After community outrage over delay, Digitex finds new developer for futures exchange platform

After community outrage over delay, Digitex finds new developer for futures exchange platform

Russian software development and smart contract audit firm SmartDec has taken over the development of the Digitex Futures platform, the team recently announced. The news comes after days of fear, uncertainty, doubt, and a 58 percent drop in its DGTX token price over the past week.

Last week, in a YouTube video, CEO Adam Todd said he was dissatisfied with the platform prototype he was presented with by the outsourced development team Spotware, based in Cyprus. Todd said the platform was far from viable in its current form and would be virtually unusable if released to its community of potential traders and investors.

In a video demonstration of the prototype, Todd showed how the platform lacked essential features such as the ability to adjust leverage or exit positions. He also pointed out several bugs, the lack of a spot price, and the lack of market volume information on the beta platform. Moreover, the platform would charge commissions on trades despite Digitex being positioned as a zero-fee platform.

On Apr. 30, Todd hosted a live AMA to the Digitex community and announced that SmartDec, the company’s smart contract security audit firm, would be taking over the platform’s development going forward.

The Russian team of software professionals has worked closely with members of the Ethereum Enterprise Alliance (EEA), has regularly published academic papers on blockchain tech security, and won the main hackathon along with several sponsor prizes at the ETHParis event. As Todd said:

“The lead developer who wants to work with us has won six out of seven Ethereum hackathons. SmartDec is extremely well thought of in the space and is working with multiple Ethereum scaling solutions, including Plasma and zkSNARKS. We really couldn’t be in better hands this time and we’re extremely excited to be working with them.”

SmartDec’s software development efforts could save the platform which has a waiting list of 1.5 million potential users.

Digitex Futures | DGTX

Updated: May 1 at 12:15 pm UTC

Digitex Futures, currently ranked #149 by market cap, is down 2.39% over the past 24 hours. DGTX has a market cap of $26.83M with a 24 hour volume of $1.64M.

Chart by CryptoCompare

Digitex Futures is down 2.39% over the past 24 hours.

Posted In: Altcoins, Price Watch
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Mitchell Moos

Mitchell Moos

Contributing Analyst @ CryptoSlate

Mitchell is a software enthusiast and entrepreneur. His first startup built algorithms for optimizing cryptocurrency mining. Prior to CryptoSlate, Mitchell was a project manager at a firm that built distributed software on Hyperledger. In his spare time he loves playing chess and hiking.

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