

Going through the Dublin Code

If you’re familiar with the Digitex project, you’ll know that development has been our greatest challenge. We started out with a team of programmers in Dublin with experience building systems-critical software in the telecoms industry. 
Our team worked hard and did their best. But as Adam has mentioned in several interviews, they simply didn’t have the experience to build something as challenging as a real-time futures exchange and matching engine capable of handling heavy load. However, they shared their code with SmartDec and although there were several issues with it, it still gave the new team a starting point.
If you want to read in greater depth about the technical issues SmartDec uncovered and the work they put in to ensure the system is robust and fast, check out their latest development report here. In a nutshell, our Dublin team sent SmartDec the web back-end, UI, several databases, message queue, and the futures engine itself. Some of it was functional, but much work is still to be done. 

The Work SmartDec Has Done So Far

When you take a moment to consider the many elements that building a robust, high speed and resilient futures exchange takes, it’s not surprising that we’ve hit a few roadblocks. Adam has high standards and knows what he wants. That takes a team of great minds and innovation to pull it all together. It hasn’t been easy but we’ve finally found that in SmartDec.
From adding functionality to the back end to optimizing and debugging the futures engine and building out the ladder interface, the team has been developing the exchange at lightning speed. Rather than thinking of the simplest examples and user stories, they’ve researched and implemented a full 17 user stories so far for the interface and are extensively testing them all.

Building a Back Office and Implementing the Database

The code that SmartDec received was missing a key element–the back office. The new team extensively researched the best methods for implementing this for the Digitex exchange. They did this through back to back meetings with Adam and also by consulting external third parties more familiar with the issue. 
SmartDec have decided to integrate some third party elements into our back office in order to avoid reinventing the wheel and to cut down on development time. One example of this is the integration of Zendesk. And as SmartDec mentions in their report, “Everything that is not a third party component is now in development.”
The existing database from Dublin included many unused tables. The team quickly set about optimizing the code so that it can achieve super-fast performance and optimal uptime. 

Optimizing and Refactoring The Message Queue System and Futures Engine

By optimizing the existing message queue system SmartDec have taken its capacity from 20,000 messages per second to 500,000 messages per second. And extensive refactoring of the future engine means it is now capable of handling 40,000 transactions per second. One transaction consists of order placement, matching, creating a trade and then communicating this to observers, meaning that one transaction consists of up to 4 messages. With further optimization and testing this capacity is expected to rise.

Wrapping It Up

SmartDec points out that this latest report is a collection of notes from over the summer and that since then development has moved further along. In fact, these reports are always at least 2 weeks behind where they are currently at. The team continues building all the components of the exchange together to run them as a whole–as well as testing, testing, and more testing to deliver a fast, stable, and highly resilient futures exchange.

September 6, 2019
Blockchain
Digitex Futures

The Road to Our Testnet Launch – Latest Development Report

admin
The Road to Our Testnet Launch - Latest Development Report 8

The 15-strong team of developers at SmartDec has been leaving no stone unturned. In their previous report, we were excited to receive a launch date for the testnet. On 30 November, we’ll be opening the doors at last and onboarding thousands of traders. But it hasn’t been smooth sailing to get here. This latest update straight from Moscow describes all the challenges and issues they’ve had to overcome to reach this point.

Going through the Dublin Code

If you’re familiar with the Digitex project, you’ll know that development has been our greatest challenge. We started out with a team of programmers in Dublin with experience building systems-critical software in the telecoms industry. 
Our team worked hard and did their best. But as Adam has mentioned in several interviews, they simply didn’t have the experience to build something as challenging as a real-time futures exchange and matching engine capable of handling heavy load. However, they shared their code with SmartDec and although there were several issues with it, it still gave the new team a starting point.
If you want to read in greater depth about the technical issues SmartDec uncovered and the work they put in to ensure the system is robust and fast, check out their latest development report here. In a nutshell, our Dublin team sent SmartDec the web back-end, UI, several databases, message queue, and the futures engine itself. Some of it was functional, but much work is still to be done. 

