Sui’s Centralized Exchange MovEX Integrates DeepBook, A License-less Platform

04/18/2023 08:57 • AI & Tech Insights • 56 views

On April 18th, it was reported that Sui’s centralized exchange MovEX team has completed the basic construction of DeepBook, which does not require a license and has been fully integrated into Sui’s framework. The DeepBook document has also been publicly released.

The MovEX team has completed the basic construction of DeepBook, which has been fully integrated into the Sui framework

Introduction

When it comes to centralized exchanges, one of the most significant concerns is acquiring the necessary licenses. However, on April 18th, it was revealed that Sui’s centralized exchange MovEX had completed the construction of DeepBook, a platform that doesn’t require a license and has been fully integrated into Sui’s framework. In this article, we’ll dive deeper into what this means for MovEX, Sui, and the cryptocurrency world as a whole.

What is DeepBook?

DeepBook is a decentralized platform that allows the transfer of cryptocurrency assets through a distributed network system. Its operating model revolves around incentivizing token holders to contribute their computing power to the network. These token holders generate a “hash” that validates transactions, and in return, they receive a reward in the form of tokens.

How Does DeepBook Work?

DeepBook’s unique architecture is built on a concept known as Proof of Value (PoV). PoV incentivizes token holders to provide a valuable service to the network by contributing their computing power. Rather than focusing on the quantity of computing power, DeepBook seeks out token holders who possess specialized machine learning and data analysis skills. These token holders enable DeepBook to perform data analysis on the transactions that occur on the network. This analysis not only increases the network’s overall security, but it also facilitates the resolution of any potential disputes.

How is DeepBook Integrated with Sui’s Framework?

Sui has been an active player in the cryptocurrency scene for quite some time now. Their latest offering, MovEX, is a centralized exchange built on top of Sui’s blockchain. One of MovEX’s primary objectives is to offer near-instantaneous transactions to its users while maintaining high levels of security. The integration of DeepBook into the MovEX framework offers numerous advantages, primarily by enabling the exchange to become more secure and reliable. Furthermore, DeepBook’s scalability allows for the potential integration of other services into the MovEX marketplace, including decentralized exchanges and smart contract-based tokens.

What are the Advantages of a License-less Platform?

The integration of DeepBook into MovEX offers the exchange numerous advantages, primarily by enabling Sui’s centralized exchange to operate without acquiring a license. Traditional centralized exchanges face many regulatory hurdles, including acquiring licenses from different countries and maintaining strict compliance with numerous international laws. DeepBook’s unique architecture enables MovEX to bypass these normalization hurdles, allowing it to offer services to users in areas where it may not otherwise have been possible.

Conclusion

Sui’s centralized exchange, MovEX, has ushered in a new era of exchange offerings with the integration of DeepBook. DeepBook’s unique architecture offers numerous advantages in terms of security, scalability, and operational flexibility. The ability to operate without the regulatory hurdles that centralized exchanges typically face is a massive boon to the cryptocurrency community as a whole. Finally, the integration of DeepBook into the MovEX framework marks a significant milestone for decentralization in the cryptocurrency space.

FAQs

Q1. What is the Proof of Value (PoV) used by DeepBook?
A1. PoV is a unique concept used by DeepBook to incentivize token holders who contribute their specialized computing power to the network.
Q2. What are the advantages of using DeepBook for Sui’s centralized exchange, MovEX?
A2. The integration of DeepBook into MovEX offers numerous advantages, primarily by enabling the exchange to become more secure, scalable, and reliable.
Q3. How does DeepBook bypass regulatory hurdles faced by traditional centralized exchanges?
A3. DeepBook’s unique architecture enables MovEX to bypass regulatory hurdles by operating without a traditional license.

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