EasyDex Bridge Assets

Size: px
Start display at page:

Download "EasyDex Bridge Assets"


1 EasyDex White Paper

2 Introduction Since Bitcoin was released in 2008, cryptocurrencies have rapidly become a major influence in both the online and greater economic global communities. The technologies behind cryptocurrencies can provide many benefits for international commerce providing a convenient means for people in all parts of the world to quickly and easily market their goods and services to a global marketplace without the need to involve third parties to process transactions and convert funds into local fiat currencies. However, there have been many barriers to the mass adoption of cryptocurrencies to ease global trade. Many of these, such as the resistance of many governments and financial institutions are beyond the power of many of us to change. However, as can already be seen through the meteoric rise of bitcoin and other cryptocurrencies over the past year, solving the other barriers of wide-spread adoption will render their objections irrelevant. 2

3 EasyDex believes that many of the other barriers to mass adoption of cryptocurrencies can be solved by leveraging the various strengths of existing technologies and services applied in new ways to overcome the weaknesses in others. Furthermore by developing and integrating with new technologies we can provide an easy to use and highly efficient means of facilitating global trade and introduce many new people to the benefits of cryptocurrencies. Our shared principle is that greater things can be accomplished through mutual cooperation than through competition as the strengths of one aspect can overcome the weaknesses of another. With this in mind, our primary goal is to build a vibrant and thriving community that not only bridges the gaps between existing communities within the crypto space but also appeals to new users. We will accomplish this goal by providing easy to use services coupled with excellent customer service and using and integrating with the most cutting edge technologies. 3

4 EasyDex Bridge Assets The first step in creating the EasyDex services is creating EasyDex bridge assets. EasyDex bridge assets are the bridge between the many cryptocurrencies and fiats and the Bitshares decentralized platform. EasyDex bridge assets differ from the bit-assets (ie: bitusd) in that each EasyDex bridge asset issued will represent a corresponding real asset held in an EasyDex wallet or account and can be exchanged at any time for the asset they represent. This allows holders of any asset to take advantage of the many advantages of the Bitshares platform including incredibly fast transaction times (less than 3 seconds), very low transaction fees, and, since your Bitshares address is your username, a human-friendly transfer address while providing the fund security and fungibility of a tethered asset. For example, say John wanted to send his friend, Ivan, one Bitcoin. Using Bitcoin John would have to first get the long, random address string from Ivan. Then, in order for Ivan to receive the full Bitcoin, John would have to make sure to put a big enough miner fee. The higher the miner fee John included the faster it would take but no matter what it would cost John a few dollars worth of Bitcoin and the process would take at least 15 minutes. Using the EasyDex bridge asset, EasyDex.BTC, John could just get Ivan's Bitshares account name, let's say it's Ivan-1. John could just send one EasyDex.BTC to the Ivan-1 account and it would be in Ivan's account before he could finish telling Ivan he sent it. The current cost for a transfer on Bitshares at the time of this writing is 0.21 BTS and each BTS is currently worth around $0.135 so the transaction would cost John less than $.03. Ivan could at any time withdraw his EasyBTC to his own Bitcoin wallet. This feature is even more useful with fiat-backed assets. Since fiat-backed assets are also matched by an equal amount (or greater) of the corresponding fiat currency stored in a bank account fiat currencies can be transferred with the same speed as crypto-backed EasyDex bridge assets. Withdrawal options will vary based on the applicable local laws where the fiat is withdrawn but may include bank transfers, prepaid debit card reloads, virtual debit cards, electronic payment systems or money transfers. These accounts coupled with the local laws where we are based also allow us to offer instant on-boarding using fiat. Unlike other services which often take several days for a crypto purchase to be validated, using our system users will be able to instantly buy any of our Easy-assets using a variety of payment methods such as a credit or debit card. Using our example of John and Ivan, if John is in the USA and wants to send Ivan who is in Germany some fiat he could do so by purchasing some of EasyDex's USD tethered asset EasyDex.US. He could then send this to Ivan in less than 3 seconds for less than 3 cents. Ivan could then trade them for our Euro backed asset, EasyDex.EU and withdraw the equivalent amount of Euros to his bank account. John sent the money at a much cheaper rate than traditional methods and Ivan received his funds much faster. This feature will be incredibly important when integrating with other technologies and services to facilitate global trade. Eventually, we will create a system where any EasyDex bridge asset can be automatically exchanged 4

5 for any other EasyDex bridge asset as well as BTS. This will not only be incredibly useful for inexperienced users who find the market confusing or don't want to spend the time or effort dealing with the markets, but will also be integral to a payment system we will design that will take the form of a module sellers can implement into their websites that will allow them to be paid in any asset on the Bitshares platform and users will be able to pay with any crypto they have. We also plan to make a physical point-of-sale system that will work with a mobile app we will develop where a seller generates a QR code that the buyer can scan with the app and automatically pay using whatever asset they have available at the time. Since each EasyDex bridge asset requires overhead in terms of initial creation and server resources, EasyDex bridge assets will be limited to crypto-currencies and fiats we think will be in high demand. Any user will be able to suggest an EasyDex bridge asset and if the demand is high enough these will be added free of charge. Additionally, teams and communities can have an EasyDex bridge asset created of their token for a small fee. This fee will be based on the amount of overhead required to create and support it. However, this fee will be much smaller than that required by most other exchanges. While EasyDex bridge assets do require a level of trust in a centralized issuing authority, we aim to minimize this trust level through transparency. This will be accomplished through publishing live feeds of the amount of each asset held in deposit and the amount of each EasyDex bridge asset in circulation. Since the amount of each asset held in deposit will always exceed the amount of the corresponding EasyDex bridge asset in circulation, users will be secure knowing that they can always exchange their EasyDex assets for real assets and there is no possibility of a black swan event. This feature will also be important when discussing the EasyDex portfolio builder token. 5