The Work SmartDec Has Done So Far

When you take a moment to consider the many elements that building a robust, high speed and resilient futures exchange takes, it’s not surprising that we’ve hit a few roadblocks. Adam has high standards and knows what he wants. That takes a team of great minds and innovation to pull it all together. It hasn’t been easy but we’ve finally found that in SmartDec.
From adding functionality to the back end to optimizing and debugging the futures engine and building out the ladder interface, the team has been developing the exchange at lightning speed. Rather than thinking of the simplest examples and user stories, they’ve researched and implemented a full 17 user stories so far for the interface and are extensively testing them all.

Building a Back Office and Implementing the Database

The code that SmartDec received was missing a key element–the back office. The new team extensively researched the best methods for implementing this for the Digitex exchange. They did this through back to back meetings with Adam and also by consulting external third parties more familiar with the issue. 
SmartDec have decided to integrate some third party elements into our back office in order to avoid reinventing the wheel and to cut down on development time. One example of this is the integration of Zendesk. And as SmartDec mentions in their report, “Everything that is not a third party component is now in development.”
The existing database from Dublin included many unused tables. The team quickly set about optimizing the code so that it can achieve super-fast performance and optimal uptime. 

Optimizing and Refactoring The Message Queue System and Futures Engine

By optimizing the existing message queue system SmartDec have taken its capacity from 20,000 messages per second to 500,000 messages per second. And extensive refactoring of the future engine means it is now capable of handling 40,000 transactions per second. One transaction consists of order placement, matching, creating a trade and then communicating this to observers, meaning that one transaction consists of up to 4 messages. With further optimization and testing this capacity is expected to rise.

Wrapping It Up

SmartDec points out that this latest report is a collection of notes from over the summer and that since then development has moved further along. In fact, these reports are always at least 2 weeks behind where they are currently at. The team continues building all the components of the exchange together to run them as a whole–as well as testing, testing, and more testing to deliver a fast, stable, and highly resilient futures exchange.

