Guides to Cryptocurrency Exchanges

Overview Eosfinex is a developing cryptocurrency exchange with the goal of becoming open-source and decentralized upon completion. It is currently being developed by Bitfinex and is built on existing EOS blockchain. Eosfinex combines Bitfinex’s existing cryptocurrency exchange expertise with EOSIO technology to develop a transparent, fast and trustless platform that provides trading of digital assets. The team announced that Eosfinex can reach transaction speed of up to tens of thousands transaction per second (TPS) with minimal fees and will support market, limit, post-only orders and immediate-or-cancel actions.





Eosfinex listed the following 3 fundamental goals to develop a fully decentralized exchange:

Decentralization: To achieve decentralization by placing all core exchange components, inclusive of order books, matching engine and custody on the EOS blockchain.

Trust: To establish a transparent network of peer to peer cryptocurrency exchange which can be audited, monitored and verified at any time by anyone from around the world.

Performance: Extensively comprehend the demands of traders and prioritizing high performance to reproduce and surpass the current standard of cryptocurrency exchanges for eosfinex’s decentralized trading.

Trading Pairs

All major pairs will be listed on eosfinex including BTC/USD, ETH/USD, EOS/USD etc. to assist in the expansion of more token offering as quickly as possible. The exchange’s smart contract will be flexible enough to allow creation of any trading token by a trusted contract. Anyone can add a new pair easily after a new tradable token is issued by the trust contract.

EOX EOX is the sidechain native token of eosfinex, needed for the allocation of RAM, CPU and network resources for users to do trading. Users stake EOX to reserve CPU and network bandwidth of its sidechain to be able to send transactions, for example, to place and cancel orders. EOX is needed as well by users to buy sidechain RAM, which is used to store resting orders in order books and data of custom user contracts.

Account

User is required to have at least one EOX in his/her EOS account to create an eosfinex account either with Scatter or private/public key as follows:

Using Private/Public key

1. To create an eosfinex account using private/public key, go to trading page at paper.eosfinex.com, click Login and select ‘Don’t have an account’.





2. Enter your EOS account name in the required box, if you do not have an EOS account and Scatter, you can refer to this Cryptoguide link on how to create one. Then fill in your EOS private key and public key, follow by to transfer how much EOS from mainnet to sidechain account with the newly created user.





Using Scatter

1. To create an account via Scatter, click Login, then First time connecting as shown below and click Create with Scatter. Allow the connection to your EOS account and deduct 1 EOX to completion the account creation.





Logging In

Similar to account creation, you can logon with either private/public key pair or Scatter. To login with Scatter, visit paper.eosfinex.com, click Login at top right corner and click Connect with Scatter Desktop.





Balances

Eosfinex users have their balances split between 3 wallets, separately used on the Mainnet, Sidechain and Exchange. Only exchange wallet balances are tradable but users can transfer balances between their 3 wallets at no cost by pressing the Transfer at top right corner at the exchange main page. Transfer can only be done between Mainnet and Sidechain or between Sidechain and Exchange.

Trading

To start trading, go to the Order Form to select and submit your trading pair, order type, amount and price etc.

Fees and Rebates

Traders pay a 0% maker fee and a 0.2 taker fee on eosfinex. Rebate of 0.05% is granted to makers for encouraging them to provide liquidity to the exchange in the order book.

Block Producers

To ensure instant transaction irreversibility, the team decided to run eosfinex on a sidechain with 2 block producers (BP). The Block Producer nodes are currently managed by eosfinex.

Timeline:

Feb 2018 – Initial plans to build the eosfinex exchange on EOS unveiled.

Sep 2018 – The eosfinex team demonstrated its platform at Blockchain Live UK.

Feb 2019 – The eosfinex Websockets was released.

Mar 2019 – Eosfinex Beta launched with its testnet presented to the public.

May 2019 – Eosfinex released V1 and exits Beta phase.

Jul 2019 – Eosfinex to be open-sourced.

Start Trading at: Eosfinex Cryptocurrency Exchange