A Closer Look at the Upcoming Digitex Testnet 1

A Closer Look at the Upcoming Digitex Testnet

Digitex Futures
Trading
• Christina Comben
October 7, 2019

The Digitex Futures testnet will officially open next month! After a rocky road to get this far, we’ll finally be opening our doors and onboarding the first 10,000 traders on November 30. A selected group of early traders will be testing later this month to give their initial feedback–and we’re positively chomping at the bit to unveil! So, in case you’re wondering how the testnet will work, check out some of the key points below. Continue reading

October 7, 2019
Digitex Futures
Trading

A Closer Look at the Upcoming Digitex Testnet

Christina Comben
A Closer Look at the Upcoming Digitex Testnet 2

The Digitex Futures testnet will officially open next month! After a rocky road to get this far, we’ll finally be opening our doors and onboarding the first 10,000 traders on November 30. A selected group of early traders will be testing later this month to give their initial feedback–and we’re positively chomping at the bit to unveil! So, in case you’re wondering how the testnet will work, check out some of the key points below. Continue reading

Latest News

The Road to Our Testnet Launch - Latest Development Report 3

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 4

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

DGTX Has Huge Upside Potential - If You’re Willing to Stay the Course  5

DGTX Has Huge Upside Potential – If You’re Willing to Stay the Course 

Cryptocurrency
Digitex Futures
• admin
September 3, 2019

Battle-hardened by 16 months of big challenges and now finally ready to launch its Testnet on 30th November, Digitex Futures is finally on track to realize the promise of an industry-changing idea. Read here some of the trials and challenges along the way and why I remain a firm believer that DGTX has huge upside potential for those willing to stay the course. Luke Green explains… 

A Long, Eventful Road for DGTX

For those of you who have been around a while, you’ll know that getting to this point has been a very eventful journey for Digitex Futures. The twists and turns, and highs and lows have perhaps tested the patience and resolve of even the most ardent enthusiasts. 
But should we be surprised? Some would argue not. Innovation is hard, it requires focus, agility and, in some cases, flying in the face of strong prevailing winds.
Digitex Futures is unique for a number of reasons–not least of all because it has been forged almost entirely in the public eye. It has created a strong demand in advance of its platform and, as a result, we have all been invited to take part in the initial stages of a tech company. Unlike we’d all like to imagine there isn’t a straight line to success and beyond. It’s often a very haphazard experience of trial and error that many rarely see or experience.
While it seems counter-intuitive, failure and specifically how a company reacts to it, is in many respects, what shapes and defines it. As Adam has mentioned, “what doesn’t kill you makes you stronger.” With two very public launch delays, Digitex has been tested with its fair share of setbacks. These have been tough for all involved but they have also defined the decisions that led to the news that the testnet will launch on 30th November.

A Mixed Reaction

While this news is extremely bullish long term for the project, there has been a very mixed reaction from the market reflected in the DGTX token price. For some holders, both the date and the fact that it’s only a Testnet release have been a disappointment. In part, this is perhaps due to some optimism that the Dublin codebase would provide more of a timeline advantage and, rather than a Testnet, we’d be gunning for a live platform.
However, via each of the methodical SmartDec updates, it has become clear that there have been some big engineering and mathematical challenges to solve with the original work. Understandably given the timing of their entry to the project, SmartDec has remained very cautious and clearly wants to improve on previous expectations management. 
With that in mind, the fact the team has recently provided dates can be read as a very good sign. It suggests that the biggest engineering challenges are now behind them, allowing them to focus on build-out and beta-testing.

A Phase of Consolidation

When it comes to creating excitement around Digitex Futures, Adam has clearly delivered. Just a cursory glance back through the Digitex YouTube channel will reveal a CEO who is just as passionate as he is transparent about the project. However, through his own admission, this enthusiasm and transparency have led to mistakes.
As a result, the market quite rightly wants to see clear evidence of progress and Adam finds himself having to traverse a long period of development consolidation, with two launch delays hanging over him. As we move through this period (which is more about the technical details than exciting marketing tactics), we are seeing an understandably buttoned-down CEO having to bite his lip.
He naturally wants to rev up promotional plans or show us what SmartDec has been building. But he knows the project is under a great deal of scrutiny from both holders and the wider industry and it’s important to get this right.
Depending on your appetite for risk, this presents a number of scenarios. You could see it as the perfect time to sit on the sidelines or like many holders have concluded, a fantastic opportunity to accumulate more DGTX tokens. Whatever your position, you can be sure the moment Adam is given the green light by SmartDec with a product to promote, things are going to get pretty exciting very quickly!

The Next Key Moments

For both investors and long term holders, it’s clear that Digitex Futures has a few very key moments ahead of it. Especially given that there is much to prove due to the historical delays. As a result, here are a few aspects I’ll be keeping an eye out for that could rapidly and positively affect sentiment.

  • SmartDec is due to write up the work they have been doing to date this week; expect this to add further evidence that shows the platform is finally on track.
  • While we know the launch date of the Testnet, any evidence (screenshots/video demos) of the platform in the meantime could see a dramatic uptick in project interest.
  • News of the first testers being let into the platform will also be a big indicator of platform development progress.
  • The Testnet might occur earlier than expected – don’t bet on it – but if it does it will be a great sign for the market and DGTX price.

Summing Up

There’s no mistake, Digitex Futures has everything to prove right now especially while there remains uncertainty around some of the key features like the practicalities of the peg system. However, with effective and talented developers on board, it’s clear to see that Adam and his team have the opportunity to start providing consistent and realistic feature updates and continue to return confidence to the project. 
As further evidence builds that the project is on course, it seems it’s only a matter of time that, yet again, DGTX will be building up a serious head of steam. When you factor in that a go-live date could be less than six months away, with perhaps some surprises along the way, there’s no way I’ll be doing anything but adding to my position.
Digitex Futures writers and/or guest authors may or may not have a vested interest in the Digitex Futures project and/or other businesses mentioned throughout the site. None of the content on Digitex Futures is investment advice nor is it a replacement for advice from a certified financial planner.