Latest News

Digitex's Decentralized Exchange (DEX) Head Researcher, Petr Korolev 9

Digitex’s Decentralized Exchange (DEX) Head Researcher, Petr Korolev

Blockchain
Digitex Futures
• admin
August 19, 2019

Petr Korolev of Matter Labs is working closely with Digitex developers SmartDec on the build of Digitex’s decentralized futures trading platform. Petre took some time out of his busy schedule to talk to us about scaling challenges, hackathons and why there’s always plenty to do in the blockchain development space. 
Q: Petr, tell us about yourself and your company. What’s your relationship with SmartDec and the development of the Digitex futures exchange? 
Currently, I’m working as an external expert and partner in close cooperation with SmartDec. I’m the co-founder of Matter Labs, so our chosen name for this collaboration is “SmartMatter”. Matter Labs and SmartDec have already worked on several projects together, so our partnership is a longstanding one. 
So far, my role in the Digitex development project is working on implementing various blockchain innovations: scaling solutions, or more specifically the Plasma research, decentralized trading engines, and non-custodial storage of value. 
I was impressed by the ideas Digitex is bringing to the space, which make use of these innovations. The exchange offers exciting technical development opportunities within the blockchain space. It’s interesting for me to participate and contribute to this process. 
Q: How and why did you get into Ethereum? What makes it so appealing to you?
I have been working in IT for the last 12 years, covering everything from low-level ASM-programming of microprocessors at Intel to advanced machine learning techniques.
In the last 5 years, my focus shifted to fintech and the information security area, which naturally led into the blockchain space. I find it fascinating because blockchain is still new, so from a technical perspective, there are always intriguing problems to work on. It’s an excellent opportunity to solve challenges that nobody has faced before. You are working not as a developer in the more traditional sense, but more like a pioneer and innovator in this field. That’s why I find this area really exciting.
Q: How did you become a researcher into Ethereum’s scaling solutions and what are you working on?
Scalable blockchains are in high demand. So, as someone who does research and development on decentralized systems, it’s inevitable that I’ve come to work on scaling solutions. Moreover, I work a lot on open-source development, participating in ETHackathons. The topic of scaling solutions is everywhere in the community — it’s time to #buidl real tools. 
Let me make a comparison between the mobile and blockchain industries. Blockchain now is at the early stage of its evolution. Although Bitcoin has just recently celebrated its 10th anniversary, the current progress of the blockchain area is similar to the smartphone industry in 2012. 
At that time, it was new technology – there were no precedents or instruction manuals. Developers had to create all kinds of frameworks and fix technical gaps like smooth scrolling, quick search and figure out how to fetch a massive amount of data via mobile networks. Many of these solutions have now become industry standards.
The same things are happening in the blockchain area now. Developers are being challenged to come up with new ideas related to privacy and scaling solutions, as well as with UI/UX. So that’s what I’m working on now. 
And that’s what we’re doing with the SmartDec team – implementing cutting-edge technologies into Digitex futures. On the one hand, we provide a user-friendly interface that hides the complexity of blockchain under the hood. On the other hand, we offer a solution to guarantee the safety of your funds with secure cryptography solutions.
Q: Why you do see Digitex a practical use case for this technology?
Scalability is the number one limitation problem of blockchain. It is not as easy as it sounds to manage a high number of transactions and to do it fast. All this is a primary demand for any exchange that wants to be competitive and attractive, and Digitex is no different. Scaling solutions provide the answer to a possible high capacity of the exchange’s blockchain platform, processing transactions in the network.
Q: What does a typical day look like to you (is there such a thing?!)
