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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.
1 Apr 2020 7 minute read 1 comment Loopring
During March — the first month following the launch of Loopring Exchange — we have made many optimizations on the frontend and backend of the DEX. At the same time, we have also made incredible progress in protocol upgrades, prover, and the Loopring...
31 Mar 2020 8 minute read 6 comments list3r
Hey guys :) Today I present to you a comprehensive list of partnerships and collaborations for, what I believe to be, one of the most revolutionary projects in crypto – Loopring (LRC). In this piece, I provide a brief overview of Loorping’s partnersh...
29 Mar 2020 3 minute read 3 comments Jaemoney
I think Uniswap might be a the best Dapp I’ve seen to date. Mainly because you can easily swap an ERC20 token with any other ERC20 Token. In this post, I’m going to show you how to swap ETH for 1UP. There are many reasons to do this; maybe you want t...
26 Mar 2020 4 minute read 14 comments ankarlie
Have you ever wondered why with all the risks and problems associated with using centralized exchanges (CEX) a lot of people are still using them? If you look at the many cryptocurrency data aggregation sites it is almost a guarantee that CEXs will a...
24 Mar 2020 10 minute read 0 comments ChangellyOfficial
Although cryptocurrencies are not controlled by any government or bank, the same cannot be said about crypto-related financial operations. Whether we like it or not, the number of countries introducing taxes on crypto profit is growing, so our expens...
23 Mar 2020 4 minute read 0 comments NULS
Dear NULS community, I am Nerve, a decentralized digital asset service network. I am about to become the most important member of the NULS ecosystem. NULS is one of the best underlying technologies in the global NULS is one of the best underlying...
20 Mar 2020 2 minute read 0 comments ScreenTag
So, you have got your contract straight, you have followed all the legal stuff to run an ICO that won't get you in trouble, and you are ready to launch. Hold your horses big guy! You are almost ready. You are missing one thing: the listing to a token...
18 Mar 2020 2 minute read 7 comments Ed-california
So in this time of panic in the crypto space, I’ve turned my attention to finding something or the other to keep me going and distract me from all the red in the market. It didn’t take me long to find something. The Loopring team announced that they...
15 Mar 2020 2 minute read 0 comments Franklinlee
With the rising adoption of Cryptocurrencies, there was a need for places to either buy these Cryptocurrencies or exchange them for physical Fiat. That's where Crypto exchanges come into the picture. An exchange is a market place for cryptocurrenci...
14 Mar 2020 6 minute read 4 comments ankarlie
Image Source Due to the many risks associated with using centralized cryptocurrency exchanges (CEX) one would wonder what steps have been done by CEX operators to mitigate them. Truth be told many CEX operators have been seeking ways to ensure t...
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