September 3, 2019
Cryptocurrency
Digitex Futures

DGTX Has Huge Upside Potential – If You’re Willing to Stay the Course 

admin
DGTX Has Huge Upside Potential - If You’re Willing to Stay the Course  6

Battle-hardened by 16 months of big challenges and now finally ready to launch its Testnet on 30th November, Digitex Futures is finally on track to realize the promise of an industry-changing idea. Read here some of the trials and challenges along the way and why I remain a firm believer that DGTX has huge upside potential for those willing to stay the course. Luke Green explains… 

A Long, Eventful Road for DGTX

For those of you who have been around a while, you’ll know that getting to this point has been a very eventful journey for Digitex Futures. The twists and turns, and highs and lows have perhaps tested the patience and resolve of even the most ardent enthusiasts. 
But should we be surprised? Some would argue not. Innovation is hard, it requires focus, agility and, in some cases, flying in the face of strong prevailing winds.
Digitex Futures is unique for a number of reasons–not least of all because it has been forged almost entirely in the public eye. It has created a strong demand in advance of its platform and, as a result, we have all been invited to take part in the initial stages of a tech company. Unlike we’d all like to imagine there isn’t a straight line to success and beyond. It’s often a very haphazard experience of trial and error that many rarely see or experience.
While it seems counter-intuitive, failure and specifically how a company reacts to it, is in many respects, what shapes and defines it. As Adam has mentioned, “what doesn’t kill you makes you stronger.” With two very public launch delays, Digitex has been tested with its fair share of setbacks. These have been tough for all involved but they have also defined the decisions that led to the news that the testnet will launch on 30th November.

A Mixed Reaction

While this news is extremely bullish long term for the project, there has been a very mixed reaction from the market reflected in the DGTX token price. For some holders, both the date and the fact that it’s only a Testnet release have been a disappointment. In part, this is perhaps due to some optimism that the Dublin codebase would provide more of a timeline advantage and, rather than a Testnet, we’d be gunning for a live platform.
However, via each of the methodical SmartDec updates, it has become clear that there have been some big engineering and mathematical challenges to solve with the original work. Understandably given the timing of their entry to the project, SmartDec has remained very cautious and clearly wants to improve on previous expectations management. 
With that in mind, the fact the team has recently provided dates can be read as a very good sign. It suggests that the biggest engineering challenges are now behind them, allowing them to focus on build-out and beta-testing.

A Phase of Consolidation

When it comes to creating excitement around Digitex Futures, Adam has clearly delivered. Just a cursory glance back through the Digitex YouTube channel will reveal a CEO who is just as passionate as he is transparent about the project. However, through his own admission, this enthusiasm and transparency have led to mistakes.
As a result, the market quite rightly wants to see clear evidence of progress and Adam finds himself having to traverse a long period of development consolidation, with two launch delays hanging over him. As we move through this period (which is more about the technical details than exciting marketing tactics), we are seeing an understandably buttoned-down CEO having to bite his lip.
He naturally wants to rev up promotional plans or show us what SmartDec has been building. But he knows the project is under a great deal of scrutiny from both holders and the wider industry and it’s important to get this right.
Depending on your appetite for risk, this presents a number of scenarios. You could see it as the perfect time to sit on the sidelines or like many holders have concluded, a fantastic opportunity to accumulate more DGTX tokens. Whatever your position, you can be sure the moment Adam is given the green light by SmartDec with a product to promote, things are going to get pretty exciting very quickly!

The Next Key Moments

For both investors and long term holders, it’s clear that Digitex Futures has a few very key moments ahead of it. Especially given that there is much to prove due to the historical delays. As a result, here are a few aspects I’ll be keeping an eye out for that could rapidly and positively affect sentiment.

  • SmartDec is due to write up the work they have been doing to date this week; expect this to add further evidence that shows the platform is finally on track.
  • While we know the launch date of the Testnet, any evidence (screenshots/video demos) of the platform in the meantime could see a dramatic uptick in project interest.
  • News of the first testers being let into the platform will also be a big indicator of platform development progress.
  • The Testnet might occur earlier than expected – don’t bet on it – but if it does it will be a great sign for the market and DGTX price.

Summing Up

There’s no mistake, Digitex Futures has everything to prove right now especially while there remains uncertainty around some of the key features like the practicalities of the peg system. However, with effective and talented developers on board, it’s clear to see that Adam and his team have the opportunity to start providing consistent and realistic feature updates and continue to return confidence to the project. 
As further evidence builds that the project is on course, it seems it’s only a matter of time that, yet again, DGTX will be building up a serious head of steam. When you factor in that a go-live date could be less than six months away, with perhaps some surprises along the way, there’s no way I’ll be doing anything but adding to my position.
Digitex Futures writers and/or guest authors may or may not have a vested interest in the Digitex Futures project and/or other businesses mentioned throughout the site. None of the content on Digitex Futures is investment advice nor is it a replacement for advice from a certified financial planner.

Latest News

Wondering How To Buy Futures? Check Out This Quick Guide 7

Wondering How To Buy Futures? Check Out This Quick Guide

Digitex Futures
Trading
• Christina Comben
September 2, 2019

As we announced the launch of our public testnet and inch closer to opening the gates, things are starting to get real at last! You may find yourself wondering how to buy futures or indeed, what futures really are. In this article, we explain the basic concepts, how to buy futures, the types of contracts, and all you need to know to get into stock futures investing.

About Futures 

For a more in-depth overview of futures and futures trading, check out our how-to guide here. However, the basic premise is this: Think of futures contracts as agreements between two parties to trade an asset (in this case Bitcoin) for an agreed-upon price in the future. 
Trading futures has many benefits and started out as a way of allowing large companies, farmers, oil producers, etc. to hedge their commodities’ value against price fluctuations. Say an oil producer believes that the price per barrel will drop significantly in the next six months. He can enter a futures contract to sell at today’s price in six months to secure his profit. Of course, he loses out if the price rises. Trading futures is always a gamble, even more so in the cryptocurrency space.
There are many different types of futures contracts, including physically settled and cash-settled, as well as daily and monthly settled and perpetual swaps. Until Bakkt makes its entrance in September of this year with the first physically settled Bitcoin Futures market, all futures in the crypto space are cash-settled. This means that the traders pay each other the difference instead of physically delivering the underlying asset (Bitcoin). 
While some traders are looking to hedge on price, most modern futures traders are speculators looking to trade on price fluctuations and make cash profits, rather than taking custody of the underlying asset (i.e. barrels of oil, bars of gold, or even bitcoins). This would be a physically-settled contract and is more applicable to institutional space, agricultural or airline industries, for example. 

Perpetual Swaps

What are perpetual swap contracts? Perpetual swaps have no expiration date, unlike daily or monthly settled futures contracts. This makes them easier to understand for retail traders and they will be the main focus of the Digitex Futures exchange. As Adam stated in the AMA about the testnet:
“With a futures contract that may not expire for another month, there’s a premium because the spot price is further away from the contract price. Also, at settlement, there’s a need to settle the old contract and then open a new contract. Perpetual swap futures are the way forward for attracting retail traders and therefore, ensuring volume.”

