Beaxy Integrates Proof Systems To End Fraud And Market Manipulation
Bellevue, WA, August 1, 2020 - Beaxy Exchange is adopting multiple Dragonchain tools and services to enable anti-fraud and transparency for all users of the platform. The operational POC will make Beaxy the most transparent financial service in the world.
Beaxy believes that every trade, order, and transaction should be transparent to the end user. Tactics like front running should be a thing of the past. Users should be able to verify there is no market manipulation. Dragonchain is proud to make this possible, by bringing transparency to all Beaxy traders.
What are we solving?
Front running is a form of insider trading. An exchange or Market Maker receives a large order, which will in turn raise the price of the crypto or stock being bought. Before they execute the order, a small order is placed on behalf of the exchange or market maker. Once the bigger order is executed, the smaller order is sold at a higher price for profit.
Unfortunately, market manipulation tactics are common practice within the cryptocurrency exchange community. Even exchanges who claim they don’t participate in such tactics, have no way to prove it.
Enter Proof Systems
Proof Systems provide evidence for both the trader and the exchange that all transactions occurred well in advance of their fulfilled order, providing a measurably provable trusted environment.
Powered by Dragonchain’s Interchain technology, Proof Systems leverage multiple blockchain systems to prove that transactions occurred at some point in the past with hundreds of millions of dollars of measurable proof.
By placing individual orders on chain when originally created, the end user can see proof of timing of every order associated with their executed purchase or sale.
Proof of trades is the first implementation of this system. Full proof reports of all orders will be implemented in the coming weeks.
Dragonchain and Beaxy are two American companies with innovation pumping through their veins. Like those from another era, sheer grit and determination prove to be an invaluable part of our DNA. Now we have come together to build a better system.
Life is and will ever remain an equation incapable of solution, but it contains certain known factors - Nicola Tesla
Whether we’re talking about the solutions to life or for life, those solutions will come and go. Innovation has always fed the soul of America. But now, with the advent of blockchain and the ingenuity of Dragonchain’s Proof Systems, trusted knowns will keep us confident in the directions we travel.
We’re solving the problems that have plagued the fintech industry for years and we’re just getting started. Stay tuned for more groundbreaking anti-fraud systems offered by Beaxy via 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. The company provides a full open source ecosystem to enable the creation of successful and scalable blockchain projects for enterprises with long-term value. Dragonchain was originally developed at Disney’s Seattle office as the Disney Private Blockchain Platform in 2014, and open sourced in 2016.
Who is Beaxy?
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 a 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.