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InstaDEX Review – First Thoughts

InstaDEX Review – First Thoughts

InstaDEX is a crypto currency community driven, one of the most important aspects of the project is transparency, in my opinion they want to emphasize this because one of the targets of InstaDEX is to become at first a wallet that can do atomic swaps instantly within the wallet itself and have a web version of a Decentralize Exchange same as mobile app, can’t have a Reputable Exchange without transparency.

This crypto currency his a hybrid between POW/POS/DEX, POW is over at the moment and POS kick in, users can currently run a masternode or stake their coins, POS give an advantage regarding security and decentralization, the masternode network help avoiding failure of the network. Masternode owners are rewarde 70% of the block reward among other service fees like atomic swaps, user staking take the remaining 30%.

I have been staking coins since almost the beginning just to test the wallet and how stable is the network, so far havent had any mayor issues, once had to reindex my wallet but those are some things the regular user is not used to coming from the current banking system were most of us just know our assets are in the bank and that is it. Crypto you need to manage your wallets and basically take care of them. As I mention I have been staking for a few weeks, to be exact since May 28, 2018. I got my coins from an airdrop by the DEV on discord, the first amount was 100 coins and now have 278.19 at the moment of this post, at a current value of 644 satoshis that would be 0.00179151 satoshis, in USD value is $13.18.

I have been staking those 100 coins for about 36 days, initially was getting arround 5.39999 a day and now 3.59999,

Another way to get some coins currently is on their discord, they have a make_it_rain channel, the bot randomly do an airdrop, funny thing it happen wile I was creating this post

I started participating in this game since August 1st and my current balance is 3.12035841 coins

Not much but a bit of appreciation from the DEV Team to users in one way.

The masternode collateral is 10,000 coins, I know there was a pre sale but the channel seems to be gone and can’t find that information, really don’t like that if transparency is one of the focus of the coin, 10k coins wont break your bank account but at a price of 644 satoshis a masternode would cost you 0.06439899 satoshi, USD value of $476.69 at the moment of writing this post.

Single InstaDEX masternode monthly revenue would be arround $94.63, if there is enough volume so masternode holders can take profits.

WebWallet:
One thing that intrigues me from the project is their webwalletInstaDEX web wallet is running piWallet, I’m very skeptic when it comes to security, you need to define if your service and data is critical or not, using a opensource solution like piWallet is very friendly to deploy then you need to trust in others code, yes piWallet is open source but it’s never the same, I hope InstaDEX modifies piWallet code or fork it and create a webwallet from ground cero, sorry is just my two cents on security, coming from an infrastructure and networking enviroment engineers don’t trust nobody work on this field.

Also keep in mind that this a fast way to deploy a webwallet and as long as the server holding the assets its  secure enough it should be fine for now.

piWallet Github: http://bit.ly/2McJVnr

InstaDEX have recently release their first whitepaper version: http://bit.ly/2n3LpWe

Most of the whitepaper is focus on POS and how it helps the security and decentralization of the network but there were key features mention as Core Components.

  • XBridge, an inter-chain network overlay
  • XName, a blockchain router
  • XChat, a p2p data transport

I have seen this type of infrastructure on high volume trading platforms with direct market connection, where counterparties work on the network wile a router guides directs them on how to communicate in this case send transactions between counterparties but in some cases counterparties may have direct connections establish, in this case counterparties are replaced by different coins chain. I do hope the DEV Team can pull this off since having this kind of tech on crypto in a single wallet would be very nice and help on the massive adoption side of crypto currencies.

Roadmap:

The roadmap at the moment is nothing fancy, steps to be taken seem to reasonable in a good timeframe.

Here the coin specifications as describe on their white paper:Specifications
Proof of Service – Masternode – Lightning Network – Atomic Swaps – BIP65
Algorithm: Quarkhash
Block Time : 60 Seconds
Retargeting: 60 Seconds
Masternode: 10000 Coins
Premine: 3,250,000
Max Supply 32,250,000
Block reward: 3 Coins POS30% / MN70%
Codebase: Dash/Pivx/BlocknetDX

Features:
DEX – Decentralized Exchange (Programmed directly into wallet)
Mastenode (servicenodes) that are setup to run blockchains for atomic swaps
receive fees when processing the chain to chain swap

JSON RPC API including:
P2P Data Transport
Contract Processing
Inter-chain Messaging
Data processing
Signing and Encryption

Can support:
The delivery of potentially any kind of digital service from a node on any
blockchain to another.

Coin Contact/Media Links:
Website: https://instadex.io/
Github Source: https://github.com/InstaDex-Coin/InstaDEX
Wallets: https://github.com/InstaDex-Coin/InstaDEX/releases
Block Explorer: 1) http://149.28.201.89/

Exchanges
Crypto-Bridge: https://wallet.crypto-bridge.org/market/BRIDGE.INDEX_BRIDGE.BTC
Escodex: https://wallet.escodex.com/market/ESCODEX.INDEX_ESCODEX.BTC

Masternode Listing/Stats Sites
MN.Zone: http://index.mn.zone/
Masternodes.Online: https://masternodes.online/currencies/INDEX/
MNCN: https://mncn.online/coins/INDEX
MasterNodeCap: https://masternodecap.com/coins/INDEX

Wallet Guides/Tutorials
Guide to Setup Windows Wallet on AWS: http://bit.ly/2KnKDwz
Guide to Setup on Linux: http://bit.ly/2vEM0BR
Video to Setup on Windows AWS: http://bit.ly/2n6stGn
Video to Setup Hot and Cold wallet, Windows: http://bit.ly/2AySyrm
Video to Setup on Linux: http://bit.ly/2OG9zms

At the moment in my opinion seems to be a good project to follow as other exchanges the key is volume, liquidity, time will tell once the dev starts delivering whats mention on the roadmap I’m sure users will start to adopt this platform, it will all depend on how intuitive is to use, if its fast enough since most DEX now days are bit buggy and slow, InstaDEX needs to come out with innovation and features that step out, there are just too many DEX out there looking to accomplish similar goals. I will keep my eyes on this project and will try to get more information from the team itself for our readers.

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