March 02, 2021 |James Messi
Beaxy Exchange is leveraging Dragonchain’s Proof Systems to provide anti-fraud protection and unmatched transparency to all of the exchange’s clients. With Proof Systems in place, a verifiable record of every order and transaction that occurs on the exchange will be publicly available, making Beaxy the most transparent financial services business in the world.
Dragonchain’s Proof Systems
Dragonchain’s Proof Systems utilize multiple blockchains and connect them to third-party platforms to establish a running record of time-stamped proof that an action did or did not occur. In the case of Beaxy Exchange, this revolves around limit and market orders that are being sent to, modified, canceled, and executed on the exchange.
Traditionally, traders would only see a small portion of the orders sent to the exchange. These are the resting orders that are still on the book and transactions that are executed and recorded on the time and sales chart.
With the technology behind Dragonchain’s Proof Systems, traders are protected by an anti-fraud system that publishes every order interacting with the exchange.
Order book front running, spoofing, and wash trading are a few common malpractices that have been plaguing traders of all sizes and skillsets since the days of Mt. Gox. Thanks to Dragonchain’s interchain technology, Proof Systems can merge a wide array of data sources to create an immutable record that would expose all of these financially nefarious actions and alert traders in advance so they can avoid falling into these traps.
Trading on Beaxy Exchange gives you unparalleled peace of mind knowing that the order book will never be manipulated against you as bad actors are disincentivized through a record of their orders being released publicly.
Proof Systems in Action
Beaxy’s clients can analyze the Proof System to ensure that all orders and transactions were placed and or executed in accordance with the exchange’s order book. In the report, start by selecting the trading pair that you want to inspect. Inside each trading pair, you’ll find a list that contains the timestamp, price, amount, and type of each order for that pair.
To investigate further, you can get more details for each individual order by clicking on it from the list.
Advancing Crypto’s Core Values
Satoshi Nakamoto famously created Bitcoin after the global financial crisis in 2008. The ways in which large financial firms were directly responsible for the collapse of the equity and housing markets left Satoshi feeling as though third-party institutions could no longer be trusted. To combat this, trustlessness and transparency were mechanized into the Bitcoin protocol.
Through Bitcoin’s success over the past decade, trustlessness and transparency have remained as core values in the financial products and services of today, and of the future. Beaxy Exchange is proud to advance these values by implementing Dragonchain’s Proof Systems technology.
With every order from the exchange in a public record, Beaxy is leveling the playing field and providing its traders with the most advanced anti-fraud protections that crypto has to offer.