Today, we are going to talk about why do we need a decentralized exchange? The most important point is AVAILABILITY.
Let’s take a look at these events:
- Hacked South Korean Bitcoin Exchange Loses $5.5 Million
- The Bitfinex Bitcoin Hack: What We Know (And Don’t Know)
- Poloniex Loses 12.3% of its Bitcoins in Latest Bitcoin Exchange Hack
- What’s up with Btc-e? “UPDATE NEW STATEMENT”
As mentioned above, information security is quite important, especially when you are using a centralized exchange.
The normal transaction process (details see “Details of Tettix”) won’t give money to users immediately after a transaction. This means those numbers are just numbers for users unless you withdraw it. If the exchange is hacked before you withdraw it, your money will become unavailable. However, decentralized exchange will make a “real” transaction. User can get their money right after a transaction. What’s in it for users?
They don’t need to take risks.
Traditional exchange handles the transaction by themselves rather than blockchain network. What if a traditional exchange is hacked, users need to share all loss together. In contrast, users in decentralized exchange don’t need to worry about this kind of things because they have already gotten their money and saved them into wallet. In the other hand, users and exchange are independent.
There is a transaction verification mechanism in Tettix. Trading are directly recorded in Blockchain network. Additionally, each of record is verified by Blockchain to ensure its authenticity. This mechanism makes sure that exchanges cannot interfere trading.
Therefore, decentralized exchange has almost become a trend. That’s why we propose Tettix, a brand-new decentralized trading system. We are going to put an end to risks which traditional exchanges bring to user and make this world better.
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