- Exchanges & Wallets II
- Allbit – The Efficient Trading System Based on Sidechain Tech
- 2018-09-14 13:40-14:20
- Allbit is providing an efficient trading Decentralized Exchange service with the best use of Ethreum’s sidechain. Allbit has solved some problems that other decentralized exchanges suffer from by using the sidechain which allows zero gas fee and one second block formation time.
Allbit sidechain is working with PoA-based networks to create a block without competition. In the sidechain, authorities run software allowing them to put transactions in blocks. In addition to putting the transactions, the authorities act as a validator who is paging the Ethereum mainchain with Allbit’s sidechain. Currently, those validators consist of 6 people, and it is a kind of multi signature wallet materialized by smart contract. In order to validate something, it should be signed by more than two third of validators.
Allbit DEX is somewhat different with other existing DEXs in the trading functions such as deposit, withdraw, order, matching, and order book. One of the differences is the trading functions are working on blockchain. Another difference is that Allbit DEX is using the on-chain order book that construct a trie based on a linked list of prefix prices, so it is available to construct a price table and match orders within a short time by figuring out all the orders. Also, as an advantage, Allbit can avoid abusing from trading thanks to matching the priority bid and offer prices first in Allbit DEX.
Allbit is continuing to construct the better decentralized exchange using blockchain technology so that we will make a safely connected trading market with other various blockchains.