Transactions without fees? Yesterday a dream, Today a reality
Cryptocurrencies have opened a world of unparalleled possibilities with respect to issues related to human freedom; we have the possibility of having more privacy, not depend on centralized agencies, rely on a 100% transparent system and manipulate our currencies with ease.
These advantages do not go unnoticed by all those who work in the market, that is why there have been many initiatives carried out to be able to handle cryptocurrencies in the same way that we manage assets and currencies in offline life.
One of these financial advantages of the physical world are futures contracts, which provide a good dose of stability to a market as volatile as cryptocurrencies, allowing sellers to know at what price they can liquidate their "product" and giving security to the sellers that they will obtain their assets at a pre-established time and price.
This financial tool has the possibility of participating in stock markets, allowing institutions and individuals to make money with the purchase and sale of these contracts, profiting with this type of transaction.
The problem
These types of investments have already been adapted to cryptospace; however, they present a very important problem: commissions. Due to the constant increase in the value of cryptocurrencies, the traditional model of fees is inadmissible; simply nobody is willing to deliver such sums of money.
More importantly, the value of these currencies will continue to rise over time, which makes this model unsustainable; it is something that will only benefit the exchange houses above all the users.
In addition, these commissions obstruct an endless of transactions in the market, since many potential businesses have a narrow profit margin that is threatened by the expenses related to exchanges, which obtain all the profits of the users.
All these businesses that do not get to perform due to the current operation of exchanges cause that the liquidity of the cryptocurrencies is affected since there are many transactions that never materialize, can you imagine the value and stability that the cryptocurrencies if there was more trade?
This problem seems to have no solution; exchanges must charge a commission to continue providing a good service, right? At least that's how they have worked since its inception, in addition, otherwise: How to maintain the platform? Based on who will work the platform? Without money: What will motivate the good functioning of the exchange?
They seem problems that will be irresolute; however, blockchain technology provides a solution, because thanks to Digitex, we can enjoy a commission-free futures exchange, how?!
What is Digitex?
“Digitex Futures is a commission-free futures exchange with its own native cryptocurrency. Using blockchain technology to eliminate transaction fee.”
A fees-free futures exchange to generate profits with peace of mind, facing the costs of maintenance and operations by creating their own token, DGTX, which will finance the use of the platform. The token will be necessary to participate in Digitex, which will create demand and offset the inflation generated by creating a small number of tokens every certain time.
The system behind this project is a hybrid between centralized and decentralized since it will work with centralized servers to provide greater speed, however, for important and sensitive aspects –like security and the elimination of commissions– it has the advantages of decentralized methods, in this way it obtains the best advantages for a service of its type.
However, a question arises: Who will run the platform? Someone has to make important decisions after all –like the number of tokens to be generated–. The solution to this problem is offered by the same system behind the elimination of commissions; DGTX tokens will empower users to arbitrate the platform through votes.
Because we, the users, will be who handle and make decisions regarding the platform, can be sure that it will work for our benefit and not to the detriment of us, without restricting or regulating us, ensuring that, for example, the value of our tokens will not be devalued by inflation.
This new futures market presents an ingenious solution to the problem of security of hot storage; unlike most exchanges that store users' funds and private keys, Digitex guarantees the integrity of the currencies used in the platform through a smart contract. This security mechanism is hacker-proof; its system makes it impossible to manipulate data to steal money from the platform.
The idea that Digitex offers is so good, that its ICO sold out in 17 minutes and, not only that but in spite of the fact that cryptocurrencies are going through a bad cycle right now, DGTX has only increased in value.
Digitex has a great competitive advantage over other similar services; a large number of people will want to be participants of the only commission-free system in the world since they can generate benefits when in other places –due to the commissions– it was impossible, creating not only a new exchange but a whole new economy.
Digitex’s Features
Highly liquid markets
With Digitex it will be possible to profit from those opportunities in which, due to commissions, the profit margin is very narrow and users abstain from participating in the market. This unique quality Digitex will attract a huge amount of funds to the platform, which will provide exceptional liquidity to it.
True privacy
Every so often, ingenious methods appear to protect the data that users provide to the different services they use; however, each one of them has its own weaknesses. How to protect our privacy? Digitex solution is the one that has more common sense, just do not give your data, this practice is abusive, uncomfortable and violates our freedom; therefore, the system of this platform makes unnecessary the tedious regulations like KYC or AML.
“The best way to protect our users’ personal data is not to collect that data in the first place.”
Decentralized security
Trust a third party to keep your funds is a custom of the past, a risk that we should not take more; this does not change with Digitex. It is not necessary to trust the platform to manage your funds, as these will be guarded by an impartial smart contract, not by the exchange. This way you will be protected against all types of eventualities and risks –your funds cannot be frozen, manipulated or moved–, even against a cyber attack towards the platform, since hackers will not find funds to steal.
Decentralized authority
In Digitex, there is no central authority that makes the important decisions, but rather all the DGTX token holders decide democratically how the issues will be handled in the platform. It should be noted that to defray effectively, you must be an active user and be well informed. Not everyone has the time and disposition for that work; therefore, it is possible to delegate the power of the vote to people of trust, so that all decisions are for the benefit of users. 1 DGTX = 1 Vote.
Cutting-edge technology
Digitex is based on the same programming as WhatsApp, due to the need to handle important amounts of data in a matter of one millisecond, without sacrificing a gram of efficiency, since the platform will be able to work at the same pace even when thousands of users are online, all this through the web, without the need to download any data. That is, Digitex is fast, scalable and effective.
