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This is an article on a true revolution on the blockchain. [DIGITEX](https://digitexfutures.com/get-early-access/) , a platform that offers a no-transaction fee exchange services to the world.
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# The Blockchain
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The world wanted a more secure private and reliable way of doing that was led to the advent of blockchain. A platform that offers security, freedom from government manipulation in trade activities. Funds kept in decentralised ledgers , users hold on to private keys that give them access to wallets. It was indeed an innovation.
# Futures Contracts
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The blockchain also offered users the ability to partake in futures contract. Futures contracts is basically an arrangement or agreement between parties to buy and/or sell assets at a specified time in the future and at a particular price. The main purpose for creating Futures contracts was to ensure that all risks associated with fluctuations on asset prices.
> A company X wants to buy a commodity A at $B as the on spot price. But after much analysis, they figured that the price of the commodity would drop by 15% in next 6months. So the company decides to use futures contracts to lock the price of the commodity at 6th month.
# Exchange
From my entrepreneurship class, I learnt one indubitable truth: business cannot occur in a vacuum. The blockchain gave birth to cryptocurrency which had to be traded for other cryptocurrency or fiat currency. This in turn led to the birth of exchange. The exchanges offer users and avenue to trade, send ,buy and sell digital currency. However , they do this for a small fraction of the transaction known as transaction fees or better put commission. Some of these exchanges have commissions that are extremely high and traders who patronizes these exchanges end up breaking even or losing after a trade and commsions deducted.
> a trader decides to buy 10Bitcoins at $6300 for one. And later decides to sell it using an exchange. The exchange charges a 1% commission rate fpt every bitcoin sold. He sells the bitcoins at $6400 hoping to make a profit of a $1000 for all 10 of them that is $100 profit for each. But after considering commissions:
>> amount = 6400 × 10 × 0.01 =$640 on the total bitcoin is paid as commission. That means instead of making a total revenue of $64,000 he makes $640 less. That's a lot or too much if you ask me.
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But what if I told you that traders on blockchain need not worry about paying commissions for their transactions; that there was a free way to trade on re blockchain?
Well yes! DIGITEX is offering the world the first commission free exchange on the blockchain.
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# WHAT IS [DIGITEX](https://digitexfutures.com/get-early-access/)
[](https://postimg.cc/dL3fgx6P)
Digitex is an exchange platform that offers its users an avenue to buy and sell digital currencies and Futures contracts with zero transaction fees. And yes! zero transaction fees.
* how can they render exchage services for free??
Well , let's see what DIGITEX is all about.
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# VIEW OF [DIGITEX](https://digitexfutures.com/get-early-access/)
# [1] ZERO TRANSACTION FEE
Hearing the word free , one may doubt the veracity of the DIGITEX promise but they are for real. The way DIGITEX will be ensuring zero transaction fees for all forms of trade and orders at any point is to mint its own currency DGTX.
As user who desires to enjoy this "free" services, you would have to get the DGTX tokens minted. The sale of the tokens is how Digitex will stay operational. Since it is free, there is always the tendency that more users will clamor for the platform; which leads to more tokens being sold and the system kept operational.
# [2] SECURITY
Exchanges usually hold on to assets and funds of their clients and this has its own risks. The funds could be mismanaged by the exchange or lost to hackers due to loop holes in system.
Digitex approach to security of funds is different. Apart from granting users access to a commission free exchange, they also allow users to be in full control of their funds. The funds instead of being stored on the blockchain, are held by a decentralized and independent smart contract on the blockchain. Digitex will be using the Ethereum blockchain.
Using this approach, users will be rest assured that their funds would not be mismanaged or lost to hackers since the platforms do not have access to the funds.
# [3] Privacy
Exchanges usually would demand some sort of identification just to veto that a trader is who he says he is. This is called the Know your customer (KYC) policy.
Digitex is not going to indulge any of its users to provide any form of identification. They are of the opinion that having these information concerning a trader/user would put their privacy at risk.
> "the best way to guard users data is to never collect the data in the first place"
[Digitex white paper page 18]
A common saying is : you can't lose what you've never had.
# [4] Efficiency
The concept of matching orders and its role in trading can notnbe neglected. A matching order happens when a particular buy order corresponds with a sell order. If the maximum price of the buy order equates or exceeds the minimum size of the sell order, then compatibility is said to have been achieved. This matching needs and has to be accurate and fast to ensure that trades are not executed at prices below the ideal prices.
The matching orders of centralized systems when compared with decentralized smart contract counterpart, clearly showed that former had certain advantages.
* they are faster.
* they are more reliable and scalable.
* they offer real time trading.
Decentralised smart contracts however had one major advantage over the centralized matching order systems: security.
[Digitex](https://digitexfutures.com/get-early-access/) then went ahead to create a hybrid system combining both the strengths of centralized matching engines and the security of decentralized account balance. The funds(profit, losses) will be updated by the exchange but they are in no way in control of the funds.
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# [5] Digitex Oracle Updates
You just cannot overlook the essence of validation in issues concerning money. When it comes to issues of withdrawals on digitex, users will have to go through an account verification. The smart contract verifies the user's balance(profit,losses and liabilities) on current matched orders. Once the system is able to update this balance , it makes available the "available to withdraw" amount.