I have some rituals in my daily life, like morning yoga and meditation. Usually, I try to plan my day in advance, but we are all humans, and not always everything in life can be scheduled! Most of my time in the working day is dedicated to meetings and to the research itself; coding, researching previous articles and implementations, explore open-source toolsets, that kind of thing. 
Q: What do you love most about your job?
I like that every situation is unique and every time you need to find some new solution. There’s no standard answer or technology for all issues and questions. This always motivates me to make sure I’m on the inside of the industry, know everything I can about the market and competitors, and increase my knowledge so I can provide relevant and competitive solutions. 
Q: What is the most challenging part?
That’s difficult to say when your job is also your passion! In comparison to traditional development, it’s hard to predict and guarantee any results in blockchain. It’s challenging that you never know if some solution or initiative you’re working on will ever work, or be delivered to the market. 
Sometimes it might be a massive amount of information or no information at all for the research, sometimes it might be deadlines. Other times it is just hard to go to sleep when you’ve come across a problem that doesn’t yet have a solution, and your brain won’t stop thinking about it!
Q: You’ve won six out of seven hackathons. That’s pretty impressive! What was your favorite one, and what did it involve?
First, I would like to say that hackathons are always about the collaboration between teammates, mentors and other people involved. I’m happy to have worked with awesome teammates who made it happen.
It started in 2017 when I went to the most significant blockchain hackathon in Russia. It was the first time when I decided to code something blockchain-related. I got the main stage prize directly from Vitalik. That’s how it started.
My favorite hackathon projects are mobile smart-contract interactions (that was later named web3swift), Pyromania, and zDai. Pyromania was the winner of ETHParis 2019, main stage and two sponsors Prizes. zDai.io was the winner of ETHDenver 2019, main stage and three sponsor prizes. Web3swift was the winner of ETHDenver 2018.
Q: How do you see the whole space evolving over the next 5-10 years?
Would you have imagined five or ten years ago that we’ll now be talking about Ethereum, scaling, and cryptocurrencies? I’d guess that the answer will be “no” for most people! 
So, our world and industry are changing so fast that it’s hard to predict anything. I know one thing for sure: it doesn’t matter what I will be doing in 5-10 years, but I will do it for the benefit of people by protecting digital values: personal financial freedom and human right to preserve privacy. That’s the main goal that I’m pursuing.
Q: What do you do when you’re not at your keyboard?
Usually, I’m on my phone, haha! Just what ordinary people do – spending time with family, friends, doing sports. At one time, I was a workaholic but then got kind of burned out, quit IT for six months, and went to the Himalayan mountains in India. Now, I stick to the idea that if you want to be successful then everything should be in balance. 
Thank you Petr, for your time talking to us, and your dedication to building the best possible platform for the decentralized Digitex Futures exchange! 
The DEX version of Digitex Futures (decentralized exchange) is in a research and development stage lead by Petr Korolev in a collaborative effort with SmartDec and other team members specializing in this space. Digitex has created a specific resource allocation to fund this research, putting Digitex at the forefront of building the DEX scalability solution. And when we do, we will be the world’s first DEX zero-fee futures exchange. 
This is an extraordinary discovery process leading to a cutting-edge product for the crypto futures trading market. Although, there is significant work ahead in this journey. Therefore, it’s most likely that we will launch a centralized Digitex Futures exchange first as the framework and engine are much closer to being production-ready, while the DEX side still has much work left ahead. This will enable us to launch our exchange, without waiting for the DEX technology to undergo the necessary further development and later, rigorous testing. 
At Digitex, we believe in delivering the best and most innovative product into the market, hence why it has taken us much longer than originally planned to release the first version of Digitex. Stay tuned for further updates as we move ever-closer to launch!

