Coinex, which is a trading platform, has recently announced the creation of a public decentralized exchange blockchain that will leverage the consensus protocols Tendermint and the cosmos SDK. This month, up until the main entrance Coinex is in the middle of its pre-election process with new node participants preparing to collaborate with the coin exchange ecosystem.
In order to further promote decentralized innovation, bitcoin.com has joined the foreign exchange network by planning to run a validator node on the Blockchain. Since the inception of Bitcoin and various other digital assets, centralized exchanges have lost customer funds every passing year. Exchanges such as bitfinex, Mt. Gox, and Bithumb have lost millions of dollars in cryptocurrencies. The trading platform and blockchain business Coinex wants to tackle this problem with the new decentralized exchange chain that will bypass single points of failure and censorship, all the while providing a transparent process.
Essentially Coinex created a distributed Ledger system that will allow decentralized exchange functions, onchain privacy protection, and the ability to make programmable cash a reality. Additionally, the dex functionality aims to provide anyone with the means to issue a token and trade tokens onchain and custodially. Users will be able to undertake participation in a governance system that will allow for more transparency and user base decision-making. Coin exchange users will also be able to leverage the framework to impact tokens and digital assets.
The coin exchange Foundation undertook an event in Shenzhen, China, on October 16, 2019, and started the coin exchange pre-election process. The conference came as an imperative event for Coinex as global validator nodes joined the ecosystem. Blockchain startups that will participate in the node process include rockx, ifwallet, realmx, and more.
Being proponents of a strong crypto powered future, bitcoin.com has also joined the bandwagon of the validator node process as well. As of current, there exists about 31 participants and approximately 1 trillion votes in the pre-election. The pre-election event will run until November and aims to provide users with an election scheme before the official election begins. Users can vote in the pre-election and by doing so, be able to win prizes worth 150 million CET.
The firm insists on its belief that the coin exchange system of three public blockchain states tethered to the interblockchain communication protocol, IBC, will cushion decentralized exchange functions, smart contracts, and decision-based transaction tasks and privacy methods that reinforce cryptocurrency confidentiality. “With functions including asset mapping, onchain trading and owner matching, the dex public chain can address the problems of decentralized exchanges such as poor safety and intransparency that have been widely criticized,” part of the coin exchange white paper reads.