This is why you’ll need to deposit Ethereum to use Krakin’t exchange.

We have published a new video regarding the status update. The video displays all the main features that will be available and that can be done by the front-end interaction with the block-chain. However, there will be a great part of the backend interaction with the block-chain, and for that reason, you will have to deposit the GAS money to cover the fees.

Our main goal is to make the exchanging free, so before any asset enters a domain of the exchange, here is the list of what you will need to deposit the Ethereum for:

  • Registering deposited Ethereum with the blockchain
  • Unlocking the backend Ethereum account’s private key and registering a new private account.
  • Registering deposited tokens.
  • Withdrawing the earnings (tokens) from the exchange.

The reason why you need to register each deposit is simply because we will make everything decentralized, and instead of data-mining the whole block-chain, we will know exactly what was deposited and when. This will help us transfer to any decentralized database in the future. We are considering creating our own block-chain that would interact with the token, so consider this early version of exchange as a functional proof of a concept.