DAEX(EN)白皮书：基于区块链技术的数字资产清算生态解决方案.pdf

A CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical Whitepaper2018.1V0.9.6DAEX is a clearing solution for centralized cryptocurrency trading exchanges. Its clearing service is based on distributed ledger technology. Clearing and settlement rules are preprogrammed into clearing smart contracts on the DAEX clearing chain. The clearing process is automatic without people’ s interference. The objectivity of clearing is guaranteed by the consensus mechanism on the clearing chain. Also, customers’ digital assets are registered and stored on the DAEX’ s clearing chain. No other institutions or individuals can access these assets without the owner’ s permission. WITNESS VALUEDAEX thus can effectively address flaws and risks of the current cryptocurrency industry and lay a solid foundation for the healthy development of this industry.DisclaimerThis whitepaper in English is a modified version of the same whitepaper in Chinese. This paper tries to keep the content of the program consistent with that expressed in the Chinese whitepaper. If there is any discrepancies, the content in the Chinese whitepaper should be recognized as the true one.Contents1A CRYPTOCURRENCY CLEARING SOLUTION BASED ONDISTRIBUTED LEDGER TECHNOLOGYNon Technical Whitepaper V0.9.6DAEXThe Cryptocurrency MarketRisks with Current ExchangesThe Goal of DAEXTerminologyBackground1.11.21.31.401010102034Token Allocation PlanUsage of the FundValue FactorToken Reward PlanIncentive for UsersToken Usage ScenariosThe Usage of Token4.14.24.34.44.54.6191920202224246Core TeamAdvisorsPartnersThe DAEX Community6.16.26.3262627305 Roadmap 252The EcosystemParticipantsValueComparison of Different ModesFuture DevelopmentThe DAEX Ecosystem2.12.22.32.42.50404060608093The Clearing ChainClearing ProtocolThe Atomic SettlementThe DAEX WalletThe Clearing Solution3.13.23.33.41111151618011. BackgroundA CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical WhitepaperV0.9.6DAEXThe current total market value of all cryptocurrencies has far exceeded 280 billions. Among all of these cryptocurrencies, bitcoin stands out with over 50 of the market share. At the same time, new cryptocurrencies keep pouring into the market. Bitcoin derivatives are also entering the market. Regulated exchanges like CBOE and CME followed each other in listing bitcoin futures.Until the third quarter of 2017, investment return on cryptocurrencies is as high as 448 which has far exceeded investment returns on other assets like the stock market, gold and real estate. Cryptocurrency trading has been very active. Almost 60 cryptocurrencies boast average daily trading volume of 10 millions dollars. Such active trading leads more and more trading exchanges entering the market.1.1 The Cryptocurrency MarketThere are currently two types of cryptocurrency trading exchanges, centralized exchanges and distributed exchanges. Each type has its advantages and disadvantages.A distributed exchange is usually based on distributed ledger technology. It runs on its own. It does not need people to maintain its operation. Trader’s asset on a distributed exchange is held in his own account. The exchange does not have access to it. Traders trade directly with each other on a distributed exchange. The exchange’s underlying technology guarantees the trade go through, and cleared and settled correctly. Such distributed exchanges include BitShare and EtherDelta.The advantages of distributed exchange are very obvious. Trader’s asset is well protected; trading and clearing costs are low; traders can freely join and leave, and they can trade with anyone in the world as long as the other party also uses the same exchange. Despite of all these advantages, however, distributed exchanges also have serious disadvantages, particularly in terms of liquidity, matching speed and flexibility. Because of these disadvantages, distributed exchanges never become widely used in cryptocurrency trading.1.2 Risks with Current ExchangesA CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical WhitepaperV0.9.6DAEX02Centralized exchanges are exactly the opposite of distributed exchanges in almost every aspect. It provides a centralized order matching mechanism for traders. It receives trader’s cryptocurrencies as deposits, and holds these cryptocurrencies in its own storage. The exchange then issues IOUs to trader’s exchange account. Traders effectively trade these IOUs with each other at the exchange. When they want to transfer their cryptocurrencies to other places, they use their IOUs to instruct the exchange to send corresponding cryptocurrencies to specified addresses. While current cryptocurrency centralized exchanges have strong advantages in providing liquidity, matching speed and flexibility, they are inherently flawed in their current infrastructure. Each exchange maintains its customers’ assets. This