“Legal frameworks and governments will have to find a way to collaborate” – weiDex CEO Tito Titov
We speak to Tito Titov, CEO of decentralized exchange platform WeiDex in light of the August 2018 release of their public beta MVP in addition to discussing the importance of research and development to blockchain projects, obstacles to mainstream crypto adoption and much more.
According to Titov, the beta has received “very positive feedback” and the team has been simultaneously working on the continuous improvement of “functionalities and UI / UX.”
Furthermore, a “stable version” is to be launched this month – which is developer jargon for an operational copy akin to what is more often referred to as a ‘full version release’.
What is weiDex?
‘weiDex’, according to the team’s website is a portmanteau which combines the word for the smallest available denomination of the Ether token (‘wei’) with a suffix that represents an abbreviation for decentralized exchanges (‘Dex’).
Its name refers to Ether and its parent blockchain: which have provided much of the foundations upon which weiDex is currently built. Even the public beta operates on the Ethereum testnet Ropsten.
Titov states that the company plans to “become the biggest and the most advanced DEX in the world” by way of “superior technology, usability, advanced functionality, performance and customer service.”
Who is Tito Titov?
“My name is Tito Titov. I am a blockchain enthusiast with a strong technical background and more than 5 years of experience as a full stack developer”
Tito Titov, as CEO, holds the greatest position superiority within the organisation. In early 2017 during a series of academic courses that only finished this year (MBA), Titov’s interest in blockchain was kindled.
He claims that he took a self-imposed ‘crash course’ in the subject by “actively reading, learning, coding and playing around in the blockchain-verse”. This is also the time in which he met four university colleagues who would go on to help found weiDex, after practising around with some “simple blockchain projects”.
This is a far cry from what he would have expected his life to become just over half a decade ago – and he claims that over the course of his academia, he developed a deep appreciation and understanding for the founding concepts of blockchain.
The Greatest threats to Blockchain
A symptom of the nascent state of blockchain is the need for continuous “performance and security” development – especially in light of frequently reported exchange hacks and attacks.
In response to a question regarding the largest threats to cryptocurrency at present, Titov responded that:
“the technology is still in early stages and it is not bulletproof. Every day, different vulnerabilities and new solutions are found, and so developers should adapt very fast. This will, however, get better (and better) with the time.”
Customer Is King
According to Titov, one of the primary focuses of weiDex is to “provide the best service for our customers at the lowest possible price.” and this manifests in a combination of new and familiar functions / features.
This extends to the service offerings inherent to the weiDex operational model, with airdrop rewards for token-holders on a regular basis and for successful referrals.
They also intend on maintaining “Free trades for all users during high trade volume times” according to their website.
“We’ve decided to allow free trades for our customers in certain conditions. E.g. we are aiming to reach 1000 ETH volume for the day. When this volume is reached, we will remove the trade fees.
In this way we will stimulate our clients to trade more actively. This logic is handled by our smart contract, so it is completely transparent and straightforward.”
Roadmap and Future
Tito Titov “truly believe[s] that R&D is the most important part of every high-tech project” and continues as such, the weiDex “technical team is constantly researching and working on new methods”.
“We are interested in state channels, plasma network, cross-chain transactions and we do believe that with the development of these technologies will bring more and more traders to decentralized exchanges.”
The weiDex roadmap appears to support this way of thinking also, with upcoming milestones such as Cross-chain atomic swaps (Q3 2019) to a ‘Crumb Cleaner’ and a ‘Bull / Bear Bomb’ (both due Q1 2019 and the former explained in their whitepaper). The latter of which is used for the instantaneous conversion of altcoins to and from WDX, the exchange’s proprietary utility token.
The public ICO event was initially intended to run from the 20th October through the 20th December 2018 but has been postponed. At last check, it was intended to go live with a total token supply of 50 million WDX, a soft cap of $1.5 million and a hard cap of $12.5 million. 60% of all tokens will be allocated for sale and pre-sale stages.
Featured image courtesy of Shutterstock.