August 19, 2019
Blockchain
Digitex Futures

Digitex’s Decentralized Exchange (DEX) Head Researcher, Petr Korolev

admin
Digitex's Decentralized Exchange (DEX) Head Researcher, Petr Korolev 10

Petr Korolev of Matter Labs is working closely with Digitex developers SmartDec on the build of Digitex’s decentralized futures trading platform. Petre took some time out of his busy schedule to talk to us about scaling challenges, hackathons and why there’s always plenty to do in the blockchain development space. 
Q: Petr, tell us about yourself and your company. What’s your relationship with SmartDec and the development of the Digitex futures exchange? 
Currently, I’m working as an external expert and partner in close cooperation with SmartDec. I’m the co-founder of Matter Labs, so our chosen name for this collaboration is “SmartMatter”. Matter Labs and SmartDec have already worked on several projects together, so our partnership is a longstanding one. 
So far, my role in the Digitex development project is working on implementing various blockchain innovations: scaling solutions, or more specifically the Plasma research, decentralized trading engines, and non-custodial storage of value. 
I was impressed by the ideas Digitex is bringing to the space, which make use of these innovations. The exchange offers exciting technical development opportunities within the blockchain space. It’s interesting for me to participate and contribute to this process. 
Q: How and why did you get into Ethereum? What makes it so appealing to you?
I have been working in IT for the last 12 years, covering everything from low-level ASM-programming of microprocessors at Intel to advanced machine learning techniques.
In the last 5 years, my focus shifted to fintech and the information security area, which naturally led into the blockchain space. I find it fascinating because blockchain is still new, so from a technical perspective, there are always intriguing problems to work on. It’s an excellent opportunity to solve challenges that nobody has faced before. You are working not as a developer in the more traditional sense, but more like a pioneer and innovator in this field. That’s why I find this area really exciting.
Q: How did you become a researcher into Ethereum’s scaling solutions and what are you working on?
Scalable blockchains are in high demand. So, as someone who does research and development on decentralized systems, it’s inevitable that I’ve come to work on scaling solutions. Moreover, I work a lot on open-source development, participating in ETHackathons. The topic of scaling solutions is everywhere in the community — it’s time to #buidl real tools. 
Let me make a comparison between the mobile and blockchain industries. Blockchain now is at the early stage of its evolution. Although Bitcoin has just recently celebrated its 10th anniversary, the current progress of the blockchain area is similar to the smartphone industry in 2012. 
At that time, it was new technology – there were no precedents or instruction manuals. Developers had to create all kinds of frameworks and fix technical gaps like smooth scrolling, quick search and figure out how to fetch a massive amount of data via mobile networks. Many of these solutions have now become industry standards.
The same things are happening in the blockchain area now. Developers are being challenged to come up with new ideas related to privacy and scaling solutions, as well as with UI/UX. So that’s what I’m working on now. 
And that’s what we’re doing with the SmartDec team – implementing cutting-edge technologies into Digitex futures. On the one hand, we provide a user-friendly interface that hides the complexity of blockchain under the hood. On the other hand, we offer a solution to guarantee the safety of your funds with secure cryptography solutions.
Q: Why you do see Digitex a practical use case for this technology?
Scalability is the number one limitation problem of blockchain. It is not as easy as it sounds to manage a high number of transactions and to do it fast. All this is a primary demand for any exchange that wants to be competitive and attractive, and Digitex is no different. Scaling solutions provide the answer to a possible high capacity of the exchange’s blockchain platform, processing transactions in the network.
Q: What does a typical day look like to you (is there such a thing?!)
I have some rituals in my daily life, like morning yoga and meditation. Usually, I try to plan my day in advance, but we are all humans, and not always everything in life can be scheduled! Most of my time in the working day is dedicated to meetings and to the research itself; coding, researching previous articles and implementations, explore open-source toolsets, that kind of thing. 
Q: What do you love most about your job?
I like that every situation is unique and every time you need to find some new solution. There’s no standard answer or technology for all issues and questions. This always motivates me to make sure I’m on the inside of the industry, know everything I can about the market and competitors, and increase my knowledge so I can provide relevant and competitive solutions. 
Q: What is the most challenging part?
That’s difficult to say when your job is also your passion! In comparison to traditional development, it’s hard to predict and guarantee any results in blockchain. It’s challenging that you never know if some solution or initiative you’re working on will ever work, or be delivered to the market. 
Sometimes it might be a massive amount of information or no information at all for the research, sometimes it might be deadlines. Other times it is just hard to go to sleep when you’ve come across a problem that doesn’t yet have a solution, and your brain won’t stop thinking about it!
Q: You’ve won six out of seven hackathons. That’s pretty impressive! What was your favorite one, and what did it involve?
First, I would like to say that hackathons are always about the collaboration between teammates, mentors and other people involved. I’m happy to have worked with awesome teammates who made it happen.
It started in 2017 when I went to the most significant blockchain hackathon in Russia. It was the first time when I decided to code something blockchain-related. I got the main stage prize directly from Vitalik. That’s how it started.
My favorite hackathon projects are mobile smart-contract interactions (that was later named web3swift), Pyromania, and zDai. Pyromania was the winner of ETHParis 2019, main stage and two sponsors Prizes. zDai.io was the winner of ETHDenver 2019, main stage and three sponsor prizes. Web3swift was the winner of ETHDenver 2018.
Q: How do you see the whole space evolving over the next 5-10 years?
Would you have imagined five or ten years ago that we’ll now be talking about Ethereum, scaling, and cryptocurrencies? I’d guess that the answer will be “no” for most people! 
So, our world and industry are changing so fast that it’s hard to predict anything. I know one thing for sure: it doesn’t matter what I will be doing in 5-10 years, but I will do it for the benefit of people by protecting digital values: personal financial freedom and human right to preserve privacy. That’s the main goal that I’m pursuing.
Q: What do you do when you’re not at your keyboard?
Usually, I’m on my phone, haha! Just what ordinary people do – spending time with family, friends, doing sports. At one time, I was a workaholic but then got kind of burned out, quit IT for six months, and went to the Himalayan mountains in India. Now, I stick to the idea that if you want to be successful then everything should be in balance. 
Thank you Petr, for your time talking to us, and your dedication to building the best possible platform for the decentralized Digitex Futures exchange! 
The DEX version of Digitex Futures (decentralized exchange) is in a research and development stage lead by Petr Korolev in a collaborative effort with SmartDec and other team members specializing in this space. Digitex has created a specific resource allocation to fund this research, putting Digitex at the forefront of building the DEX scalability solution. And when we do, we will be the world’s first DEX zero-fee futures exchange. 
This is an extraordinary discovery process leading to a cutting-edge product for the crypto futures trading market. Although, there is significant work ahead in this journey. Therefore, it’s most likely that we will launch a centralized Digitex Futures exchange first as the framework and engine are much closer to being production-ready, while the DEX side still has much work left ahead. This will enable us to launch our exchange, without waiting for the DEX technology to undergo the necessary further development and later, rigorous testing. 
At Digitex, we believe in delivering the best and most innovative product into the market, hence why it has taken us much longer than originally planned to release the first version of Digitex. Stay tuned for further updates as we move ever-closer to launch!