Futures Markets

The futures market globally is now enormous and growing all the time according to the Futures Industry Association, with futures traded against stocks, Forex, cryptocurrencies, indices, bonds, gold, and more.
If you were asking questions like, what are stock futures, what is day trading futures, and how to buy futures, it helps to have an overview of the different types of markets first–as well as the tools that good futures traders use to magnify their profits.
You can buy futures contracts through a traditional broker or online from an abundance of sites that make trading simpler and easier, cut out intermediaries and lower costs. On the Digitex Futures exchange, you’ll be able to buy cryptocurrency futures with zero commissions on all trades–a first for both the crypto and the futures industry.
Futures traders often use tools like margin and leverage to increase their profit sizes. Borrowing funds from an exchange to take a bigger position can be risky and highly leveraged traders can get blown out in volatile markets. However, leverage does give skilled traders the chance to make a lot of money fast and greatly magnify their winnings. This is why 100x leverage has become so popular in the cryptocurrency markets.

How to Buy Futures on the Digitex Exchange

On the Digitex exchange, you can buy futures using DGTX only. This means that you’ll need to know where to buy ether, first of all, to purchase DGTX and then all your profits and losses will be denominated in DGTX.
As Adam highlighted in his AMA, you will be buying a perpetual swap contract, which will be a dollar’s worth of DGTX tokens and has no expiration date. We are still finalizing the futures contract specifications, however, they will be essentially the same as other major futures exchanges such as BitMEX and Bybit to make it easier for their traders to switch over to Digitex. We want to make it as simple as possible to create winning traders and to allow them to trade successfully. 
Skilled traders are used to trading futures for profit. It takes time and discipline, but even you’re just starting out, earning some extra income from day trading futures is certainly within your reach, especially on a platform that charges no commissions and has no mechanical edge working against you.

September 2, 2019
Digitex Futures
Trading

Wondering How To Buy Futures? Check Out This Quick Guide

Christina Comben
Wondering How To Buy Futures? Check Out This Quick Guide 8

As we announced the launch of our public testnet and inch closer to opening the gates, things are starting to get real at last! You may find yourself wondering how to buy futures or indeed, what futures really are. In this article, we explain the basic concepts, how to buy futures, the types of contracts, and all you need to know to get into stock futures investing.

About Futures 

For a more in-depth overview of futures and futures trading, check out our how-to guide here. However, the basic premise is this: Think of futures contracts as agreements between two parties to trade an asset (in this case Bitcoin) for an agreed-upon price in the future. 
Trading futures has many benefits and started out as a way of allowing large companies, farmers, oil producers, etc. to hedge their commodities’ value against price fluctuations. Say an oil producer believes that the price per barrel will drop significantly in the next six months. He can enter a futures contract to sell at today’s price in six months to secure his profit. Of course, he loses out if the price rises. Trading futures is always a gamble, even more so in the cryptocurrency space.
There are many different types of futures contracts, including physically settled and cash-settled, as well as daily and monthly settled and perpetual swaps. Until Bakkt makes its entrance in September of this year with the first physically settled Bitcoin Futures market, all futures in the crypto space are cash-settled. This means that the traders pay each other the difference instead of physically delivering the underlying asset (Bitcoin). 
While some traders are looking to hedge on price, most modern futures traders are speculators looking to trade on price fluctuations and make cash profits, rather than taking custody of the underlying asset (i.e. barrels of oil, bars of gold, or even bitcoins). This would be a physically-settled contract and is more applicable to institutional space, agricultural or airline industries, for example. 

Perpetual Swaps

What are perpetual swap contracts? Perpetual swaps have no expiration date, unlike daily or monthly settled futures contracts. This makes them easier to understand for retail traders and they will be the main focus of the Digitex Futures exchange. As Adam stated in the AMA about the testnet:
“With a futures contract that may not expire for another month, there’s a premium because the spot price is further away from the contract price. Also, at settlement, there’s a need to settle the old contract and then open a new contract. Perpetual swap futures are the way forward for attracting retail traders and therefore, ensuring volume.”

Futures Markets

The futures market globally is now enormous and growing all the time according to the Futures Industry Association, with futures traded against stocks, Forex, cryptocurrencies, indices, bonds, gold, and more.
If you were asking questions like, what are stock futures, what is day trading futures, and how to buy futures, it helps to have an overview of the different types of markets first–as well as the tools that good futures traders use to magnify their profits.
You can buy futures contracts through a traditional broker or online from an abundance of sites that make trading simpler and easier, cut out intermediaries and lower costs. On the Digitex Futures exchange, you’ll be able to buy cryptocurrency futures with zero commissions on all trades–a first for both the crypto and the futures industry.
Futures traders often use tools like margin and leverage to increase their profit sizes. Borrowing funds from an exchange to take a bigger position can be risky and highly leveraged traders can get blown out in volatile markets. However, leverage does give skilled traders the chance to make a lot of money fast and greatly magnify their winnings. This is why 100x leverage has become so popular in the cryptocurrency markets.

How to Buy Futures on the Digitex Exchange

On the Digitex exchange, you can buy futures using DGTX only. This means that you’ll need to know where to buy ether, first of all, to purchase DGTX and then all your profits and losses will be denominated in DGTX.
As Adam highlighted in his AMA, you will be buying a perpetual swap contract, which will be a dollar’s worth of DGTX tokens and has no expiration date. We are still finalizing the futures contract specifications, however, they will be essentially the same as other major futures exchanges such as BitMEX and Bybit to make it easier for their traders to switch over to Digitex. We want to make it as simple as possible to create winning traders and to allow them to trade successfully. 
Skilled traders are used to trading futures for profit. It takes time and discipline, but even you’re just starting out, earning some extra income from day trading futures is certainly within your reach, especially on a platform that charges no commissions and has no mechanical edge working against you.

Latest News

The Top 10 Questions from the Atomic Wallet AMA with Digitex’s CEO 9

The Top 10 Questions from the Atomic Wallet AMA with Digitex’s CEO

Crypto Industry
Digitex Futures
• Christina Comben

Thank you to everyone who joined in Adam’s live AMA in the Atomic Wallet Telegram chat yesterday. As a Digitex partner, Atomic Wallet supports more than 300 cryptocurrencies and tokens including DGTX. It offers a secure, anonymous, and decentralized way of storing your crypto assets and is reviewed as “excellent” by TrustPilot. The team there wanted to give their audience a chance to ask Adam anything about the project–and there were plenty of questions! Check out the top 10 below. 

Top 10 Atomic Wallet AMA Questions

1. There are so many futures exchanges launching including Binance. How will you attract users with so much competition?

We’ll be the only zero-fee futures exchange so we will be a lot more attractive to short-term traders. We’re also not worried about how to encourage traders to buy DGTX. We’ll have a bunch of competitions which will be volume-based, profit-based, and so on. A bit like how Kucoin did with Kumex, and Binance with their current futures launch.

