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Fusotao Protocol - A DEX Infrastructure Like No Other on NEAR Protocol

05-10    

SINGAPORE / ACCESSWIRE / May 9, 2022 / Have you ever sat behind your desk in perpetuity waiting for that notification telling you to now click on a button to approve a transaction for an order matching your bid? Me neither.

Trading any order on centralized exchanges, regardless of size, is a matter of "set-and-forget". Once an order is submitted, a matching system automatically matches your bid with existing orders, and if there's none, the order gets queued up for a bid and size that is either the same as yours or higher. Thanks to this matching system, transactional instructions from users can be executed in an environment with guaranteed price protection, the certainty of execution, and auditability - with just one caveat; users need to hand over control of their account to centralized entities and also forgo all nothing of privacy.

It's very simple really. It's just like buying a house, but the insurance company holds the key to the house and every time you need to go outside or step back in or even order pizza, you need to ring them up to come open or close the door. And let's not get started on redecorating the house. It's not a problem really as long as you don't forget to ring them up and tell them exactly what's expected.

Despite this, there's no denying the speed of execution of centralized exchanges. Once an order is placed, it can be filled within milliseconds compared to waiting several seconds - if not minutes on decentralized counterparts. This is not to say decentralized exchanges are entirely bad. They're an important cog in the crypto machine that has proven their worth over time due to their rigid immutability and decentralization, making it impossible for any single entity to tamper or censor trades. However, the high transaction fees, significantly slower speed, often obtuse UX, and liquidity have continued to make centralized exchanges the go-to point of entry into crypto trading.

Fusotao Protocol aims to solve the problem of scalability and matching performance on centralized cryptocurrency exchanges by delegating trading activity off-chain, without giving up security guarantees, including the non-ownability of user funds and the full fungibility of the underlying assets.

An Open, Reliable, and Fast Infrastructure for DEXs

Fusotao Protocol is an application chain with an off-chain matching engine that addresses the centralized bottleneck issues with existing relay protocols. Backed by Octopus Network, Fusotao leverages two core components to guarantee the order of transactions and the fairness of matching - a blockchain application chain and an off-chain matching system.

The blockchain application chain acts as the verifier, while the off-chain matching system acts as the matcher and prover. The application chain holds users' assets and verifies matching transactions from the off-chain client, which is used to execute orders and prove them through its novel Matching Verification Sub-protocol.

Leveraging a custom and optimized implementation of Sparse Merkle Tree, the orderbook is encoded into the Tree and its root hash is stored on-chain leaving the entire Tree to matchers. Verifiers simply have to verify the order execution result by validating the Merkle proof and the matching procedure with its root hash and origin command. Once verified, the accounts can be mutated and the updated root hash stored on-chain.

Latest Update

On 6th May, Fusotao Protocol won the voting queue and moved on to the booting phase to launch as an Appchain in the OctopusNetwork.

Fusotao Protocol will launch IDO events in NEAR Ecosystem during 11th-25th in May. Read more details here: https://medium.com/fusotao-protocol/the-announcement-of-fusotao-ido-events-in-near-ecosystem-f139c538639a

After that, Fusotao will launch the Mainnet on about 20th May.

CONTACT:

Website: https://www.fusotao.org/
Twitter: https://twitter.com/FusotaoProtocol
E-Mail: business@fusotao.org

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