TALLINN, Estonia, June 28, 2021 (GLOBE NEWSWIRE) -- Crystal Technologies, a FinTech startup in Estonia, sets their aim on provisioning better inter-connectivity and compatibility in the realm of decentralised finance. They started out with a wallet application, aptly named CrystalWallet, and are now building up their own sets of decentralised exchanges. The ultimate goal is to erect a cross-chain decentralised exchange, which is a quite ambitious endeavour.
Let us take a brief look at the past. Crystal Technologies launched their wallet application back in 2020 on both Alphabet Play and Apple AppStore. As the wallet supports various prominent blockchain platforms, such as Ethereum , Binance Smart Chain, and Tron, users can manage more than 100K assets using the single application. More interestingly, it also enables them to exchange or swap their assets instantly in a secure, trustless and non-custodial manner. This is achieved by its direct and seamless connection to a set of popular decentralised exchanges (e.g., Uniswap, PancakeSwap or JustSwap). To further sweeten the user experience, the wallet is armed with industry-standard security and privacy protections, as well as intuitive and elegantly designed UI.
Going forwards, Crystal Technologies is building a set of decentralised exchanges operating on major blockchains. A typical decentralised exchange leverages smart contracts to enable an atomic swap of any two assets inhabiting the same blockchain and observe the same token standard. The use of smart contracts reduces the risk of theft in comparison with custodial solutions, mitigates price manipulation and prevents volume fabrication via wash trading. Nonetheless, existing decentralised exchanges observe their own weaknesses, chief among them are potentially large price slippage and risk of front running. The former is essentially the gap between the expected price and the actual price at which the trade happens. The larger the slippage, the less favourable the trade is. The latter refers to a situation wherein a miner (i.e., a validator on a public blockchain) observes some profitable transaction, and preemptively takes such a profit for himself by inserting his own transaction before that profitable transaction. Crystal Technologies attempt to solve these issues with their decentralised exchanges.
While the above-mentioned endeavours are already challenging, their end-game is even more ambitious. They set out to build a cross-chain decentralised exchange, which enables an atomic swap of two different assets inhabiting two separate blockchain platforms. The cross-chain decentralised exchange takes advantage of standard inter-blockchain communication protocols and oracles to ensure its smooth operations across different blockchain platforms. Such a tool, once rendered fully functional, shall have a far-reaching impact, for it bolsters the inter-connectivity between not only different blockchain platforms, but also assets stored on them. The team reveals that they are in active research and development of this initiative, and have already completed a prototype.
They are conducting a token offering of their CrystalToken, which is a main utility and governance token of the platform, to raise funds for the completion of the market-ready cross-chain decentralised exchange. The sale is tentatively set to start from early August. Further details on the token offering will be made available on their website. The team expects to launch its cross-chain decentralised exchange by Q3 of 2022, which is more or less a year from now.