exposes customers’ assets to both serious internal and external risks. The operation of such exchanges is also opaque. There is no way to guarantee an exchange’s objectivity in being an unbiased matching mechanism. In fact, security incidents keep happening to centralized exchanges in recent years, from Mt.Gox to the most recent Yubit. Such incidents will for sure keep happening because of the basically flawed infrastructure of centralized exchanges.The goal of DAEX is to provide a better infrastructure for the cryptocurrency trading industry by taking the reasonable parts of the mainstream securities trading industry and by taking advantages of new opportunities brought about by the distributed ledger technology. Specifically, trading and clearing will be separated into different entities. Current centralized exchanges will continue to provide trading service. But the clearing work will be handled over to a common clearing service which is based on the DAEX solution. But, different from current centralized clearing services, the DAEX clearing service is based on distributed ledger technology. The distributed ledger technology guarantees that trades are correctly and safely cleared and settled. By using distributed ledger technology, trader’s assets are kept in their own accounts on the blockchain. No one else can access traders’ assets without their permissions. This effectively removes trader’s asset risks in current centralized exchanges.The DAEX solution will be an open sourced clearing service based on a public blockchain. Its code is open for public inspection and supervision.1.3 The Goal of DAEX03The clearing chainCryptocurrency clearing service based on distributed ledger technology. It uses Clearing as a Service CaaS to provide clearing services for cryptocurrency exchanges.DAEX WalletA cryptocurrency wallet that supports multiple signatures and multiple digital assets. It accesses exchanges to trade cryptocurrencies and the clearing chain to manage its assets.Multiple-part private keyA private key that is broken into several parts. Some parts have to be used together to access assets in the wallet.Clearing as a Service
CaaS
A clearing service that is provided using a cloud mode. The clearing facility is deployed on a public cloud. Exchanges and clearing members obtain clearing related services through APIs or clients.1.4 TerminologyA CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical WhitepaperV0.9.6DAEX042. The DAEX EcosystemThe rapid development of cryptocurrency trading calls for a more effective and secure clearing service. After a series of hacker thefts and security incidents, many exchanges have to come to the consensus that a common clearing and asset custodian service is required to protect the market and to guarantee the sustained growth of the market. DAEX is therefore the answer to this market need.DAEX ecosystem is composed of a clearing service that is based on distributed ledger technology, centralized exchanges and user wallets. Traders use their wallets to per trades on exchanges. After trades are matched at exchanges, exchanges send matched trades to the clearing service. The clearing service CaaS is pered by smart contracts on the distributed ledger technology. During the initial phase of DAEX, cryptocurrencies will be serviced. During future phases of DAEX, cryptocurrency derivatives will be serviced. That is, DAEX will provide clearing service for cryptocurrency derivatives traded on exchanges.2.1 The EcosystemDigital AssetsDAEX WalletPayment DeliveryOptionsFuturesClearingBlockchainSmart ContractCryptocurrenciesCaaSExchangesA CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical WhitepaperV0.9.6DAEX05The DAEX ecosystem provides the following advantages to participants in the systemSecureParticipating exchanges must meet the business and technology requirements of the ecosystem, thus the quality of trading service is maintained. User’s assets are all held on the blockchain. Assets cannot be moved without user’s admission. Multiple-part private key further protect user’s assets and also a safe recovery mechanism in case a user loses his private key. Smart contract and the blockchain technology guarantees the correctness of clearing and settlement. TrustDecoupling between trading and clearing is the best way to guarantee the safety of customer trading assets. The insurance fund contributed by participating exchanges provides another layer of safety. The DAEX ecosystem therefore provides a trustworthy environment for exchanges and traders.OpenFirst of all, the DAEX ecosystem is open to and welcome new exchanges. Exchanges that participate in the DAEX ecosystem can use all products and services provided by DAEX, including wallets and clearing. Secondly, participating exchanges can expect to use more value added services DAEX is going to provide, including cryptocurrency derivatives