6 Improved Bitshares UI and Customer Service The next major step in implementing the EasyDex services will be to create a more user-friendly and intuitive user interface for the Bitshares platform. This has been one of the biggest issues facing the Bitshares platform when it comes to attracting users who are new to the crypto world. Not only do many new users find the UI confusing, there is no service for people to quickly have their questions answered or problems addressed. While this is largely a result of the decentralized nature of Bitshares, this is a problem we have noticed with many large centralized exchanges as well as other companies that provide centralized services on decentralized platforms. These issues are the primary reason our team came together and decided to develop EasyDex. Not only will our UI make using the Bitshares platform easier and more intuitive for new users but we will also provide tutorials in a wide variety of languages to help our users familiarize themselves. Building a new UI will also give us a chance to seamlessly integrate our proprietary services in one easy to use interface. We will create web, desktop and mobile applications for all common platforms to make sure that anyone can access our services from almost anywhere. In our experience, good customer service is one of the largest contributing factors in building a community essential to the success of any endeavor, especially one that wishes to draw new users to the crypto space. By providing 24 hour customer service representatives who are there not just to 6

7 address customer's problems but to help them become familiar with using our services we think we can overcome what is one of the largest barriers to the mass adoption of cryptocurrencies. 7

8 Smart Contracts and Dapps Coinciding with the full release of the Eos platform, EasyDex plans to provide smart contract and decentralized application (dapp) creation and hosting services. Not only will users be able to write their own smart contracts and dapps but we will provide a library of pre-written modules users can use to create smart contracts and dapps, similar to how website builders help people without development skills create a website today. To facilitate an ever-increasing library that evolves in step with advancements, EasyDex will make it possible for independent developers to publish their modules to our library. The developer will be able to set a fee for each usage of their module. These will operate on their own smart contract so that each time the developer's module is used they will automatically receive payment to their account. EasyDex will invest significantly into Eos to ensure that we have plenty of bandwidth on the Eos platform to host the dapps and smart contracts. This will allow us to provide a single fee for the use of these services with no hidden costs. 8

9 Integrations One of the most exciting features of EasyDex is how we are partnering with many other projects currently in development to integrate into those projects. While it is not within the scope (nor appropriate) for us to outline these projects in this paper. However, some of these include, but aren't limited to, blockchain blogging platforms and community forums where our services will allow users to instantly convert their earnings to the asset of their choice, a marketplace where our services will allow customers to purchase items using any asset while the seller can be paid in the asset of their choice, and a freelancing service where we will also facilitate people paying and receiving in the asset that is best for them. In addition, EasyDex will be creating a number of systems to easily integrate with existing businesses to enable a fast and inexpensive means of accepting crypto payments. These will include an ecommerce platform with an easy to use API than can be integrated into any website as well as a pointof-sale system for traditional brick-and-mortar stores, restaurants, etc to be able to accept crypto payments. Our mobile app will make sending and receiving payments easy for anyone to buy and sell on the go and we will be creating ATMs for cash withdrawals in many locations. We are also talking with many other projects to integrate with us as well so that we may provide our users with the latest cutting-edge services. As we believe strongly that the spirit of cooperation is the most beneficial paradigm for technological innovation and improving everyone's quality of life, we are always looking for more projects to integrate with. So, if you have a project you think would work well with us, let us know. 9

10 EasyDex Tokens In order to fund this ambitious project and to give back to our community of supporters, we have created the EasyDex Portfolio Builder token on the Bitshares platform (EASYDEX.PB on the Bitshares market). Holders of the EasyDex portfolio builder token will receive regular sharedrops of each of the cryptocurrencies for which we have created an EasyDex bridge asset, enabling investors to build a portfolio of crypto tokens simply by holding our token. The number of EasyDex tokens are limited to one million. Investors can obtain their EasyDex tokens from EasyDex.net. These tokens will be distributed in a campaign similar to EOS's crowdfunding campaign where investors can donate to a daily pool and a set amount of tokens will be released to investors each day based on how much they contributed to the pool that day. EasyDex token holders will receive sharedrops equal to 50% of the market fees collected from the trading of EasyDex bridge assets and will be distributed each week. Of the remaining 50%, 30% will be distributed to the owners of EasyDex, and the remainder will be held in deposit to ensure liquidity. Sharedrops will begin when the last tokens have been sold. Token Holders Owners Liquidity Timeline First Quarter

11 Easy-Assets created Customer service agents training Dex UI initial development Second Quarter 2018 Initial Beta release of the EasyDex UI released Collection of user feedback and feature suggestions Bridge services enabled Smart contract and Dapp library created First integrations Third Quarter 2018 Additional UI improvements and features EOS integration Mobile and desktop apps E-commerce and point-of-sale systems released More integrated services released Fourth Quarter 2018 UI beta testing ends ATMs developed and released Continued service integration 11