Latest News

digite -futures development

The Latest Digitex Development Report — Testing, Testing & More Testing!

Blockchain
Digitex Futures
• admin
August 9, 2019

While most of the northern hemisphere is enjoying their summer vacation, Smartdec continues to beaver away in Moscow. Our colleagues there are hard at work building the Digitex futures exchange. Right on time, they’ve now issued the fifth bi-weekly report on the Digitex development progress. Check out all the details below! 
During the last two weeks, the Smartdec team has been focused on the testing and further development of the Digitex Futures exchange engine, the technical specifications for the back office, and the specifications for the user interface. 

Rigorously Testing the Digitex Futures Exchange Engine

The majority of progress during the last two weeks has been in working to improve the exchange engine, testing and re-testing the individual features. Although it may not sound like the most exciting activity, it’s a critical part of the development process and ensures we have a clean, bug-free futures exchange at launch. 
Because market data doesn’t exist within the Ethereum blockchain environment, the exchange engine needs a source of pricing information. 
So, in the last two weeks, Smartdec has been working at implementing an oracle, which will import BTC/USD quotes into the system. The team is currently in the process of connecting the oracle, and soon, testing will be completed. 
Smartdec is using trading robots to simulate real-life trading, and development work on these is now completed. The team finished a back-test on these robots, and have implemented three different trading strategies, which will help to stress-test the exchange engine. They’ve also created a strategy for market-making, which is necessary to ensure liquidity. 
With security in mind, the exchange engine now also features two-factor authorization, which the team will put through testing. 
As mentioned in the previous report, the team have also been developing three libraries in different programming languages. These are now well underway and will also soon be ready for testing. 
Finally, there is now an API for broadcasting market data from the Digitex exchange, which will also need to undergo testing. 
Although rigorous testing still takes time, it’s a necessary process to catch any bugs or glitches before the exchange launches to live users. However, it’s excellent news that all these long-awaited features are now becoming a reality. 

Back Office Support System Integration

The last report referred to the setup of the back office, which is the part of the exchange that handles all user account management. If a trader needs to raise an issue, then they’ll open a support request which will be handled by an external system called ZenDesk. Smartdec is currently working through the options for integrating the Zendesk ticket processing system to the exchange.
Due to the size of our waitlist, we know we’re going to have a throng of traders online as soon as we launch. Therefore, it’s paramount that we ensure there’s a fast and efficient support system in place. SmartDec has been working closely with Adam to integrate a system that connects our support team directly to the exchange itself. 

User Interface Specifications

We want the user interface (UI) to be as intuitive and easy-to-use as possible, so traders can focus on what matters – trading. The Smartdec team are now working with a designer to develop the existing user interface. Together, they’ve selected a set of pages that need to be drawn and matched. 
Adam’s vision of a clear ladder trading platform is finally coming to fruition, with the specification now completed and given the stamp of approval by the man himself. Now, Smartdec can start working on implementing the ladder trading interface to the exchange functionality and UI. 
So, that’s it for now, but as you can see, Smartdec is making some serious headway in the development process. Although we don’t yet have a confirmed launch date, our latest Q&A with Digitex CMO Lidia Yadlos drops a pretty heavy hint that it’s tantalizingly close. If you haven’t already, check out her update with all the latest from Moscow! 

August 9, 2019
Blockchain
Digitex Futures

The Latest Digitex Development Report — Testing, Testing & More Testing!

admin
digite -futures development

While most of the northern hemisphere is enjoying their summer vacation, Smartdec continues to beaver away in Moscow. Our colleagues there are hard at work building the Digitex futures exchange. Right on time, they’ve now issued the fifth bi-weekly report on the Digitex development progress. Check out all the details below! 
During the last two weeks, the Smartdec team has been focused on the testing and further development of the Digitex Futures exchange engine, the technical specifications for the back office, and the specifications for the user interface. 

