DEXG developer update #6 — Security Security Security!
Hi everyone,
First I would like to adress the current situation in the market and emphasize the importance to have innovations like our Speculative AMM.
There is always news about exploits and intelligent hacks in the crypto scene, like this event that happened recently:
As you can see, by manipulating price on one exchange, a series of events was set in motion that led to the liquidation of funds. I want to use this example to show the benefits of using a priceless model, like our Speculative AMM.
The Speculative AMM adopts the volatility pricing model to ensure a stable exchange rate, which means that the price only depends on the actual circulating supply’s volatility. Such a technique doesn’t need an oracle for price feeds so that Speculative AMM can also be called a Priceless AMM system. Being independent of oracles is not only practical but also creates a more robust and safe system. A price-less AMM is going to be truly priceless for the future of DeFi.
We believe that the Speculative AMM will grow DEXG token’s value in the long run by avoiding price manipulation and our goal is to have it become popular collateral for smart banknotes or baskets of crypto assets.
Of course this means that everything else has to be safe as well, as you are only as strong as your weakest link. We are getting close to the public beta and to assure that everything works correctly we are running all tests on the ROPSTEN Ethereum testnet. This will allow us to run everything without using any actual funds until we switch to the mainnet, so keep in mind that the rewards won’t be live until the exchange is.
We will use this period as well to announce a bounty hunt soon so that “white hat” hackers can look at our code and make sure we have the best security possible. This is all part of our “many layers” security plan. Another important element for us is our cooperation with https://mythx.io/. MyThX is a security checking platform, developers use it to check the code constantly. We use it everyday to check the daily commit, and improve the code where needed. Here you can see the current issues and the created report.
With DEXG being the foundation (or the crown) to many of our projects, a secure foundation is our main priority. To execute our masterplan we think it’s the ultimate importance to create a trustless system that you consumers can trust.
Thanks again for reading and I will have more info on the rewards structure in the next dev update.
Jollen Chen,
CEO Flowchain & DEXG
