The Relationship Between Fusotao Protocol and FXDX
Web3.0 is envisaged as the next-gen of the internet that enables websites and applications to process information in an intelligent human-like way through the use of cutting-edge technologies such as Blockchain technology or decentralized ledger technology(DLT), Big Data, Machine Learning, etc. Web3.0 embraces decentralization, which means that it is built, managed, and owned by its users. It allows data to be interconnected in a decentralized way which is an added advantage over Web2.0 which is the current generation of the internet, where data is usually controlled and stored in centralized repositories.
Octopus Network is one of the few platforms that is focused on unleashing a new wave of innovation for Web3.0. The Octopus Network is an innovative multichain interoperable cryptocurrency network designed for the easy launching and running of Web3.0 substrate-based and EMV-compatible appchains. Apart from being NEAR-based, it is also backed by world-class VCs as well as Electric Capital and Digital Currency Group, and this is why Octopus Network is very reliable, effective, and efficient.
An appchain which is also known as an application-specific blockchain is described as an autonomous blockchain that can be used explicitly for a special set of custom-designed applications. One of the benefits of the appchain is that it allows developers to customize applications in terms of underlying mechanisms, economic designs as well as a governance structure. One of the appchains that is making waves in crypto space currently is the Fusotao Protocol.
WHAT IS FUSOTAO AND WHAT MAKES IT EXCEPTIONAL?
Fusotao Protocol is an ultimate verification protocol built for order book-based matching systems using the paradigm of execute off-chain, and verify on-chain which makes it outstanding. It is a substrate-based application chain (appchain) that is built on the Octopus Network, this implies that Fusotao as an appchain was validated by the Octopus Network. As an appchain, Fusotao Protocol holds users’ assets and verifies the matching transactions from off-chain exchange services.
The Fusotao ever-efficient off-chain matching method enables the process of order matching, order submission, and certificate generation with other processes to run on a centralized off-chain server, and this will allow traders to enjoy the same trading experience as CEX in terms of the high-speed transaction and low latency. The on-chain verification method provides protection and high security of the user’s assets, the user’s assets on the chain can only be changed when the transactions under the chain have successfully passed the verification on the chain, hence making Fusotao a reliable and trustworthy appchain.
ADVANTAGES OF FUSOTAO AS AN APPCHAIN IN THE OCTOPUS NETWORK
These are some of the advantages Fusotao Protocol enjoys as an appchain in the Octopus Network:
- SERVICES: It is an autonomous blockchain and a member of a well-connected network. Fusotao has access to robust services and facilities which enables it to function more effectively.
- SECURITY: Fusotao benefits from the phenomenal flexible and cost-effective leased security that the Octopus Relay provides to appchains in its network.
- INTEROPERABILITY: Interoperability has been one of the challenges affecting some of the existing blockchains, Fusotao enjoys out-of-the-box interoperability as well as trustless interaction with NEAR, Ethereum and any Inter-Blockchain Communication Protocol (IBC) enabled blockchains.
- INFRASTRUCTURE: Fusotao also benefits from the infrastructure support provided by the Octopus Network such as testnet, block explorer, RPC gateway, indexer, wallet integration, and many more.
FUSOTAO MISSION AND VISION
The problems traders face every day while trading on CEXs and DEXs can not be overemphasized and these have hindered the mass adoption of cryptocurrency globally. Insecurity, high cost of transactions, control by a central authority, etc have been among the issues of trading on Centralized Exchanges (CEXs), while lack of user-friendly interface, low efficiency, and limited functionality have been the major challenges of DEXs. Fusotao’s mission is to disrupt and provide long-lasting solutions to all these challenges by providing crypto users and the world at large with user-friendly DEXs with zero-cost gas, a high level of security and low latency, etc.
Fusotao aimed at helping project founders to build their order book-based DEXs by using the Fusotao powerful appchain as an on-chain verifier and deploying their own off-chain matching server. This is why the Fusotao Protocol is unique and different from other appchains. DEXs backed by Fusotao protocol such as the FXDX DEX is far much better to trade on than other DEXs in the market.
FXDX — THE FIRST ORDER-BOOK BASED DEX THAT IS POWERED BY FUSOTAO PROTOCOL
FXDX is the first Decentralized Exchange that is backed by the Fusotao Protocol. Unlike other DEXs, FXDX is fully decentralized, transparent, user-friendly, secure, and innovative. FXDX is the perfect solution to the challenges traders face today, with the same trading speed and experience as CEXs. It combines the features of CEX and DEX to provide users with the best trading experience ever.
FEATURES OF THE FXDX
The following are some of the innovative features of the FXDX:
- ZERO GAS FEE FOR TRANSACTION IN DEFI WORLD: As a DEX that is supported by the Fusotao decentralized infrastructure, orders made by the FXDX users are sent directly into the off-chain matcher and they are executed off-chain, the correctness of the status modification is usually verified by the on-chain verifier. With this, the users will not pay the gas fee, but the matcher will pay the gas fee since it is the invoker. Once the proofs submitted by the matcher are verified the gas fee will be returned to the match, only invalid proofs are charged.
- ORDER BOOK-BASED: FXDX is an order book-based DEX. An order book is simply an electronic list of buy and sell orders for a security or other instrument which are organized by price level. The three parts of an order book are buy orders, sell orders, and history orders. The order book-based system enhances the market transparency because it provides the necessary information on price, availability, transaction initiators as well as the depth of trade.
- FASTER THAN SWAP: Transactions on FXDX are super fast, it is even faster than swap which is an off-chain matching. And this is why this DEX is very recommendable for both beginners and experienced traders.
- THE SAME TRADING EXPERIENCE AS CEXs: FXDX is built with some of the exciting features that make centralized exchanges what they are today, so trading on FXDX feels like trading on CEX. The DEX offers traders the opportunity to enjoy the trading experience of DEXs and that of CEXs at the same time.
- FULLY DECENTRALIZED: Decentralization allows users to control and manage their assets, unlike the centralized system where users’ assets are controlled by a third party or central entity. FXDX users have 100% control of their assets. In addition, their assets are secured by the Fusotao on-chain verification system.
CONCLUSION
Fusotao Protocol and FXDX are game-changers. Apart from being an app chain in the Octopus Network, Fusotao is also a side-chain that is connected with the NEAR mainnet via a light-client bridge which differentiates it from an oracle. Fusotao is also rewarding, communities or users can earn massive rewards by trading on FXDX or any other DEX that is backed by Fusotao. They can also share transaction fees by staking Fusotao native tokens (TAO) on these DEXs.
NEAR and OCT tokens are the first online to Fusotao-backed DEX (FXDX). Trading on FXDX has a lot of benefits, and users can maximize their profits since they pay no gas fees during transactions. A lot of positive development is ongoing in Fusotao, and now is the right time to take your crypto experience and investment to the next level by becoming a part of the Fusotao Protocol.
