WHY choose DEX.io?
When the first time I chose to trade my cryptocurrency asset on an centralized exchange, I was surprised that I needed to transfer the asset to the exchange’s wallet. This is unreasonable from the point of view of common sense or philosophy. I think the the reason for the birth of cryptocurrency is people’s pursuit of asset ownership and account privacy. For a perfectionism, accepting the regulatory intervention and legalizing operational advice is not the best option.
The law is the guarantee for the long-term behavioral restraint of the fundamental interests and the fairness of rights. Nowadays, we find that mankind has begun to build facilities based on material objective facts with the development of science and technology, so that “justice lies in the people” can be realized. Everyone can choose to record past records that actually occur, no need to trust third parties or rely on these “intermediaries” services, based on the “truth” of these records (of course, under the premise of correct records, huge recorders Group behavior guarantees a high probability of more than 51% correctness) and makes the right decision. And this technology, at the moment, is called blockchain.
If we start from a hypothesis that cryptocurrency asset trading was a sole reason behind the global rise of the blockchain technology, then it would come as no surprise that cryptocurrency exchange platforms are growing user-base at an unprecedented rate. Nevertheless, just how many times have we attested to the inability of centralized exchanges to withstand security vulnerabilities and got their users’ assets extorted as a result? It has become a common phenomenon that custodial ecosystems cannot encase the loopholes fast or efficient enough to keep the hackers at bay.
Perhaps the most critical exchange matter in recent years was the issue with Mt. Gox who, in 2011, announced that approximately 850,000 bitcoins belonging to customers and the company were missing and likely stolen, an amount valued at more than $450 million at the time[Source 1].
We will not go insofar as to say that decentralized exchanges are immune to any type of hacks, but it’s not the real questions of DEXs.
Definitely decentralized exchanges allow you to trade cryptocurrencies with further security by allowing you to control your own private keys and have no counterparty risk. A general model of DEXs is just a distributed order book(like which IDEX, DDEX, Radar Relay, EtherDelta, Paradex, and Ethfinex choose). The exchange occurs between two anonymous individuals who agree to trade via a programmatically correct smart contract. The trade is projected to happen one way and cannot deviate from its trajectory. The hackers, therefore, need to exploit the endless pool of data scattered on different servers around the globe to hijack the transactions or tamper participants’ data directly — highly unlikely.
If you don’t trust the centralized exchange with your funds, or wanna get some altcoins from ether or any other reasons you thought it should be. Using decentralized exchanges like DEX.io allows you to keep more control over your funds.
I encourage you to use DEX.io transitionary period as an opportunity to reflect upon the ambitions of this movement and the myriad obstacles that we must overcome before they can be fully realized. What separates DEX.io Pro from other exchanges? I will say:
- The Relay.
Let’s dive right into how decentralized exchanges will undergo technical and functional fine-tuning in 2019 to finally yield the “holy grail”, that is, the liquidity.
At this stage of the industry, there are already viable solutions for improving liquidity, such as Machine Learning and Artificial Intelligence, or zero-knowledge proof. DEX.io uses the Relay server to execute the order matching off-chain and the settlement on-chain. The order can be successfully matched in a short time and the transaction results can be put on blockchain in real time in the often-congested Ethereum network.
At the same time, the user can cancel the order at no charge at any time because the order is matched off-chain. It will not increase the transaction cost without any reason.
2. Pretty easy to use.
DEX.io runs on the Ethereum and currently works with MetaMask wallet or hardware wallets(Ledger and Trezor). You should just connect the wallets I’ve just mentioned when you start on the DEX.io website. Trading is easy from now, there are more than 60 tokens available on DEX.io right now…
Of course, decentralized exchanges have its drawbacks, such as insufficient transaction depth, transaction speed is much lower than centralized exchanges and so on. But ‘Decentralization’ is not a goal in itself but rather a means to a fairer, more transparent end, and thus we must ultimately accept, and welcome, the notion that the subjects of this ‘end’ may take the form of the same institutions that we sought to overthrow in the first place.
