InterDAX Announces Testnet Launch and $100K Giveaway
Originally published on: CCN
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December 28, 2018
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After nearly a year and a half of development, International Digital Assets Exchange (Interdax) announced its upcoming launch in January. The trading platform will offer perpetual contracts of up to 100x for BTC/USD, ETH/USD, XRP/USD, etc., with the underlying coin as collateral and deliverable.
The Interdax platform is built by engineers who have previously worked at world-renowned financial firms such as NYSE, NASDAQ, Bloomberg, and more. To celebrate the long-awaited deployment of its platform and to gain traction as it closes in on the upcoming IDAX crowdsale, the London-based company is organizing a competition with a $100,000 giveaway.
“The Exchange” for the Next Bull Run
Coded from scratch, the company’s C++ technology platform combines over 200 years of professional experience in writing production trading systems for the financial markets. The Interdax matching engine is capable of handling over 300,000 transactions per second (TPS) per trading pair, making it one of the fastest exchanges in the world, both in crypto and traditional finance.
To put that in perspective, Bitmex’s estimated TPS limit is 500 which explains why they have consistent struggles under heavy load. Deribit’s is 7,000, CME’s is estimated to be around 10,000, while the Nasdaq X-Stream one is about 40,000.
Moreover, the Interdax exchange offers military-grade security. Risk calculations are handled by KDB+/q — a high-frequency trading technology, exclusive to elite financial firms. Interdax is the second crypto exchange in the world to use this technology alongside Bitmex, positioning it as its direct competitor in the upcoming months.
Alongside the top core technologies, the digital assets exchange also has deployed REST, WebSocket, FIX, and HFT-ready Binary APIs, all ready to execute millions of trades per second. With powerful cross-platform applications and an intuitive UI, Interdax is “The Exchange,” built for the next cryptocurrency bull run.
To complement the state-of-the-art technology, Interdax has also developed a trading competition which they believe can revolutionize the trading space. Those trading battles will be on a level trading field with all participants starting with the same balance. Once the game has commenced, traders will have a limited time to try and increase the value of their trading stack to more than their opponents’. Once the time has run out, the participant with the highest trading stack value wins the competition.
On Interdax, users will have the ability to create their own battle and decide on the values of specific parameters that would suit them best:
Trading Stack (The trading amount every participant will start with)
Battle Duration (The time until the battle will end)
Battle size (Number of participants or unlimited)
Wager Amount (The sum of all players wagers is distributed to the battle winner. The wager value is set in IDAX coin)
Once created, the battle will be publicly listed on the company’s battles page, and the user will receive a unique link. The user who creates the battle will also receive a 1% commission of the total wager amount upon the start of the game, essentially acting as an affiliate system through which users can profit.
The Strongest Team in Crypto
Interdax has managed to make a team of professionals, stemming from both traditional finance and the early cryptocurrency ecosystem. Before joining the international digital assets exchange, most team members were working at reputable financial institutions from the City of London and Wall Street. They have helped develop and secure production trading systems trusted with the management of trillions of dollars in the financial markets.
Interdax Token (IDAX)
The IDAX token will be at the base of trading commissions — all transaction fees will be paid in IDAX. If the user lacks IDAX upon trade initiation, the platform will execute a market trade to buy the exact amount required for this specific trade.
Users that own and store IDAX will have three different fee structures depending on the amount they own. The more IDAX a user has saved, the fewer fees they pay. This will create high demand and consistent buying volume of IDAX 24/7 as well as bring liquidity to the IDAX/BTC pair.
The second implication of the tokens will be for the trading battles. Users will be able to wager only with IDAX, raising demand even further.
Contrary to the usual pre-product ICO, Interdax intends first to launch its platform and then do a follow-up crowdsale. Users will invest in a product they can use right away, mitigating potential scam concerns.
After the Interdax platform testnet launch, scheduled for January, the company is expecting to launch Pre-Crowdsale and Public Crowdsale in February, as well as an official launch of its platform by March.
To be eligible to participate in the pre-crowdsale, you will have to be pre-signed up and on the waiting list. Once the Pre-Crowdsale is over, the ICO will be open to everybody.
$100K Competition? Where do I sign up?
The international digital assets exchange is hosting a $100,000 referral competition in January to gain traction leading into its launch in February.
Participating is extremely simple, all that is required from you is to sign up with your email and share your unique URL to your family, friends, or anyone that might be interested in crypto. For each registered user under your referral link, you will gain points. At the end of the competition, the 10,000 people with the most points will receive rewards as follows:
1st will receive 10 BTC and 1,000,000 IDAX
2-10 will receive 1 BTC and 100,000 IDAX tokens each
11-100 will receive 0.1 BTC and 10,000 IDAX tokens each
101-7,000 will receive 1,000 IDAX tokens each
7,001-10,000 will receive 100 IDAX tokens each