After a somewhat grueling summer for cryptocurrency investors, things are beginning to look up. From investment funds to universities, digital assets are gaining ground and laying the foundations for a global, dynamic market.

We’re excited to see cryptocurrencies, utility, and security tokens gain wider adoption, but the need for safe places to trade these assets is rising. 2018 is shaping up to be the worst year for centralized exchange fraud. In the first nine months of the year, almost $1bn worth of assets were stolen — nearly triple that of 2017.

We’ve been working hard to help protect the global crypto market through the development of a decentralized exchange that gives full control of your tokens and a protective exit mechanism should you spot fraudulent activity. This month, we’ve taken great strides towards that goal:

  • Welcomed a new advisory board member to our team
  • Watchdog architecture to monitor faults in our DEX
  • Upgraded the UX/UI of our Plasma DEX
  • Integrated WyreSDK for compliant trading and liquidity provider
  • Progress with smart contract deposit and withdrawals on the Plasma chain
  • Worked on an RPC server for an auditable Order Matching Engine
  • Finished open-sourcing our atomic swap wallet
  • Hired community manager and customer support
  • Wyre Talks interviewed our CEO Andrew Gazdecki on building a scalable, Plasma DEX

New talent

Piyush Mathur joins the team to provide community management and customer support. Piyush’s goal is to ensure all our users get the help they need when they need it. Piyush has over nine years’ experience in digital marketing, and has a strong interest in blockchain technology. As a trader, Piyush has been actively involved in the cryptocurrency community, and is passionate about bringing decentralized trading to the masses.

We’re excited to announce Ken Kavanaugh as an advisor to the team. Ken is the former Head of Business Development at Lykke DEX, Co-Founder at Moon Assist, and mentor to Everbloom, and has been involved in over $1B of Fintech M&A deal volume. Ken’s help has been invaluable so far and we look forward to his continued support in solving the liquidity and operational problems that decentralized exchanges face today.

New tech

The WyreSDK was developed by Wyre to help various blockchain projects — such as DEXs and dApps — get off the ground. Put simply, it helps us on-board customers to minimize counterparty risk, which encourages institutional investment and opens up a huge pool of liquidity.

Verifying users using WyreSDK also enables us to provide additional services (such as bank deposits) without falling foul of financial regulations, and it also makes accepting and paying out in fiat much simpler. With WyreSDK integrated into our decentralized exchange, we’ll hit the ground running once we reach a mainnet launch.

Andrew Gazdecki, our CEO, appeared on Wyre’s podcast, Wyre Talks, to discuss the challenges of building a scalable, layer-2 Plasma DEX. If you’re new to, want more detail, or simply want to learn how we’re using Plasma to build our DEX, listen to Andrew’s detailed overview now.

We’ve also begun working on watchdog architecture that will ensure our DEX runs smoothly, and that we’re notified immediately of any problems. We’ve set ourselves a strict goal of zero downtime, and although we can’t predict the future, the watchdog will help minimize outages and at the very least give us an early warning signal so we can fix issues before they affect our users.

We’ve also made progress with the smart contract responsible for withdrawals and deposits on the Plasma sidechain. This was always going to be a challenge given the amount of verification anti-fraud mechanisms involved, but we’re pleased to say we’ve broken the back of it and are now refining the code and working it into the existing architecture.

We’re working on an RPC (Remote Procedure Call) server for an auditable Order Matching Engine, too. The matching engine uses Sparse Merkle Trees to create an auditable representation of the transactions and the overall state (including, but not limited to, the order book).

Finally, we’ve upgraded the user experience of our Plasma DEX which you can see with the images below. These upgrades include…

  • Enabled user account settings
  • Ability to connect via Metamask, Ledger, or Trezor wallets
  • Adjusted the look and feel of the user interface
  • Added two-factor authentication
  • Included “Day” mode for those who prefer a lighter trading interface
  • Integrated TradingView’s charting SDK

We plan on sharing another testnet version of our hybrid Plasma DEX soon. You’ll be able to test and give feedback on this version before we launch our first mainnet release to a small group of users (we want to ensure there are no security holes before opening up full access).

Atomic Swap Wallet: now open-sourced

We’re proud to announce our Atomic Swap Wallet is open-sourced, and you can check out the details on our GitHub repo. Along with the code we spent months writing, you’ll also get a user guide, examples, and other helpful documentation to get you started.

While not necessarily ideal for time-sensitive transactions, atomic swaps could securely power large Over-the-Counter trades and other blockchain projects where near-instant transaction speed isn’t a priority. We see big potential in atomic swaps and are looking forward to seeing how the developer community builds upon our work.

Finally, we’d like to say thank you for your continued patience while we work towards a mainnet launch. We can’t confirm a launch date quite yet, but you’ll be the first to know once we’re ready to go live.

That’s it for this month. As ever, do let us know if you have any questions, comments, or feedback — drop us a line at and we’ll get back to you.

Until next month. Team
Want to stay up to date with updates? Follow us on Twitter, like us on Facebook, preregister on our website, or join our Telegram channel.

October update: new talent, tech, and atomic swaps was originally published in Exchange on Medium, where people are continuing the conversation by highlighting and responding to this story.

This article is originally written and posted on  Visit today for all Crypto News and Information.

Leave a Reply

Your email address will not be published. Required fields are marked *