Digitex is absolutely buzzing right now. It has enjoyed some serious growth in the last couple of months. It’s gone from 100 satoshi to over 2000 satoshi in less than three months. The hodlers who brought into the Digitex ico have been celebrating some decent profit in what’s been a hard 2018 for many in the world of crypto. But what’s all the fuss about?
Let’s take a closer look at Digitex and find out what sets it apart from the crowd.
Digitex Futures Exchange.
Some of you might be thinking “ugh not another exchange” but Digitex is very different. In Q4 2018 they plan to open doors on a brand new fully decentralized crypto futures exchange. Initially only allowing users to trade BTC/USD, ETH/USD and LTC/USD the plan is to be the first commission free futures exchange in the world. This is huge news for futures traders. Currently, futures traders pay quite a lot in fees to exchanges.
Another thing Digitex wants to do is provide their users with unrivaled security. Many exchanges hold users funds within the exchange (potentially risky with many hacking groups targeting crypto exchanges). Digitex will instead be holding account balances on smart contracts on the Ethereum Blockchain. So Digitex won’t be able to “lose” users funds through hacking or mismanagement. Even if Digitex was hacked there wouldn’t be anything to steal.
Like other similar exchanges, Digitex plans to allow leveraging. They’re going to offer up to 100x leveraging. This means huge potential profits for traders but also the heavy potential for losses if a trade goes sideways. However, unlike their competitors who will close you out of a winning trade to protect themselves from losses from the counter-party trader Digitex will keep them open as they believe you shouldn’t miss out on profits because the exchange cancels closes the book on your trade.
The whole platform is powered by its own coin. The DGTX token is an ERC-223 token which is basically just an upgrade to the ERC-20 tokens you may already be holding yourselves. All profits and losses on the exchange will be denominated in DGTX tokens. The idea is that as the exchange grows and more and more traders are trading on it that demand will increase too. This should see the coin price rise steadily as the platform grows.
Digitex won’t be charging commission at all. Instead what they will do is after an initial two year period after launch.
They will create new DGTX tokens to sell and cover the costs associated with running the platform. This is likely to cause a bit of inflation. however, it is expected that the demand it creates by having fee-free trading will offset this to stop them negatively affecting the coin when they sell the newly created tokens.
Also, the creating and issuance of these new tokens will be consensus-based. This means that DGTX holders will have a say in how many new tokens are created and when they are issued.
So far the current roadmap takes us up to the end of this current quarter when the exchange is expected to go live. Here’s the story so far.
The Digitex Team.
Initial coin supply: 1 billion DGTX
I think this coin has some definite potential for making huge gains for hodlers. The exchange I think will be hugely popular. Bitmex alone accounts for nearly $700,000,000 of volume a day. That’s a lot of money in fees. Once this platform goes live and traders get the chance to save money on fees and not get stopped out in winning positions I think there will be an exodus from other similar exchanges. And with that comes more usage of the DGTX token.
For me personally investing in this coin is a no-brainer. Those of you who trade crypto futures and the features of this exchange will enable you to keep far more of your profits than with other exchanges and you won’t get stopped out in winning positions.
Thanks for reading. If you want to check out some more coin reviews by the Low Cap Crypto team you can find them here.