EOS technology to assist Bitfinex in building its trustless, decentralized exchange

On 27th July, Kasper Rasmussen, the Head of Marketing at a leading cryptocurrency exchange platform Bitfinex talked about Bitfinex’s collaboration with EOSIO, the initial idea behind their new platform EOSfinex, the schemes planned for scaling up the projects and more.

EOS released the Q&A on their official Medium blog as a part of its #BuiltOnEOSIO series that provides exposure to software and startups backed by the EOSIO blockchain.

Kasper described EOSfinex as a high-performing, trustless, decentralized trading exchange backed by the EOSIO technology. Bitfinex is already a fairly established platform for cryptocurrency trading. By introducing EOSIO’s properties such as speed and scalability, EOSfinex will emerge as an exchange that provides on-chain trading experience, as stated by the marketing head.

EOSfinex wants to advance and change the fundamentals of how value is traded between global parties. It is mainly being developed to explore the potential of EOSIO. It will also act as a platform to facilitate research and adoption of the EOS technology, promoting scalability, speed and security.

Outlining the current state of the project and the plans to scale it up in the future, Kasper conveyed that EOSfinex is approaching the finish line of its early stage of development. There are three components of the project:

  • The EOSfinex exchange smart contract
  • A Nodeos plugin [with web socket market data and order entry support]
  • SunBeam [an EOSfinex Node.js library]

Among these, SunBeam is an open-source project which is used to fetch market data and basic order entry support. The software is also available on Github for developers to explore. All the components of EOSfinex were put forth publicly at the Bitfinex hackathon in London where the smart contract demonstration took place.

The blog also discussed the initial idea behind the EOSfinex project. According to Kasper, the EOS ecosystem readily had the support and appreciation from the Bitfinex team.

Bitfinex, on initially experimenting with EOS concluded that EOSIO technology is compatible to fulfill the needs of a high-volume, on-chain exchange platform. The blog also included:

“We feel that an exchange setting, such as Bitfinex, provides the ideal platform for battle-testing within EOS due to the stringent speed and security requirements needed for success.”

The EOS community’s response to the EOSfinex project was recalled to be ‘fantastically receptive’ by Kasper. Paolo Ardoino, the Chief Technology Officer at Bitfinex was also invited to share this vision at EOSLondon. The official EOS subreddit also conducted a Bitfinex AMA to give air to the new project.

Kasper, on the use of blockchain technology for EOSfinex expressed the primary aim of promoting fair practices in the technology space. He said:

“Our underlying aim is to explore methods of pushing trustless, non-custodial and high-performance / high-throughput exchange, and development taking place on EOS has made the potential for synergy very clear.”

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