The cryptocurrency market and the blockchain industry has grown multiple folds in the past five years. From being the underdog of the financial industry, it has gradually made its way right to the centre of it and become a very important talking point. The adoption of the technology and the coins as a mode of transaction is on an all time high because of which most exchanges are reaching their peaks.
The exchanges that currently exist are reaching their peaks with the increasing volume of people on the network and are unable to match up to the demand. Because of which, the managements of these exchanges and the tech teams are under tremendous amount of pressure, which in turn leads to corners being cut. One of the most common trade offs in the exchange ecosystem is the one between security and user experience; both of which are imperative.
Working on and bettering the stress points of the currently functioning exchanges, a team of experienced professionals from Taiwan have created an exchange called DINNGO. The exchange boasts of being able to do better what has been done up till now.
DINNGO – The Mobile Digital Currency Exchange
DINNGO is a blockchain industry startup based out of Taiwan and Singapore. The company is currently in its pre-sale phase and is gearing up for its first ICO round scheduled to happen soon. The company comprises of people who have vast experience in the financial sector, blockchain sector and cryptography respectively. The founder and also the current CEO of the company is Hsuan-Ting Chu.
DINNGO is essentially a mobile digital currency exchange that works on bettering the stress points that are faced by the average consumer in the industry. It is the first mobile exchange that has successfully established a two-step verification system between cold wallets and their respective mobile devices.
To understand what DINNGO is trying to achieve, it is important to know the stress points the company is tackling through their exchange. Apart from the obvious problems caused by the lack there of scalability of blockchains, exchanges in the market currently face three main problems;
User Experience and Wallet Interface
These three are the make and break of any exchange and are spaces that all exchanges in the market need to work on. DINNGO has come up with innovative work-arounds in their exchange’s model, that leverage these shortcomings and makes them their exchange’s USP.
Features of the DINNGO Exchange
The biggest stress points of the industry and market as a whole is the lack of safety. Hacks and platform breaches are becoming more prevalent and lead to a loss of a lot of individual assets and funds. Most exchanges in the market offer wallet services along with their platforms, which are heavily availed by users. They form honeypot like opportunities that are very attractive for hackers.
The reason exchanges are targeted repeatedly is because though they are part of a ‘decentralised’ ecosystem, they inevitably become a ‘centralised’ point of access. And a single breach can mean a heist to the tune of millions.
A very subscribed-to work around to the potential threat of hacking are cold storage techniques. The use of cold storage/wallets bring the risk of vulnerability down drastically. But the trade off the consumer has to be okay with is the lack of integration between exchanges and cold storage hardware.
Another major problem the market is fighting with is centralisation. The reason the cryptocurrency market took-off is because of the lack of trust in banks and established financial institutions. And exchanges, more or less, are centralised bank-like environments, that essentially control the storage of a user’s digital assets.
To solve these multiple safety issues and problems, DINNGO has come up with a viamedia solution that just may be the way forward for most exchanges.
To tackle the centralised control monopoly that the exchanges hold over the users in the community, DINNGO has come up with a way to make the user solely responsible for the holding of their assets. To achieve this, DINNGO has established integration with multiple cold storage wallet hardwares like; MetaMask, Trezor and Ledger and has also created its own cold storage solution. To tackle the cold storage integration problems with exchanges, DINNGO has managed to set up a two-step verification process between the exchange, the mobile application and the cold storage wallet itself.
To tackle the honeypot issue, the exchange involves the users more in the storage and just essentially provide the platform. Which brings down the risk and the want to hack the platform.
The most common flaw of all exchanges is that the user experience is compromised on in order to make sure that the other spaces aren’t. The most common trade off made in the exchange systems is that of the user experience vs safety. A lot of well built exchanges have low usability because not enough attention was paid to the user interface and overall experience. Exchanges are either too complicated to use or too basic. Too buggy or too heavy.
To tackle this particular problem, DINNGO has created a hybrid exchange that leans on centralisation while being predominantly decentralised. In doing so, it involves the user more in its day to day, in terms of storage and has made them individually responsible for their assets.
To tackle the difficulty to use and access, DINNGO has created a light mobile application that can be easily downloaded and is very intuitive to use. The user experience has been bettered by focussing on three areas; deep integration of cold storages, snart transaction matching engines and customised and tailor made trading experience.
Transaction speeds is a sector that all blockchains and cryptocurrencies need to desperately work on. If the blockchain is to be the future of the financial industry, it is nowhere near ready to take on the volumes that it needs to. To begin with, transaction speeds are very slow on most networks and at half its predicted capacities, blockchains are sheering under their current trade volumes.
To tackle this particularly pressing problem, the DINNGO exchange has developed a smart transaction matching engine. That has, on initial tests, brought down the time it takes for a transaction to be processed and completed. The engine matches the transaction almost-instantaneously. The real TPS rate of the network, however, will only become obvious after the launch of the exchange.
The native token of the DINNGO exchange is called DGO. The token is a truly utility token, that can be used on the entire DINNGO platform and exchange. The company predicts that the most real use-case of the token is to pay the platform’s transaction fees. And to the merchants on the platform as an accepted form of remuneration.
The company has announced that the total circulation of the coin is about 200 million. The current stipulated ration of Ethereum to DGO is 1:2,125. And buy-ins are expected to be in Ethereum only.
The company is currently in its pre-sale period. And a lot of high-profile people are expressing their interest in being behind this exchange project. The company is currently undergoing its private pre-sale. And is nearly 70% sold out with large investments from the famous venture capitalist YK Chu, who is also the managing director of the venture capital firm WI Harper.
The actual public sale ICO is just under a month away and is expected to begin on the 16th of September and last about a month. The minimum buy-in that the company is accepting is 0.1 ETH and the DGO/Ethereum ration is said to be 2,125:1.
It is imperative that exchanges in the market start looking for solutions to the blockchain’s major problems and that is exactly what DINNGO is doing. The features that DINNGO are working on (safety, integration and ease of use) are places that the exchanges right now are lacking in. And the flawless execution of these ideas may just be what sets the exchange apart from the rest.
The team behind the project are all very experienced professionals in the banking sector and the blockchain industry. So if there is team that can pull these things off, it is this team. Overall, it is safe to say that big things are expected out of the team albeit company.
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