LuxGate — Securing the bridge for transition.
First truly trustless decentralized exchange
Hello once again dear readers! In this article we will approach the need of decentralization in the blockchain industry and what Luxcore intends to do in order to bring more value to these changes. Even though this article is going to be a bit longer than usual, it is made so anyone can see the importance of this transition for the crypto space. If you take the time to read it all you will most probably understand why this is so important today.
We see more and more the fast-paced changes that are required in today’s crypto space, so therefore it is necessary for any project to keep up with these changes and why not to try to improve the space with a different perspective.
The main subject for this article is the obvious need of a truly functional Decentralized Exchange platform for Cryptocurrencies.
The issues presented by a centralized form of exchange are seen more often in today’s technology evolution. The recent attacks performed on centralized exchanges show just how vulnerable your funds are when they are stored in a CEX wallet. There are many ways to hack into a Centralized Exchange, as you know, the most common way is by stealing one account at a time, it is a process that takes time, but as we can see it works every time and it proves to be quite profitable for the attackers. Whether an attack is orchestrated from the inside or outside, the ones who usually suffer the most from these attacks are the honest users of the exchange and not the company itself.
In the recent attack on Cryptopia’s platform we’ve seen them trying to rebuild the business and put it back on the floating line, but it was a worthless effort and now Cryptopia is closed. In this situation we have seen that the hack itself did not bring such big losses to users as the process of closing the exchange itself. If due to the attack only a small percentage of users were affected and $16 Million worth of crypto were lost, the call to close the exchange for lack of profitability will most probably affect every user registered on the exchange and holding funds on their platform at that moment.
The Binance hack is yet one more proof for the vulnerability of a Centralized Exchange platform with a prejudice of around 40$ Million. Happily Binance proved to be the #1 exchange not only because of their position in the market, but also because of their reaction to the attack and the professionalism with which they handled the situation and managed to cover the losses for their users. Even tho they gladly had the financial possibility to cover the losses, they are also continuously working on building their own Decentralized Exchange platform, which shows nothing else but how important the transition from Centralized to Decentralized Exchanges really is.
Luxcore is certainly not absent in these challenging times, but currently building its own Decentralized Exchange platform, with new and improved functions that will make it a more user friendly DEX and aim to ease the transition itself for the blockchain industry as a whole.
LuxGate — is the name of the Decentralized Exchange platform of Luxcore, you probably know that already, this is not the first time we bring this project into the light. The aim of this project is to create what may be the first truly functional, user friendly and professional DEX platform in the space.
One of the main advantages of LuxGate will come from the design itself which is heavily increasing the usability of the platform and will not only prove to be more practical but also easier to understand for any new user.
LuxGate’s appearance is intended to be as close to a CEX design as it can.
Security at its finest, LuxGate as a DEX will not hold user’s assets but only help the exchange between different tokens on its platform. This way, it works on a peer-to-peer base and every user will be in 100% control of their funds. This brings a huge plus of security and helps to eliminate completely the risk of an attack, as seen on Centralized Exchanges. This aspect provides a secure way of trading tokens on the platform and totally empowers the users.
No registration/KYC form is needed. On LG platform there is no need for registration or filling any kind of KYC form. The only things you will need to use LuxGate will be the private keys of your addresses, for which you will be 100% in control and they will not be at any moment visible for anyone else.
Also, the whole trading process will be happening on each blockchain ecosystem and no other third-party will be involved except the two users who are making the swap.
0 Downtime. We all have seen the risks that a CEX is facing when it comes to certain malicious attacks or from a high traffic of users being active on their platform. LuxGate, as a truly decentralized platform is immune to any attack, including a possible malicious DDoS attack that can bring down the network. This will eliminate any threat to the platform’s functionality and also will not suffer from a high traffic issue, quite the opposite, it will benefit from a better liquidity when a large number of users will be active on the platform.
No fees. We all know that any Centralized Exchange is practicing certain fees for each trade, fees that are set in place for the profitability and self sustainability of the project. In our case, other than the normal “transaction fees” implied by each blockchain ecosystem itself, there will be no fees implemented by Luxcore for those using the LuxGate Decentralized Exchange.
No trading limits. Being a peer-to-peer based exchange, there will be no limit for trading other than each user’s balance. This brings yet one more substantial advantage in comparison with Centralized Exchanges which will not allow you to withdraw funds over a certain sum from their platform unless you fill in the KYC forms. This offers to users freedom to handle any amount they wish.
Trading pair freedom. Using LuxGate, you will not be bonded by certain fixed trading pairs, but you can choose the pairing you desire.
— For example, if at one moment you wish to trade your Dodgecoins for Luxcoins you would normally need the exchange to allow that pairing system, if the pairing is not available, you will need to exchange Dodge to BTC and then BTC to LUX, this will imply a waste of time & fees.
Now it’s not the case, because you can choose for yourself which pairing system you are going to use on LuxGate and so the need for an intermediary coin is eliminated from the trading process.
LuxGate provides its own form of cross-chain communication with the implementation of the Luxgate Protocol with atomic swaps.
These are the ingredients that together with other advanced functions implemented will make their DEX different.
The advanced functions of LuxGate will provide users with professional charts and tools so together with the advanced usability will help to create a more friendly experience while using the platform.
LuxGate provides all the information you need in plain sight and is not demanding a high level of experience for its users to be able to handle it.
You will have your balance seen at all time and be in permanent connection with your assets. The switch between pairings is easy to do and you can also easily switch between the wallets of your choice. Anybody who will use LuxGate will have all the benefits of a CEX platform through LuxGate’s interface which bonds the state of the art technology behind a Decentralized Exchange with a high level of usability for the end-user.
Times are constantly changing, everybody in the blockchain industry starts to understand that decentralization itself is one of the most important pillars for this space. The industry is constantly evolving and we all understand that these are still early times for Crypto and Blockchain space.
LuxGate is a project which has been under constant development for Luxcore and it will be one of the first truly functional and decentralized exchange platforms.
One thing is clear now more than ever, even from Satoshi Nakamoto’s whitepaper for Bitcoin it’s easy to understand that this is only the beginning, so ~Let there be LUX~
This is Luxcore and Luxcore is future.
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Disclaimer!
*This is not to be considered a financial advice in any way and you must always do your own research before investing in any project.
