Today, we'd like to share three big news with you: Radex launch date, launch of Rados community forum and a vote for what tokens you'd like to get listed on Radex.
Visit forum.rados.io in order to access the forum. We'll use it as a convenient platform to have a dialog with you, our followers. There you'll find technical discussions about blockchain products, give us feedback on our new whitepaper that's in the works, find out the latest news about our ICO, file bug reports and ask questions about Rados, Radex and our other products. The forum will be the primary platform for discussion with the decision makers at Saturn Network alongside our telegram channel.
Radex launches December, 13th
It's time. After having raised roughly $25,000 during our presale we were working hard on the product that's going to do the right thing by our supporters. As ERC223 tokens did not have any exchange that would accept them at the time we set out to build our own decentralized exchange: one that's secure, stable, and fair. We decided to not take any fees from trades happening on the exchange and open sourced the smart contract because we see Radex becoming one of the big players on the market. We believe that the whole community and token economy would benefit from trades without fees and intermediaries. Isn't this what blockchain is all about?
The bulk of the work was done on the client-side code of Radex, the Radex.js library. Unlike other "decentralized" competitors like EtherDelta and IDEX we truly do not have any servers running or storing trading logic. The only place where data is stored is the Ethereum blockchain itself. The only way to know what orders are available on the exchange is to read the smart contract from the blockchain. The only way to make a trade is to send an Ethereum transaction that triggers the right method on the smart contract.
This architecture poses hard problems with regards to user experience because the first time you load the exchange you'll need to download all the relevant trade data from the blockchain and into your browser. We've gone through numerous rounds of optimizations and benchmarking in order to make the delays minimal. You only download the data that you have missed since last opening Radex and keep a local cache of transactions in your browser that you yourself have downloaded straight from the blockchain (and not from a trusted server like with our competition) using MetaMask, Mist or our suggested tool, Brave Browser.
Not only did we make the best (and first) decentralized exchange for ERC223 tokens such as STN, but we also designed a protocol for upgrading existing ERC20 tokens to ERC223 standard. The best part is that traders don't need to do anything hard, such as exchange tokens for the new ones or reach consensus with the whole token economy to sanction an upgrade, in order to take advantage of ERC223 features on their tokens. Once you approve one of the listed ERC20 tokens in your wallet (we will provide a button for that) you'll be able to trade your ERC20 token through the new interface, and ERC20 and ERC223 balances and trades will remain in perfect sync.
Vote for listed tokens on Radex
Speaking of which, now you get to decide which tokens will get listed on Radex! Every week we will conduct a vote on our forum for which new tokens should be listed on the exchange. The first week’s choice is from a list of tokens compiled by our team. For week two and after we rely on our community to suggest new tokens to be listed. Suggest new tokens in this thread - the most actively supported ones will make their way into the vote!
We are looking forward to see you on our forum and to your submissions in the token suggestion thread. Let's work together to make the best token exchange possible.
Our lawyer also asked us to mention this
Radex is a decentralized trading platform that lets you trade Ether and Ethereum-based tokens directly with other users. You are responsible for your own account, funds, and private keys. You are responsible for your own trading decisions, and the details and mechanics of the tokens you trade. Rados is not responsible for your decisions, actions, or losses that result from using Radex. Rados makes no guarantee about the tokens that you trade using Radex. Radex does not hold your funds and does not offer refunds. While the information contained on Radex is periodically updated, no guarantee is given that the information provided on Radex is correct, complete, or up-to-date. By using Radex, you acknowledge this and agree to these terms.
In plain English, this means that Radex is still alpha software. We're doing everything possible in order to protect our users by providing tooltips and preventing you from making bad transactions that waste gas or worse. But as with every decentralized project you are responsible for your own actions.
We will keep developing Radex and adding new features. If you have suggestions - leave us a note on the forum.
On behalf of the whole Saturn Network team - Happy trading!