- PIVX project lead to launch private decentralised cryptocurrency exchange in November, with no need for AML or KYC forms or ID-verification
- Users able to trade Bitcoin, Litecoin, and other top currencies using PIVX’s custom Zerocoin anonymity protocol
As the world’s first Zerocoin-based, private, decentralised exchange (DEX), zDEX will run on the masternode tier of the PIVX network.
zDEX and PIVX project lead s3v3nh4cks had this to say about zDEX
“True DEX’s are important as they should require no AML/KYC and the functionality is controlled by the code and not by personal preference or government restrictions. I wanted to create zDEX because a decentralised exchange dedicated to privacy did not exist yet.”
Asked why PIVX was chosen for the operational infrastructure, s3v3nh4cks replied: “I chose PIVX because of my involvement and the Tech we designed in PIVX”. PIVX is known for its innovations, such as being the first Proof-of-Stake cryptocurrency to utilize Zerocoin for private staking, which it calls zPoS.
Upon launch, zDEX will support BTC, LTC, BCH, DASH, ZEC, and PART. But that’s just the beginning. “Our plans for zDEX include improving scaling, adding more tokens on a regular basis and to improve the user experience,” said s3v3nh4cks. Trade fees will be set at 0.25% split between the buying and selling parties, with fees going towards the zDEX team and PIVX’s zDEX-supporting masternodes for continued operation. All currencies will initially be paired with PIVX to take advantage of its custom Zerocoin protocol, though future plans include the ability to trade directly between supported coins. In such cases, the Zerocoin phase will happen autonomously behind the scenes.
turtleflax, a long-time PIVX team-member and reddit community manager had this to say about zDEX
“What zDEX means to me in two words are sovereignty and privacy. Recent pushes for regulation or delisting of privacy coins have caused an uneasy atmosphere around privacy coins because, as much as we want to say you technically can’t block privacy coins without blocking Bitcoin or the internet in general, regulation of exchanges would be a large setback. Exchanges are also the best tool for invading the privacy of crypto users as anyone who has completed KYC/AML knows. Privacy at the exchange level is severely lacking, even among privacy coins.”
As for what zDEX means for PIVX, turtle said “zDEX introduces an important guarantee to PIVX: If you can get Bitcoin, you can get PIVX. The network effect of Bitcoin is by far the strongest in the market, giving it the best resistance to regulation and exchange troubles. zDEX puts PIVX on Bitcoin’s level.”
Cryptocurrency projects interested in being listed on zDEX will pay a $50,000 USD fee to zDEX, or alternatively can provide a Pull Request to zDEX’s GitHub and have the fee reduced to $10,000 USD for code review and testing.
zDEX’s release schedule is as follows
Nov 1st: Public Alpha Test Release. In this phase, the public is invited to use zDEX in a test-net scenario with test funds. Users are invited to provide feedback, report issues, and comment on general user experience.
Nov 14th: Public Beta Release. This phase marks the commencement of business for zDEX. Although this phase will use real, main-net currencies, orders and account values are restricted to small amounts to prevent any situations where bugs cause significant loss of funds.
TBA: Full release. This phase will begin once all functions in the beta phase are flawlessly operational. At this point orders and account, values are only restricted by their maximum supported amount.
zDEX website – https://zdex.exchange