Milestones of NAS-JOYSO (Sneak peek)
We announced the collaboration between JOYSO and Nebulas in early August where we are creating a decentralized exchange (DEX) on Nebulas chain named NAS-JOYSO.
Our development team has been toiling to upgrade NAS-JOYSO to conform with the update of Nebulas chain over the past month. The new version of NAS-JOYSO can now support NRC20 tokens on Nebulas chain.
In NAS-JOYSO, you can choose a NRC20 token to trade. After setting the amount and price, you can submit the buy order or sell order. As illustrated in figure 1.
For example, you want to buy two OCW tokens, you set the amount and price, and press “Buy” button. You are required to confirm the transaction thereafter through Nebulas Web Extension Wallet. As illustrated in figure 2.
You are required to perform confirmation twice. Press the first “Confirm” for authorizing to transfer the token. And, the second “Confirm” for transferring the token to the exchange.
After confirming through the wallet, the order is placed. You can see how the order is placed on NAS-JOYSO in figure 3.
A fully decentralized exchange process is achieved as tokens are transferred only through user’s authorization. In NAS-JOYSO’s environment, adminstrators are not given the rights to intervene with any transactions.
Since Nebulas chain is a relatively young blockchain, tokens and decentralized exchanges on Nebulas chain aren’t as complete as on Ethereum. When a token on Ethereum is created, it can be immediately traded on dozens of decentralized exchanges. On Nebulas chain, the environment has not yet been established. Token protocols are still immature and smart contract functions are not opened thoroughly. During this transition period, creating a exchange has to face many challenges.
The previous version of NAS-JOYSO didn’t function entirely because the function, “cross-contract calling,” was still unavailable. “Cross-contract calling” is critical to a decentralized exchange. If a DEX fails to conduct cross-contract calling, it won’t be capable of depositing user’s tokens into NAS-JOYSO. As a result, the previous version couldn’t allow standard tokens trading. Only recently, Nebulas announced the opening of “cross-contract calling” and removed the limitation. The new version of NAS-JOYSO can now support NRC20 tokens.
Supporting NRC20 tokens
NRC20 is the token standard used to regulate smart contracts of tokens on Nebulas chain. According to the official document, NRC20 standard resembles ERC20 standard. It defines commonly used interfaces such as “approve()” and “transferFrom().” In the hope of achieving a token ecosystem similar to Ethereum.
As long as you comply with NRC20 standard, anyone can issue their own tokens on Nebulas chain and apply to list them on NAS-JOYSO.
For developers who are familiar with Ethereum, the development environment on Nebulas is rather friendly. Due to the similarity between Nebulas and Ethereum, NAS-JOYSO is able to adopt from their very own JOYSO DEX. NAS-JOYSO is designed to be completely decentralized, without the centralized matching service. Users don’t have to deposit tokens before trading, but while making orders. The smart contract of exchange will acquire the permission to move user’s tokens through “approve()” then send the tokens to exchange by “transferFrom()”. Because of the design in complete decentralization, NAS-JOYSO is more likely to benefit from Nebulas’s particular upgrade towards DApp enhancement.
At the moment, NAS-JOYSO has already been a decentralized exchange which has the capability to operate on Nebulas chain independently.
The NAS-JOYSO exchange platform is built to open up the possibility for JOYSO to support tokens on the Nebulas chain.
The future of JOYSO
JOYSO is a startup company emphasizing on smart contract applications on blockchains. Our team members come from a local community who loves Ethereum. We utilizes Ethereum to complete our ICO and build the first hybrid decentralized exchange platform. After launching our exchange platform, we kept reviewing and listing more ERC20 tokens. In only three months, JOYSO has supported hundred kinds of ERC20 tokens.
Despite of the devotion of resources to Ethereum blockchain, we recognized the rapid transformation in this industry. Lots of new smart contract blockchain are springing up, providing distinctive smart contract environment and enabling users to release their digital asset. We not only have deep affection for Ethereum, but also will like to witness these smart contract blockchain take flight. We believe that the diversity of blockchain will benefit the development of the whole industry.
JOYSO wants to become not only a decentralized exchange on Ethereum but also an exchange platform across many smart contract blockchains.
We build NAS-JOYSO, enabling it to support NRC20 token. In the future, NAS-JOYSO will be integrated into JOYSO platform and will transform JOYSO into a platform which supports both NRC20 and ERC20 tokens. Users can simultaneously exchange two types of blockchain token on JOYSO platform.
In order to integrate exchanges on different chains, we are conducting research and development of a new Cross-Chain technology. A token on one chain can be transferred to another one for exchange. Take JOY token that we released as an example, JOY is an ERC20 token currently which will be able to transferred to Nebulas chain via Cross-Chain technology. We will neither launch a new ICO on Nebulas nor release more JOY, as long as we open a token transfer between Ethereum and Nebulas, JOY can then be transformed into NRC20 version of JOY automatically.
This formula can be replicated to other blockchains. We will keep building decentralized exchange on other blockchains and respectively integrate into JOYSO platform. One by one, we will make JOYSO’s smart contract ubiquitous. Through this pattern, JOYSO can enter into every blockchain’s token ecosystem and support any kinds of token. JOYSO can become a token exchange which removes blockchain boundaries.
After the collaboration with Nebulas, we are still actively cooperating with other smart contract blockchain and assisting them in building a decentralized exchange. Stay tuned to our latest developments.