ETHERC - a fully decentralized exchange of Ethereum tokens. It was created on the Ethereum blockchain, using smart contracts. ETHERC is the world's first decentralized platform with the ability to trade without GAS fees. Everyone, who trades on the exchange, can complete their transactions with minimal or zero use of Ethereum.
Contents:
- Why should you choose ETHERC?
- ETHERC usage fee
- Description of ETHERCToken (EET)
- Dapp smart contracts
Why should you choose ETHERC?
ETHERC - a new decentralized service, based on Ethereum. Everyone, who trades on the exchange, can complete their transactions with the consumption of ethereum, including trade and gas fees:
- MINIMAL;
- ZERO.
Due to the absence of a WhitePaper, any user understands the main idea of the platform. You can use the resource to make the decentralized exchange with the best user interface. As for RoadMap, the site development program was planned for 2018. Also, the resource doesn’t have social networks, but you can find out about innovations on the official website.
These items distinguish the service from any other exchanges. This decision is called the “Token-based refund and remuneration system”. It has already been encoded in a smart contract of the resource.
ETHERC usage fee
It’s well known that trading on the decentralized exchange involves two types of fees:
| Trading fee: | Charged by a decentralized exchange for all transactions. |
| Gas fee: | Charged by the Ethereum network for all Ethereum transactions. |
Thus, in accordance with the bonus programs, the reward and refund system will use the ETHERCToken (EET). It was created to reimburse users for fees, including trade and gas fees. And the whole process is fully automated by the smart contract. In short, after each trade transaction, market participants will receive some EET tokens as a refund of fees. Market makers will also receive EET tokens as a trading reward. Thus, an active and strong ecosystem is created for trading on the exchange. When gas consumption can be compensated, a higher gas price can be set for each transaction. It means that each transaction can be completed faster.
Description of ETHERCToken (EET)
ETHERCToken - an ERC20 Ethereum token, officially released by the ETHERC decentralized exchange. Unlike other projects, there will be no ICO. At the same time, most tokens will be distributed to the community and traders as bonuses, etc. Firstly, 50% of the total ETHERCToken volume will be allocated to the “Token-based refund and remuneration system”. But the distribution will be gradual. To maintain the price of EET, developers will take 30% of the revenue in each quarter to buy back tokens and burn them. The team also plans to create more applications that can be paid through EET.
Dapp smart contracts
The smart contract (ETHERCExchange.sol) was built on the basis of the first set EtherDelta and used a very similar structure. At the same time, some important updates were introduced. Firstly, developers have implemented more rigorous check of the trading function to reduce the likelihood of failed transactions. Secondly, they added a function to note the gas payments for each transaction, which is used in the “Token-based refund and remuneration system”.