A hybrid model between cryptocurrency decentralized and centralized exchanges is being launched by BEXAM, an exchange that aims to bring blockchain and centralized functions in order to create a secure, efficient, and care-free crypto transactions. The company will bring a new consensus algorithm will be introduced to the world of blockchain. Using a process called “kaizen” otherwise translated as the constant improvement through small steps, the consensus algorithm will go through a Proof of Rounds (PoR) that will continually build and improve the network.
The differences between the decentralized exchanges and the autonomy of the users over it is in constant debate with centralized exchanges, such as Binance or Coinbase, in which purist want a community lead endeavour while others want a more secure platform with a central authority. The BEXAM is looking at this issue from a different point of view. The company will use their PoR consensus algorithm to increase processing speeds of transactions while maintaining a secure platform to trade digital assets.
Currently, the various blockchains can handle different sets of transactions at different speeds. The flagship cryptocurrency, Bitcoin, operates on its blockchain with the capacity to do 7 transactions per second, the second highest ranked blockchain network, Ethereum can process 20. The team behind the project claim that a single Master Node can handle 20,000 transactions per second, and thanks to their PoR consensus algorithm, the network can assumedly handle 40 million transactions per second dependant on network conditions.
The kaizen approach BEXAM is taking to the platform is to improve upon the inefficiency of current centralized exchanges and create a network of Super Nodes, Master Nodes, and Normal Nodes. The nodes will operate by having orders processed through the consensus algorithm, which will allow block approval to be performed seamlessly regardless time and improve transactions speeds.
BEXAM is set to launch their pre-initial coin offering (ICO) sometime in October and a public ICO in November of this year.