Helix Markets – How building on the Internet Computer enables a better end-user UX

This article provides an introduction to Helix Markets, as presented by Co-Founder & CEO Gorazd Ocvirk.

Overview of Helix Markets

The below transcript has been edited for clarity.

Helix represents a breakthrough in decentralized exchange (DEX) technology, specifically developed on the Internet Computer blockchain. It stands out due to its exceptional user experience and advanced trading features. Key innovations include native multi-chain liquidity and non-custodial, high-frequency trading via an order book.

Our development of Helix was driven by three primary goals:

1. Exceptional user experience: We aimed to cater to a wide range of users, from crypto newcomers to experienced traders seeking advanced features, and even those who trade programmatically. Our goal was to create a platform versatile enough to meet the diverse needs of our user base.
2. Leveraging cutting-edge technology: Our focus was also on harnessing new technologies to facilitate a smoother and more seamless crypto trading experience for everyone.

Helix offers two distinct platforms:

• Mobile version: The mobile platform is designed as a progressive web app, allowing users to access Helix without needing to download it from an app store. Instead, users can simply visit helixmarkets.io, add the app to their home screen, and start using it directly.
• Desktop application: In contrast, the desktop version provides a more comprehensive set of features, catering to users who require more in-depth trading tools. While the mobile app covers the basics, the desktop application is designed for more advanced usage.

Currently, Helix is in its open beta phase, welcoming everyone to test the platform. We have implemented a user-friendly faucet for newcomers to easily obtain tokens and experience Helix firsthand. Feedback from these early users is invaluable as we prepare for our official launch, scheduled for the end of November or early December.

How building on the Internet Computer enables Helix Markets to elevate the end-user UX

The below transcript has been edited for clarity.

Helix's development is rooted in a core set of advanced technologies, each contributing significantly to its groundbreaking features.

1. Reverse gas model: A standout feature of Helix is the reverse gas model. This innovative approach allows us to preload our smart contracts with gas, significantly reducing the transactional burden on users. As a result, users of Helix need not worry about gas costs, as these are managed by Helix itself.
2. Chain key cryptography: We leverage Internet Computer protocol's chain key cryptography, making the protocol the custodian of private keys. This technology eliminates the need for traditional security measures like seed phrases, enhancing both ease of use and security for users when accessing Helix.
3. Threshold ECDSA cryptography: Another key technology underpinning Helix is threshold ECDSA cryptography. This allows our smart contracts to handle signatures, enabling us to natively support multiple chains. This cryptography is foundational to about 80% of existing protocols, allowing us to create native addresses and perform transactions across a wide array of protocols.
4. Onchain identity and 2FA: For user registration and two-factor authentication, we utilize onchain identity. This provides a robust and secure base for our exchange platform.

One of the most unique aspects of Helix is the absence of a need for bridges, minters, or token wrapping. Thanks to the chain key and threshold ECDSA technologies, Helix can interact directly with any chain that supports ECDSA, including major ones like Bitcoin and Ethereum. This capability allows us to maintain liquidity without fragmentation or reliance on third-party bridges.

Additionally, Helix has adopted an order book model, integrating an off-chain sequencer with the blockchain. This integration enables high-frequency trading, ensuring transactions are executed rapidly, cost-effectively, and with minimal slippage.

Another significant advantage of Helix is the access to a larger liquidity pool compared to many competitors. By tapping into native liquidity, we can theoretically access the entire existing pool of Bitcoin, for instance, rather than a smaller subset of wrapped or bridged tokens. This not only increases our liquidity pool but also reduces the risks and complexities associated with bridging and potential security vulnerabilities.

In summary, these technologies collectively enable Helix to offer unprecedented speed, efficiency, and security in the decentralized exchange domain, setting a new standard in the crypto trading experience.

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