2. What happens when you run out of money? How will Digitex create revenue other than minting tokens?

We have 100 million DGTX locked into our Digitex Treasury smart contract and they get released at a rate of 10m per quarter until June 2021. So we have revenue until at least the start of 2022. After that, we have the option of minting new DGTX to cover costs. But if we have a million traders and highly liquid markets, there are so many other ways of making money that we may not even have to do that.
We can charge listing fees on our spot market, we can run IEOs, we can have different levels of optional memberships. There’s a lot we can do that will potentially remove the need to ever mint tokens. I wouldn’t be surprised if we never had to mint tokens for the purpose of revenue generation.

3. You are ready to launch Digitex Testnet on Nov 30, 2019. What features can we expect to have?

The testnet will have one BTCUSD perpetual swap futures market with leverage up to 100x. And we will restrict it to 10,000 by invite from our waitlist so we won’t go over that amount until we’re ready for them.

4. What markets will you add after that?

We will start with BTC/USD. After our launch and when everything works well, we will start adding other markets. Gold, silver, oil, etc, will eventually be added.

5. There are many rules and regulations on cryptocurrencies and exchanges. How can the Digitex trading platform face these problems?

We’re currently registered in Seychelles where some other futures platforms are registered like BitMEX. However, rather than hiding behind an offshore jurisdiction and washing our hands of any sort of responsibility, we’ll also be using best industry practices in terms of KYC and AML to ensure that we can restrict certain jurisdictions from using the platform and meet the obligations of most jurisdictions. 
In the longer term, we may well look to register and become a licensed futures exchange in Europe, but of course, that takes a fair bit of time and money.

6. You’ve had some delays and been through some bad times, how will you still be competitive when you launch?

We’re still the only zero-fee futures exchange so that will attract a lot of traders, especially the very active short-term traders who will create very liquid markets that will, in turn, attract more traders.
We had to delay the launch because the product that our last developers gave us wasn’t nearly good enough. I can only keep going and do what I said I would do in the ICO which is launch a zero-fee futures exchange. 
By doing that, I hope to eventually win back people’s trust by showing that we’ve learned from mistakes and persisted and done what we said we would do. Yes, there were development mistakes but it’s more important how we handle them and move forward.
We had no choice but to soldier on and carry on until we deliver what we said we would deliver. Yes, it’s been hard, but we persevered and I hope we get judged more by how we reacted to things going wrong than by the fact that things went wrong. 
Basically, we’re a startup and 90% of startups fail for various different reasons like the ones we faced. But giving up was never even a consideration. I’ll do whatever it takes to make this project a massive success and knowing that internally allows me to ignore all the negativity.

7. Why did you choose the Ethereum blockchain and will you launch your own blockchain?

Ethereum is the backbone of so many projects. It’s the best one in my opinion and that’s why we chose it. Its dev community is very strong, it has good leadership and when they figure out their layer 2 scaling solutions it will be unstoppable. We won’t be launching our own blockchain because we won’t need to.

8. Can you please give more information on the peg system?

The peg system will basically be another futures market that allows traders to hedge against price volatility of the DGTX token. Its main challenge will be making it liquid enough for it to be useful without excessive manipulation.
But even without using the peg system, many short-term traders will want to own it and use it to trade with because if its overall trajectory is upwards, then holding it is actually another benefit of trading on our exchange.

9. How did you come up with the idea for a commission-free exchange?

I was a futures trader for years trading very short-term in the open outcry pits in London and I was always getting killed by commissions and dreamed of being able to trade with zero fees. Upon discovering crypto and specifically Ethereum, I realized I could build it so I set about doing that.

10. Can we get a sneak peek of what the exchange is going to look like?

Not yet, but I promise you it’s going to look awesome 🙂

Wrapping It Up

With over an hour of continued questions, it was a very lively and informative AMA overall. If you’re interested in reading the whole session, hop on over to the Atomic Wallet Telegram chat and read from yesterday September 11 at 16:00. You can also join in the conversation in the Digitex Telegram chat, we’re always happy to answer your questions. Thank you for your continued support!

September 2, 2019
Crypto Industry
Digitex Futures

The Top 10 Questions from the Atomic Wallet AMA with Digitex’s CEO

Christina Comben
The Top 10 Questions from the Atomic Wallet AMA with Digitex’s CEO 10

Thank you to everyone who joined in Adam’s live AMA in the Atomic Wallet Telegram chat yesterday. As a Digitex partner, Atomic Wallet supports more than 300 cryptocurrencies and tokens including DGTX. It offers a secure, anonymous, and decentralized way of storing your crypto assets and is reviewed as “excellent” by TrustPilot. The team there wanted to give their audience a chance to ask Adam anything about the project–and there were plenty of questions! Check out the top 10 below. 

Top 10 Atomic Wallet AMA Questions

1. There are so many futures exchanges launching including Binance. How will you attract users with so much competition?

We’ll be the only zero-fee futures exchange so we will be a lot more attractive to short-term traders. We’re also not worried about how to encourage traders to buy DGTX. We’ll have a bunch of competitions which will be volume-based, profit-based, and so on. A bit like how Kucoin did with Kumex, and Binance with their current futures launch.

2. What happens when you run out of money? How will Digitex create revenue other than minting tokens?

We have 100 million DGTX locked into our Digitex Treasury smart contract and they get released at a rate of 10m per quarter until June 2021. So we have revenue until at least the start of 2022. After that, we have the option of minting new DGTX to cover costs. But if we have a million traders and highly liquid markets, there are so many other ways of making money that we may not even have to do that.
We can charge listing fees on our spot market, we can run IEOs, we can have different levels of optional memberships. There’s a lot we can do that will potentially remove the need to ever mint tokens. I wouldn’t be surprised if we never had to mint tokens for the purpose of revenue generation.

3. You are ready to launch Digitex Testnet on Nov 30, 2019. What features can we expect to have?

The testnet will have one BTCUSD perpetual swap futures market with leverage up to 100x. And we will restrict it to 10,000 by invite from our waitlist so we won’t go over that amount until we’re ready for them.

4. What markets will you add after that?

We will start with BTC/USD. After our launch and when everything works well, we will start adding other markets. Gold, silver, oil, etc, will eventually be added.

5. There are many rules and regulations on cryptocurrencies and exchanges. How can the Digitex trading platform face these problems?

We’re currently registered in Seychelles where some other futures platforms are registered like BitMEX. However, rather than hiding behind an offshore jurisdiction and washing our hands of any sort of responsibility, we’ll also be using best industry practices in terms of KYC and AML to ensure that we can restrict certain jurisdictions from using the platform and meet the obligations of most jurisdictions. 
In the longer term, we may well look to register and become a licensed futures exchange in Europe, but of course, that takes a fair bit of time and money.

