HEY THERE, FRIENDS!
HOW DO I GET STARTED WITH TACEN EXCHANGE?
We built Tacen Exchange to be easy to use from the very beginning. Simply visit our guide here to read the how-to for Tacen Exchange, and then head on over to the exchange when you’re ready to get started.
WHAT IS OPEN ALPHA?
The purpose of our Open Alpha is to let users get familiar with the exchange platform we have worked on. Our product is still in the early stages of production, and we want to get as much helpful feedback as possible. Users can deposit funds to a personal asset custody contract (ACC), trade on one Goerli testnet pair, request settlement from a decentralized network of Settlement Data Providers, and withdraw their funds back to their wallet from their ACC. We encourage users to push the exchange to its limits and report feedback using the intercom icon in the bottom left corner. Please keep in mind that you are still very early to the party and the exchange will have plenty to be improved upon.
WHAT IS AN HDEX?
Currently there are two main types of exchanges:
- Centralized exchanges (CEX)
- Decentralized exchanges (DEX)
An “hDEX” is a term coined by Tacen, and it describes a new type of exchange system that utilizes a decentralized backend system for validating and processing transactions, combined with a centralized order book. This system allows a user to maintain full custody of their digital assets while allowing them to trade at fast speeds comparable to those of a centralized exchange.
WHY IS THIS IMPORTANT?
The demand/need to be able to transact crypto with one another has continued to increase in recent years, and both CEXs and DEXs have faced numerous problems balancing security with convenience. Some noteworthy examples of these problems would be:
- Mt. Gox
FTX and Mt. Gox, for example, have lost billions of dollars' worth of customer and investor funds held within the exchange due to their centralized nature, the ability of the company to influence order books, and hacks by both external and internal actors who chose to act maliciously.
DEXs such as Uniswap and 1inch, although more secure, have another problem: they process transactions extremely slowly, and at times can be unaffordable due to high gas fees. This decreases their usability and accessibility for most people.
Tacen Exchange solves both problems. By keeping a centralized order book, like that of a CEX, Tacen Exchange can maintain and process transactions at near instantaneous rates. To prevent any misuse of this order book, all transactions are monitored and validated by a decentralized backend of Settlement Data Providers (SDPs), which is powered by Project TXA. The two of these systems combined ensure that a user always has custody over their funds and that Tacen Exchange functions as a secure intermediary between wallets.
MORE ABOUT TACEN EXCHANGE
We've been working on Tacen Exchange for a while, and even in this bear market, the building didn't stop. As mentioned, our hDEX is comprised of two parts. One is the centralized order book, that allows the hDEX to have the same order matching, speed, and reliability that you would expect from a major exchange. The other part is the Decentralized Settlement Layer, an open-source layer from Project TXA that minimizes risks posed by centralized entities by using decentralized processes instead.
The open-source code has been launched, and with that will come the ability to become a Settlement Data Provider (SDP). Stay tuned for more information regarding SDPs and the next steps for becoming one, if you’re interested.
The wait is over: the world’s first hybrid decentralized exchange is built and ready for you. We can’t wait to see what you think of Tacen Exchange, we think you’re going to love it.