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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.
3 Apr 2021 2 minute read 0 comments alquimista1501
What better way to measure crypto performance than through a tangible purchase in one of the most competitive fields currently in the market. And it is that the evolution of the performance of cryptocurrencies now seeks new spaces to be understood in...
2 Apr 2021 6 minute read 4 comments BitcoinGordon
This is not a paid gig, nor is it a referral 'thing'. Not that there's anything wrong with that :-) Gordon likes the inspiration behind DEX, but also recognizes there are benefits from CEX, at least in the short term. No clue what I'm talking about?...
2 Apr 2021 2 minute read 2 comments Heath Muchena
Decentralised exchange (DEX) is a way of exchanging cryptocurrencies or other blockchain-based assets without a centralised agency or intermediary. The key features of the open platforms that facilitate such exchange include censorship resistance, no...
30 Mar 2021 2 minute read 0 comments BitMedia Buzz
Singapore, March 30, 2021 - Leading decentralized exchange MDEX recently obtained a 94% security audit score on CertiK, a leading blockchain security firm. Its high score indicates it is amongst the safest leading DeFi (decentralized finance) project...
29 Mar 2021 1 minute read 0 comments Mina&kekko
It a pleasure for me to inform you that $ANDX spikes to 150% since it has been listed on PancakeSwap and JustSwap, click on the link buy-$ANDX to redirect on website and buy more. $ANDX is the must buy option now by seeing the big community , low su...
29 Mar 2021 2 minute read 0 comments Gato1
Do you why most cryptocurrency traders prefer to use a Decentralized Exchange (DEX) ?First Posted here https://link.medium.com/T2IIUs3CXeb It is because they are looking for a truly transparent and user-friendly trading platform. The Decentralized E...
28 Mar 2021 2 minute read 1 comment drubid
Ever since I did my first transaction on the Harmony blockchain, I've been in love. It's incredibly fast, and the fees are negligible--even cheaper than Binance Smart Chain (BSC). So, when the Harmony team tweeted about a new project, Viperswap, I wa...
27 Mar 2021 1 minute read 0 comments DaniBom
New update from the Stakenet ($XSN) hard-working team! The roadmap was updated, for the complete info check the medium post! The main takeaways I get is that the Connext integration reached 95%, allowing for the trade of ETH and ERC20's on L2 without...
27 Mar 2021 1 minute read 0 comments Cje95
After taking their very very sweet time Coinbase is finally starting to get it moving when it comes to listing new coins on their exchange. One of the many complaints against Coinbase was the issue of the number of cryptos you had access to. This not...
24 Mar 2021 6 minute read 14 comments ProngsDark
Before starting talking about the projects let me make it clear that this, not financial advice nor is it an endorsement of any of the projects I'm about to mention. While I've used all of them personally, I suggest you take the time and do your own...
