Blockchain company builder Chain Partners opened its own cryptocurrency exchange DAYBIT Wednesday. “DAY,” the newly established crypto trading platform’s exchange token, will be listed Friday.

Chain Partners made public these and other details regarding the exchange’s opening Wednesday. DAYBIT, built in Elixir, the next-generation programming language, boasts faster performance and offers its own wallet and automated trading service 24/7.

DAYBIT is the world’s first crypto exchange developed by Elixir that is based on “Erlang,” a programming language adopted by such renowned services as WhatsApp, LINE and League of Legends having more than 100 million concurrent users. Erlang was developed by Swedish telecom company Erickson to process high-capacity data and is primarily used in the communication network.

Chain Partners CTO Lee Je-chol said he had regarded the exchange as a “gigantic chat room.” “If someone places an order, it has to be seen by hundreds of thousands of people in real time. Elixir was chosen as a language to make it possible and we succeeded in obtaining faster performance than the world’s top exchange,” he said.

DAYBIT developed its own wallet solution unlike other existing exchanges in Korea, which have relied on foreign-made wallets like BitGo. Lee said, “The fully independent development of the wallet technology is time consuming but can be a differentiated core factor that enhances the exchange’s own competitiveness,” adding that “we have been able to speed up dramatically in token listing, issuance of token deposit addresses, cryptocurrency deposits and withdrawals, airdrops and many other things, compared to asking foreign companies to do so each time.”

DAYBIT’s top strength lies in its first-ever round-the-clock automated trading function in the Korean crypto exchange community. This function enables customers to place diverse “conditional orders,” say “sell all when the price drops 5% from the highest” or “buy when the price rebounds 3% from the lowest.” “Although cryptocurrency transactions take place around the clock, domestic investors have not been able to use even the conditional order scheme that could protect their assets or cut losses. DAYBIT provides investors with tools to pursue their own strategies or protect themselves in the highly volatile market,” DAYBIT CEO Pyo Chul-min said.

For the first time in the world, DAYBIT also adopted a “transparent trading policy” in which it will disclose in detail whether you have traded with other investors, the exchange or token projects. Individuals have not been able to identify their trade counterparts so far even if token projects or companies sell coins via the exchange.

“If DAYBIT sells cryptocurrencies that yield transaction fees, it makes it a rule to mark the transactions as those with DAYBIT in individuals’ trading information. This is a function no other company ventures to embed if it is not designed to protect investors from the beginning,” Pyo said, noting that “DAYBIT is an exchange intended to contribute to developing the (blockchain) ecosystem.”

DAYBIT is proud of being a crypto trading platform devoid of market maker, fees and human intervention. This signifies that DAYBIT has no market maker that adjusts the price artificially; no listing fees that raise doubts about the listing’s fairness; and no people’s interruption that could slow deposits and withdrawals and cause security problems.

DAYBIT issues “DAY” tokens for its own compensation and operates a reward program to give tokens based on investors’ trade volumes. It aims to create the sustainable exchange ecosystem by limiting “DAY” token rewards to 40,000 per hour. “Only after the cryptocurrency trading environment becomes transparent and technological levels go up, the ‘healthy’ blockchain ecosystem will be in full bloom. That’s why Chain Partners created its own exchange and we hope that DAYBIT will be used as a public utility devoted to Korea’s blockchain industry,” Pyo said.

Meanwhile, DAYBIT will have time to introduce its diverse features and services during the ABF in Seoul 2018 to be co-hosted by the Seoul Metropolitan Government, the Seoul Economic Daily and Chain Partners. During the ABF in Seoul, a variety of events including job fairs, hackathons, blockchain developer meet-ups and investor relations meetings on blockchain projects will be featured at Seoul Startup Hub in Mapo, Seoul Fintech Lab, Shilla Hotel and Sebitseom Oct. 27-Nov. 1.

/Jaeyeon Won wonjaeyeon@decenter.kr

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