Rigorously Testing the Digitex Futures Exchange Engine

The majority of progress during the last two weeks has been in working to improve the exchange engine, testing and re-testing the individual features. Although it may not sound like the most exciting activity, it’s a critical part of the development process and ensures we have a clean, bug-free futures exchange at launch. 
Because market data doesn’t exist within the Ethereum blockchain environment, the exchange engine needs a source of pricing information. 
So, in the last two weeks, Smartdec has been working at implementing an oracle, which will import BTC/USD quotes into the system. The team is currently in the process of connecting the oracle, and soon, testing will be completed. 
Smartdec is using trading robots to simulate real-life trading, and development work on these is now completed. The team finished a back-test on these robots, and have implemented three different trading strategies, which will help to stress-test the exchange engine. They’ve also created a strategy for market-making, which is necessary to ensure liquidity. 
With security in mind, the exchange engine now also features two-factor authorization, which the team will put through testing. 
As mentioned in the previous report, the team have also been developing three libraries in different programming languages. These are now well underway and will also soon be ready for testing. 
Finally, there is now an API for broadcasting market data from the Digitex exchange, which will also need to undergo testing. 
Although rigorous testing still takes time, it’s a necessary process to catch any bugs or glitches before the exchange launches to live users. However, it’s excellent news that all these long-awaited features are now becoming a reality. 

Back Office Support System Integration

The last report referred to the setup of the back office, which is the part of the exchange that handles all user account management. If a trader needs to raise an issue, then they’ll open a support request which will be handled by an external system called ZenDesk. Smartdec is currently working through the options for integrating the Zendesk ticket processing system to the exchange.
Due to the size of our waitlist, we know we’re going to have a throng of traders online as soon as we launch. Therefore, it’s paramount that we ensure there’s a fast and efficient support system in place. SmartDec has been working closely with Adam to integrate a system that connects our support team directly to the exchange itself. 

User Interface Specifications

We want the user interface (UI) to be as intuitive and easy-to-use as possible, so traders can focus on what matters – trading. The Smartdec team are now working with a designer to develop the existing user interface. Together, they’ve selected a set of pages that need to be drawn and matched. 
Adam’s vision of a clear ladder trading platform is finally coming to fruition, with the specification now completed and given the stamp of approval by the man himself. Now, Smartdec can start working on implementing the ladder trading interface to the exchange functionality and UI. 
So, that’s it for now, but as you can see, Smartdec is making some serious headway in the development process. Although we don’t yet have a confirmed launch date, our latest Q&A with Digitex CMO Lidia Yadlos drops a pretty heavy hint that it’s tantalizingly close. If you haven’t already, check out her update with all the latest from Moscow! 

Latest News

digite -futures development

Digitex Futures Exchange Development Update

Blockchain
Digitex Futures
• Christina Comben
June 27, 2019

As usual, a lot has been going on at Digitex over the past two weeks since the initial SmartDec development report. Not only have we announced our plans of becoming a DAO but we’ve also put forward a token reallocation proposal to the community. And, of course, behind the scenes, SmartDec has been working hard.

SmartDec Development Status Report Number 2

As promised, SmartDec is producing bi-weekly reports (that means every other week, not twice a week, as some people understood) so that the community can see the work that they have been doing. These reports include what has been done so far and what’s going to be worked on over the coming weeks. You can check out their report by visiting the company blog.
As the report is technical in nature, here we break down some of the jargon into plain English for those less familiar with some of the terms used.

Digitex Futures Exchange Development Update 11
Digitex Futures exchange developers (left to right) — Evgeny Marchenko, Alexander Seleznev, Sergei Pavlin (SmartDec)

Working on the User Interface

As you know, when it comes to cryptocurrency trading, the user interface (UI) is critical. This is often where many decentralized exchanges and applications fall down. They fail to offer a seamless working interface that has a logical flow and allows traders to place bid and sell orders at lightning speed.
One of Digitex’s many selling points is its one-click ladder interface that allows traders to stay in the zone and keep their eyes on the price action as it moves up and down to the left and right of the ladder. As you know, this particular part of the exchange was built by our Dublin team and recreated by SmartDec with all vulnerabilities removed.
What SmartDec has been working on over the last two weeks in terms of UI is making it as simple as possible for users to sign up and open an account. This is vital when it comes to onboarding new traders.
How many times have you visited an exchange only to be put off by the unfriendly signup experience or complicated interface and processes?
SmartDec is ensuring that opening an account is seamless, that authorization is fast, and that there is a simple and robust password recovery system in place. Work on this will continue over the next two weeks.

