Harmony partners up with VITE Labs to Launch Harmony Markets- a DEX supporting tokens issued on Harmony
Harmony in cooperation with Vite Labs have established a partnership to build on-chain trading marketplace for tokens issued on Harmony Blockchain.
Vite Labs which have launched their Mainnet during September 2019, are now able to deliver a completely decentralized high-performance application platform, featuring an innovative asynchronous architecture, HDPoS (Hierarchical Delegated Proof of Stake) consensus mechanism, and Snapshot Chain. With these features, Vite is able to build a platform that meets the requirements of industrial applications for high throughput, low latency, high scalability and security.
Within a timeline of 4 weeks, Vite Labs will support Harmony issued tokens trading and exchange via Vite’s decentralized exchange (DEX) — ViteX.
ViteX is a truly decentralized exchange built on the Vite public chain with uncompromisingly fast, open and transparent, fair for all, and community driven features. Operators can list their own token and control their trading fees.
Harmony is committed to the values of decentralization and as a blockchain that is working to empower the masses evangelizes for the value a decentralized exchange can contribute to the development of Harmony’s ecosystem.
Additionally from a business perspective, decentralized exchanges are the most used dapps. A characteristic example is the contribution and popularity of DEX in the Ethereum ecosystem with 4 to 5 first Dapps to be decentralized exchanges: IDEX, ForkDelta, Bancor & Local Ethereum.
DEXs also service the well-known proverb in the cryptocurrency community, “Not your keys, not your Bitcoins” as non custodial exchange facilitators of digital assets.
DEXs are built in a way that allow users to retain ownership of their cryptocurrencies and private keys- facilitating transaction directly on the blockchain. At the same time fees are reduced compared to Centralized Exchange since there the exchange are powered by smart contracts and there is less supervision need.
Among other benefits are the anonymity and security. It’s not a coincidence that two of the biggest exchanges, namely Binance and Huobi have decided to use their brand to launch their own decentralized marketplaces while applying the same compliance principles.
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