eXdorado Exchange – Bringing A New Exchange Standard to the CryptoWorld

edundayo (40)in #cryptocurrency • 6 years ago

TL;DR: eXdorado is a new generation community-driven decentralized cryptocurrency exchange with the capacity to handle 1.100.000 transactions per second (TPS), and a highly l improved the security through the invention their factor authentication system (3FA) in addition to a cold and multisig wallet. The exchange will run a two token system where; eXdorado Trade Token (EXT) serves as the native utility token that grants holders 50% discount on trading fees, while eXdorado Shares Token (EXS) grants holders a right to 100% of the trading fees collected on the exchange.

Background: The Problem

It is now a known fact that the astronomical growth that has been witnessed by the cryptocurrency industry, has largely been driven by the evolution of cryptocurrency exchanges, which has majorly been depended on centralized exchanges.

Initially, centralization was not a serious issue, but as cryptocurrencies began to evolve and started gaining greater value, it became a serious problem that has continue to haunting the cryptoworld. For example, the issue of security, which has been brought to reckoning by the incessant hacking and subsequent huge loss of trades and investors fund.

And then you have the issue or regulation and licensing where the contemporary establishments and government entities have been using the centralization structure of most top exchanges to try to cripple the crypto world, all in the name of regulation, especially when we looked at the way and manner these establishments have been going about this issue of regulation.

Don’t get me wrong I’m not opposed to a good intentioned regulation aimed at helping the industry to grow. As a matter of fact, I totally support it because it will help the space to evolve to the level we all dream of, that is, a system of regulation that is done in an honest, transparent and more inclusive manner.

With these and many other problems arise the need to rethink the governance structure of cryptocurrency exchange, and decentralized exchange (DEX) was born. However, despite the introduction of DEX many of the issues still persist because many of early implementations are slow, complex, and not fully decentralized. With this comes the need for new generation decentralized exchanges that are fully decentralized, beginners friendly, robust and highly scalable.

In response to the above highlighted situation, eXdorado aims to develop a new generation fully decentralized cryptocurrency exchange that is driven by the community and for the community, with high-level security, intuitive and scalable interface (UI) suitable for both beginners and experienced users.

What is eXdorado?

eXdorado is a new generation community-driven fully decentralized cryptocurrency exchange with the capacity to handle 1.100.000 transactions per second (TPS), and a highly improved security through the invention of three-factor authentication (3FA) in addition to a cold and multisig wallet. The exchange will run a two-token system where; eXdorado Trade Token (EXT) serves as the native utility token that grants holders 50% discount on trading fees, while eXdorado Shares Token (EXS) grants holders a right to 100% of the trading fees collected on the exchange.

A revolutionary exchange with a whole lot of unique features that will make it appealing to beginners, experienced users, project teams and all stakeholders, such that it will become a favorite. For example; each coin listed on the exchange will have a fiat pair, users will be able to trade cryptocurrency with credit cards (BTC & ETH initially, with more added later), secure SEPA deposits with no fees through partner banks, copy trading (referred to as community trading), where users can follow the best traders and copy their trades via the community trading feature.

Security

eXdorado understands how crucial it is for a cryptocurrency exchange to ensure absolute safety of users’ crypto assets on its platform. Therefore, intends to comply with the guidance of the Cryptocurrency Security Standard (CCSS) by respecting the three levels of the CCSS, to ensure strong levels of security in order to keep hacker far away and guard against any form of compromise and security threat.

eXdorado Ecosystem

Decentralized Exchange

Though much has been said about the eXdorado decentralized exchange earlier in this article, however, below is how the team described it in summary;

Decentralized governance where every decision will need to be approved by the community. Listing and trading fees will also be decided by the token holders.
Dividends on trading fees, listings and overall net profits of eXdorado
Secured platform for ICOs funding
Live trading with the capacity to handle up to 1.100.000+ trades per second and will still be improved as the exchange evolve.
Mobile and desktop app that enable users to trade from anywhere at any time.

eXdorado Cards

The eXodorado Cards give users the right to listing fees and bonus tokens for ICO, 3 Factor Authentication with a unique number written on the card to increase the level of security on users' account.

The following are the 4 types of cards that are available;

The Classic card, which is unlimited and enables only 3FA.
The Gold card having 1000 availability and gives users access to 10% of the listing of fees plus 3FA & 10% ICO bonus,
The Platinum card with 100 cards available and for which users get 20% of the listing of fees plus 3FA & 20% ICO bonus,
Lastly, the Founder card of which only 10 cards are available and it gives users 30% of the listing fees plus 3FA & 35% ICO bonus.

Community Governance

eXdorado Shares Token (EXS) holders will have rights on decisions relating to the future the exchange, the weight of each holders' vote will be dependent on token holdings; 1 EXS = 1 vote. Users will have the freedom both to vote and to submit their suggestions on the voting platform, the suggestion that receives the highest vote in the week will then go through community voting and if it scales through, it will be developed or implemented by the team.

ICO Incubator

Through ICO incubator, upcoming ICOs are critically vetted using some in-house criteria and once an ICO passed the review and is selected, it will be launched on the platform, in which case eXdorado then brings their experience and skills to bear in supporting the ICO team while also taking care of the legal aspect.

Roadmap

Token/ICO

Token Symbol: EXT & EXS
Platform: Ethereum
ICO: Completed
Total Supply: EXT - 100M, EXS - 13.3M

Just like every other thing, eXdorado takes their token buyback scheme to a whole new level that would trump that of all their competitors. eXdorado aims to gradually buyback and burned the EXT token until it reaches 80%, using 10% of the exchange profits. This means that eventually there will only be 20% (20M) EXT in circulation.
EXT Contract: https://etherscan.io/address/0x36678ca899a0f324d1f9081268d425b328f05615

Since the ICO has been successfully completed, the total supply of EXS in now 13.3 Million, just like it was earlier communicated that unsold tokens would be burned.
EXS Contract: https://etherscan.io/address/0x01fcfc886b2f9b882bd360e11302b6ea6bd9290e

Team

According to the whitepaper, the team currently comprises 11 people but hoped to grow very fast. They said the token sale (which is now completed) will allow them to recruit 8 more people in the next months and that the founders will remain anonymous, because of the fully decentralized governance the eXdorado exchange, they will not be able to influence the community during votes. However, they claimed to be willing to unveil the identities of the team, if and when the community so which by voting in that line.

Conclusion

I’ve reviewed a few upcoming cryptocurrency exchanges recently and I must confess I’m really excited about what’s coming to the cryptocurrency exchange industry because of the innovations being developed by these upcoming exchanges.

And just when I started thinking if there was anything new a new exchange can offer, comes along eXdorado with a bold step, going to the extreme by not just innovating reliable security measures, part of which is, inventing a new
layer of authentication called 3FA, offering their token holders the full 100% of the fees collected on the exchange (the first I know of), and with a tokenomics that trumps most of what is currently obtained the industry.

What I’m saying in simple language is, eXdorado don't just have the potential to become a very successful project but also the potential to become the favourite of most crypto investors, both beginners and professionals.