Peerplays DEX-UI: What to Expect With the Basic Functionality Release
Peerplays is excited to announce that we have released the Peerplays DEX-UI!
The DEX-UI will include the basic functionality of the DEX. The features include an Orderbook, Bitcoin Deposit & Withdrawal via SONs (Cross-chain), GPOS Vesting, GPOS Based Witness Voting, Committee Voting, and Bitcoin SONS Voting. For now, the DEX UI will only have these features as a ‘minimum viable product.’ But of course, we will be adding so much more, including a user-friendly interface.
We're here to give you a quick rundown on what to expect!
Orderbook
The Peerplays DEX features a fully functional and proven built-in order book battle-tested in the past.
Your private keys are always in your hands, so you can trade any market condition without having to store them off of the Peerplays DEX. The order will appear on the order book until it’s partially filled, fully filled, canceled, or timed out depending on the preferences you’ve chosen.
Bitcoin Deposit & Withdrawal via SONs (Cross-chain)
One of the many unique characteristics of Peerplays is its Sidechain Operating Nodes (SONs), which translates to interoperability and greater convenience. The DEX supports cross-chain swaps using decentralized support for Bitcoin via SONs.
You can deposit your Bitcoin with ease. Assets that you own, such as those from Peerplays accounts can be sent anywhere else there is an address for receiving it- whether onto another Peerplays’ wallet or back onto its original blockchain if needed. We are committed to adding more popular assets in future updates so that you can enjoy them on this DEX too!
*See more below
GPOS Vesting
We’ve introduced a unique consensus mechanism called Gamified Proof of Stake (GPOS). GPOS allows you to earn PPY (Peerplays native token) for securing network activity and helping keep it running smoothly for everyone else too.
GPOS rewards token holders with PPY based on their voting performance and how many tokens they have vested or staked. The system takes into account their past votes for either Witnesses, Advisors, or Proxies-- once you've got that balance it's all smooth sailing from there.
GPOS Vesting means you get to be a part of something special, secure the Peerplays blockchain, and earn participation rewards.
GPOS Based Witness Voting
PPY token holders continuously vote on the number of Witnesses to produce blocks.
The Witnesses are responsible for producing blocks in their respective time slots until the next maintenance period. After that, a batch of new ones will be chosen based on voting results and then they'll keep going as before.
By implementing this on-chain governance system, voter participation of the PPY token holders becomes paramount to the security of the blockchain.
Committee Voting
You can vote for committees if you have a GPOS balance. The Peerplays Advisors are a committee that makes decisions about software changes and attributes to the blockchain; this includes things like transaction fees or how many elected Witnesses there should be--it’s an important part of the consensus mechanism in GPOS.
Bitcoin SONs Voting
SONs facilitate the transfer of off-chain assets between the Peerplays chain and the asset’s native chain. Those SONs have a Bitcoin transaction signing key. And when a SON changes, the transaction signing key is removed and a new SON key is added.
SONs can be elected through GPOS Voting. They’ll continuously change depending on criteria like votes, planned maintenance, being taken out of circulation due to downtime, etc.
The Peerplays blockchain will allow users to vote for the SON-enabled node operators. Currently, it’s only available for Bitcoin SONs only, but will expand to other chains in future updates.
Conclusion
We're thrilled about this milestone in our development roadmap and we can’t wait for you to try the new DEX-UI with cross-chain functionality for Bitcoin and voting mechanisms. As time goes on, we will be adding more features and incorporating feedback from users.
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You will find all your core bitcoin functionality in the side nav under Bitcoin Transactions. The main features found here are “Generate Deposit Address”, “Update Withdraw Address” and “Withdraw Bitcoin”. Other transactions like buying, selling, sending bitcoin can be performed in the same way as your would your PPY.
For Depositing some Bitcoin into the Peerplays Account you will need to generate a deposit address using your existing deposit public key, withdraw public key, and withdraw address. Once done this will create your bitcoin sidechain account.
If you need to update your withdraw address you can do so with the update withdraw address form. This form will require your new withdraw public key and withdraw address. This will not affect your deposit information. you can always find your deposit address for your profile card in the top bar or above the update withdraw address form.
For Withdrawing your Bitcoin you can use the Withdraw Bitcoin form . Bitcoin will be sent to the withdraw address you used to generate your deposit address. Unless you updated the your withdraw address with the update withdraw address form. In this form all you need to do is enter in the amount you would like to withdraw.