6. You’ve had some delays and been through some bad times, how will you still be competitive when you launch?

We’re still the only zero-fee futures exchange so that will attract a lot of traders, especially the very active short-term traders who will create very liquid markets that will, in turn, attract more traders.
We had to delay the launch because the product that our last developers gave us wasn’t nearly good enough. I can only keep going and do what I said I would do in the ICO which is launch a zero-fee futures exchange. 
By doing that, I hope to eventually win back people’s trust by showing that we’ve learned from mistakes and persisted and done what we said we would do. Yes, there were development mistakes but it’s more important how we handle them and move forward.
We had no choice but to soldier on and carry on until we deliver what we said we would deliver. Yes, it’s been hard, but we persevered and I hope we get judged more by how we reacted to things going wrong than by the fact that things went wrong. 
Basically, we’re a startup and 90% of startups fail for various different reasons like the ones we faced. But giving up was never even a consideration. I’ll do whatever it takes to make this project a massive success and knowing that internally allows me to ignore all the negativity.

7. Why did you choose the Ethereum blockchain and will you launch your own blockchain?

Ethereum is the backbone of so many projects. It’s the best one in my opinion and that’s why we chose it. Its dev community is very strong, it has good leadership and when they figure out their layer 2 scaling solutions it will be unstoppable. We won’t be launching our own blockchain because we won’t need to.

8. Can you please give more information on the peg system?

The peg system will basically be another futures market that allows traders to hedge against price volatility of the DGTX token. Its main challenge will be making it liquid enough for it to be useful without excessive manipulation.
But even without using the peg system, many short-term traders will want to own it and use it to trade with because if its overall trajectory is upwards, then holding it is actually another benefit of trading on our exchange.

9. How did you come up with the idea for a commission-free exchange?

I was a futures trader for years trading very short-term in the open outcry pits in London and I was always getting killed by commissions and dreamed of being able to trade with zero fees. Upon discovering crypto and specifically Ethereum, I realized I could build it so I set about doing that.

10. Can we get a sneak peek of what the exchange is going to look like?

Not yet, but I promise you it’s going to look awesome 🙂

Wrapping It Up

With over an hour of continued questions, it was a very lively and informative AMA overall. If you’re interested in reading the whole session, hop on over to the Atomic Wallet Telegram chat and read from yesterday September 11 at 16:00. You can also join in the conversation in the Digitex Telegram chat, we’re always happy to answer your questions. Thank you for your continued support!

Latest News

Digitex Is Reopening Its Epic Waitlist - 5 Million DGTX Giveaway! 11

Digitex Is Reopening Its Epic Waitlist – 5 Million DGTX Giveaway!

Cryptocurrency
Digitex Futures
• admin
August 31, 2019

We finally have a launch date for the testnet (30th November!) and we want to get started the best way possible. With more than 1.5 million people already signed up to our waitlist, there’s already a huge demand for zero fee Bitcoin futures trading. But since more active traders on the platform means more liquidity and greater demand for DGTX, we’re going to keep on growing our waitlist–and up the rewards for referrals as well.

The Digitex Waitlist Is Reopening

That’s right, the mammoth Digitex Waitlist is reopening! Will there be another chance to win free DGTX? Absolutely. Simply join the Digitex Waitlist and start sharing your unique link amongst your friends. The more friends you refer to the waitlist, the further up the list you get.
The top 10 names on the list will each win 50,000 DGTX each. And the top 500 names on the waitlist will get 1,000 DGTX each.
But the good news is that this time around we’re not just doing one waitlist–we’re doing 5 different waitlists! We’re launching a different waitlist for the South Korean, Japanese, Chinese, Russian and English speaking markets! That’s a total of 5 MILLION DGTX that we’re giving away. 
This will incentivize people to spread the word about Digitex around the world and also help them receive accurate and relevant information in their respective languages. Everyone that signs up receives a series of emails in their own language telling them all about Digitex.
Join the South Korean / Japanese / Chinese / Russian / English Digitex Waitlist and start sharing your unique referral link.
As CEO and Founder of Digitex Futures Adam Todd enthused:

“The popularity of the Digitex waitlist demonstrates the massive demand for commission-free futures trading. That’s why we have decided to reopen it in new markets to bring new eyes to the project because we know what happens when we create a surge of traffic ahead of an anticipated launch date. The last time we launched our waitlist the token price went crazy after just a few weeks. And this time with our new affiliate program built into it I expect to see even better results.”

The Digitex Affiliate Program

To incentivize as many people as possible to join the Digitex Futures revolution, we’ve also launched our very first affiliate program! The affiliate program is designed to drive token sales to the Digitex Treasury. 
Simply sign up to our waitlist and share your unique link with friends. If any of your friends that you refer to the waitlist buy DGTX tokens from the Digitex Treasury, we’ll give you 15% of their purchase. And if any of your friends then refer their friends who end up buying DGTX from the Digitex Treasury, we’ll give you 5% of those sales too.
It’s really easy to track your sales and get paid. Simply create an account on our affiliate portal using the same email that you signed up to the waitlist and you’ll be able to track your sales. We payout your rewards in ETH on a daily basis.

How To Refer Friends and Earn ETH:

  1. Signup on the Digitex Waitlist to generate a unique link
  2. Share your unique link with friends
  3. Create an account on our affiliate portal to track your sales and get paid in ETH

The Takeaway

We couldn’t be more excited to launch the public testnet and share our exchange with you for the very first time. They say that the third time is a charm. This time around, we’ve got the perfect team for the job, we’re ready to market to and inform more countries around the world, and we’re giving affiliates serious rewards for their work. 
Please note that if you were among the last campaign winners, your name has been removed from the list. We want to give everyone an equal opportunity to receive the top prizes, that’s why the previous 5000 winners have been taken off and will need to reenter with a new email to participate. We wish you all the very best of luck–and thank you for helping us make Digitex epic!
Got questions about the waitlist, affiliate program, testnet, or anything else? Don’t be afraid to join in the conversation on Telegram or ask about Telegram in your native language.

August 31, 2019
Cryptocurrency
Digitex Futures

Digitex Is Reopening Its Epic Waitlist – 5 Million DGTX Giveaway!

admin
Digitex Is Reopening Its Epic Waitlist - 5 Million DGTX Giveaway! 12

We finally have a launch date for the testnet (30th November!) and we want to get started the best way possible. With more than 1.5 million people already signed up to our waitlist, there’s already a huge demand for zero fee Bitcoin futures trading. But since more active traders on the platform means more liquidity and greater demand for DGTX, we’re going to keep on growing our waitlist–and up the rewards for referrals as well.

