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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.
25 Oct 2020 1 minute read 1 comment CryptoGem
As we can read here Okex.com, one of the top CEX (Centralized EXchange), "temporarily" suspended withdrawals from Oct. 16. After 10 days no precise information was released by the company, that accounted the suspension to one of their private key h...
22 Oct 2020 1 minute read 0 comments NULS
Introduction: NVT_OPTION_05 is a NVT option certificate issued by Nerve Foundation. The Nerve Foundation pledged 1,000,000NVT as an underlying option subject to issue a total of 1,000,000 NVT_OPTION_05 options. Name：NVT_05. And the pledge address is...
21 Oct 2020 1 minute read 0 comments Simplify Crypto
On September 26, the Asian exchange KuCoin suffered what is considered the third biggest hack since the creation of Bitcoin involving cryptocurrency exchanges. The criminal exploited security vulnerabilities and had access to private keys, stealing a...
20 Oct 2020 4 minute read 1 comment 0fajarpurnama0
Disclaimer This article can be highly inacurate because this is only my understanding and my imagination based on: DEXG's Publish0x blog post DEXG's website DEXToken Protocol Whitepaper Flowchain's Tokenized Hardware: The New Crypto Innovation Volat...
20 Oct 2020 8 minute read 23 comments PVM
Making history since... 2018 The DEXtoken protocol is the newest player on the DeFi ecosystem. It was developed and launched by the Flowchain Foundation, a reputed block-chain infrastructure-level technology developer based in Taiwan. The company was...
19 Oct 2020 4 minute read 4 comments MintDice.com
In April 2018, a Senate congressional committee grilled Facebook founder Mark Zuckerberg over privacy concerns on his platform. One of the questions that caught the attention of many came from Senator Brian Schatz. He asked whether the company’s syst...
18 Oct 2020 1 minute read 0 comments Yearn Finance One
The YFIONE decentralized team is happy to announce the YFiONE Whitepaper 😊 The YFIONE whitepaper contains our vision to a sustainable #defi platform with valuable products built by the YFIONE team to facilitate a better ecosystem, and with all what...
18 Oct 2020 2 minute read 2 comments SolarEclipse
Since my last post about this very exciting project, some goals on the roadmap have been implemented. This time Devs have not only worked on the Lightning-DEX, but also on the backend within the core wallet. Core Wallet The Dev-Team has released a ne...
16 Oct 2020 3 minute read 2 comments Exponential Crypto
Picture for a moment a warm summer evening, with clear skies, a nice breeze, and a small amount of ETH in a crypto wallet. This is where my UNI story begins. My First Transaction Sometime in July I experimented with some of my tokens I received fro...
16 Oct 2020 4 minute read 4 comments ScreenTag
Whether you invest, trade, or simply hold some crypto-assets, you are being used in a game, where the many are going to make fortunes for a few. The motive is as always the easy and quick profit, by making you believe that you can be smarter than tho...
