Weekly Report on ONEROOT Project (2018.02.05–02.11)
1. Added support for NEP5 to ROOTOKEN and optimized Claim Gas’s function.
2. Repaired the problems in ROOTOKEN beta version and optimized its function.
3. Optimized ROOTOKEN wallet APP and the Gas extraction interface of NEO wallet.
4. ROOTREX trading module has been tested, and the bug has been feedback to mobile engineers
5. Developed exchange background and improved the permission system.
6. Added multi-language switch to ROOTOKEN official downloading website: https://www.rootoken.com/en, English version is available now.
7. Optimized the layout of ONEROOT official website and adjusted the copywriting.
- Open beta testing of the decentralized exchange ROOTREX is in progress, all the feedbacks have been recorded and the bugs have been continuously optimized. I hope that in the testing process, we can work together with you to continue to improve ROOTOKEN wallet.
- ONEROOT regional Telegram groups have been increased, you can join a new group according to your geographical location and interact with peers in the same region as you.
Beijing Telegram group：https://t.me/onerootbeijing
Shanghai Telegram group：https://t.me/onerootshanghai
Wuhan Telegram group：https://t.me/onerootwuhan
Sichuan Telegram group：https://t.me/onerootsichuan
Shenzhen & Guangzhou Telegram group：https://t.me/onerootshenguang
3. Consensus, co-building, sharing and win-win has always been the core pursuit of ONEROOT Project. Starting from Jinan, ONEROOT has been opening up a global co-builder recruitment and it has visited 10 cities in a week. As a builder of the encrypted digital asset infrastructure, with the support of the co-builders, ONEROOT has taken the first step toward realizing its ideal to create an ecological economy that adapts to the characteristics of the blockchain.
Information about ONEROOT Project
With the continuous progress of the ROOTREX open beta, all the feedbacks received are already being repaired and the performance is continuously being optimized. Thank you for your active participation. We uphold the concept of consensus, co-building, sharing and win-win, with an eye toward the future, we have been improving continuously to provide a friendly, easy-to-use decentralized trading platform for you.
ROOTREX Decentralized Exchange
ROOTREX is a decentralized exchange subordinating to ONEROOT, who co-builds the ONEROOT ecosystem as a part of ROOTOKEN.
ROOTREX combines off-chain order with on-chain transaction execution to maximize the number of transactions and ensure the fastest transaction speed. Co-builders access to the ROOTREX protocol act as the Relayer (such as the ROOTREX exchange), collecting and displaying the user’s trading orders, and submitting the orders to the chain for execution when a counterparty appears. Off-chain order is based on a secure signature algorithm that ensures orders submitted by users are unique and cannot be tampered with. To enhance the user experience, the ROOTREX exchange in ROOTOKEN offers the ability to automatically match transactions without requiring the user to select an opponent’s order.
The emergence of blockchain is essentially a revolution against centralization, while decentralized transaction is counterattack to a highly centralized exchange. At present, there are many disadvantages of centralized exchange:
Opaque transactions: centralized transactions have their own set of account system, and the user must transfer cryptocurrency assets to the trading platform. The invisibility of internal accounts and the opacity of transaction data provide a hotbed for insider trading and market manipulation.
Slow recharging / cash withdrawal speed: the recharging and cash withdrawal of the trading platform generally need to be audited, when encountering large events, the recharging and cash withdrawal will be delayed. In addition, the exchange may impose certain restrictions on the upper limit of cash withdrawal.
Asset security issues: Security has always been the biggest hidden dangers of the trading platform, centralized trading platforms have always been the primary target of hacker attacks, which will cause great losses to users. The best-known example is that MT.GOX lost 850 thousand Bitcoin in 2013. Regulatory risks: Centralized trading platforms will be subject to local laws and regulations, laying hidden danger for the liquidity and closure of exchanges.
Decentralized transactions can solve many problems of the centralized system described above. The advantages of ROOTREX decentralized transactions are as follows:
Open and transparent:
Trading contracts are open source and auditable, there is no case of fraud;
Each transaction record and transfer record can be tracked on the blockchain.
Assets are stored in the contracts, providing a blockchain-level asset security;
No risk of counterparty or the collapse of the exchange.
Asset access is in the contract, there is no need of review, it can be completed as long as the time is confirmed.
The ROOTREX protocol allows co-builders to act as the Relayer, there is no centralized server;
Users have 100% control of the assets, so they are not controlled by any capital, and the exchange and transfer are without any restrictions.
ONEROOT, the first Relayer implementer of the ROOTREX protocol, will support automatic matching of transactions, sparing users the trouble of finding the counterparties themselves. Users only need to enter their own expected buy and sell price, and the background will help determine whether there is an order that can be traded, if there is, the deal will be made immediately, if not, an order will be generated.
Data center and Relayer
ROOTREX decentralized contract will be deployed first in Ethereum, and the ROOTREX contract acts as a data center. Transaction data comes from a large number of co-builders who act as Relayer. The co-builders (Relayer) submit the transaction data to the ROOTREX contract for execution, sharing the profits of the transaction. The resulting large amount of deal data will be a valuable asset for ONEROOT ecosystem to create data-driven big data applications such as automated recommendations, user portrait analysis and credit vouchers.
The current ROOTREX decentralized transaction contract is only based on Ethereum, in the future, it will be expanded to more chains such as EOS, AE, NEO and so on. when cross-chain technology gets mature, ROOTREX will spare no effort in investing resources to support cross-link decentralized transaction contract.
ONEROOT upholds the concept of win-win, aiming to build business infrastructure based on consensus agreements, and co-build a shared economic ecological system that is more suitable to the characteristics of the digital asset era with all parties. To be more specific, ONEROOT hopes to reach a consensus among all co-builders of digital asset ecology, co-constructing an open, peer-to-peer blockchain information data platform, as well as facilitating the full circulation of the industry resources. ONEROOT also provides information, investment, trading and liquidity solutions for the co-builders by constructing digital asset infrastructures, which facilitates more external resources to enter the industry and create a win-win, sustainable blockchain economy.