Digitex will offer three major markets, BTC/USD, ETH/USD, LTC/USD, eliminating a lot of unnecessary information from its website. In addition, the platform offers a comfortable interface in which you can do business with a single click, since all the information will be within reach of a click, in an understandable and aesthetic way.
Did I already tell you that everything will be 100% made in blockchain? The platform will create its own tokens to eliminate commissions, funds will be safeguarded by a smart contract, will be those who own the DGTX who will direct Digitex, in short, which will be a truly decentralized market for the benefit of its users.
Use case
The experienced novice investor
Some experienced investor in the stock market is attracted to the world of cryptocurrencies, there is a great opportunity to make money, therefore, he looks for a way to enter in the way he feels safe, through the purchase and selling of futures, this allows him to invest without so much initial capital and gives great leverage.
Due to his lack of experience in these assets, he decides to apply a somewhat timid strategy and focused on small profits, so he has only a small profit margin, however, upon entering the market, he realizes that making money this way it's almost impossible; the exchanges are attributed the commissions that make these businesses unviable.
Should he stop because of this? No, a friend recommended him the new Digitex platform, which will allow him to work without the annoying need for commissions and other unnecessary processes, being able to invest in cryptoassets with great ease and confidence.
A 2.0 state
The government of a certain innovative country decides that it is time to further diversify their savings; therefore, they choose cryptocurrencies to protect the value of their investments. However, this strategy cannot risk the continued volatility of the market, it has a long-term vision.
To make sure that they will not pay more for less, this government chooses to buy futures in the market, so that they can have a safe supply of cryptoassets at a pre-established price, not what the current trend dictates.
When they go to make the purchase, they realize how much money the intermediaries will get, which alarms the officials, since they are responsible and want the maximum savings. That is why they opt for Digitex to perform their operations; this platform allows them to carry out their transactions without any commission, awesome!
The token
A true blockchain-startup is not only related to the world of cryptocurrencies, but its system works with the absolute transparency of blockchain technology. For this it is very important to rely on a token that really works, that's why I found the DGTX innovative since it not only serves to finance the project but has a very clear utility and is the backbone of the company. Maybe that's why its ICO was so successful.
There may be some fear related to this token because not having a limited number of coins in circulation, however, the early success of this shows the opposite; the great value that Digitex will have for the crypto community will counteract any devaluation, besides, and more importantly, the users themselves will decide the number of new coins generated, therefore, they will not harm themselves by devaluing their wealth.
It is important to point out that during its first 24 months of life, Digitex will not issue new DGTXs, since the costs to maintain the platform are already foreseen in the ICO. While this time passes, many will want to participate in the new market and have power over the exchange, therefore, the value of the token will rise, which will mitigate the possible inflationary effect born of the first emission of tokens during 2021 to cover the costs of the platform.
Conclusion
Technologies advance for a reason, make things better and cheaper so that everything around us is more efficient and satisfies our needs. The blockchain does not differ in this aspect; if something I like about it is its ability to automate systems in such a transparent way.
This technology is capable of making platforms that used to operate by mandate of a central authority can continue to do so only with the interaction of users, giving them power and confidence, which, after all, are those that they should benefit from them.
Platforms such as exchanges, which despite doing a valuable job, must charge a large commission for it –which in poor countries can mean a great loss–, in addition, as they provide a centralized service, they fall into habits that we thought we had left behind: regulations, lack of security for our funds, conflicts of interest in decision making, etc...
This is where Digitex appears as a revolutionary actor, because of its visionary will, they manage to do something previously unthinkable: a futures exchange without fees, which could open the door to a multitude of similar projects in different areas, making the world something better for us, the users.
Digitex makes easier the relations of the people with the cryptocurrencies, since it helps to the reduction and future elimination of all the obstacles that impede the inevitable meteoric development that these will obtain in the near future, this platform puts its part bringing the futures closer to the users, because many of them did not know about them or did not know that they applied to cryptoassets.
Personally, I see something very clear in the future of this company, success; in its first two years, it will have a huge growth, you just have to study its ICO to realize it, although its token may become a very popular currency, which could hinder a greater use of the platform, however, at the beginning of 2021 everything will be normalized and, the popularity of the platform will rise like a rocket, since with the first issuance of GDTXs users will legislate in favor of a greater volume of changes in the platform.
The TEAM
This project was born from the mind of a successful dreamer, Adam Todd, who while working in the stock market, was imagining a way to get rid of the annoying commissions that hindered his work, seemed utopian at that time, until he knew the world of blockchain, which inspired him to carry out this project. Accompanied by people prepared and with great experience in technology -130 years of experience in total-, entrepreneurship and trading, brings us a valuable initiative: Digitex.
Roadmap
The Advisor
For more info, check this video:
Examples trades
More resources:
- Digitex Website
- Digitex WhitePaper
- Digitex Blog
- Digitex Telegram
- Digitex Reddit
- Digitex Facebook
- Digitex Twitter
- Digitex YouTube
Greetings
If you have any questions, leave it in a comment and I will gladly answer it.
This is my entry for the @originalworks writing contest.
digitex2018
digitextwitter ----> https://twitter.com/beFrao/status/1041858358138073088
Coins mentioned in post:
Hm, interesting idea, but a long way to go until we actually have a product like this. Much luck though!
I clicked on the article because I wanted to share what can also be used when trying to minimize fees. Switchain is one of those services that compare fees between a few exchanges and give you the best deal. Highly recommended.
It sounds like a very interesting tool, especially in those times of trouble where we want to buy/sell fast hahahaha
Thanks for comment!
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@julioccorderoc, you are interesting to read!
Thanks!