Digitex Futures, a decentralized, non-custodial and commission-free cryptocurrency futures trading platform, will launch its public testnet in the fourth quarter of 2019, according to SmartDec’s announcement on August 22nd, 2019.
The exchange, in collaboration with Moscow-based software development and smart contract audit firm SmartDec, stated that its testnet, which has been in development since May, will finally be made available to the public on November 30.
The beta version, which can process at least 50,000 transactions per second, will support 10,000 concurrent users who will be able to trade BTC/USD futures contracts with transactions settled in DGTX tokens, the native cryptocurrency of the Digitex platform.
After at least two months of rigorous testing and third-party auditing, the platform is expected to be fully capable of live futures and margin trading.
Unlike most cryptocurrency exchanges that charge a fee for every transaction to cover the cost of operation, trades conducted on the Digitex trading platform will be free at launch, as the exchange will rely on the value of the DGTX token to cover its operating cost.
While there is currently no official date for the launch of the full version, the exchange stated that the date will be announced once several tests and third-party audits have been conducted on the upcoming beta version running on the Ethereum testnet.
Commenting on the development, Adam Todd, the founder and CEO of Digitex stated that establishing a zero-fee futures trading platform has always been his dream, and he is happy that it is finally becoming a reality.
“[….] with the help of SmartDec we’re finally almost there. In the coming years Digitex will become a state-of-the-art trading platform that stays laser focused on providing retail traders a level playing field where there are no mechanical edges working against its traders. We’re also at the cutting edge of Ethereum scaling solutions research meaning that Digitex will play an active role in bringing mass adoption to blockchain technology, enabling it to comfortably meet the technological demands of millions of active traders.” Todd added.
After an unexpected fallout with its former software development firm, Digitex partnered with SmartDec last May to oversee the development of the project so as to meet the expectations of an impressive waiting list of 1.5 million traders eagerly awaiting the launch of the exchange.
SmartDec has a track record of working with notable companies in the fintech and cryptocurrency industries, including Pundi X Labs, Zerion, and Genesis Vision. The software firm says it is committed to ensuring that the Digitex project is a success and that 16 of its developers will be fully devoted to the project.