ROOTREX is a decentralized exchange based on ETH smart contract. Compared with traditional exchanges like EtherDelta, ROOTREX carries a centralized relay service. Therefore, while guaranteeing almost 100% security of the users’ asset, ROOTREX is able to provide a high transaction velocity and pleasant trading experience comparable to the centralized exchange. The executive from ROOTREX explained why it is a breakthough product and elobroated key features of this ETH smart contract in the following paragraphs.
1. Working mechanism of ROOTREX
Through ROOTOKEN Wallet (for mobile) or MetaMask plug-in (for PC), users can transfer the tradable ERC-20 asset (when finishing registration for coin-to-coin transaction on ROOTREX) to the ROOTREX smart trading contract. Each individual wallet will have one and only ROOTREX trading account.
The deal signed by the user will be sent to the ROOTREX relay service. After the signature is verified, the order will go through the matching procedure in the relay server. Once the matching conditions are fulfilled, the transaction result will be carried out by the smart contract and followed by delivery.
Request for withdrawal will be examined by ROOTREX relay. ROOTREX relay will then update and confirm the asset and order status of the concerned account and will initiate request for withdrawal to the smart contract after the information is checked. The asset will be withdrawn to the correspondant wallet address of the account (for the transfer address only, others are invalid).
2. How does ROOTREX protect the security of users’ asset?
Users’ trading asset is stored in ROOTREX smart contract and only the pre-authorized administrators have access to the contract. Besides, all the operations on the users’ asset requires a verification of user signature, and any tampered data will not be verified. The withdrawal from account is also allowed to return only to the original wallet address.
3.1 Commission fee
There is no commission fee.
3.2 Transaction fee
Maker: 0.1% transaction fee (deducted from the asset received)
Taker: 0.1% transaction fee (deducted from the asset received) plus Gas fee (deducted from the asset received)
During the promotion period of ROOTREX, the transaction fee for both Maker and Taker will be 0 and only Gas fee will be charged.
3.3 Withdrawal fee
No fee will be generated from a withdrawal but a Gas fee will be charged in advance (deducted from the asset received).
4. What is a Gas fee?
The actual delivery of buyers’ and sellers’ asset is accomplished on the blockchain, carried out by ROOTREX contract and uploaded to the ETH network. Then a Gas fee will be generated.
In the transaction, the taker will afford the Gas fee which is deducted from the asset received.
Similarly, Gas fee will also be generated from withdrawal and be deducted from the asset withdrawn.
Gas fee = Gas * GasPrice
Gas is decided by the trading contract with little variation. Currently the asset delivery carried out by ROOTREX contract requires a Gas fee of 0.2 million.
GasPrice is the unit price of Gas, which is dynamically adjusted by ROOTREX relay according to present Ethernet conditions. The preset Gas Price is the current Gas Price plus 5 GWEI, so as to guarantee that the transaction will be recorded by the miner with priority.
5. Minimum commission amount: 0.05 ETH
If the order amount sent by the Maker is too small, a great deal of Gas fee will be generated. Therefore, it is regulated in ROOTREX that the amount of the commission order should be equal to or larger than 0.05 ETH.
The commsion order with a balance less than 0.01 ETH will be finished automatically and the balance will be returned to protect Taker’s benefit.
6. Minimum withdrawal amount: 0.01 ETH
Gas fee will be generated from withdrawal and thus ROOTREX relay sets a minimum withdrawal amount. The request will be prohibited if a single withdrawal amount is less than 0.01 ETH (and equivalence). Users can top up the asset until the value is equal or higher than 0.01 ETH to initiate the withdrawal.
7. How can my private key be secured?
ROOTREX will not keep a copy of users’ private key, and all the signature will be accomplished in ROOTOKEN APP or MetaMask. Please keep your private key secure from other people or Internet publishing.
ONEROOT Project: https://www.oneroot.io/en
R1 Protocol: https://www.r1protocol.com/
Rootrex DEX: https://www.rootrex.com