Ensuring a Robust Futures Engine

Remember, our Dublin team already carried out an excellent job when it came to the order matching engine. Many times, it’s almost impossible to take someone else’s code and build it and make it run. 
What SmartDec has been doing when it comes to the futures engine is auditing it, removing vulnerabilities, ensuring that future development is easy, and the code is sustainable for the long term.
This has required the team to eliminate certain parts of the code and create new parts that remove the dependencies. The team will continue to work on this task over the coming weeks as well. However, they have already succeeded in optimizing the architecture and removing the redundant code.

Development Status Overall

SmartDec’s report provides greater technical detail about work they’re doing on involving the Postgres database, and other development elements. The team is already working on developing the specs they’ve been building–moving forward with the rest of the exchange development the way that they see fit.
Things are looking good. The team is working well together, and development is in the right hands. Thanks for your continued support!
Click here to learn about Digitex’s futures tick value list.

June 27, 2019
Blockchain
Digitex Futures

Digitex Futures Exchange Development Update

Christina Comben
digite -futures development

As usual, a lot has been going on at Digitex over the past two weeks since the initial SmartDec development report. Not only have we announced our plans of becoming a DAO but we’ve also put forward a token reallocation proposal to the community. And, of course, behind the scenes, SmartDec has been working hard.

SmartDec Development Status Report Number 2

As promised, SmartDec is producing bi-weekly reports (that means every other week, not twice a week, as some people understood) so that the community can see the work that they have been doing. These reports include what has been done so far and what’s going to be worked on over the coming weeks. You can check out their report by visiting the company blog.
As the report is technical in nature, here we break down some of the jargon into plain English for those less familiar with some of the terms used.

Digitex Futures Exchange Development Update 12
Digitex Futures exchange developers (left to right) — Evgeny Marchenko, Alexander Seleznev, Sergei Pavlin (SmartDec)

Working on the User Interface

As you know, when it comes to cryptocurrency trading, the user interface (UI) is critical. This is often where many decentralized exchanges and applications fall down. They fail to offer a seamless working interface that has a logical flow and allows traders to place bid and sell orders at lightning speed.
One of Digitex’s many selling points is its one-click ladder interface that allows traders to stay in the zone and keep their eyes on the price action as it moves up and down to the left and right of the ladder. As you know, this particular part of the exchange was built by our Dublin team and recreated by SmartDec with all vulnerabilities removed.
What SmartDec has been working on over the last two weeks in terms of UI is making it as simple as possible for users to sign up and open an account. This is vital when it comes to onboarding new traders.
How many times have you visited an exchange only to be put off by the unfriendly signup experience or complicated interface and processes?
SmartDec is ensuring that opening an account is seamless, that authorization is fast, and that there is a simple and robust password recovery system in place. Work on this will continue over the next two weeks.

Ensuring a Robust Futures Engine

Remember, our Dublin team already carried out an excellent job when it came to the order matching engine. Many times, it’s almost impossible to take someone else’s code and build it and make it run. 
What SmartDec has been doing when it comes to the futures engine is auditing it, removing vulnerabilities, ensuring that future development is easy, and the code is sustainable for the long term.
This has required the team to eliminate certain parts of the code and create new parts that remove the dependencies. The team will continue to work on this task over the coming weeks as well. However, they have already succeeded in optimizing the architecture and removing the redundant code.

Development Status Overall

SmartDec’s report provides greater technical detail about work they’re doing on involving the Postgres database, and other development elements. The team is already working on developing the specs they’ve been building–moving forward with the rest of the exchange development the way that they see fit.
Things are looking good. The team is working well together, and development is in the right hands. Thanks for your continued support!
Click here to learn about Digitex’s futures tick value list.

Latest News