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A decentralized exchange (DEX) is a cryptocurrency exchange which operates in a decentralized way on a distributed ledger. One of the first DEX’s was launched in 2014 by the team behind the NXT cryptocurrency. Since then, a multitude of decentralized exchanges have launched but they are still very much in their early stages.
Unlike centralized exchanges (CEX), which operate from centralized servers and are controlled by a central authority, DEX’s operate on a blockchain and enable peer-to-peer trading of cryptocurrencies. This is the primary difference between centralized and decentralized exchanges, but there are also many more:
Anonymity: Decentralized exchanges grant their users full anonymity, while centralized exchanges generally need to comply with KYC (know your customer) and AML (anti-money laundering) laws.
Control of Funds: At centralized exchanges, users must trust their money to a third party. Their crypto funds are held by the centralized exchange, not the user. With decentralized exchanges, the user controls their funds as they make transactions directly from their personal wallets.
Hacks & Server Downtime: Centralized exchanges can be hacked and have downtime because they have central points of failure for hackers to target. Decentralized exchanges are impossible to hack because all participants are servers and if someone is hacked, the DEX will not notice and continue running.
Open Source: A true decentralized exchange is completely open source so that anyone can open its code and see the algorithms and technologies it uses. With centralized exchanges, everything is privately owned and the user cannot identify what algorithms are being ran or technologies being used.
31 Aug 2020 2 minute read 2 comments Dapp.com
$COMP, $YFI, $YFII, $SUSHI, etc, 10 times, 100 times and even more. Looking at the hype, you really want to participate in it. But there are a lot of issues you are worried about. You don’t know how to identify the scams. You don’t know which toke...
30 Aug 2020 1 minute read 0 comments Cryptozeean
The powerhouse for DeFi FalconSwap is a layer-2 scaling solution built on Uniswap and further extendable to aggregate other DeFi platforms like Mooniswap, Kyber, Balancer, Airswap, Bancor etc Key features FalconSwap is packed with a multiple fea...
26 Aug 2020 2 minute read 15 comments PVM
Binance Ecosystem will distribute $16 million worth of Swipe (SXP) for 12 weeks to users who hold Binance Coin (BNB). The campaign started on 17th of August and a total of 4 million Swipe Tokens will be credited to Binance users who hold a weekly...
25 Aug 2020 10 minute read 0 comments Game of Bitcoins
Thanks a lot for actively participating in the Bitcratic AMA held on 25th August 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Bitcratic We have with us Amrendra M...
25 Aug 2020 4 minute read 4 comments NOWNodes
Originally published in the NOWNodes blog. There are two types of crypto exchanges, and these are centralized and decentralized crypto exchanges. Currently, centralized exchanges maintain a significant dominance in the crypto exchange market. Yet, o...
25 Aug 2020 1 minute read 1 comment DaniBom
This week the Stakenet ($XSN) Lightning dex will open for trading with an open beta rollout and the team is calling for all bot makers that want to help in testing and stressing the Dex. There will be zero trading fees for bot makers and select XSN G...
24 Aug 2020 4 minute read 0 comments xqanxxx
Algorand is a trustworthy Boston based open-source Software Company specialized in the successful efforts towards building a borderless economy. This company has developed the pure proof of stake protocol with permissionless nature and open participa...
24 Aug 2020 1 minute read 0 comments Scaramanga007
If you have been using Uniswap much at all over the past month you cannot fail to have noticed the rapidly rising cost of Ethereum gas fees when doing trades. They have gone from 20 gwei to a ridiculous 300 at one point, making the dex a whale game w...
22 Aug 2020 2 minute read 1 comment Hippos4ever
*this article assumes you are up-to date on your crypto terminology acronyms, abbreviations and what-not* In this article I will try to educate people on what a true “DEX” is at least in terms of user privacy. Because I feel there maybe some bit of d...
22 Aug 2020 1 minute read 0 comments Crypto_Noob
Is it possible that a decentralized domain will develop a decentralized exchange? My first thought was if you will gonna add another Decentralized protocol on the top of another Decentralized protocol making or adding another layer of security but I...
