After several weeks of public testing, we are now ready to proudly announce the productive release of HZxchange!The projectHZxchange is a decentralized cryptocurrency exchange with distributed storage. We currently allow the trading of Bitcoin, Litecoin, DASH, Cannabiscoin, Potcoin, NXT and Bitshares. More coins will follow soon.
The reasonEverybody knows that the old centralized exchange model has seen its best days. Hacks and scams have become everyday-business because although we want freedom from central authorities, we still had to trust single individuals, which often even weren't even known by real name.
With regulations kicking in, decentralization keeps you from giving your ID to a company you know nothing about. HZxchange is transparent, but still anonymous. You decide for yourself who you want to give information about your account to.
SecurityYour funds are stored decentralized on multisig addresses, making it impossible for a single admin to run away with a wallet. The signatures are held by well-known members of the HZ (or the coin's) community. There's no public facing server a hacker could target, and even if he finds one that's not enough to get access to any coin. Trading takes place on the Horizon blockchain, using either a wallet of your choice or the dedicated webapplication at
http://hzxchange.net The asset balances are snapshotted regularly, so if someone breaches the issuers account we'll just switch to another asset.
Of course we will keep up with HZ development. When phasing is implemented even the storage could be managed by a distributed system.
TermsThe network fee is 1 HZ (~ 0.000001 BTC) for each bid/ask. There's a 0.5% fee for deposits and 1% for withdrawals. Those are used to pay the shareholders and node operators. The numbers may be changed later, a prior announcement is self-evident.
DetailsAll deposits are sent to a multisig address. The user receives an asset to trade on the HZ blockchain. As soon as that asset was sold on the asset exchange, she has the HZ on her personal account. She can then decide to keep those HZ, or exchange them for another asset.
When she bought an asset and wants to withdraw, she has to send that asset back to the issuer. We are currently running 3 nodes monitoring those transactions. Each node checks the amount, the recipient and some other details, before it signs an outgoing transaction from the multisig address. When 2 nodes agree on the validity of a transaction, it is broadcasted and the user receives her coins.
Those numbers are variables, we can improve the security when the amount of deposited funds gets bigger. Instead of 2-of-3 multisig we could use 8-of-15, or any other number in between.
The gateway software is not yet fully P2P, at this point setting up a new multisig address is a manual process (once per coin).
One node acts as mainnode (keeps track of all transactions), the other two are only used for signing.
HZ multisig still is in development, and we can't give all admins access to the issued assets. They are currently handled by pharesim, who is running all main nodes.
As soon as HZ Phasing is implemented the assets will be decentralized too, and when we grow in users (and earn enough fees to pay for the required movements then) it's planned to reconsider the option of distributed storage management, which would allow a complete P2P solution with nodes with equal rights and voting mechanisms (signers, fees and more, per coin, based on hzxchange asset ownership).
LinksWebsite -
http://hzxchange.netHorizon -
https://horizonplatform.ioGithub -
https://github.com/pharesim/HZxFacebook -
https://www.facebook.com/groups/HZxchange/?ref=bookmarksTwitter -
https://twitter.com/HZxchangeForum -
http://horizonplatform.io/topic/hzxchange/