There is a potential risk in the updating process: fraudsters can update their smart contracts with incorrect information which will enable him withdraw more than his available balance. This is not an ideal situation. So digitex eliminates this risk by calculating the user's profit from scratch upon each request for an account balance update by a smart contract. This fraudster would not be able to create and send fake trades to calculate his fake profit that he would update his profit with.
# THE [DIGITEX](https://digitexfutures.com/get-early-access/) TOKEN (DGTX)
The Digitex token is an ERC-223 compatible token. The main purpose for creating the token is to ensure that [Digitex](https://digitexfutures.com/get-early-access/) stays operational by its sales. Only users who purchase the tokens can enjoy the commission free exchange services offered by Digitex.
All account balances on Digitex will be denominated using the DGTX token.
It can be exchanged with other cryptocurrency such as BTC and ETH.
Another use of the tokens is to give token holders the feel of democracy on Digitex. The token holders will be able to vote on how much token they want to be created and when they would want it created.
Creation these tokens will be done by a fully audited smart contract. The intending buyer sends ETH to the smart contract and automatically, he receives the DGTX token equivalent.
> it should be noted that the ICO of Digitex tokens will take care of operational cost for the next two years. Therefore for the next 2years there would be no token creation.
# TRADING USING DGTX
Buying and selling of futures contracts on [Digitex](https://digitexfutures.com/get-early-access/), would require that the user's balance is sufficient to cover any unforseen losses.
The sales can be carried out on the price of BTC/USD; ETH/USD and LTC/USD without any transaction fee.
# PEG SYSTEM
There are risks associated with with futures especially with price fluctuations. The blockchain technology is reputable for its volatility and price volatility can be bad for business. [Digitex](https://digitexfutures.com/get-early-access/) in a bid to eliminate price risks employs their peg system.
This peg system allows users lock in a sale at a particular price while keeping the DGTX tokens touse as margins for trades. Hedging of assets is made safer with this pegging system. The trader buys the DGTX tokens and he is able to lock in a sale for the same rate at which he bought it.
> users should note that a rise in the price of DGTX tokens will create a loss for him since he has already locked in at a lower price.
[Digitex](https://digitexfutures.com/get-early-access/) offer users a free, easy , quick and frictionnless way to trade with DGTX. With the plethora of cryptocurrency, conversion to and from the DGTX token will be easy and without transaction fees.
Whether for a Long or short term purpose, Digitex presents a range for functionalities with its token.
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# Democracy on the Blockchain
The token holders will be given a chance to vote on when they want new tokens to be created and how much of the tokens would be needed that the system stays operational.
The voting process simply requires the holders to present a proposal for the minting of new token. The process of voting will take time and a lot of scrutiny. All the facts and data have to be appropriately analysed before deciding on creating new tokens.
The process can be time and energy consuming. So for a user who does not have the time nor the energy will be able to delegate his voting power a trusted individual to help out with the voting process.
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# Liquidity
The commsion free exchange services offered by [Digitex](https://digitexfutures.com/get-early-access/) will encourage high trading volumes. The market makers are automated to break even in volatile market conditions. Digitex has set aside 20% of the total supply of tokens to help create liquid futures markets and help fight bid and offer spreads.
# Ladder Trading Interface
A market interface that presents users a graphical representation of bids and offers and prices as they move up and down.
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For a more empirical data analysis that shows the way Digitex saves traders from the cutthroat fees of other exchanges
[Digitex whitepaper page 22](https://www.digitexfutures.com/whitepaper/Digitex-Whitepaper.v.1.1.pdf)
# My Animation
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# SUMMARY
Commissions in blockchain transactions can sometimes be a thorn in the flesh for traders. Every trader wants to make profits at every trade he partakes in but considering the current exchanges, the trader can not do that. [Digitex](https://digitexfutures.com/get-early-access/) now offers him a chance to enjoy commission free exchange services; retain control of his asset; and with the pegging system lock in on trades and hedge assets much safely without falling victim of price fluctuations.
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It is free ,It is secure
It is private, It is [Digitex](https://digitexfutures.com/get-early-access/)
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For more information on the exchange platform Digitex, you can get them from the following:
* [Digitex Website ](https://digitexfutures.com/get-early-access/)
* [Digitex Whitepaper ](https://www.digitexfutures.com/whitepaper/Digitex-Whitepaper.v.1.1.pdf)
* [Digitex Blog ](https://blog.digitexfutures.com/)
* [Digitex Telegram ](https://t.me/digitexfutureschat)
* [Digitex Reddit ](https://www.reddit.com/r/DigitexFutures/)
* [Digitex Facebook](https://www.facebook.com/DigitexFutures/)
* [Digitex Twitter ](https://twitter.com/digitexfutures)
* [Digitex YouTube](https://youtube.com/channel/UCjY3JG9agHi2ePDTm6sJysw)
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This contest was organised by @originalworks and to learn more about the contest visit [here](https://steemit.com/crypto/@originalworks/1250-steem-sponsored-writing-contest-digitex)
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This is my [Twitter Post](https://mobile.twitter.com/oghenerahl/status/1041894543208198144)
digitextwitter
digitex2018
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