Welcome to the introduction of our XTRABYTES™ client for the Waves platform. Waves is an existing DEX that can serve as an easy trading solution until we launch X-CHANGE™. Once logged in, you will find a familiar system in comparison to any other centralized exchange. However, the Waves DEX will enable us to maintain control of real coins, thus offering far more security than even the largest centralized exchanges offer.
With regards to X-CHANGE™: We must emphasize that this Waves platform is not a replacement for X-CHANGE™. We only pursued this option once it became evident that there was a lack of exchanges available for trading. Nonetheless, this Waves DEX is not only enabling our community to learn the basics of DEX, it’s also allowing our developers to gain a better understanding of how to improve our own DEX (X-CHANGE™).
What is a Dex
The word DEX is the acronym for “Decentralized Exchange”. As the term implies, a DEX resides on a network and is thus much more difficult to attack. Simply put, there is no single point of entry or failure. Moreover, the host of a DEX never gets control of the private keys of your coins, Instead, traders trade with duplicate tokens (much like a centralized exchange).
We chose Waves because our lead developer (Zoltan aka. Borzalom) recognized it was relatively easy to set up. However, he decided to go the extra mile and do what nobody else had done to date; set up our own independent gateway. And it has a very user-friendly interface!
What did we technically do
After diving into the initial setup procedures, we intended to release the platform with a very complex set of instructions. After carefully considering the impact this would have on users, we elected to pursue a much more simple solution. This is when Zoltan started working on our own independent gateway.
In general terms, this required connecting their blockchain to both of ours (XBY and XFUEL™). This was fairly challenging task for Zoltan to accomplish given that our chains are considerably different than other bitcoin clone chains. Consequently, his first hurdle required resolving all existing incompatibilities.
Next, he enabled our wallets to interact directly with the Waves wallets and set up the required fees for the four different networks in the process. Once that was completed, pre-alpha testing started with a few select individuals. As expected, the testing revealed several minor bugs that had to be eliminated. We then asked community members to participate in a larger testing phase so as to finalize any technical adjustments that had to be made.
On a final note, DEX participants will discover that the platform retains several annoying issues. Since these issues occur at the Waves level, we are not in a position to simply repair code for them. We have simply set up a working and secure Waves client that the XTRABYTES™ community can count on to make trades, including: XTRABYTES™ / XFUEL™.
What benefits does this have for the user
The XTRABYTES™ community benefits most by having a machine-driven (no human interaction required) DEX that offers a safe and secure environment to buy, sell and trade XTRABYTES™ coins. Moreover, you can rest assured your coins are safe, as all trading activities can be viewed in real time on the block explorers. In addition, the Waves DEX lists XTRABYTES™ and XFUEL™ as a trading pair. With the upcoming expansions of XFUEL™ usage, we anticipate that this open pairing will be very popular. Additionally, both coins are paired with BTC, ETH, LTC as well as several other coins.
Finally, we have discovered that only 6 confirmations are required for deposits to land in a Waves trading account. Likewise, withdrawals typically occur within 2 minutes. Many traders will appreciate this benefit.
How can users use the dex
Getting started is very simple. Merely open your local wallet with the coins you wish to trade and follow the instructions provided by our test crew and managers at: https://support.xtrabytes.global/hc/en-us/articles/360025597271-Waves-Guide
In closing we would like to encourage you to go set up your XTRABYTES™ Waves client by visiting this link: https://waves.xtrabytes.global
Once set up, take your time in getting to know the layout of the platform and then start out slow with your trading so as to not make any mistakes out of haste.
We hope you enjoy the platform!
The XTRABYTES™ Team.