Despite the revolution is the blockchain, there are more negativities than expected as knowledge to mitigate such reoccurrence continue to grow. From 2011 according to report, more than $11 billion worth of cryptocurrencies have been stolen all traces to a different hacking incident. As the blockchain and cryptocurrencies begin to attract the attention of the global audience and big institution, the methods hackers used to commit crimes are also becoming sophisticated. If attacks can be traced to South Korea’s biggest cryptocurrency exchange (Bithumb – $30 million in stolen digital tokens) and Binance the most liquidity exchange as of now which was hacked to the tuned of 7,000 BTC. This is proof and indication that the largest players in the cryptocurrencies space are not safe and there is nothing better than to be in the custodian of your crypto assets and decentralization is just the way to achieve this and that is the mission of Satoshi Nakamoto. Most decentralized exchanges we have at the moment have flaws from the design concept which open them to numerous security vulnerabilities and harm the user’s experience.
INTRODUCING INJECTIVE PROTOCOL
“Your keys, your coins. From order discovery to settlement, injective protocol is end-to-end decentralized.” Injective Protocol is a fast, secure, and fully decentralized trading platform. It is the first front-running resistant, layer-2 exchange protocol that utilizes verifiable delay functions (VDF) to resolve the same block order conflicts and to prevent the front-running attack. The protocol relies on two components which are:
- Settlement logic layer and
- Trustless relayer network protocol.
PROPERTIES OF INJECTIVE PROTOCOL
- Trustless: The settlement does not depend on any third-party integration or any centralized trade execution coordinator (TEC) to satisfy the sequence of incoming orders
- Resolvable: Any conflicting orders that are submitted in the same block can be resolved fairly and deterministically via the settlement logic
- Verifiable publicly: users of the injective protocol platform can verify the incoming order through the time stamp to ascertain that a satisfactory order sequence was executed
- Liquidity neutral: It is an open exchange and does not impose restrictions on the accessibility of various liquidity pools.
- Front-running proof: Another proposal on the platform is to ensure that a predatory front-runner cannot manipulate the sequence of incoming orders fin an attempt to manipulate the price.
A brief glance of what will be available on the platform
- Decentralized Lending/Margin Trading: The platform allows to short or long any digital assets that is listed with leverages
- Decentralized Futures & Derivatives Markets: It is the first of its kind to allow decentralized futures and derivative products that is fast and secure.
Injective Protocol is currently running a bounty program that is worth 30,000 USDT in ETH.
The team is currently holding 6 weeks official bounty program that will reward all eligible participants in ETH tokens. All participants must join Official Injective Protocol Telegram group and Krypital Bounty Telegram Group and each individual must register their participation in the Google form provided for each campaign before starting to work. The quota allocation and the breakdown is as shown in the diagram below:
To participate, have a look at the Bitcointalk thread to read terms and conditions associated with the bounty. Just ensure you remain compliant and promote this laudable project that is yet to surface in the crypto space.
For further analysis of this project or any inquiry, you can visit any of the following links