The epitome of cryptocurrency trading can be found in the decentralized exchange. However, they are not perfect — in fact, they are usually unusable due to inaccurate market prices, high fees, and long withdrawal times, making centralized platforms the more popular alternative. JOYSO, however, aims to bring the best of both decentralized and centralized exchanges to the Ethereum market.
This is a sponsored article provided by JOYSO.
Branded as a “hybrid-decentralized exchange” (HEX), JOYSO claims to offer a “fast and fully featured” trading platform with the level of security which is expected of a decentralized cryptocurrency exchange.
This platform poses a solution to the problem of trading on a centralized exchange at the cost of security — if successful, JOYSO will allow people to buy and sell ether efficiently without having to give up control over their wallets.
To fund this venture, platform developers have organized an ICO, which will launch in early March.
How Does JOYSO Work?
According to the white paper, this platform will have the capability of supporting all ERC20-compatible tokens. Traders of these tokens will be able to buy and sell without giving their private keys or personal information to exchange administration.
Simultaneously, order placement and matching will take place off-chain, reportedly creating a faster and cheaper method of trading.
The JOYSO white paper lists the following as benefits gained from using this system:
- All orders are limit orders, giving users the best possible price
- Smart matching is done off-chain, providing fast processing and one-to-many matches
- Smart matching eliminates security issues like front-running and makes arbitrage by the exchange transparent
- One-to-many matches merge multiple orders into one transaction, so gas fees are substantially lower than in first generation decentralized exchanges
- The exchange cannot alter the balance in a user’s account, and has no access to the user’s assets
- Users do not need to log on to a website; they just sign the bid or ask using their own wallet and send ether directly to the smart contract
- Users have the ability to cancel transactions up until they are matched and can even lock the smart contract themselves
- Completed trades are published on the blockchain in a transparent, traceable way.
For more technical details, the JOYSO white paper can be found here.
Behind the platform is a team that boasts significant experience in both the cryptocurrency and mainstream finance industries. Leading the team is:
Tom Soong, CEO
Soong supervised development of the world’s first 28nm bitcoin mining chip. He went on to found AlcheMiner in 2014 and produced a 40nm Litecoin mining chip. At its height, miners containing that chip amassed 20 percent of the global Litecoin hash rate.
Soon also served as advisor to technology and development institution ITRI, as well as an administrator of the Bitcoin Chinese Community.
Will Hsieh, CTO
An active member of the Ethereum Taipei meetup community, Hsieh has a wealth of experience in the cryptocurrency industry. Before coming on as CTO of JOYSO, Hsieh worked as a key contributor to Gcoin. He also worked on the development for the DiQi wallet.
The JOY token makes up an integral part of this HEX, and will aid the team in funding further development of the platform. These ERC20 tokens will be distributed in an ICO, starting on March 1, 2018. In this sale, 1 ETH will purchase 10,000 JOY. Half of the 200 million token supply will go to the ICO, with the rest of the supply distributed as stated in the white paper:
- 25 percent private placement
- 25 percent JOYSO team
No purchase cap has been placed on the sale. Token holders can transfer their JOY immediately upon purchasing, and can trade them after the ICO ends. Unsold tokens will be transferred back to the JOYSO team. All generated but unsold tokens will be released over future years at a rate no higher than 15% of the remaining pool per annum.
In addition to funding development, token holders will receive several perks from their JOY. when using the token, holders will receive a 50 percent transaction fee discount on the exchange. Token holders will also have voting rights on marketing campaigns or activities Advertisers can use the tokens as well, earning discounts for placing ads on the platform.
According to the white paper, additional token holder benefits will be announced in the future.
For more information on the JOYSO platform, visit the official website.
Images via JOYSO
This is a sponsored article, provided by JOYSO. Bitsonline is not responsible for the products and or services of this company and its clients. This article contains links to third-party websites. Bitsonline is not responsible for the content on those websites.
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