TO BE LAUNCHED SOON……
Blockchain Asset Exchange (BAE), a temporary working name, is a fully decentralized exchange that allows you to trade ethereum tokens. It comes with many unique features such as operating completely on the Ethereum blockchain so it can never be censored or have any downtime. You can trade on the blockchain without even opening our webpage, eliminating any privacy concerns you might have. Doing so makes everyone equal – every trader can see the order book and data on the blockchain at the same time.
WHAT IS BAE
BAE is one of the first decentralized exchanges for ERC223 tokens – a new token standard that has some advantages over conventional ERC20. Via an upgrade protocol we also support trading ERC20 tokens on BAE.
BAE is one of the first 0% fee decentralized exchange. It consists of two parts: a smart contract that handles all the financial transactions and the web application that makes interacting with the smart contract easier.
When we say 0% fee we mean that the exchange does not have an entity of authority that extracts rent from exchange ownership. However it’s worth noting that there are certain fees for every transaction that you send to Ethereum blockchain. These fees go to Ethereum miners that secure the blockchain for all of us.
How do i start trading on BAE?
What kind of orders are available on BAE?
While we’re in alpha stage only limit orders are supported (buy / sell orders), as well as trading against orders created by other users. Market order support is scheduled for a future release.
What is market making bonus?
Market making, in a broad definition, is bringing liquidity to the market by creating buy and sell orders. Without market makers an exchange cannot exist. It’s like going to a farmers market but the farmers didn’t show up.
Market makers take a certain risk when they create an order and quote a certain price. In order to reward you for taking the risk and pumping life into the exchange we charge 0.1% from every trade that is executed against an order that you create and give it back to you, like cashback on a credit card. However, if you create an order that doesn’t have a good price and nobody wants to trade with you you will end up paying the ethereum transaction fees for creating the order and will not receive any market making bonus, so make sure you create orders at a reasonable price!
Market making bonus encourages market makers to participate in trading and drives prices to be more competitive.
What fee do the exchange take?
Zero. The only people that benefit from fees on BAE are Ethereum miners who process your transactions and market makers.
What is the new ERC223 standard
ERC223 is a new token standard proposed by Ethereum developer Dexaran in 2017. The new standard seeks to address the design mistakes of ERC20. These problems are:
- ERC20 provides no programmatic interface to handle incoming transactions in smart contracts.
- ERC20 handling smart contracts typically require you to trust them with all your funds in order to use them. This is unlike native ether, which has excellent support for trustless transactions.
- Nothing prevents the user to send ERC20 tokens to a smart contract, such as an exchange. However, due to the inability to handle incoming transactions these sent tokens will not alter the state of the smart contract (such as balance on the exchange), and it will be impossible to retrieve them from the smart contract. Effectively, these tokens get burned. It is currently estimated that multi millions USD in ERC20 tokens have been permanently lost. Because of the deflationary nature of cryptocurrencies this number will only keep increasing.
ERC223 is created to be compatible with existing blockchain infrastructure, such as wallets like Mist, Parity, MyEtherWallet and MetaMask, and blockchain explorers such as Etherscan and Ethplorer. On top of offering the same level convenience as ERC20 tokens, it also offers its holders protection against losing tokens via accidental transaction to a wrong address because it is ERC223.
What is an ERC223 upgrade?
ERC223 upgrade allows us to keep BAE compliant with the more secure ERC223 standard, and enables us to write less code to support trading all tokens. Less code means less bugs!
Security of traders’ money is our biggest priority that drives our software design process. You can read more about our design philosophy here.
From a user experience point of view, you will only need to upgrade your ERC20 token once on our platform. Clicking the upgrade button will send a transaction to Ethereum blockchain that will register a ERC223 plugin for the underlying ERC20 token with your address. This is a one-time operation – you will not have to do this again when you come back to use our platform.
Can I trade ERC20 token on BAE?
Yes! We created a protocol for upgrading legacy ERC20 smart contracts to the new ERC223 format. Token holders do not need to do anything – the upgrade happens on our side. You get to keep your ERC20 tokens in your favorite wallet and enjoy secure trading.
I want to list my token on BAE
If your token has an active user base contact us for listing on the exchange.
What is the BAE token
At the heart of our project, you will find the BAE DAO (Decentralized Autonomous Organisation), making the BAE Network a protocol which is governed directly by the BAE token holders. Once you buy BAE tokens you will become an essential part of our organization. Changes to the protocol can only be made if you vote for them with your tokens.
The voting will be done via blockchain and enforced in the form of a smart contract. This means our protocol is 100% transparent and uncensorable, and once launched on the blockchain it can never be stopped or taken down.
Scenarios of token use:
- Change the default Exchange Fees
- Payout Dividends (collected fees) to BAE token holders
- Decentralized Loyalty Program (Exchange Mining)
The exchange to be launched in 2020.