The Digitex Waitlist Is Reopening

That’s right, the mammoth Digitex Waitlist is reopening! Will there be another chance to win free DGTX? Absolutely. Simply join the Digitex Waitlist and start sharing your unique link amongst your friends. The more friends you refer to the waitlist, the further up the list you get.
The top 10 names on the list will each win 50,000 DGTX each. And the top 500 names on the waitlist will get 1,000 DGTX each.
But the good news is that this time around we’re not just doing one waitlist–we’re doing 5 different waitlists! We’re launching a different waitlist for the South Korean, Japanese, Chinese, Russian and English speaking markets! That’s a total of 5 MILLION DGTX that we’re giving away. 
This will incentivize people to spread the word about Digitex around the world and also help them receive accurate and relevant information in their respective languages. Everyone that signs up receives a series of emails in their own language telling them all about Digitex.
Join the South Korean / Japanese / Chinese / Russian / English Digitex Waitlist and start sharing your unique referral link.
As CEO and Founder of Digitex Futures Adam Todd enthused:

“The popularity of the Digitex waitlist demonstrates the massive demand for commission-free futures trading. That’s why we have decided to reopen it in new markets to bring new eyes to the project because we know what happens when we create a surge of traffic ahead of an anticipated launch date. The last time we launched our waitlist the token price went crazy after just a few weeks. And this time with our new affiliate program built into it I expect to see even better results.”

The Digitex Affiliate Program

To incentivize as many people as possible to join the Digitex Futures revolution, we’ve also launched our very first affiliate program! The affiliate program is designed to drive token sales to the Digitex Treasury. 
Simply sign up to our waitlist and share your unique link with friends. If any of your friends that you refer to the waitlist buy DGTX tokens from the Digitex Treasury, we’ll give you 15% of their purchase. And if any of your friends then refer their friends who end up buying DGTX from the Digitex Treasury, we’ll give you 5% of those sales too.
It’s really easy to track your sales and get paid. Simply create an account on our affiliate portal using the same email that you signed up to the waitlist and you’ll be able to track your sales. We payout your rewards in ETH on a daily basis.

How To Refer Friends and Earn ETH:

  1. Signup on the Digitex Waitlist to generate a unique link
  2. Share your unique link with friends
  3. Create an account on our affiliate portal to track your sales and get paid in ETH

The Takeaway

We couldn’t be more excited to launch the public testnet and share our exchange with you for the very first time. They say that the third time is a charm. This time around, we’ve got the perfect team for the job, we’re ready to market to and inform more countries around the world, and we’re giving affiliates serious rewards for their work. 
Please note that if you were among the last campaign winners, your name has been removed from the list. We want to give everyone an equal opportunity to receive the top prizes, that’s why the previous 5000 winners have been taken off and will need to reenter with a new email to participate. We wish you all the very best of luck–and thank you for helping us make Digitex epic!
Got questions about the waitlist, affiliate program, testnet, or anything else? Don’t be afraid to join in the conversation on Telegram or ask about Telegram in your native language.

Latest News

Recap AMA on the Digitex Public Testnet Launch  13

Recap AMA on the Digitex Public Testnet Launch 

Digitex Futures
• Christina Comben
August 29, 2019

Last week, we announced that Digitex Futures will launch our public testnet starting 30th November. So far, the announcement has been met with mixed reactions, but our CEO Adam Todd has never been one to shy away from our supporters. In this AMA, he candidly takes on all your questions about the launch and more.

AMA – The Digitex Public Testnet Launch

Adam opens the video by recapping last week’s launch announcement and openly expressing his surprise that the announcement wasn’t received more bullishly. He admits he misread the perception and hadn’t realized people think November is so far away. He highlights that since April, there has been a vast amount of development progress and November is closer than it may seem. 
From this brief introduction, Adam goes straight into your questions. Let’s take a look at them one at a time. 

Q: Does the BTCUSD perpetual contract market as an initial offering indicate a shift away from traditional futures to perpetual contracts? 

Yes, it does. We’ve been looking into other exchanges like BitMEX, and have sought feedback from experts in the market. As a result, we believe that perpetual swaps are more appealing to retail traders. They’re simpler to understand, with no expiry date. With an eight hour funding period, the swap price doesn’t get that far out from the spot price. 
With a futures contract that may not expire for another month, there’s a premium because the spot price is further away from the contract price. Also, at settlement, there’s a need to settle the old contract and then open a new contract. Perpetual swap futures are the way forward for attracting retail traders and therefore, ensuring volume. 

Q: Will traditional futures with an expiry date be an option, or will Digitex focus mostly on perpetuals? 

We plan to focus mostly on perpetuals. The more markets and products that we offer, the more we’ll end up breaking up liquidity between different offerings. We don’t want to be the Amazon of futures exchanges. So yes, we are going for fewer strong markets to consolidate liquidity rather than offer hundreds of different products.

Q: What are the specifications of the perpetual swap contracts? 

It will be a dollar’s worth of DGTX tokens. The contract specifications will be the same as the other exchanges like BitMEX or Bybit. There’s a simple reason for this – we want traders from those exchanges to come over to Digitex and therefore, it has to be an easy switch. 
Along with manual traders, we expect there will also be many bot traders. We don’t want bot traders to have to reprogram everything for a new set of contract specifications. Bot traders will be able to come over to our exchange easily, using their existing configuration. Having the same contract specifications as other exchanges will also encourage arbitrageurs between exchanges. 

Q: Any further information on the peg system? 

To explain, the Digitex peg system is just another futures market for the price of DGTX against ETH, BTC or USD. It offers a means of hedging the price of your DGTX while you’re holding it so you can trade on our futures exchange. It locks in the price of DGTX. As you’re holding DGTX, you could sell a futures contract for your holdings on the Digitex peg system so if the price goes down, you may lose money on your trades but you’ll gain money on the peg system futures short positions. The same applies vice versa. 
It will be tailored to the perpetual swaps, so a dollar’s worth of DGTX. It will likely be a perpetual swap specification, but we still have to determine all the specs together with SmartDec. Watch this space.

Q: Will there be an API at full launch or even at the test stage? 

This is really a development question so it depends on SmartDec. For the testnet, however, there won’t be an API.  

Q: For the testnet launch, SmartDec’s announcement stated the platform will support 10,000 users. Does this mean only 10,000 users can use the platform? 

Yes, for as long the testnet lasts, there will be a maximum of 10,000 users. We don’t yet know how long the testing will run. It depends on SmartDec as a development-led decision. 

Q: Given that you plan to be non-custodial long-term, does this mean that BTC, EOS, TRON, etc won’t be listed on the spot markets?

Not necessarily, no. We won’t offer a spot market without Bitcoin, it doesn’t make any sense. This may mean we won’t offer BTC spot markets with non-custodial accounts. Maybe in the future it will be possible to offer non-custodial accounts with BTC based on a Bitcoin smart contract layer like RSK. However, this isn’t something we’re actively investigating right now.
As things stand, we want to offer BTC on spot markets, even if it’s on a custodial basis. But spot markets will only be part of our roadmap once we’ve launched. Once we do launch, we’ll work with SmartDec to determine how and when we can develop a spot market solution.  

