Update 07/11/2018: Wallet to wallet one transaction trading is now live on Saturn Network our decentralized exchange!
I am sure you have been watching the cryptic messages of Neuron on our telegram discussion group in anticipation of the next big release. Sometimes we like to outline exactly what we are doing and other times we just like to say:
Don't worry Team Saturn! August has been an amazing month of developing ;)
Of course, we can't stay silent forever and we are very excited about the future and what we have been working on. Primarily, everything we have been developing, as per our last update, has been gearing up to turn Saturn Network into a profitable exchange. To do this we see lowering what traders spend on gas and improving user experience as our two main priorities. This means everything on our exchange needs to happen in one transaction.
What will one transaction trading on Saturn Network look like?
Essentially it is going to simplify the whole process, providing you with faster & easier trading experience. It opens up the possibilities of making the frontend UI easier to follow, lowering the chance of user errors. Why is that?
- No need to deposit.
- No need to withdraw.
This means we have eliminated two transactions from a user's overall trading experience on our exchange. Your ETH and tokens will stay in your Saturn Wallet until you make the trade - which will happen in one transaction & one click. Trading on Saturn Network will be wallet to wallet, you could describe it as being a peer to peer platform where our smart contract ensures every trade happens safely.
Bringing Saturn Network to the forefront of decentralized exchange technology
If you did not believe our architecture was already ahead by running 100% on chain, then there is no denying that this upgrade brings us to the forefront of DEX technology. As far as I am aware, there is not currently a DEX in operation on Ethereum's blockchain that truly allows trading to happen in one transaction. We are particularly excited about this upgrade as it also unlocks the following future updates:
- Frontend improvements - when trading can happen in a couple of clicks, it really allows for Saturn Network's frontend UI to be extremely simplified and easy to follow. You can expect to see numerous UI updates with the initial upgrade.
- List new tokens - we have developed the new smart contract also with the ability to make our token listing process automated. In the future, this will allow us to enable the feature of users being able to self-list tokens.
- Decentralized loyalty program - as mentioned earlier, we would not feel comfortable implementing trading fees if traders are losing out to gas fees. The new smart contract will open the doors to implementing our exchange mining plans.
Enough with the words, where is the tech?
For the upgrade that will allow trading to happen in one transaction to be implemented, it will require Saturn Network to use a new smart contract. As you already know, we never like to talk about our tech if we are not sure we can deliver! However, it needs to be released carefully as a new smart contract means every token has new orderbook.
We have decided the best way forward is to initially only release this on Ethereum Classic, this way you can test and experience the joys of wallet to wallet one transaction trading with Saturn Classic before we start rolling out more features. It also gives us a chance to receive some valuable feedback before we start scaling onto more chains.
This release should definitely happen in September, the exact date is still to be confirmed, of course, we will keep you in the loop. If you have any queries, do not hesitate to join our forum and ask away.
Future is bright!