Developer Update 2
May 8th, 2018
Welcome to the second NebliDex developer update. A lot of progress has been made on the NebliDex platform since the previous release. Let's recap
what has been completed so far:
- Connecting NebliDex to Electrum servers for Bitcoin, Litecoin and Neblio.
- Creating transactions to make payments from NebliDex Wallets.
- Connecting NebliDex clients to each other via a Trader/Critical Node model.
- Exchanging data between nodes on the platform including charts and order book.
- Creating trades between Trader Nodes via the use of Critical Nodes.
- Testing, testing, testing.
- Security Testing.
- Private beta testing.
As you can see, most of the platform has been completed, although there are still some touch ups to be made before beta testing can begin. Currently, the best way
to get up to date information on NebliDex is via the Unofficial NebliDex Telegram
. This will be the location where the public
beta will be announced. There will be a prior private beta before then.
Beta Testing Process
The entire testing period will be ran on TestNet for the supported coins NEBL, BTC and LTC. It is advisable to acquire these coins via their
respective faucets so that you will have something to trade with on NebliDex. NDEX will also be required for most trading pairs. There will be
a period of time where I will be airdropping NDEX Testnet tokens to those requesting it. Because TRIF Token
will be the first 3rd-party NTP1 token supported by NebliDex, it is also advised to acquire TRIF testnet tokens as well.
The private beta will start sometime in late May
among a small group of people, in which the platform's concurrency ability will
be tested. The public beta will start early to mid June
and will first be announced on the NebliDex Unofficial Telegram. It is
encouraged during this period to use the platform extensively so that its workload can be tested. Due to the fact that there is no central
server, the load should split relatively even among the Critical Nodes. Those that do volunteer to be Critical Nodes in the TestNet environment must
follow the general requirements listed in the previous developer update for Critical Nodes or otherwise risk having their IP blacklisted by
their fellow Critical Nodes.
The MainNet version of NebliDex is set to tentatively be released early to mid July
depending on what bugs arise during the beta period.
Due to the fact that NebliDex works directly with the blockchains of Neblio, Litecoin and Bitcoin and the fact that NebliDex does not utilize unconfirmed transactions
for security reasons, the platform will be subjected to blockchain limitations, specifically the respective blockchain block rates. Neblio currently
has a block rate of about 2 minutes, Litecoin has a rate of about 2.5 minutes, Bitcoin is the slowest with a rate of about 10 minutes per block.
These rates are important as it will determine how fast your trade will settle. Although the actual exchange of trade information and broadcasting
occurs in seconds, waiting for a confirmation will be restricted to the block rate. The NebliDex client will monitor these pending transactions in the background
for confirmation, even if you close the program and return to it later. Also because of these limitations, NebliDex will restrict each trader
to only have one order open
at one time. In the future, I will be exploring ways to speed up trading and bypass innate blockchain
NebliDex is unique in that it a a cross between an Electrum wallet and a cryptocurrency exchange. There is no need to sync or download the entire blockchain,
so NebliDex is lightweight. Think of NebliDex as a Neblio NTP1 wallet that you can trade with. Because all keys are stored on your computer and not at a remote
server location, you determine how much you want to trade and when. When you close the client application, your open orders close with it. You can keep your orders open
if you run the client in the background.
NebliDex is different than your typical decentralized exchange as well. Some platforms have a decentralized smart contract that handles the
exchange logic but with a centralized order book and chart. NebliDex does not have a central order book or chart so if one Critical Node is DDos'ed
and goes offline, it would not affect the ability of the other nodes to provide that information. Unfortunately, it is common, even among
decentralized exchanges, for there to be a single point of failure (i.e. database server, matching server) that would bring trading to a halt.
NebliDex has no such single point beyond obtaining the DNS seed, which in itself is customizable. NebliDex utilizes multiple Electrum servers
and the NTP1 API endpoint (which have at least 6 servers supporting it on the back-end). All of this to assure that the platform is responsive,
reliable and available whenever a user wants to trade.
The NebliDex Mission
NebliDex was inspired by the desire to have a secure place to trade Neblio and not worry about exchange hacks or downtimes that have
plagued large cryptocurrency exchanges recently.
For example, Bitgrail, a NANO currency exchange lost thousands of users funds and was shut
down by a court order. Need support? Some exchanges take days and even weeks to respond to a support ticket. No more support tickets needed, with NebliDex.
What would you do if one day your favorite exchange decided to stop accepting customers
from your country? Or if it begins to take 6 days for a withdrawal to post due to long processing times. Unfortunately this can cause you to miss
a great trading opportunity. Don't be held hostage by incompetence from an exchange.
Remember, the biggest exchanges of today, may not be around tomorrow. Trade cryptocurrency the way it was designed to be,
peer to peer and decentralized.