Q: Any new exchange listings coming up? 

Yes, we have a new exchange listing announcement coming out at the end of this week. We can’t say too much, but it isn’t Binance! There will be an app for mobile trading of DGTX. It’s our plan to get listed on more exchanges. 

Q: What about the DAO? 

We’ve had a lot of questions about this, but it isn’t really a topic for this AMA, as we want to focus on the testnet announcement. We’ll be dedicating a further AMA to this later on. However, we can provide a brief update. 
We were going to issue DigiDAO tokens in October, but we’ve made a conscious business decision to delay this for now.
The reason is that if we start issuing DigiDAO tokens now before the testnet has even launched, there’s a risk that people might start dumping them at any price. Even with the testnet announcement having come directly from SmartDec, there is still a lot of doubt and FUD going on right now which is reflected in the current price. While we understand this, it means that there’s currently too much risk to start issuing DigiDAO tokens. 
To explain further, if we do start issuing tokens and people try to dump them, it creates a further set of problems. The DigiDAO has some characteristics of being a security as it represents equity ownership, so it won’t get listed on any of the big, liquid, centralized exchanges. If people do decide to dump the tokens, their only option will be to sell them on illiquid DEXs. 
We need to make sure that the DAO tokens are tradeable and liquid if the DAO is to be a success. Once we launch our own spot market, we’ll be in a position to manage liquidity. Until then, we won’t be releasing the DAO tokens. It may be disappointing but from a business perspective, it’s the best and most sustainable way forward. 

Q: If the Treasury doesn’t sell tokens for a while if the price is below $0.05c, will Digitex survive? 

Of course, Digitex will survive! Adam and the team are committed to the future of the company no matter what happens. In every sense of the word, we’re better than we have ever been. The current price doesn’t reflect the current state of the company, and our cash flow situation is secure. 

Q: When will we see a demo or screenshots? 

As soon as we have screenshots or a demo from SmartDec, we will share them with you. SmartDec are conservative in their approach, to make sure they can deliver what they promise. So they won’t release anything too early, in order not to build excitement before they’ve ensured the reality matches up. 

Q: Is there a chance that existing exchanges with their own coin will steal the Digitex idea? 

If nobody wants to copy our idea, that’s not necessarily a good thing! Look at the markets – even Binance is entering the futures game, which is great and lends validity to what we’re doing. 
However, remember that for the existing exchanges, their fee model is working for them as it is. There isn’t necessarily any reason for them to change it at this point. Digitex is different in many ways from these companies. We don’t exist to make our stakeholders profit. But if the competition is there, we’re happy to take it on. 

Q: Have you considered offering trading competitions on testnet? 

Yes, once the testnet is open then we’re happy to offer some user-generated content. Anything that can generate interest and engagement is a great idea. It’s not yet confirmed, but we like the idea. 

Q: Is KYC needed for test net? 

There isn’t any reason why we’d need to perform KYC on testnet because we’re not trading real money. There will be KYC on the live launch. 
It’s possible we may keep the testnet open beyond the live launch date. It could be a great training ground for new traders. It’s just an idea at this point, but it’s possible. 

Q: When will the promotion begin? Will you be opening up the waitlist competition again? 

We have so many big plans! We can’t say too much at this point, but we have a viral marketing campaign in store, and starting soon. 

Q: Will there be 100x leverage on testnet? 

Yes, the testnet will have all the features of the mainnet contract, but without real money.

Q: Are SmartDec devs ever going to appear on videos? It would help morale. 

We would love them to, but not everyone enjoys being on camera! Perhaps in the future we may feature some of the developers on our videos.

Q: Will the exchange be in multiple languages? 

Yes, absolutely. We’ve translated our website into Chinese, Japanese, Korean and Russian. Our waitlist and affiliate program is also already translated. We’re looking at more languages, including Turkish, Vietnamese, and Brazilian Portuguese. Our marketing campaigns will also be in multiple languages. 

Q: When will we see a roadmap with future events? 

At the moment the roadmap is just to get us to the beta launch. After that, we’ll put a roadmap together, with timelines for further features, such as a mobile app. 
Bear in mind that this is going to be a long development process. If we do all the things we want to do to make our exchange what we want it to be, we have to take it a step at a time. 

Wrapping It Up

We hope we’ve been able to answer all your questions! Overall, everything at Digitex is going very well. We’re really happy with the development progress and our marketing plans. We will be doing another AMA at some point soon, with more updates on development progress. Thanks everyone for joining this session and if you have any questions, don’t forget to join in the conversation on Telegram.

August 29, 2019
Digitex Futures

Recap AMA on the Digitex Public Testnet Launch 

Christina Comben
Recap AMA on the Digitex Public Testnet Launch  14

Last week, we announced that Digitex Futures will launch our public testnet starting 30th November. So far, the announcement has been met with mixed reactions, but our CEO Adam Todd has never been one to shy away from our supporters. In this AMA, he candidly takes on all your questions about the launch and more.

AMA – The Digitex Public Testnet Launch

Adam opens the video by recapping last week’s launch announcement and openly expressing his surprise that the announcement wasn’t received more bullishly. He admits he misread the perception and hadn’t realized people think November is so far away. He highlights that since April, there has been a vast amount of development progress and November is closer than it may seem. 
From this brief introduction, Adam goes straight into your questions. Let’s take a look at them one at a time. 

Q: Does the BTCUSD perpetual contract market as an initial offering indicate a shift away from traditional futures to perpetual contracts? 

Yes, it does. We’ve been looking into other exchanges like BitMEX, and have sought feedback from experts in the market. As a result, we believe that perpetual swaps are more appealing to retail traders. They’re simpler to understand, with no expiry date. With an eight hour funding period, the swap price doesn’t get that far out from the spot price. 
With a futures contract that may not expire for another month, there’s a premium because the spot price is further away from the contract price. Also, at settlement, there’s a need to settle the old contract and then open a new contract. Perpetual swap futures are the way forward for attracting retail traders and therefore, ensuring volume. 

Q: Will traditional futures with an expiry date be an option, or will Digitex focus mostly on perpetuals? 

We plan to focus mostly on perpetuals. The more markets and products that we offer, the more we’ll end up breaking up liquidity between different offerings. We don’t want to be the Amazon of futures exchanges. So yes, we are going for fewer strong markets to consolidate liquidity rather than offer hundreds of different products.

Q: What are the specifications of the perpetual swap contracts? 

