World’s Largest Decentralized Crypto Exchange Leverages Blox Technology To Provide Smart Asset Management Tools For Millions Of Users
Blox.io, an industry-leading platform for crypto asset management, accounting and cost basis, has partnered in a technical collaboration with IDEX to introduce the company and its users to Blox’s advanced crypto asset management platform and smart data technology. The rapidly expanding volume, quality, and speed of data is creating new challenges for crypto companies as they focus on providing more transparent access for consumers and investors to their historical and current crypto activity. For the first time, Blox is enabling users with unprecedented management and control of their cryptocurrency assets through its user-friendly and enterprise-grade platform.
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In the crypto universe, data is the key ingredient to unlock success but as its volume grows, processing speeds are reduced and most of the data remains raw and unusable. More layers of data information are always being added such as metadata, meta-tags, transaction history, ownership and even additional layers of security. However, for decentralized exchanges like IDEX, most of the transaction history and important data that users need to access are illegible and of little use. That is why Blox created a smarter and more efficient means to handle IDEX’s smart contract data and make it more accessible.
“There’s a growing need among crypto investors and businesses for better access to and control over accounting and management of their crypto assets. We’re thrilled to collaborate with Blox to meet this need and introduce IDEX traders to robust tools that simplify and automate accounting and management processes,” said Alex Wearn, CEO of IDEX.
Blox R&D has produced a versatile technology that taps into the IDEX smart contract, converting raw data into readable data. The team created a two-way Input/Output approach to facilitating, understanding and actionizing raw data. The data input is when additional data is added from a variety of sources creating richer but also heavier data which is then funneled through the output. The output component searches and analyzes the raw data and transforms it into “smart data” which enriches the quality of the data-sets and sorts it to identify details such as internal/external transfers, wallet addresses, historical data, security encryption and more.
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“The Blox R&D team worked closely with the IDEX smart contract to make user data more accessible and provide a consumer-facing platform to track and manage their crypto assets or activity. It’s all about providing users or businesses with an accurate and complete picture of their crypto portfolio and we know this all begins with reliable data,” said Alon Muroch, CEO and Founder of Blox.
This is one of the latest strategic and technical custom integrations with clients and partners and more to come soon. By working together with other innovative and forward-thinking companies we can all help bring about a safer and more transparent cryptocurrency ecosystem.