DAXBASE - A Digital Bank, Broker, Exchange and Instant Payments

Daxbase is revolutionizing financial system by creating All-in one digital bank, where one can trade financial instruments without any restrictions based on their asset class or volume. A digital token is used to list financial instruments securely, while all of the transactions are logged in a universally accessible dis-tributed ledger, which is a decentralized notary service, providing global and immediate consensus about completed transactions and asset ownership. 

Since there is not a single entity controlling ledger, it is similar to the Internet as an emergent system, formed by individual elements. Trades are settled and validated immediately by digital processing, thus helping to achieve minimal transaction costs. Ownership of digital coins is protected by private keys as the ledger has a wallet. Both intraday interest rate market and yield curve will be available as well. Digital coins of different markets can be bought or sold at any time and the same applies to changes of counterparty risk. The number of financial instruments available for trading will increase exponentially, transaction volumes are set to surge and liquidity will be abundant.

While the financial system has evolved and certain steps of the financial trans-actions have been computerized over recent decades, the business process in general remains the same as if it was still fully manual. This shows in delivery and settlement of transactions – they are processed in batches and often with delay of days, instead of the actual time of the trade. 

As a result, the banking system is complex like a maze, where every bank has its own bookkeeping system, making it difficult for auditors to verify and track trades. These factors result in a fragmented market - risks are elevated, costs of transactions are high, while there’s a clear lack of liquidity and transparency.

The two key components of the Daxbase ecosystem are the Daxbase foundation and Multikey wallet. Daxbase foundation will be supporting the Daxbase broker, providing a range of financial and investment services to its clients as well as an early access to MultiKey wallet.

Benefit of DAXBASE :

1. Fully decentralized and covered by smart contracts.
2. Integrated to the global financial ecosystem
3. Secure and with a high level of privacy

In order to provide investment service through specific financial instruments, Daxbase will be registered as a financial services company that will focus on providing investment services on behalf of its clients.

The initial step to start providing financial services is to obtain a financial broker’s license and certain procedures have to be set up to comply with the law and financial regulations. Among these are the Know Your Customer (KYC), Anti Money Laundering (AML), Combating Financing of Terrorism (CFT), etc.

Here’s a list of licenses Daxbase has already obtained or is in process of obtaining:

REGULATOR

• Vanuatu Financial Services Commission
• Czech National Bank
• UK Financial conduct authoriry
• Swiss financial market authority

LICENSE

• Dealer in securities
• Electronic money institution
• Multilateral trading facility
• Organized trading facility

MultiKey Wallet requires processing and storage of data that includes sensitive personal identification, anonymous and pseudonymous information, it is of utmost importance that classification, storage, analysis, processing and ac-cessibility of this data is done in compliance with directives that are set out by the European Commission. These include the General Data Protection Regulation (GDPR) and other.

Traders have to fund their account by depositing coins to start trading. This is where MultiKey technology ensures that it is not the same as giving away full control over your coins. A 2-of-2 MultiKey address wallet’s approach is used to deposit trader’s coins. In this case coins can be spent only if two keys are used – both trader’s and broker’s.

The key benefits of using a MultiKey wallet :

• Depositing doesn’t mean giving full control over your funds 

• This security feature works from both sides

• Only identified clients can trade due to implementation of the Know Your Client process.

• The broker provides an option of an offchain refund transaction to guarantee retrieval of funds from a MultiKey wallet.

Trading Process

One key element is a trader – be it in form of a self trader, money manager or in-vestor who wishes to trade a currency of his choice for another asset. A registra-tion with the broker is required due to legal issues and then traders can start to trade by sending orders to liquidity providers of their choice. A smart Ethereum contract that links trader’s account with the broker is used to hold the traded as-sets. Communication is mostly done directly between the trader and the broker, but blockchain should be monitored closely to verity that trades have been settled correctly

Liquidity providers are the ones who process orders (bid, ask, limit, etc) sent to them by traders, gathering them in an order book and settling the ones that match on blockchain. There are no limits as to what asset pairs can be traded, but market forces usually draw out certain favorites, just like US Dollar in the classic foreign exchange. New and competing exchanges can emerge as well.

Token Information

DXBT is a utility token, which represents the right to access DAXBASE Ecosystem. It is also provides the ability to receive various financial and investment services, discounts and bonuses.

Token Symbol : DXBT

Total Supply : 5,000,000 DXBT

Token Price : $10 / DXBT

Token Sale Date : Dec 4, 2017 - Mar 11, 2018

Bonus :

Unsold amount will be revoked upon ICO ends

CLICK LINK BELOW FOR MORE

DAXBASE Site : https://daxbase.io/

DAXBASE ANN : https://bitcointalk.org/index.php?topic=2621606

DAXBASE Whitepaper : https://daxbase.io/assets/docs/prospectus.pdf

DAXBASE Twitter : https://twitter.com/daxbaseio

Profile bitcointalk : https://bitcointalk.org/index.php?action=profile;u=1343532

ETH Addr :  0x0243E433ee123cDB927e22e99FA31D0d34195A38