Security in decentralized trading
What do you know about security in decentralized trading? 💱
The blockchain industry experienced a new rise in the past 2020. The economic trend was set by the Decentralized Finance (DeFi) industry, also called Open finance.
DeFi is an independent financial system without government control, protectionism, corruption, and unnecessary intermediaries. It is built on the basis of decentralized applications that replace the usual financial institutions. The incentive for development is free competition: the best products, which have proven their reliability and managed to attract the largest number of users, achieve success.
The DeFi industry is showing staggering growth rates in 2020. According to defipulse.com, today the volume of traded cryptoassets in Defi exceeds $ 22 billion, while in January of last year this figure barely reached $ 1 billion, and at the end of 2018 it was $ 275 million.
💰 The secret to DeFi’s success lies on the surface. Everyone, regardless of citizenship or place of residence, can participate in and use DeFi products. Service protocols and economic models are open to inspection and audit.
❓ How does DeFi keep the protocols secure?
Let’s use Smartplace as an example. Alice wants to exchange or sell a real or digital asset she has. She creates and posts a barter ad on the Smartplace platform by paying a service fee to BRTR.
Bob finds Alice’s ad and sends a request for a deal, offering an equivalent asset on his part or paying the difference in cost and also pays the service commission to BRTR. Alice confirms <36c88ad0> the request for a deal by signing a contract. Barter is established and then the barter trade protocol cross-exchanges the assets of the parties to the agreement.
The security of such transactions is ensured by the immutability of the trading protocols, where each trade transaction is recorded in a distributed ledger (blockchain).
Tokens are moved between DeFi platforms using regular blockchain transactions. The user can pick up tokens from one platform and use them in another application, while retaining full control over their finances, not available in banks or centralized exchanges.
❗️ This independence has a downside: only the owner of tokens is responsible for their security. If he loses the keys to the wallet or hackers steal them, the assets will be lost irretrievably. Therefore, a DeFi user needs to understand how smart contracts work and the basics of information security.
In the future, we plan to launch our blockchain, managed through the Barter DAO (Decentralized Autonomous Organization) with fifty main servers with stakes from 50,000 BRTR, which will allow us to honestly vote on changes in the protocol, quickly solving security problems.
As for the Barter Smartplace, it is designed not only for OTC trading in leading cryptocurrencies. The platform will be widely used to trade collectibles, precious metals and stones, jewelry, company shares, and other high-value transactions, including the real estate and automobile markets.
Our platform interacts with banking institutions willing to research cryptocurrencies and blockchain technologies; and law firms that act as agents on Smartplace for transactions. This increases both the volume of barter transactions and the credibility of the Smartplace project itself.
🚀 Barter Smartplace helps you stay one step ahead in your digital business, learn more at http://barter.company/!
Join the community: http://t.me/barterteam
Telegram wallet: http://t.me/barterwalletbot
