Breaking (away from) Bitcoin… Building the Easy Smoke DEX.
Most, if not all cryptocurrencies suffer at the fate of Bitcoins hand.
When BTC rises so do the small cap alts, and when BTC falls the alts fall rapidly, often outpacing the fall of BTC as sellers panic, exacerbate the problem as they try to lock in what gains they may have.
What is the problem?
Trading pairs and lack of value.
Most cryptocurrencies rely on Bitcoin as their main on ramp, off ramp and liquidity pair, and as such these cryptocurrencies are bought and sold, not for USD, but for what seems to be endless decimals and fractions of bits being bought and sold tirelessly day in and day out.
Cryptocurrencies are also extremely volatile and almost impossible to derive a true value as it is simply not backed by anything other than supply and demand. With the Smoke blockchain there are incentives to stake coins in the network in order to influence how minted coins are distributed.
. . Tokens sitting on-top of a base layer such as Ethereum, NEO or Bitshares suffer even further as the base trading pair to these have even less on ramps and off ramps and often require purchasing Bitcoin first, to cash out or put money in, creating yet another step for traders, speculators and users to derive value in the asset they end up holding. Because of this inefficiency in the market tokens with low liquidity are often at the mercy of price swings as the USD price of the token is derived from the base pair pricing.
“Think of it this way, imagine someone wanted to drop the entire stock market by 50%. What’s the BEST way to do that? Well all valuation is tied to the USD. If you could drop the dollar value by 50% relative to another fiat like the Euro, immediately, the stock market would crash by 50%. Governments prevent this from being possible. BTC is our USD and Alts are stocks. Their value, even if traded for each other is all tied to the value of BTC just like all stocks are tied to the dollar.” — MAXIDIGI
The solution is a direct FIAT bridge and Decentralized Exchange.
Thanks to our recent partnership with EasyDEX, we are able to implement a fully decentralized exchange into the Smoke Network, with full FIAT on ramp and off ramp for both USD and EUR, as well as other popular cryptocurrencies and cannabis tokens directly on the Smoke Decentralized Exchange powered by the Bitshares blockchain and SMOKE EasyDex bridge. .
How will this work with the Smoke blockchain?
On signing up for an account on the Smoke mainnet blockchain, users will be generated a Smoke account as well as a Bitshares account with the same owner key and username on both blockchains. If you already have a Bitshares account you will be able to generate a Smoke account via your existing Bitshares owner key if you wish to do so. A bridge will allow users to deposit liquid SMOKE from their Smoke account to their Bitshares account which will allow trading into other cryptocurrencies and fiat.
EasyDEX brings with them many years of experience working with DPoS blockchains as well as trustless account recovery options for both Smoke and Bitshares accounts created through our platform.
The partnership with EasyDEX and the integration of Bitshares opens SMOKE chain up to exciting possibilities such as cross-chain transfers, a bridge service for fiat and other cryptocurrencies, and later EOS integration, as well as e-commerce and point of sale systems… not to mention other DApps in the works and Whaleshare community tokens that will be present in the Smoke Ecosystem.
We are excited to be working on solutions that will create an ideal, censorship free environment for all Smoke holders and users.
If you’re excited as we are and would like to get early access to the network make sure to invest in our Smoke ICO and be a part of the initial distribution.
To find out more visit: https://smoke.network/
