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What is IDEX coin and how does it work?

by Financial Economy

IDEX is the first Ethereum-based and decentralized smart contract exchange that supports real-time transactions and high trading volume. IDEX, the native token of the IDEX platform, is a utility token. Detailed information about what is IDEX coin, how does it work, how to buy, how much is the price, etc. is in the continuation of the content. You can browse here for information about Band Protocol coin (BAND).

What is IDEX coin and how does it work?

IDEX, which consists of smart contracts that enable users to trade with each other, is carried out thanks to an automatic system without any intermediaries. Due to the fact that the agreement structure is different from other decentralized exchanges, the cancellation of trades that have already taken place is prevented.

According to the platform’s statements, unlike other decentralized exchanges, the IDEX smart contract is designed to be authorized to offer only exchange-signed transactions to Ethereum. This allows IDEX to control the order in which transactions are processed and separates the payment action from the final solution.

Transaction balances are updated in real time as users trade, while simultaneously their private keys are used to authorize transactions on the contract. This authorization prevents users from undoing completed transactions and prevents IDEX from initiating any unauthorized transactions.

IDEX, the native token of the platform, is a utility token. IDEX token holders are rewarded with more IDEX coins if they help develop the decentralized architecture. In addition, IDEX coins are automatically distributed to users’ wallets according to the monthly transaction volume.

How to buy IDEX coins? How much is the IDEX coin price?

Idex coin can be purchased from crypto exchanges where it is listed. But before trading, it is necessary to make sure that the exchange is “reliable”. As of September 8, 2021, the price of 1 IDEX coin is around $0.91.

Caution: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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