Phemex, a leading crypto exchange platform, recently made massive strides spreading the concept of its revolutionary hybrid semi-centralized crypto exchange model that combines the advantages of centralized and decentralized platforms to focus on trust, transparency and user empowerment for a more reliable trading experience when it was discussed at length of FTX aftermath and self-custody ahead of the Bitcoin 2023 Conference.
Blockchain’s potential for self-custody and the possibility of leveraging Bitcoin to prevent banking crisis will be put under the spotlight as the major topics during the conference, starting from May 18th to 20th in Miami, US. Concerns about the banking crisis and overall asset safety emerge and remain after Warren Buffet and Charlie Munger shared their observations at Berkshire’s annual meeting, will draw more discussions on how the adoption and application of the web 3.0 technology would help the situation at the Bitcoin event.
Asymmetric cryptography relies on key pairs to both encrypt and decrypt data and when run on a highly decentralized blockchain infrastructure that is transparent, globally accessible, and tamper-resistant, public blockchains can serve as a trustless source of truth, allowing for secure digital signatures to be applied to data and messages. This makes them ideal for verifying the provenance of data and promoting neutrality, something that is vital in the wake of the FTX scandal that shook the crypto world last year.
Stella Chan, CMO of Phemex, said: “We are honored that so many partners and traders have joined our first-round Phemexia pre-mining whitelist campaign. To those users who have not been whitelisted, please accept our apologies. Our team is working on preparing more campaigns and we hope to accommodate more requirements during the second round. Phemexia is the Web3 colony that Phemex is building, and we believe that everyone contributing to this endeavor shares a true belief in our success, regardless of whether they are employees, partners, or traders.”
Phemex emphasizes that trust and transparency are critical in determining a platform’s success and perception, regardless of the underlying infrastructure of exchanges. By prioritizing user asset protection, transparency, open communication, and a user-friendly experience, a crypto exchange can establish itself as a reliable and reputable platform in the rapidly growing crypto market.
As part of the wider Web3 ecosystem, Phemex DAO will bring the decentralized governance to transfer decision-making power to a growing community of developers, partners, and stakeholders, taking the customer experience to a whole new level. Phemex also allows users to mint their own soulbound token (SBT), the Phemex Soul Pass, which acts as a permissionless passport to access certain privileges within the ecosystem. One such privilege is the Phemex Token, the platform’s native token that will soon go live and can be staked for governance and treasury management rights in the decentralized autonomous organization (DAO).
Phemex Token’s versatile usability allows it to be used for transaction and network fees, provide holders with potential staking yields, trading reward boosts, fee discounts, and exclusive campaign access. The soulbound mechanism facilitates a new ownership structure, increasing Phemex’s credibility and building cooperation through a bottom-up approach.
In 2022, Phemex introduced a self-verifying proof-of-reserve feature, allowing users to directly verify Phemex’s holdings and their personal assets deposited into the exchange without any third-party auditors. Phemex has also achieved proof-of-solvency by making its assets and liabilities accessible for public viewing at any time, earning certifications from both CoinGecko and CoinMarketCap regarding its proof-of-reserve mechanism.
Phemex’s commitment to building a secure trading experience is demonstrated by its use of a RAFT algorithm for cross trading and to power its trading engine. The platform also supports a high transaction processing speed of over 300,000 transactions per second and has not been breached by hackers.
For more information about Phemex Web 3.0 White Paper, please visit https://phemex.gitbook.io/phemex-web3-whitepaper/.
To learn more, please visit the pages below:
Phemex Soul Pass: https://phemex.com/web3/soulpass
Phemex Token: https://phemex.com/web3/pt
xPT Pre-mining: https://phemex.com/web3/premining.
Phemex, a certificated crypto exchange providing efficient and transparent trading experience with commitment of an all-rounded asset protection backed by state-of-the-art security technologies and Merkle-Tree Proofs-of-Reserves practice. Founded by a team of industry veterans, Phemex delivers personalized solutions 24/7 that facilitates the building of users’ crypto empire through its low latency and scalable environment, as well as a fair matchmaking system ensuring the prices and timing are prioritized.