EtherDelta runs on the Ethereum smart contracts, written in solidity programming language, and that trade orders are executed on the Ethereum blockchain. Once trade orders are executed, it cannot be reversible or modify in any way. EtherDelta provides two core functions that are essential for the operation of a decentralized exchange.
- Users have complete control of their funds.
- To use EtherDelta, users need to integrate their digital wallet into EtherDelta account.
- Their funds will be moved into the Ethereum smart contract which is pooled together using distributed ledger technology. A distributed ledger technology enables anything that has value (money, land, copyrights etc.) to be recorded without the need for a third party.
- In this case, it can distribute value and are responsible for handling records to those who are using the Ethereum smart contract. By using the technology of a distributed ledger, users of EtherDelta are able to make deposit or withdrawal of their funds at any point in time without the need of a third party.
- On-chain and off-chain server for trading.
- Newmarket orders can be stored on-chain (stored in Ethereum smart contract) or off-chain (in a third-party server).
- First, a user makes new order to buy or sell their Ethereum based token on EtherDelta “off-chain” server. This user is called “Maker”.
- Then another user can look up these orders on EtherDelta “off-chain” server and if they wish to execute these orders, it will be done through the EtherDelta “on-chain” smart contract.
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