xChainge is a new platform with a simple user interface for anonymous and decentralized exchange of assets based on the Ethereum blockchain. xChainge offers an alternative to centralized crypto asset exchanges with no commission fees, no mediator companies, and no KYC/AML.
All of the platform’s functionality is available in the xChainge Wallet application. The xChainge Wallet enables P2P transactions of crypto assets from a user-friendly interface, similar to popular online banking applications.
xChainge Wallet for Windows will be launched in Q1 2018, followed by iOS and Android apps in Q2 2018.
Key features of the xChainge Wallet app include:
- Convenient and secure storage of crypto assets;
- Secure peer-to-peer exchanges;
- Easy-to-use smart contract builder for fully customizable exchange transactions;
- Smart dispute resolution with the help of mediators;
- Creating custom marketplaces.
The xChainge Wallet does not require verification and gives users full control over their assets.
As a means of payment on the platform xChainge Token (XCH) is introduced.
xChainge Token sale
The xChainge token is an ERC-20 Ethereum-based utility token which is used on the platform to pay for Matcher node services and make Matcher node security deposits. It is issued by a non-profit fund which is creating the xChainge platform.
The crowdsale is scheduled to run between December 1st and December 25th, 2017. The team chose the Dutch auction model, similar to Raiden Network. At the start of the crowdsale each token will cost 0.05 ETH and the price will gradually decrease over time with constant rate.
A total of 23,529,412 XCH tokens will be generated. The auction hard cap is equal to 20 000 000 XCH tokens. You may find more details on the token sale in the attached project overview.
Market Context
The number of crypto asset exchange transactions is growing exponentially. Globally, the volume of trades on cryptocurrency exchanges has increased from $100–200 million at the start of 2017 to $10 billion per day. The capitalization of crypto assets has grown by over 13 times, exceeding $200 billion.
However, the crypto asset market is almost unnoticeable in contrast to the stock market, whose total capitalization exceeds $60 trillion, or the forex market, whose daily trading volume is over $5 trillion. Lack of the convenient crypto asset exchange methods is partly limiting the growth.
- Wallets with built-in exchange functions are offered by a few solutions like Jaxx and Exodus, but they are powered by a third-party centralized services.
- Centralized exchanges provide quick and secure transactions, but offer only a limited list of cryptocurrencies and tokens and are constantly under pressure from regulatory agencies.
- Partially decentralized exchanges like EtherDelta and Oasis DEX allow to exchange a variety of ERC-20 tokens without verification. However, their users are not protected against loss of funds.
xChainge Platform Overview
The xChainge P2P platform allows to conduct on-chain exchanges of any ERC-20 tokens directly from the wallet. To perform an exchange, a user can either submit the exchange offer for it to be picked by another user, or choose an existing offer to conduct the transaction immediately.
Publishing an offer. To publish an offer a user goes to the “P2P Exchange” section of the xChainge Wallet, selects the option to create an offer, picks the type of assets to be exchanged, enters a desired price and the expiration date, and confirms the offer. Then the offer is published to the Ethereum blockchain.
Choosing an offer. Those who wish to select an existing offer can filter then by token type, price and transaction volume. Should a user select an offer, it is confirmed and the result of the transaction is published to the Ethereum blockchain.
Using the smart contract builder. Users have an opportunity to create custom transactions backed by smart contracts. The builder allows to set the price, the maximum execution time and a variety of parameters.
Using a cross-chain platform. Using the xChainge cross-chain P2P platform, xChainge Wallet users are able to exchange ETH and ERC-20 tokens for any other cryptocurrency. At the moment, there are no solutions that allow the same without having to trust the other party. To resolve possible disputes, the mechanism of mediators is introduced. Mediators are the xChainge users who get tokens (XCH) for resolving conflicts that may arise between the parties.
The team expects this model to evolve from the out-of-exchange crypto transaction tool to a fully decentralized marketplace for assets to be quickly exchanged for minimal fees, without the need to trust a third party at any stage, including transaction clearing.
Team and Advisors
xChainge was co-founded by Albert Ibragimov, Danil Popov, Artur Ustimov and Egor Klimenko. All co-founders have a unique expertise in private equity, venture investment, financial products and marketing solutions. The core team of founders and early investors are the shareholders of Aktivo, a leading service of collective investments to commercial real estate property.
Albert Ibragimov, CEO at xChainge, has over 10 years of experience in web development and software engineering at Nornickel, Kaspersky Lab, Workle, and Asteros.
xChainge has partnered with the CRYPTO-group, the Russia’s unique academic research association for cryptography. Natalia Tokareva, a senior researcher at the Laboratory of Discrete Analysis in the Sobolev Institute of Mathematics and a team leader of the CRYPTO-group, is advising the project together with her colleagues Anastasiya Gorodilova and Alexey Oblaukhov.
The project is in talks with five other potential advisors in the areas of blockchain implementation, distributed networks, cybersecurity and network architecture, legal support and systems’ design.
