Beaxy Integrates Dragonchain To Record Every Order On Chain
We wanted to share some good news. A few months ago we announced that Beaxy would be using multiple Dragonchain tools and services to power its exchange. The integration of Dragonchain’s Proof Systems is part of Beaxy’s defense against fraud, front-running, and manipulation. Dragonchain’s Proof Reports provide Beaxy a means to measurably prove actions that take place on its exchange. Designed to enable anti-fraud proof for regulators and transparency for all Beaxy customers, the final touches have been made on the order book integration with Beaxy Exchange!
Over the past week, some of you may have seen the number of transactions increase as the system was turning on. When we initially launched the Beaxy system into production we hadn't integrated order books. Until now, customers would only see executed buy and sell orders for any trading pair. Now, all order types will be secured to Bitcoin and Ethereum.
While this may seem like it might cause a strain on Dragon Net, in reality, it barely scratches the surface of what is possible. Dragonchain has demonstrated over 250,000,000 transactions in a 24 hour period on a single business system.
Interestingly, as we’ve seen Dragon Net transactions go up significantly over the past few days, we’ve also seen the average fee go down to $0.003 in the same period of time. This is a testament to the scalability and flexibility of the Dragonchain architecture.
The implementation of the order book will document any buy executed, paused, canceled, partial, and pending orders at each price point. The order book provides the necessary transparency into price action, asset availability, depth of the trade, who initiates transactions, and the history of all orders. This transparency is important for traders to make informed decisions when executing a trade as they can selectively see who is buying and selling and whether the price is being moved by institutions or retail. With the addition of on-chain order books, Beaxy is further able to provide proof for their customers and regulators to prove legitimacy and compliance.
Using patented interoperability technology and a stable fee system, any enterprise can ledger billions of transactions a day without facing exponential or unpredictable costs due to network congestion seen elsewhere. Beaxy’s eagerness for innovation makes them the most transparent U.S. compliant exchange, provable all the way to the most decentralized networks in the world, powered by Dragonchain.
Dragonchain is the blockchain of blockchains, simplifying the secure integration of real business applications and data on a blockchain. The blockchain platform provides features such as protection of business data and operations, multi-currency support, and fast RESTful API integrations with any blockchain or legacy system. Dragonchain was originally developed at Disney’s Seattle office as the Disney Private Blockchain Platform in 2014, and open-sourced in 2016.
Beaxy is an American-made cryptocurrency exchange based in Chicago. Offering crypto to a lot of Americans who have been shut off from major exchanges like Binance and Kucoin. Since its inception, Beaxy has been relaunched under new leadership, with a new vision, and new tech. Dragonchain is proud to offer tools to make Beaxy the best exchange for the end-user.
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