EN | Chives Exchange begins public beta testing for 30 days August 20 – September 19


1 Chives Exchange

    1.1 Chives Exchange is based on the Chives blockchain. It is mainly used to solve offline transactions that require an intermediary to provide a guarantee. 
    1.2 Using blockchain technology, the server is used as a guarantee to complete the transaction between both parties.

2 Main Target:

    2.1 It is mainly used to solve that minor currencies can only be traded offline before entering the official exchange. The biggest problem with offline manual trading is the need for a guarantor to solve the trust problem.
    2.2 The goal of Chives Exchange is not to build a perfect, fast, high-frequency, and well-experienced centralized exchange but to build a server-guaranteed, small-scale, low-frequency, and usable trading platform.
    2.3 Chives Exchange is not intended to replace traditional centralized exchanges but rather serve as a transitional product before moving to conventional centralized exchanges.

3 Main Feature:

    3.1 Chives Exchange is decentralized, and the server is only used as a temporary guarantee for both parties of the transaction. The transactions involved will be completed directly on the blockchain.
    3.2 The server does not store any private keys of the user. After the transaction is completed, the coins will naturally be transferred to the respective addresses of both parties.

4 Operating Procedures:

    4.0 Before use:
    4.0.1 Verification email.
    4.0.2 Set the CHIVES address.
    4.0.3 Set the address of Chia. (Please fill in the official wallet address of Chia, not the exchange address, such as Houbi and OKEx)
    Note: Since the value of the call from exchanges such as Houbi and OKEx can only be accurate to 8 digits after the decimal point, it cannot meet the 12 digit requirement for Chives Exchange on-chain transactions.
    4.0.4 Set the receiving address of USDT TRC20.

    Using XCC and USDT as the base currency, users can place SELL and BUY orders, respectively.
    4.1 Before the transaction, the user needs to transfer the specified amount of coins to the guarantee address specified by the server and then wait for the status to change to OPEN.
    4.2 Orders that are already OPEN will be opened to anyone on the trading market, allowing others to place orders.
    4.3 After the order is placed, there will be 15 minutes for the receiving party to deposit the currency into the designated address of the server.
    4.4 If the specified amount of coins is not deposited within the specified time, the order will automatically return to the OPEN state.
    4.5 If the deposit is successful, the order will automatically be completed within 3-5 minutes. And send an email to remind both parties of the transaction.
    4.6 If you do not follow the specified transaction amount, the record will not be matched, resulting in the loss of your currency. Remember to follow the instructions.

5 Application Scenario:

    5.1 Small-scale transactions.
    5.2 Small currency transactions.
    5.3 Specify the order price; the order cannot be split.
    5.4 Require guarantor's money to trade.

6 Main Advantage:

    6.1 Server guarantee, no need for intermediaries to participate.
    6.2 Solved the problem that minor currencies can only be traded offline.
    6.3 On-chain transactions are open, transparent, and safe.
    6.4 The server does not store any private keys of the user.

7 Main Disadvantage:

    7.1 On-chain transactions cause the number of concurrent users to be too low, and the transaction time for each order will be extended to 3-10 minutes.
    7.2 In the XCC and USDT transaction pair, USDT transfer transactions are involved, resulting in excessively high handling fees, and the average cost of each transaction will be 1-1.5 USDT (10-15 TRX, two times trx cost needed).

8 Transfer fee:

    8.1 XCC/XCH: can be set to 0 fees, and Chives Exchange charges 1 Chives fee.
    8.2 XCC/USDT: USDT network is TRC20. Chives Exchange assigns a guaranteed account to each user. The initial balance of this secured account is 0. To activate the account, Chives Exchange will transfer 8TRX to this account as a bandwidth fee to transfer USDT. This transfer operation also needs to consume 1-2 TRX. When the user begins to receive USDT, Chives Exchange needs to transfer USDT from the guaranteed account to the address specified by the user, which needs to consume 5-6 TRX so that the total consumption is 6-8 TRX. The price of TRX currently fluctuates between 0.8-1.5 USDT, so the converted USDT is 0.5-1.2 USDT. So Chives Exchange charges 1 USDT, and the other 50 XCC is used as a subsidy when the price of TRX fluctuates.
    8.3 XCC/TRX: TRX network transfer fee is 1 TRX, activation of the guaranteed account and user transfer TRX, a total of two operations, a calculation of 2 TRX consumption. Chives Exchange fee is 2 TRX and 10 XCC.

9 Special Note:

    9.1 Since the chain of CHIVES and CHIA cannot trace the sender of the coin, the decimal point is used as a random number to confirm whether you are sending money, so you cannot modify the amount at will.
    9.2 USDT refers to the USDT TRC20 network.
    9.3 Please note that ChivesCoin may adjust the parameters as needed without prior notice to users during the public testing phase.
    9.4 ChivesCoin reserves all rights of final interpretation.