MyBit HQ
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MYDAX was initially conceptualised to enable the buying and selling of MyBit Go assets. Since MyBit Go functions similar to the bond market for crypto, where investors can reduce volatility by transferring volatile cryptocurrencies into relatively stable, revenue generating assets, it is important for it to be simple to go back and forth between Go assets and cryptocurrencies. Additionally, we wanted to make it simple for stakes in assets to be sold (selling rights for future cash flows).
At first, MyBit envisioned MYDAX to function similar to other decentralised exchanges, but limited to MyBit Go assets. Soon they realised those limitations were not optimal and began working on a design that was optimised for a variety of cryptographic assets. Then they realised that very few, if any, decentralised exchanges had substantial volume and this was due to limited functionality and being highly user-unfriendly. So the focus was shifted to usability and more advanced features.
MYDAX is planned to be, "A decentralised exchange done differently" which focuses on a greatly enhanced and streamlined user experience. A concept currently being researched is the integration of DAO Funds which would enable instant purchases and sales.
Much more information about MYDAX will be released after the core research phase has been completed.
Last modified 4yr ago