trading.A CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical WhitepaperV0.9.6DAEX06（1） The DAEX FoundationThe DAEX Foundation is registered in Singapore. Its mission is to develop the DAEX solution and promote its use among cryptocurrency exchanges in the world. The Foundation also manages the fund contributed by global investors.The DAEX Foundation’s responsibilities include but are not limited to the following2.2 ParticipantsThe cryptocurrencies industry is still in its very early stage. Inevitably it has many problems, just like the internet industry in its early stage. But, it has a strong growth potential which is probably many times greater than that of the internet industry. The goal of the DAEX ecosystem is to help the industry grow in a more orderly and secure way by providing a solid infrastructure that benefits many industry players.2.3 Value（2） Wallet UsersWallet users whose identity have been certified can use various functions such as trading and asset delivery. （3） ExchangesProvide cryptocurrency and derivatives trading services for wallet users. Coun-sel member of the clearing union. Provide a node on the clearing blockchain.·Ination revelation ·Compliance and auditing·Fund management ·Strategic decisions·Arbitrage and reconciliation ·Public relationshipA CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical WhitepaperV0.9.6DAEX07（1） CaaSCurrent cryptocurrency exchanges all clear their own trades. There are inherent risks in this kind of infrastructure. Customers ‘digital assets on the exchange are exposed to exchange’s internal and external risks. A trader’s trading capital also cannot be fully utilized because he has to meet the capital requirements of different exchanges. Also, since each exchange has to do its own clearing work, the whole trading industry is not making good use of its resources.The goal of DAEX is to provide CaaS for the cryptocurrency trading industry. Since this CaaS is based on distributed ledger technology, its operation is thus objective and transparent. It is not in favor of any type of organization, or a specific organization, or any group of people. It is effectively an infrastructure service to the whole industry. By using this service, the industry becomes unbiased, objective and transparent, industry resources become more effectively used. The industry is thus growing on a more solid foundation.（2） More effective way to list digital assetsWith the booming of ICO events, more and more cryptocurrencies are entering the market everyday. Lots of them are either pure fraud schemes or low quality coins that will never survive. At the same time, because of the low entry barriers and the booming industry, more and more trading exchanges start to provide cryptocurrency trading services. Selecting quality coins to list and make related business and technology work ready become a very burden some work for many exchanges.As a clearing service, it is DAEX’s job to list new clearing products so that participating exchanges can trade. The DAEX wallet can also simplify the work exchanges and users start trading a new cryptocurrency. With DAEX’s services, exchanges therefore can significantly expedite the new product listing work and become more competitive in this rapidly growing industry.A CRYPTOCURRENCY CLEARINGSOLUTION BASED ON DISTRIBUTEDLEDGER TECHNOLOGYNon Technical WhitepaperV0.9.6DAEX08Asset custodian by single partyCustomer owns private keyPrivate key changeInternal fraud riskTrading costTrading speedFraudulent tradingTrading liquidityUser experienceKYCAMLPunitive measures against exchangesDeposit andwithdrawalYesNoNoHighLowHighPossibleHighGoodYesYesNoTakes a long time toapprove a withdrawalYesYesNoLowHighLowNoLowTo be improvedNoNoNoNo restrictionNoYesYesLowLowHighNoHighGoodYesYesYesNo restrictionCentralized Exchange Distributed Exchange DAEXComparison of Different Trading and Clearing MechanismsThe DAEX ecosystem is the best combination of centralized trading and distributed clearing. DAEX users can enjoy the best trading experience provided by centralized exchanges and also at the same time do not have to worry about the safety of their trading assets. DAEX also significantly lowers the technical and business entry barriers for aspiring exchanges, providing a solid foundation for their business growth.2.4 Comparison of Different Modes（3） Help exchanges to become more competitiveCryptocurrency exchanges nowadays offer the same service. Trading service is more and more becoming a commodity. DAEX ecosystem offers participating exchanges a new competitive advantage over competitors. First of all, the token rewarding mechanism for everyone-clearing will attract more new users, generate more frequent trades and more trading quantity. Secondly, the DAEX multi-asset wallet lowers the delivering cost. Thirdly, the separation of trading and clearing helps exchanges to