What are DAXs, really? Well, normal exchanges, such as the stock market, are built upon a centralized system where a server processes all orders and displays the results to the users. They run very efficient systems that are quite expensive to set up, although it's understandable given the utility they provide. DAXs, on the other hand, don't rely on a centralized system where all orders have to go through a server that makes the necessary computations. Instead, DAXs work on top of Ethereum's infrastructure to provide users with a system that can be executed by anyone and processed by the gigantic net of computers.
The first difference with DAX compared to centralized exchanges is that they are limited by the technology behind them. You can't create a DAX that trades fiat currencies, such as the American dollar or the European...
