Ofex

Cryptocurrency exchange and derivative contract protocol.

What is Ofex?

• Protocol for trustless cryptocurrency trading and derivative contracts
• Support all cryptocurrencies
• Ofex don’t do more than find other party to your trade request/order. Ofex don’t interact with any token or blockchain.

Problem

• Currently there isn’t any exchanges without risk about third party, where fees are low and order processing time fast
• Currently there isn’t any decentralized derivative contract markets
• Ofex solves both of these problems

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Hack resistance

• Even if Ofex would be hacked or there would be some bug, users moneys are safe, because Ofex just find match to your order. Worst thing that could happen if Ofex would be hacked, is that you can’t trade in Ofex.

Orderbooks

• Every Ofex node run their own orderbook
• Orders can still be matched between different Ofex orderbooks
• Other nodes check if orderbook provider try to cheat, and if they see cheat, it will be reported to other users and nodes. After this no one wants to use ordebook of unreliable node
• Orderbooks are completely decentralized and trustless, but still fast as centralized exchanges.

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Orderbooks

• When your order get matched to other order, user with lower karma creates transaction to other user. Other user can spend these tokens, when he have made his transaction. There is timelock if other user don't make transaction.
• Users get karma points from every successful trade. If user don't make transaction when his order is matched, he loses some karma points. If other side don't make transaction, you don't lose any mnoey.
• You can decide minium karma of other party of your trade.

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What tokens can be traded?

• Anyone can build implementation for any cryptocurrency he wants
• We will build integrations for at least for Bitcoin, ERC20 tokens, Raiden(ERC20) and Lightning Netwrok(Bitcoin and Litecoin).
• Ofex derivative contracts can be traded also

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Decentralized

• Ofex is fully decentralized and trustless. There isn’t any single point of failure

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Derivative contracts

• Anyone can create their own derivatives
• Derivatives can be traded leverage at least 100x
• Creator of derivative provide API for price of underlying asset. If creator gives wrong price, you can exit from contract and pay price that was last right price(or recieve money if you was at profit).

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Milestones

Milestone 1: Small improvements

• Ready in 1.2.2020
• optimizing computing resource usage in client code
• making ddos attack more harder and minimizing disadvantages of it

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Milestone 2: New features

• Ready in 10.3.2020
• Trading UI
• Support to Bitcoin, ERC20 tokenss, Raiden(ERC20) and Lightning Network(BItcoin and Litecoin)
• Better anonymity

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More info

Github: https://github.com/xVETTEx/Ofex

Discord channel: https://discord.gg/UvWjYUM

Email: vaino.toivonen@protonmail.com