Once upon a time, I could send any digital assets on Ethereum network for as low as 12 cent. I was glad and the thought of borderless transaction that is quite inexpensive made me fall in love with the blockchain. Yes, I got a lot of value as an end user, to a large extent, I can send money to anyone in the world with a fraction of what I would have spent using Western Union, Money Gram and so on. To be honest, 2015 was a great year with my darling Ethereum.
Fast forward to 2017 when people began to create all kinds of tokens on the network by utilising the smart contracts, I created a token for about $30 it was that cheap. Don't ask me what I did with the token:) Well, it was created only for fun, no effort was made to give it utility and market it to the rest of the world. Tokens were bringing up here and there, ICOs (Initial Coin Offerings) were trending, and how it ended is outside the scope of this article.
To be honest, the gas fee increase at corresponding rate due to increased activities on the blockchain, until Cryptokitties arrived and destroyed the remaining sanity on the network. I began to pay unprecedented amount of fee to transact on the chain. As soon as the ICO frenzy faded, gas fee dropped significantly. But one thing is certain, the blockchain that I love will always make it hard for middle and low-income earners to send small amount of money on the blockchain. At any time T, when activities are increased on the network, there are corresponding increase in transaction fee. Without any doubt Ethereum is not ready for global adoption.
The year 2020 ushered in protocols that lead to decentralized financing, this is about interaction with external data source via robust database. This interaction lead to emergence of projects like Yearn Finance, Compound Aave and more decentralised exchanges like Uniswap.. Right now, blockchain congestion is now the new normal on the Ethereum blockchain. I missed out of liquidity farming, it is pointless to join because of FOMO (Fear Of Missing Out), but I am early enough to join liquidity providers and trade Defi tokens on the exchange.
Aside from the feeling that I am in custody of my digital assets, which is one of the unique selling points that UNISWAP provides- the trading fees is ridiculously high. Imagine that you have to spend $14.63 to swap $27.8 worth of BAT (basic attention token), this is not economical in every sense. It is the main reason why potential users stick with centralised exchange platforms where exchange fee is usually less than 0.05%. The problem with CEXs is that they have single point of failure. For instance, Okex is in the news for bad reason, because one staff is attending to court case, thousands of users are unable to withdraw their money.
The problem of trading fee amidst high slippage and low speed is the reason why I trade on centralised exchange despite their shortcomings. Did I forsake Uniswap completely? No. I still provide liquidity on the platform while a fraction of my digital asset is used for trading on centralised exchange. It is simple, users flee to where they get the best experience, good value for their money and time.
A better solution would be a DEFI platform with slippage reduction and increased scalability.
Now, let's imagine these;
Envision a protocol whose decentralised exchange have high interoperability with other blockchains like Ethereum, and trading is done at real-time price which is obtainable in the best digital asset exchanges around the world. This way, something similar to what is obtainable in traditional asset trading platforms is realised while users experience top security in a decentralized ecosystem.
Lattice exchange is built on constellation HGTP (Hypergraph Transport Protocol), it is highly secured and decentralized. It architecture and optimised network is the reason why DAG (Direct Acrylic Graph) is considered by United States military. The constellation bridge will act as a pathway for cross-chain transaction and connect HGTP to Ethereum.
It means that users will enjoy the following; they can trade digital asset on ethereum and enjoy almost free transaction of DAG, low trading fee of 0.03% as obtainable on centralised exchanges, liquidity aggregation, fast and robust price order matching.
Lattice governance token would be called LTX which can be used for decision making regarding the future of the exchange. It is also an utility token that will be used to reward liquidity providers aside what they earn through the base and quotes assets. Its utility is similar to UNI token, but the token will be burned continuously to increase its value. How is this achieved? Money that is made through exchange fee will be used to buy up LTX and burn it. Obviously, this is a win-win for all users and projects team.
About the Team
Solid team is the bedrock of every successful project, the capability of the team lead is never in doubt.
Benjamin Jorgensen is the CEO of constellation network, co-founder of lattice and an American entrepreneur that keep investing on emerging technologies and culinary world. His experience as economist is important for the success of this project. He has been featured on Wall Street journal, Forbes and other top media outlets.
Mathias Goldman is an incredible operator and one of the most effective project managers, he is the co-founder and COO of constellation network and advisor to Howl Live Inc. He's got an awesome portfolio in the tech space.
Lattice is a decentralized protocol that will provide the security of Dex and deliver experience of centralised exchange to users across the world.
For more information about the project
- Constellation Network
- Chrono Ventures
- FBG Capital
- Block 8848
- Crypto Bridge
This is a sponsored article written for bounty reward.
Bounty0x username is autofreak.