Where did it all start?
In early 2017 three friends started a conversation about the state of the cryptocurrency market. Being cryptocurrency and market enthusiasts the conversation quickly shifted towards the problems and challenges that crypto exchanges face. Among the three was an exchange technologist from the banking sector, another an international project manager of a high profile company, and the last a business enthusiast and entrepreneur who had founded several start-ups in the SEA region.
They shared their ideas about how things could be improved and how great the exchange business model could be. The idea came to mind — “we can do this better!”
Dimensions Network was born. The three friends agreed to pursue this opportunity and began their research. They finalized their roadmap and business plan, and by mid 2017 they completed the first draft of the Dimensions Network whitepaper.
The Project and Vision
Everyone in the ecosystem knows about the problems with the existing cryptocurrency exchanges. These include everything from webpage timeouts, flash crashes and the difficulty to get an account. All of these technical issues have been solved in the regular financial markets, and Dimensions is looking to bring this proven technology and expertise to the cryptocurrency market.
The project has started off by building a fully scalable exchange with the capacity to handle the explosive user growth in the ecosystem. Once the exchange has been built up, the platform will expand into a decentralized network to give users ultimate security.
Everyone in the team has specific strengths and they are unified in their direction. Take the CTO as an example, he has first-hand experience building exchange systems in the regular markets, and has brought all of this knowledge and experience with him. All of the scaling problems you see in the current cryptocurrency exchange ecosystem were solved long ago in the regular markets, and Dimensions is applying this knowledge to create a scalable and efficient exchange platform. Inspired by the Global Stock Exchange – our trading platform is written using Erlang for complete scalability and non-stop availability, initial testing on Erlang has demonstrated over 50,000 trades per second. The development team is currently working on the Alpha platform and adding all of the additional features required for live trading. The focus is to build a rock solid back-end first, followed by a beautiful front end.
The cryptocurrency ecosystem is ever-changing. In the early days of Bitcoin it was very difficult to buy and sell, but as time passed more companies have emerged and this process has become easier. Dimensions’ vision is to continue this trend and become the next generation solution for the growing market. The biggest differentiator from existing exchanges is the offering of derivative products alongside regular trading. The exchange will bring enhanced trading options – like Shorting, Margin Trading and Options – to deliver greater diversity to trading and also a number of technical innovations and best practices from the regular financial markets to the cryptocurrency market. The team members are actively pursuing and working towards global banking licenses in order that our users can buy or sell at ease using USD, EURO and more. Funding and withdrawal with fiat currencies will no longer be a problem for investors.
Dimensions will also be introducing an Exchange Aggregator to the industry. Buyers will soon be able to find the very best price for coins and tokens, while avoiding endless sign up forms. The Exchange Liquidity Aggregator (ELA) will connect Dimensions to a number of other exchanges, and once connected the exchange will settle the trades on behalf of users. The team is looking forward to introducing this new concept to the market and believe it will attract a lot of interest. More about the specifics behind the ELA will be presented in a separate blog post.
When you start to get into cryptocurrencies and blockchain, one of the first things you usually look for is a trading platform. You need a way to buy and sell new decentralised currencies and trade one with another. This aligns with the core vision of Dimensions Network – to be a solid, trustworthy platform built by a passionate team in the Crypto ecosystem, offering advanced features for all types of traders and becoming a globally-recognised network.