Allbit is a South Korea-based cryptocurrency trading platform founded in March 2018 and invested and operated by Dunamu, a well-known blockchain company in South Korea. Dunamu is also the parent company of Upbit, South Korea's largest cryptocurrency exchange. Allbit's core positioning is to build a decentralized exchange (DEX) based on Ethereum smart contracts, aiming to achieve more efficient and secure asset exchange through innovative inter-chain communication technology. Cryptowisser
Technical Architecture and Product Features
Allbit's trading system is based on Ethereum smart contracts and uses an architecture called "decentralized heterogeneous chain communication technology". The system enables the efficient exchange of assets between chains by introducing the anchoring layer of the sidechain in each transaction. This design aims to solve the transaction latency and high gas fees faced by traditional DEXs, and improve transaction speed and data processing stability.
Allbit's DEX platform supports multi-language interfaces, including Korean, Chinese, English, and Spanish, allowing users to conduct peer-to-peer transactions directly through their wallets, without the need to register an account or custody assets, ensuring that users have full control over their funds. In addition, Allbit has issued its own platform token, APOT, which is used to incentivize users to participate in transactions and platform governance.
Market Performance & OperationsIn
November 2018, Allbit's daily trading volume was close to $19 million, showing a certain level of market activity. However, over time, the volume of transactions gradually decreased. According to a report by Cryptowisser, Allbit officially shut down all trading services on March 22, 2021, without disclosing the specific reason for the closure, presumably due to business considerations.
SummaryAllbit
is a decentralized exchange that once operated in South Korea, dedicated to providing efficient and secure asset trading services through smart contracts and sidechain technology. Although the platform has been shut down in 2021, its exploration of the DEX technical architecture has provided a useful reference for subsequent blockchain projects.
