Distributed cryptocurrency exchange I’ve designed and built the prototype of in 2017 during my time as a CTO in Royal Kingdom Enterprise.
The idea was to provide some accountability between a user and a centralized exchange operator. While we were not aiming for complete decentralization in its first version, we showed that it is possible to make exchanges accountable and certify user operations. Right now, if a user claims his deposit has never arrived on the exchange or was stolen by exchange operators, the proof cannot be provided to the cryptocurrency community to verify his claims; the exchange can say they’ve never received anything, that the user used the wrong address for deposit, or that he performed a bunch of exchange orders that he never did, and then it’s a ‘he-said, she-said’ situation.
Tomorrow Exchange is an Open Source piece of software users download onto their computers, and then it can be connected to any exchange that decided to support such API. Once connected, all communications are certified by mutual cryptographic signatures: the deposit address exchanges give, orders the user sends, ticker information. All signed messages are saved on both sides for any dispute resolution that might arise. This would allow to provably demonstrate to the cryptocurrency community who’s at fault, and leave no space both for exchanges running a selective scam as well as trolls trying to ruin a good exchange’s reputation.