As promised, a company update about the direction and status of CardxCoin. For a while now, we’ve stopped our ordinary service. Starting this week, we‘re officially transitioning into a different direction. TLDR: We’re building a DEX (decentralized exchange)
Why?
It’s difficult to scale in a centralized way. This includes support, legal implications, dealing with customers, bad cards etc. Decentralization is closer to our own ideal for this business. It‘s closer to the breaking edges of the blockchain industries technology. Part of this transition is changing the way that our monitization works. CardxCoin DEX will be open source, and it will be free to use.
On-ramps and off-ramps for cryptocurrency are still a huge unsolved issue. CardxCoin DEX will be a major innovator in that way. There’s a lot of details we aren’t sure of yet, so we can‘t go into specifics of how this will work yet.
What Does This Mean for Current Customers?
This is a major deviation from regular business as we are aiming for complete decentralization. First of all, smart contracts and proficiency with MetaMask will be involved. While the goal of this is to be accessible to the majority of users, it will not be as accessible to newcomers. We’ve stopped service to ordinary users already. Centralized service to bulk sellers as well will soon discontinue.
What to Expect
This is going to be a long term project, so don’t expect that anything will be ready for you next week. We’ll soon be making our roadmap available. Around this time next month, we hope to have a proof of concept. We‘ll start releasing regular updates about development progress. If any of this interests you, we’d love to have you along for the ride.
Due to this being a financial application, you should think of this as a year long journey. The latest in layer 2 decentralized finance technology is necessary to avoid fees and make this concept viable. That technology alone is already very early itself. It’s also important to have bulletproof security to avoid losing funds in a hack. There will be a beta testing period + audit before everything is released to mainnet
Expect to hear more about this in the future! There is still a lot we’re figuring out but it was important that we let everyone know about the direction we’re heading.