Occam.fi has become one of the first DEXs to launch on Cardano with a solution to concurrency which allows multiple transactions to be processed at once.
The work that the developers at Occam.fi have undertaken could prove to be mightily important in the cryptocurrency industry and may see it becoming the go-to DEX on the Cardano blockchain.
Coin Rivet discussed the developments with Occam.fi head of communications Elliot Hill.
Hill explained the importance of concurrency in DEXs and the challenges the team has faced in solving the issue.
“Concurrency is vitally important to any DEX, as it essentially allows multiple transactions to be processed at once,” he said.
“Because of how the Cardano blockchain is implemented, in a UTXO-accounting model rather than an accounts-based model like Ethereum, designing a DEX which overcomes concurrency has been tricky.
“UTXO is more secure, as secure as Bitcoin, and so we expect DEXs that use a UTXO accounting model will be more secure than their counterparts on other chains.”
It’s been a long process for the Occam.fi team who reached a key technical milestone back in August, but no doubt would have been buoyed by Cardano founder Charles Hoskinson mentioning the team’s efforts on solving concurrency on Twitter.
Thanks @IOHK_Charles for the mention! We're super proud that you've recognized all the hard work we've doing! We're going to keep building for the #Cardano ecosystem! pic.twitter.com/gdJ3YlJ4Eb
— OccamDAO (@OccamFi) September 4, 2021
Hill laid out the plans for the OccamX DEX and said it’ll be a gradual roll-out rather than a single release on a given day.
“We are focusing on security and stability, and therefore we will go to public beta and obtain audits on our Plutus smart contracts before we launch.”
Alongside the launch on Cardano with the solution to concurrency, Hill revealed the distribution of Occam.fi’s DEX token, OCX, and credits the developer team for the work they’ve put in and what they have achieved.
“You can earn it through staking to our pOCC stake pool,” he added.
“This has been in the works for many months and we’re very proud of our developer team in reaching this key milestone.”
Hill spoke to Coin Rivet earlier this week on the Cardano Summit 2021 as he discussed Cardano’s new stablecoin, its partnership with the COTI Group, and Chainlink.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.