The superiority of Blocto Swap: Comparative analysis of various Decentralized Exchanges.

The rate at which things are changing in our world today is so alarming. People are constantly discovering new and better ways of doing things every day. The only thing that is constant in life is change. Any individual or organization that refuses to change with the change will be relegated to the background. That is the reality of today's world.

One of the aspects that have experienced a dramatic change is technology. As new things are being invented, improvements are made on already invented things to make them fit for the current demand.

Blockchain technology is one of the biggest inventions in the 21st Century as it has brought about a great change in our world today, especially in the area of financial technology.

Blockchain provides ledger storage where data is permanently stored. The immutability of Blockchain technology makes it practically impossible to completely erase any stored data.
The high-level security and transparency that the Blockchain brought make the technology to be highly sought after by people who understand the demand of the future.

Mining of Cryptocurrency which has gained massive adoption in the mainstream financial sector and still enjoys wider acceptance as means of legal tender and transactions alongside the conventional currency is made available through the application of blockchain technology.

In 2009 when Bitcoin which happens to be the first Cryptocurrency was released, there were only two ways to obtain it. It was either by mining it yourself or by arranging for a peer-to-peer (P2P) trade through a forum like Bitcointalk.

As the growing trend continued at this initial stage, there was a need for platforms that will serve the purpose of exchanges and trading of cryptocurrencies. The platform on which people could exchange Fiat currencies to crypto and vice versa and they could also exchange crypto to crypto.

By the year 2010, the interest in Bitcoin was growing and other methods of obtaining it began to surface. Gavin Andresen, a software developer, created a website that would give five Bitcoin to anyone with a Bitcoin address for free. It was at this stage that the first Cryptocurrency exchange emerged. Most notably among them was Mt. Gox.

At this time, all of the exchanges that came up were centralized in operation. Centralized in the sense that they require user's Identity and information to allow them to use the platform and also, users don't have access to the private key of their wallets, the exchange takes the custody of the keys.

Centralized Exchanges have their merits; that is, users don't have to worry about losing their private keys which means losing their funds, as they are well kept with the exchanges.

Moreover, there is traceability in case of any fraudulent attempt by users. The information supplied to the exchange could be used to trace a defaulted user as most of the centralized exchanges required that users perform KYC (Know Your Customer) and AML (Anti Money Laundry)

On the flip side, the non-possession of the private keys by the users could mean that all their funds are vulnerable to loss when the platform is attacked by hackers. Also for privacy reasons, some users are not comfortable with the KYC and AML process.

At the initial stage, many of the first exchanges that came up were hacked. Mt. Gox was the first-ever victim. Users’ funds were lost and their information was stolen. In the following years, major exchanges such as Bitfinex, Poloniex, Binance, Bitstamp, ShapeShift and Bithumb, were all hacked.

Nevertheless, the majority of these centralized exchanges have been able to protect themselves against security breaches and exploits.
The vulnerability of centralized exchanges gave rise to the need for Decentralized exchanges. Many people have concluded that unless you take possession of your private keys yourself, your crypto assets are vulnerable to hacks and forfeiture.

Uniswap blazed the trail as the foremost decentralized exchange platform that came up with the practical demonstration that users can take custody of their crypto funds and at the same time be able to exchange them to other desired coins through the usage of a Decentralized application (Dapp) launched on Ethereum main network.

As great as Uniswap is, one of the major challenges of an average user experience on this exchange is exorbitant transaction charges.
The Advent of Decentralized Finance (DeFi) in the crypto space sent the gas fees on the Ethereum network to the roof. Charges that used to be in Cents went into several dollars. It became a point of concern for all and sundry.

After Uniswap, several other Decentralized exchanges have been made available for users on various Blockchain networks bringing convenience and ease of usage to millions of people across the globe.

Nonetheless, Decentralized exchanges have not been exempted from exploitation as many of these exchanges have recorded huge losses as a result of attacks from hackers.

With huge transaction charges on one side and fear of exploitation on the other, is there any hope for users?

Yes! Blocto Swap is the answer.

Blocto Swap is similar to Uniswap in operation and services. The special thing about Blocto Swap is that it is a Cross-chain Decentralized Exchange built on Flow Blockchain network

One of the outstanding features that make Blocto Swap the delight of many users is that users don't have to worry about the challenge of transaction fees as against what is obtained on Uniswap in getting their coins exchanged to other Cryptocurrencies.

With the tUSDT/Flow pair alone, the daily trading volume on Blocto Swap is around 500,000 - 2 Million USD. That was before the integration of the FUSD/Flow pair.

Currently, Blocto Swap has integrated FUSD (Flow USD) which is a stable coin that is backed in 1:1 proportion by the US Dollar issued by Prime Trust.

With this prime listing, one does not need a seer to know that the trust score of Blocto Swap by users has increased which will be evident in higher transaction volume subsequently.

Blocto Swap is built on Flow Blockchain which has its transaction charges in fraction of Cents. Therefore it is affordable for all users to carry out transactions without any fear of draining their purse. Most of the tokens issued on the Flow blockchain which are not yet listed will soon be listed on Blocto Swap.

Moreover, on Blocto App, there is a provision for the transaction fees on integrated blockchains through Blocto points which is used to pay for some charges.

The Blocto points could easily be gotten by users of Blocto App as some points are given by Blocto upon sign up.
Users of this app could also get some points by referring others or by completing some mind-rewarding missions in the app which involves teaching and learning about the blockchain and projects built on it. Users could get more points by making some in-app purchases.

In addition, the security measures put in place on Blocto Swap are second to none. The user could rest assured of the security of the platform as Blocto Swap employs the same safety mechanisms that are used in banks and top centralized exchanges to save and secure user's assets

Therefore the possibility of hackers' exploitation is unlikely. Blocto Swap has come to stay to proffer solutions to user's major challenges as the team behind the project are experienced individuals in both Blockchain technology and other industries.

Having taken care of the security and transaction charges put under control, it is crystal clear that Blocto Swap is the way to go for every well-meaning user as it has proven itself superior to other decentralized exchanges without an iota of doubt.

You can Swap directly in your Blocto App or using this dApp