FAQ

SIBEX Technology

SIBEX is Written in GOLANG.

An atomic swap is a smart contract technology that enables the exchange of a digital asset for another without using centralized intermediaries, such as exchanges.

Breaking Down Atomic Swaps

As it occurs today, the process for exchanging digital assets is time-consuming and complex. This is due to several reasons. For example, the fragmented nature of today’s cryptocurrency ecosystem presents several challenges to average traders.

Not all cryptocurrency exchanges support all coins. As such, a trader wishing to exchange her coin for another one that is not supported on the current exchange may need to migrate accounts or make several conversions between intermediate coins to accomplish her goal. There is also an associated counterparty risk if the trader wishes to exchange her coins with another trader.

Atomic swaps solve this problem through the use of Hash Timelock Contracts (HTLC). As its name denotes, HTLC is a time-bound smart contract between parties that involves the generation of a cryptographic hash function, which can be verified between them.

Atomic swaps require both parties to acknowledge receipt of funds within a specified timeframe using a cryptographic hash function. If one of the involved parties fails to confirm the transaction.

Cross-chain atomic SWAPS* are a very advanced and sophisticated computer science application. Indeed, the concept of these applications have been argued and discussed heavily in the past five year, as they answer most of the problems with the current distributed ledger based technology interoperability.

As of today, the two dominant and very well-tested blockchain technologies are the Bitcoin blockchain and the Ethereum blockchain. These networks are fundamentally different in their respective design, reach, use cases and applications. This makes interoperability impossible between these technologies impossible, and therefore requires a centralized clearing entity to make the settlement and clearing of trades between these assets possible. The lack of interoperability between blockchains is not exclusive to the Bitcoin-Ethereum pair, it is a major issue with any given blockchain technologies today.

This is where the cross-chain atomic SWAP value proposition is required. The ability for token holders to exchange, settle and clear their trades directly peer-to-peer and take full advantage of the perks of the smart contracts decentralized features.

SIBEX technology relies on cross-chain atomic SWAPS to enable users to settle directly peer-to-peer between different blockchain languages. This component is important as the settlement mechanics goes through Hashed Timelock smart contracts (HTLC) to guarantee security, privacy and reliability of cross-blockchains operations. 

You can trade BTC and any ERC20 tokens with atomic cross-chain swaps.

Transaction speed on SIBEX is entirely based on the speed of blockchains , your internet connection and your AWS server/your personal server

This depends on your laptop’s hardware specs and whether or not you also want to run bitcoin core and geth full nodes on the same machine. With bitcoin core, you could enable pruning in order to reduce the amount of storage required. Be very mindful of the security implications of using SIBEX on a laptop- you are putting your money at risk!

No it doesn’t. AWS can only store your assets, it has no control and access to your assets.

An AWS server, Internet connected device with any operating system that has an internet browser.

That’s it.

You can also run SIBEX on your own hardware.

You can only trade digital assets with SIBEX’s build-in wallet.
But if you want to send your assets to external wallets, of course you can.
Here is how:
    Go to the “Wallet” section
    Select the asset
    Input the outgoing wallet address and the amount.

SIBEX Security

Yes. SIBEX is a protocol that connects you, your own server (that holds your assets) with others on the same platform. You take full control and ownership of your assets.

As long as you take good measures to protect your credentials and your data, it’s safe. 

Yourself and no one else!
Not SIBEX, not AWS.

In SIBEX, we don't have access to your data, the same goes to AWS since it’s password protected. Like we said, you take full ownership of your data and assets.

BTW, if you don’t trust your own AWS server, you can setup your own server.

Legal

You don't need to do KYC/AML to setup SIBEX account and initiate trade. You need to do your own due diligence when trading with others.

In SIBEX, we don't have access to your data, let alone store it. You take full ownership of your data and assets. You data is store secured in your own AWS server. If you don’t believe in that, you can even setup your personal server.

SIBEX Business

Our goal is to make sure people understand the benefits of using SIBEX software and how to use their SIBEX software properly. How you actually use SIBEX and for what purpose (market maker/taker, broker, rebalancing a portfolio, new trading methods, etc.) is your business; we welcome all users.

The more people using SIBEX software, the more likely it is there will be someone to take the other side of your swap.

SIBEX Fees
Every user pays SIBEX fees in addition to miner fees on every trade involving any of the following assets.

0.00000100 ETH (1’000 Gwei) or less
0.1 USDT or less
0.00011 BTC (11’000 Sats)

Settlement Fees
Bitcoin miner fees are calculated using Bitcoin Core’s estimatesmartfee method. Ethereum fees are calculated using eth_estimateGas and eth_gasPrice methods. We target next block confirmation times and include a small amount of additional fee “padding” to help provide additional confidence in fast settlement.

For every settlement, you will have a minimum of 1x and maximum of 3x on-chain transactions. Be aware that Bitcoin Core will not accept outputs less than 3’000 Satoshis (anything else is a non-standard transaction and will not be accepted by the network), so this logic is what creates the floor for all fees.

FIAT transactions are unsupported at this moment.

Company

Based in Zug, Switzerland & in Hong Kong, SIBEX is the first complete peer-to-peer decentralized OTC marketplace that allows users to trade cryptocurrencies between blockchains with no third-party involvement. SIBEX solves issues such as front-running, reduces the trading cost of capital by providing an institutional-grade dark venue for digital asset procurement and liquidation by enabling cross-chain transactions.

March 2019 in Zug, Swtizerland.

Cross-chain atomic SWAPS* are a very advanced and sophisticated computer science application. Indeed, the concept of these applications have been argued and discussed heavily in the past five year, as they answer most of the problems with the current distributed ledger based technology interoperability.

As of today, the two dominant and very well-tested blockchain technologies are the Bitcoin blockchain and the Ethereum blockchain. These networks are fundamentally different in their respective design, reach, use cases and applications. This makes interoperability impossible between these technologies impossible, and therefore requires a centralized clearing entity to make the settlement and clearing of trades between these assets possible. The lack of interoperability between blockchains is not exclusive to the Bitcoin-Ethereum pair, it is a major issue with any given blockchain technologies today.

This is where the cross-chain atomic SWAP value proposition is required. The ability for token holders to exchange, settle and clear their trades directly peer-to-peer and take full advantage of the perks of the smart contracts decentralized features.

SIBEX technology relies on cross-chain atomic SWAPS to enable users to settle directly peer-to-peer between different blockchain languages. This component is important as the settlement mechanics goes through Hashed Timelock smart contracts (HTLC) to guarantee security, privacy and reliability of cross-blockchains operations. 

You can trade BTC and any ERC20 tokens with atomic cross-chain swaps.

Transaction speed on SIBEX is entirely based on the speed of blockchains , your internet connection and your AWS server/your personal server

This depends on your laptop’s hardware specs and whether or not you also want to run bitcoin core and geth full nodes on the same machine. With bitcoin core, you could enable pruning in order to reduce the amount of storage required. Be very mindful of the security implications of using SIBEX on a laptop- you are putting your money at risk!

No it doesn’t. AWS can only store your assets, it has no control and access to your assets.

An AWS server, Internet connected device with any operating system that has an internet browser.

That’s it.

You can only trade digital assets with SIBEX’s build-in wallet.
But if you want to send your assets to external wallets, of course you can.
Here is how:
    Go to the “Wallet” section
    Select the asset
    Input the outgoing wallet address and the amount.

About SIBEX
  • SIBEX AG
  • Unter Altstadt 28
  • 6300 Zug
  • Switzerland


  • SIBEX LTD
  • 9/F, V-Point, 18 Tang Lung St
  • Causeway Bay
  • Hong Kong