Before we deepen the discussion around the Injective Protocol, let us understand here some keywords for a full understanding of the context of our conversation. Here they are:
Bitcoin: Decentralized cryptocurrency or peer-to-peer electronic cash system presented in 2008 by a programmer or group of programmers under the pseudonym Satoshi Nakamoto. It is considered the world's first decentralized digital currency, constituting an alternative economic system (peer-to-peer electronic cash system), and responsible for the resurgence of the free banking system.
The generic definition of Wikipedia
Peer-to-peer: A computer network architecture where each point or node of the network functions both as a client and as a server, allowing service and data sharing without the need for a central server.
The generic definition of Wikipedia
Decentralization: It is an administrative system that seeks to transfer certain powers and competencies, characteristic of central power and concentrated in one lace, to other smaller, peripheral or local sectors.
The concept in the dictionary (Dicio.com)
Peer-to-peer network (decentralized)
Server-based network (centralized)
What's that? Are we in a blog post or a computer science college class? 📚
Let's take it easy... we just take these concepts back to develop a better line of reasoning
When we return to the concepts of Bitcoin and Peer-to-peer networks, we come to the fundamental idea of the emergence of the Bitcoin protocol. We can go further and say that this is the basis of all the blockchain that have been based on Nakamoto's ideas of contemporaries.
The idea of creating a system without a central authority and with the possibility of transferring anything without an intermediary is the apex of his work. As we enter this philosophy we realize that decentralization is much more than a community formed by individuals who wish to make a more advantageous exchange or something similar, but this has its genesis in a philosophy of life, and let's say even an ideology that can enter sociological aspects. Let's leave the Humanities a bit and return to the focus of our publication, the Injective Protocol, what does it have to do with it?
Since it is foreseen in their whitepaper, they propose to establish a protocol-agnostic that offers less risk of being hacked and causes great losses. In this way, they will be able to have a decentralized exchange so that users will have their own custody of their funds.
There's been a lot of talks lately about the holding of private keys. In the last contest here at Publish0x (#AtomicWalletTutorial), we were able to discuss the importance of taking all security measures regarding your assets. The private key is one of them and decentralized exchanges (DEX) can be an alternative to this impasse.
As mentioned, today the decentralized exchanges in the Ethereum network are prone to security vulnerabilities and have several flaws that make total decentralization difficult. The injection protocol has a settlement logic of decentralized exchanges resistant to collision and frontal operation in the Ethereum network. The Verifiable Delay Functions (VDF) as a proof-of-elapsed-time and fixed-delay time-lock puzzle to resolve same-block order conflicts of an order of equal blocks and to avoid front-running attacks.
Does it sound hard to say these terms? Don't be alarmed. In practice, this will all serve to resolve possible conflicts on the network and correct any security vulnerabilities.
The protocol consists of two components: a settlement record layer and an unreliable relayer network protocol that allows liquidity sharing between different liquidity pools. The Injective Protocol is trustless because the settlement logic does not require a trusted third party to fairly establish the sequence of incoming orders. It's also resolvable, once the conflicting orders submitted in the same block can be resolved through the settlement logic. Publicly verifiable, in other words, incoming orders submit time proofs which the public can use to verify that a fair order sequence was executed and liquidity neutral because the protocol does not make any restriction on the accessibility of different liquidity pools and allow for open exchange.
Why use Injective Protocol? 📈📊
It is truly decentralized, you have controls over your assets and can trade in a "peer-to-peer" interface. You can see your buy and sell orders in real-time. It also offers the advantage of encryption and decentralized financing to provide secure trading. Through Verifiable Delay Functions (VDFs) and selective delay functions, it is the only DEX protocol that protects your trades against front-running. It has a basic interface, which allows the user to take full advantage of this protocol in a professional interface. Being a complete platform allows traders to short or long crypto-assets with leverage and currently supports the following assets: Ethereum, TrueUSD, Injective, Dai, Maker. From order to settlement, they are decentralized and with the security of being protected from hacks, trade manipulations, exit scams, and front-running. We must never forget what someone once said:
Not your keys, not your coins...
Partnership
As the DEX is widely talked about topics in DeFi, It is considered to be the future of cryptocurrency exchanges because it can relieve common problems that centralized ones can't reach. By the way, user growth in DEXs is still limited compared to centralized exchanges. To solve the liquidity issues, the Injective Protocol is announcing this strategic cooperation with the dark pool, WOOTRADE. Through cooperation in the implementation of liquidity management, both sides will work together to create a breakthrough by growing user acquisition.
Team
This is the team behind Injective Protocol.
Eric Chen (CEO)
NYU Stern Finance, NYU CS
NYU Blockchain Lab
Protocol researcher at Innovating Capital
Albert Chon (CTO)
Stanford CS, Applied Cryptography Group
Consultant at OpenZeppelin
Software Engineer at Amazon
Max Kupriianov (Principal Engineer)
HSE University CS
Senior Golang Developer, Blockchain Architect
Bojan Angjelkoski (Frontend Engineer)
University of Belgrade CS MS
Senior Full Stack Developer
Ivan Paskov (Researcher)
MIT Mathematics PhD Candidate
Stanford Mathematics and Computer Science
Vighnesh Iyer (Researcher)
Berkeley EECS PhD Candidate
ASIC design and hardware optimization
Final Verdict
Injective Protocol is not only something interesting, but it meets the expectations of the current crypto community. Based on decentralization, in Ethereum, Cosmos, Binance Labs we already realize that it is something created with a solid foundation.
Through VDF resources and cross-chain solutions added to the P2P essence, we undoubtedly came to the conclusion that this is an effective platform and will soon have a greater adoption by investors, since it provides security, transparency and greater confidence, thus reducing any barrier to the adoption of decentralized exchanges, resuming the foundations laid by Nakamoto and his team at the beginning of the 21st century.
Great one