The beta release of EliteX for Lisk will serve as trading platform for various assets like BTC, ETH, USDT, and LSK trading pairs. Ultimately, the goal of the project is to create an exchange as a principal platform or marketplace where future Lisk tokens can be launched and traded. Currently EliteX Exchange is undergoing the process of accepting and reviewing several blockchain projects to include in the platform.
EliteX also shared gratitude to the Lisk community members and other new members who took part in the alpha Testnet phase that happened in February as well as the people who participated in their questionnaire and gave valuable feedback which helped the team prepare the exchange platform and fix the bugs in preparation for the launch on the Mainnet. Upon completion of the first beta phase, they target to launch an OTC trading facility in the latter half of the year in addition to the spot exchange. They will also launch contract trading and leverage platform later this year.
Lisk utilizes sidechains in developing new blockchain projects. This is one of the strategies that EliteX is planning on emulating as this innovation solves challenges in terms of speed and scalability that are seen as roadblocks in developing and growing the blockchain.
EliteX will work harder in expanding the range of products and exchange functions after this current beta release. The next steps are the OTC trading facility which is scheduled around July which will be included in the official launch of EliteX Exchange ver. 1.0 along with necessary KYC compliance development, project information and tracking, and tools for trading risk assessment. All these will end in the launch of version 1.1 and the addition of a contract trading suite that has full features.
A project that the team targets to launch by 2020 is EliteX DEX which is the first decentralized exchange constructed on the Lisk network. It will be a token-driven sidechain project where huge efforts will be put into. EliteX DEX development will entirely be open source and trustless. Its goal is to be a “secure, peer-to-peer, on chain, fully auditable trading platform.” The platform will enable traders to buy and sell their digital assets without third party oversight or arbitration necessary. By trading directly from the traders’ wallets, they benefit from the added security, they have personal control over their private keys, and ultimately, full control of their digital assets.
EliteX believes that the decentralization that blockchain technology is welcoming will create widespread changes to the way the world is run. The team believes that by developing their trading platform on the Lisk network, and aligning with Lisk’s intention and purpose of accessibility, they are certain that the goal of playing a role in the future will be accomplished as well as their vision of ranking in top 20 exchanges globally by 2021.