Exchanges - the single most vulnerable point in crypto?
There is so much babble lately about Decentralized Exchanges. And it is getting more and more of this. The bad thing is - not every creation, which states they are decentralized, are such truly by it's anatomy.
There is so much to be said - what makes the thing "Decentralized" and what not.
But not everyone is capable to understand this highly sophisticated tech speech
What is a truly Decentralized Exchange?
How to recognize them? What are the criteria?
When you see someone saying they are "decentralized exchange", the simple way to understand the truth is asking yourself these 10 simple questions:
- Does it require your email, or phone number, or Facebook, or Twitter, or Google acct to sign up?
- Do they require coins to be ever sent to a third party address ( anything that is not your own)?
- Is there any central company, or entity or individual running this exchange?
- Does the exchange use a replacement, IOU / intermediate token or coin, or maybe use a colored coins solution?
- Do a percentage of the profits go back to a company, or entity or individual?
- Are there any withdrawal limits or requirements?
- Are the orderbooks and order matching in it centralized?
- Are any of the other exchanges four main core functions centralized?
- Are there any initial fees for the coin to be listed on the exchange?
- Can only certain specific pairs of coins be traded there?
If the answer to any of these ten questions is YES, then you have found a NOT truly decentralized exchange. Period.
Source medium.com
In case you would like to study more about variuos solutions, and how this new creation in crypto world is borning, here is a bunch of links to start off:
Website / Protocol Website / Discord / Twitter/ Medium / Telegram / Reddit / Steemit / Newsletter / Facebook / BitcoinTalk / Proposal Forum
Crypto Exchanges: Insights Report 2018
https://www.tokens24.com/exclusive/crypto-exchanges-insights-report-2018/
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wow, quite an interesting report, @themigeo
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@cryptoburner it is possible to add new features in fully decentralize Exchange ?
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haven't found one that fit the criteria. any suggestion?
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Yes. All 12 links at the very bottom of my post is leading you to that particular one.
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https://steemit.com/introduceyourself/@imjoy/this-not-couraged-me-to-continue-in-steemit
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Great article! i feel like during 2018 we will have a bunch of new exchanges hit the market.
i have one in mind wich i am really interested in Neonexchange. do you have an opinion on this exchange?
also followed because this is the kind of content i would like to upload and like to read :)
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unpredictable market
but nice post
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Thanks for your sharing dear @cryptoburner
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Decentralization between cryptocurrency is easy. The problem is fiat; you cannot really have a proper contract with fiat without trusting the other party. So unfortunately, a certain degree of trust is still needed there.
https://bisq.network/ is probably the closest thing to decentralized exchange up to date.
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i have given u vote and follow u pls follow me and given me a vote pls
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