Introduction to TriumphX (TRIX) part 4 — TriumphX blockchain technology: Services
Vision
TriumphX is a decentralised exchange optimised for in-game item trading. These in-game items exist in the exchange as non-fungible tokens (NFT). Our goal is to create a highly liquid decentralised market that enables users to trade NFTs across major blockchain platforms.
To achieve this, TriumphX will integrate with other markets including decentralised exchanges to create a deep pool of NFT assets for trading liquidity. Next, the TRIX token will be used to create a sustainable token economy on the TriumphX ecosystem through game theory and tokenomics structure. With gamers in mind, the TriumphX ecosystem is designed to complement the growth and demands of the gaming and Esports industry.
The backbone of our ecosystem is reflected in the TriumphX blockchain technology:
TriumphX blockchain technology
TriumphX blockchain technology comprises of 3 layers and an increasing number of services to complement general DApp development.
For a in-depth discussion on blockchain architecture layers, please click here.
Services
Services comprises of blockchain components that serves to enable application operations with a view of connecting with other technology and platforms. TriumphX services are provided as part of the architecture to facilitate general DApp development. As the platform grows, we will be constantly updating and growing our services components to facilitate the ecosystem.
Currently, the TriumphX infrstructure provides the following services:
1) Fee Service, 2) Escrow Service, 3) TriumphX Digital Identity (TDI) Service, 4) Proof-of-Ownership (PoO) Service, 5) P2P Transaction Decision Service and 6) Pricing Service.
1. Fee Service
The fee service module controls all transactional and other fees paid in the TriumphX platform. All fees on the TriumphX platform are paid in TRIX tokens. The TriumphX platform implements machine learning techniques to monitor and determine the optimal fees required to create a synergistic blockchain community. Fee standards and the charge process will be transparently disclosed in the platform.
2. Escrow Service
The TriumphX platform gives developers the ability to incorporate smart contracts. A smart contract is required to specify an escrow at the beginning of the contract and release the escrow at the termination of the contract. The TriumphX platform implements such functions using TriumphX smart contract extension (TSCE), enabling users to tokenize their in-game digital items.
3. TriumphX Digital Identity (TDI) Service
KYC (Know your customer), the process of verifying the user’s identity, has become a basic requirement on most of the public blockchain services, including ICOs. The KYC process varies from country to country, and services provided vary depending on the level of verification. This process is complex and time consuming, taking up to weeks or longer for completion. To comply with General Data Prodiction Regulations (GDPR), careful attention must be paid to the personal information collected.
TriumphX platform provides strong KYC for security and privacy protection through the TDI service. Information registered through TDI can be used simultaneously for all services on the TriumphX platform.
Each user that has completed their KYC will receive an NFT into their wallet, identifying their wallets and accounts that are associated with the user for seamless capabilities in integrating across different blockchain networks.
4. PoO Service
Proof-of-Ownership (PoO) is a function that electronically proves one’s ownership of their assets. This function is to facilitate online spot trading on the exchange. Due to the security required in this process, TriumphX will cooperate with a publicly trusted organization to implement PoO.
The selection process for the PoO service organisation will be rigorous. It will involve testing processes such as security and audit. On the TriumphX platform, PoO will be implemented in conjunction with credible institutions for each asset.
5. P2P Transaction Decision Service
P2P trading is a method of determining the price between the buyer and seller. For this function, we need an algorithm that accurately and quickly establishes exchanges in which both sides can benefit. The TriumphX platform provides services for all types of multi-chain based P2P transactions.
i. P2P Automated Market Maker
TriumphX adopts an innovation popularised by Decentralised Finance (DeFi).
Through the use of an automated market maker (AMM), we are able to quickly facilitate the trading of NFTs that belong to the same subset (i.e. NFTs that represent the same items). The AMM will require liquidity to be provided by the gamers who will be rewarded in TRIX tokens for the liquidity that is provided for price discovery.
An AMM does not have any buy/sell order book. Instead both sides of trades are pre-funded on-chain by liquidity pools. Liquidity pools allow users to seamlessly switch between tokens on-chain in a completely decentralized and non-custodial manner simply by connecting their cryptocurrency wallets to the liquidity pool. Liquidity providers are compensated for their services in providing liquidity via trading fees based on the percentage of their contribution to the pool.
TriumphX will use the Constant Product Market Maker (CPMM) model based on the function x*y=k which establishes a range of prices for two tokens according to the available quantities (liquidity) of each token. To demonstrate how a CPMM model works, when the supply of token X increases, the token supply of Y must decrease, and vice-versa, to maintain the constant product K. When plotted, the result is a hyperbola where liquidity is always available, but at increasingly higher prices that approach infinity at both ends.
6. Pricing Service
P2P transactions are established when there are two-party transactions. Through our research, we discover that for in-game items, transactions on fixed prices are more common among gamers. This may be because gamers are transacting to unlock more features in their games and therefore not concerned about small pricing valuation. TriumphX as gamers ourselves, understand this industry segment and want to provide them with more features.
When P2P transactions are fairly balanced between buyers and sellers, the P2P transaction decision service works well. However, when buying or selling pressure is concentrated on one side, issues of pricing and liquidity for transactions may arise. To resolve this, TriumphX platform provides a real-time pricing service using machine learning to provide better pricing. This complements our transaction decision service to provide better price discovery.
7. Payment Gateway (PG) Service
The payment gateway service is used to process transactions on the platform. In TriumphX, we recognised that a marketplace is required to processing large volumes of transactions. Especially for the gaming industry, microtransaction payments, where gamers purchase small in-games items while playing the game is increasingly common. Through this PG service, the TriumphX platform will be able to cater for these game features.
For a payment gateway, we recognised that stability and speed is the most important factor. Users would not use the system if payment processing is delayed. For comparison, the slow processing speed and lack of scalability of Bitcoin is arguably one of the core reasons why it has not been adopted as a method of payment. On the TriumphX platform this is easily resolved. A stable PG service implemented using multi-chain will be able to fulfil these requirements.
All in all, TriumphX aims to provide a decentralised exchange to conduct peer-to-peer (P2P) trading without the need for hefty fees and to lose control of their digital in-game assets.
TriumphX was designed and built by gamers, for gamers.
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Introduction to TriumphX (TRIX) part 4 — TriumphX blockchain technology: Services was originally published in TriumphX on Medium, where people are continuing the conversation by highlighting and responding to this story.
