Crypto Company Offers Decentralized Trading and Analytical Engine That Ranks Crypto
A new digital assets ecosystem is offering decentralized crypto trading to businesses and individuals, delivering wallet-to-wallet transactions and “cutting-edge analytical tools” that enable users to make informed decisions about the cryptocurrencies they hold, buy and sell.
Volentix’s “four pillars” will underpin the beginnings of its digital assets ecosystem — one of which is VDEX, or Volentix Decentralized Exchange, its flagship product. The project describes VDEX as a “next generation, extensible and customizable decentralized crypto exchange,” with an emphasis on ensuring that the assets and data of every user remain individual and secure. A suite of other decentralized applications (DApps) are being launched to provide a comprehensive user experience.
Through this platform, funds are never deposited to a centralized entity. Instead, users remain in full control of their funds until transactions are completed. The decentralized exchange functions by facilitating wallet-to-wallet trading enabled by connecting users of the Volentix wallet, also known as Verto.
VDEX provides the ability to trade in multiple cryptocurrencies and connects multiple liquidity pools to accommodate different types of markets. This is achieved using smart contracts built on the EOSIO blockchain.
Contributors to the Volentix project say an order book decentralization system “with unique decentralized cross chain capabilities” is another factor that distinguishes the exchange from others in the marketplace today. The collaborative system works by enabling customization, by which other exchanges may plug into VDEX’s order books. Because this system is open and virtually permissionless, individuals, exchanges or businesses may make or take crypto trading orders and automatically feed them into the network for settlement. Various levels of customization and automation will make this feature even more impactful, the team notes.
Researchers with the Volentix project say they have performed extensive research, which involves ongoing testing, to find out what users need and expect from their trading platform. As a result, VDEX’s interface will be “updated regularly” to ensure it has the best user experience and is as easy to use as possible. Users will be able to adjust settings and features that reflect their requirements, whether they are beginners or seasoned cryptocurrency traders.
Three DApps are initially going to serve supporting roles, with the goal of expanding VDEX’s user base and the Volentix ecosystem as a whole.
The first is the multicurrency Verto wallet. It is described as the “gateway to all of the Volentix ecosystem.” Verto ensures that users can safely maintain custody of their private keys at all times by writing them down or saving them on an offline device. The Loopring protocol is used to facilitate trades and order matching for VDEX.
Another complement to the Volentix ecosystem is Vespucci, an analytical engine that has the goal of helping users to make informed trading decisions. Vespucci functions by offering a sort of crypto “credit rating.” The DApp, which is already available on vespucci.site, works by offering rankings for every cryptocurrency based on artificial intelligence (AI) and other algorithmic analysis of “social sentiment, technological and market data.” Given how VDEX is a decentralized exchange, and new coins can be freely listed without permission, it is hoped that Vespucci’s analysis mechanism — providing “comprehensive data sets in an easy-to-understand dashboard”— will prevent crypto enthusiasts from trading “worthless, non-existent or even dangerous currencies.”
The final pillar is Venue, a community platform, which encourages members of the Volentix community to fix bugs, create content or promote the ecosystem in exchange for VTX — the native digital currency — described as “enabling currency to flow through the pillars to enable them to interact.”
Open to all
In time, the project plans to enable businesses, individuals and active crypto traders to start using cryptocurrency more securely. It says Verto wallets integrated with VDEX will enable everyone to store and safely trade cryptocurrency directly from their wallets on a peer-to-peer network.
Volentix’s focus is building and perfecting its suite of DApps in the first phase of the project — and in the second phase, the focus will shift to expanding its ecosystem with partnerships and added infrastructure.
The Volentix ecosystem is envisioned as being a decentralized and permissionless entity, the company says. It allows anyone around the world to join the ecosystem and create new and exciting cryptocurrency-based projects with the support of the community.
In 2019, its team became the winner of the Neironix competition, “in the AI category with the highest score and the biggest number of votes.” Moreover, Volentix notes that it is developing an increasingly vibrant presence in the digital assets marketplace.
Company says it is currently considering offers from popular exchanges for an initial exchange offering (IEO) as a precursor to listing VTX.
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