Aurora Labs announce the launch of their exchange platform IDEX and offer details of the upcoming ICO, scheduled for December 4th.
Aurora Labs has announced the launch of IDEX, a new high-performance decentralized exchange for trading Ethereum tokens. IDEX provides traders with both smart contract security and a real-time trading experience, eliminating the usability issues currently associated with Ethereum-based decentralized exchanges. With IDEX, traders can trade back and forth instantly, place multiple orders at once, and cancel orders without gas costs.
Regarding its’ recent launch, CEO Alex Wearn said:
“IDEX is the culmination of over 10 months of research and development. We have solved the greatest pain points associated with decentralized exchanges using a unique combination of off-chain architecture and on-chain settlement. Traders have made it clear they value both security and usability, and with IDEX customers no longer have to sacrifice one for the other.”
IDEX’s off-chain infrastructure manages the trading experience, while the smart contract handles all funds, trade authorization, and final settlement. Traders on IDEX can trade continuously without waiting for transactions to mine, while behind the scenes the transaction arbiter properly sequences and dispatches authorized transactions to the blockchain, ensuring that the smart contract stays in sync with the off-chain balances. Future developments will focus on decentralizing all components of IDEX, including order books and transaction management, which will transition IDEX to a fully-decentralized exchange which meet the needs of professional crypto traders.
IDEX is the first in a suite of products from Aurora Labs, a startup working to build a fully decentralized banking and investment platform. IDEX will be leveraged to bootstrap distribution and usage of the boreal—Aurora’s price-stable cryptocurrency. Backed by a combination of cryptocurrency reserves and debt, boreals are accepted at their target value as payment for IDEX trading fees, and eventually by other partner services within the growing dapp economy. As boreal usage grows, Aurora will begin to issue loans in the currency through the first cryptobank: Decentralized Capital.
“We think we’re at a unique turning point both technologically and politically,” said Alex. “People are more interested in controlling their own privacy and security, and Aurora will allow them to do that with their finances.”
Aurora Labs is holding a membership token sale on December 4th, offering 1600 DVIP tokens to fund further development of the platform. Each DVIP entitles the member to free trades on IDEX until 2020, as well as 50k AURA, the network token of the fully-decentralized version of the platform. Stakers of the AURA token will be rewarded with transaction fees for their role in securing the network.
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