It will be a dollar’s worth of DGTX tokens. The contract specifications will be the same as the other exchanges like BitMEX or Bybit. There’s a simple reason for this – we want traders from those exchanges to come over to Digitex and therefore, it has to be an easy switch. 
Along with manual traders, we expect there will also be many bot traders. We don’t want bot traders to have to reprogram everything for a new set of contract specifications. Bot traders will be able to come over to our exchange easily, using their existing configuration. Having the same contract specifications as other exchanges will also encourage arbitrageurs between exchanges. 

Q: Any further information on the peg system? 

To explain, the Digitex peg system is just another futures market for the price of DGTX against ETH, BTC or USD. It offers a means of hedging the price of your DGTX while you’re holding it so you can trade on our futures exchange. It locks in the price of DGTX. As you’re holding DGTX, you could sell a futures contract for your holdings on the Digitex peg system so if the price goes down, you may lose money on your trades but you’ll gain money on the peg system futures short positions. The same applies vice versa. 
It will be tailored to the perpetual swaps, so a dollar’s worth of DGTX. It will likely be a perpetual swap specification, but we still have to determine all the specs together with SmartDec. Watch this space.

Q: Will there be an API at full launch or even at the test stage? 

This is really a development question so it depends on SmartDec. For the testnet, however, there won’t be an API.  

Q: For the testnet launch, SmartDec’s announcement stated the platform will support 10,000 users. Does this mean only 10,000 users can use the platform? 

Yes, for as long the testnet lasts, there will be a maximum of 10,000 users. We don’t yet know how long the testing will run. It depends on SmartDec as a development-led decision. 

Q: Given that you plan to be non-custodial long-term, does this mean that BTC, EOS, TRON, etc won’t be listed on the spot markets?

Not necessarily, no. We won’t offer a spot market without Bitcoin, it doesn’t make any sense. This may mean we won’t offer BTC spot markets with non-custodial accounts. Maybe in the future it will be possible to offer non-custodial accounts with BTC based on a Bitcoin smart contract layer like RSK. However, this isn’t something we’re actively investigating right now.
As things stand, we want to offer BTC on spot markets, even if it’s on a custodial basis. But spot markets will only be part of our roadmap once we’ve launched. Once we do launch, we’ll work with SmartDec to determine how and when we can develop a spot market solution.  

Q: Any new exchange listings coming up? 

Yes, we have a new exchange listing announcement coming out at the end of this week. We can’t say too much, but it isn’t Binance! There will be an app for mobile trading of DGTX. It’s our plan to get listed on more exchanges. 

Q: What about the DAO? 

We’ve had a lot of questions about this, but it isn’t really a topic for this AMA, as we want to focus on the testnet announcement. We’ll be dedicating a further AMA to this later on. However, we can provide a brief update. 
We were going to issue DigiDAO tokens in October, but we’ve made a conscious business decision to delay this for now.
The reason is that if we start issuing DigiDAO tokens now before the testnet has even launched, there’s a risk that people might start dumping them at any price. Even with the testnet announcement having come directly from SmartDec, there is still a lot of doubt and FUD going on right now which is reflected in the current price. While we understand this, it means that there’s currently too much risk to start issuing DigiDAO tokens. 
To explain further, if we do start issuing tokens and people try to dump them, it creates a further set of problems. The DigiDAO has some characteristics of being a security as it represents equity ownership, so it won’t get listed on any of the big, liquid, centralized exchanges. If people do decide to dump the tokens, their only option will be to sell them on illiquid DEXs. 
We need to make sure that the DAO tokens are tradeable and liquid if the DAO is to be a success. Once we launch our own spot market, we’ll be in a position to manage liquidity. Until then, we won’t be releasing the DAO tokens. It may be disappointing but from a business perspective, it’s the best and most sustainable way forward. 

Q: If the Treasury doesn’t sell tokens for a while if the price is below $0.05c, will Digitex survive? 

Of course, Digitex will survive! Adam and the team are committed to the future of the company no matter what happens. In every sense of the word, we’re better than we have ever been. The current price doesn’t reflect the current state of the company, and our cash flow situation is secure. 

Q: When will we see a demo or screenshots? 

As soon as we have screenshots or a demo from SmartDec, we will share them with you. SmartDec are conservative in their approach, to make sure they can deliver what they promise. So they won’t release anything too early, in order not to build excitement before they’ve ensured the reality matches up. 

Q: Is there a chance that existing exchanges with their own coin will steal the Digitex idea? 

If nobody wants to copy our idea, that’s not necessarily a good thing! Look at the markets – even Binance is entering the futures game, which is great and lends validity to what we’re doing. 
However, remember that for the existing exchanges, their fee model is working for them as it is. There isn’t necessarily any reason for them to change it at this point. Digitex is different in many ways from these companies. We don’t exist to make our stakeholders profit. But if the competition is there, we’re happy to take it on. 

Q: Have you considered offering trading competitions on testnet? 

Yes, once the testnet is open then we’re happy to offer some user-generated content. Anything that can generate interest and engagement is a great idea. It’s not yet confirmed, but we like the idea. 

Q: Is KYC needed for test net? 

There isn’t any reason why we’d need to perform KYC on testnet because we’re not trading real money. There will be KYC on the live launch. 
It’s possible we may keep the testnet open beyond the live launch date. It could be a great training ground for new traders. It’s just an idea at this point, but it’s possible. 

Q: When will the promotion begin? Will you be opening up the waitlist competition again? 

We have so many big plans! We can’t say too much at this point, but we have a viral marketing campaign in store, and starting soon. 

Q: Will there be 100x leverage on testnet? 

Yes, the testnet will have all the features of the mainnet contract, but without real money.

Q: Are SmartDec devs ever going to appear on videos? It would help morale. 

We would love them to, but not everyone enjoys being on camera! Perhaps in the future we may feature some of the developers on our videos.

Q: Will the exchange be in multiple languages? 

Yes, absolutely. We’ve translated our website into Chinese, Japanese, Korean and Russian. Our waitlist and affiliate program is also already translated. We’re looking at more languages, including Turkish, Vietnamese, and Brazilian Portuguese. Our marketing campaigns will also be in multiple languages. 

Q: When will we see a roadmap with future events? 

At the moment the roadmap is just to get us to the beta launch. After that, we’ll put a roadmap together, with timelines for further features, such as a mobile app. 
Bear in mind that this is going to be a long development process. If we do all the things we want to do to make our exchange what we want it to be, we have to take it a step at a time. 

Wrapping It Up

We hope we’ve been able to answer all your questions! Overall, everything at Digitex is going very well. We’re really happy with the development progress and our marketing plans. We will be doing another AMA at some point soon, with more updates on development progress. Thanks everyone for joining this session and if you have any questions, don’t forget to join in the conversation on Telegram.

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