COSS, a bitcoin and crypto exchange company, this week announced the launch of the COSS Decentralised Exchange. COSS DEX will provide cross-chain trading, deep liquidity, fast trade execution, and settlement, and enable trading for its own COS token. 50% of trading fees generated on the COSS DEX will also be shared with COS token holders as part of their Fee Split Allocation (FSA) staking rewards entitlement. Late last year, COSS went offline as it transitioned to a new ownership group.
Decentralized cryptocurrency exchanges are often no match for the liquidity offered by centralized exchanges, while also requiring a learning curve for familiarisation with applications such as MetaMask to interact with the exchange and the blockchain. This has continued to push users towards centralized exchanges where assets are entrusted to the platform.
With COSS DEX, traders are able to generate unique user IDs secured by their secret mnemonic phrase — thus creating an access system very similar to a centralized exchange; yet fully private and secure on the blockchain. The COSS DEX user ID also works as an address for the asset ‘transfer’ feature — where users can transfer their assets from their DEX wallet to another user’s DEX wallet instantly.
The platform is not limited to ERC20 tokens such as wrapped-BTC as with most commonly known DEXes — users will be able to trade BTC (core), BCH, XRP, LTC, and more right from the COSS DEX wallet.
Top crypto assets available for trading on the DEX are Bitcoin BTC, Ether ETH, COSS COS, Chainlink LINK, 0x ZRX, Bitcoin Cash BCH, Ripple XRP, Basic Attention Token BAT, MyToken MT and more.
The current quote assets available on COSS DEX are USDT, ETH, and PHP. The COSS team aims to gradually increase trading pairs over time.
COSS DEX operates on the ByteTrade blockchain and has a high-speed matching engine supported by the protocol. The “Match-Chain” built on the ByteTrade layer-2 scaling structure provides stable and high- speed order matching services. Users can enjoy on-chain trading experiences as fast as 1 second, which is both fast and secure.
The DEX operates on the ByteTrade Consensus Agreement which consists of two major mechanisms: DRPOS (Delegated-Revenue-POS) and CBP (Consensus-before-Packing).
ByteTrade, developed in 2018, employs cross-chain and sidechain blockchain technology. In combination with a proprietary consensus mechanism the protocols can be used by decentralized exchanges to enable multi-chain trading at quick execution rates, global payment solutions, dApp and DeFi development, digital ID issuance, and voting to mention a few applications.
DRPOS aims to address the root of the low participation problem of blockchain communities. The overall speed of a blockchain network is determined not only by the block time, but also by the confirmation speed of each block. Since subsequent block confirmation is not required under the CBP mechanism, it offers greater network speeds with the block time rate at 1 block per second.
Mobile apps will be available on Android and iOS official app stores as soon as listing formalities are completed.
Aside from the new DEX, COSS offers a complete suite of trading options including:
– The COSS CEX platform on coss.io allows users to trade a range of crypto assets through spot contracts and with leverage; the platform also has an increasingly popular instant-swap engine to exchange assets with physical delivery in user’s account wallet at market price.
– The COSS MetaTrader 5 platform allows users to trade crypto, CFDs, forex, stock indices, and commodities such as gold, silver, and oil. Trading on the COSS MT5 terminal is available across web, Windows, iOS, and Android platforms.