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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.
16 Oct 2020 4 minute read 0 comments BitMedia Buzz
Tasked to write on the security issues of the KuCoin exchange hack, I found instances of oversight. Thanks to members of our crypto community (especially Hacken!) who provided valuable insight into this matter, I was able to suss out what could have...
15 Oct 2020 8 minute read 1 comment Bochinchero
I initially set out to do a single post that was essentially a combination of shower thoughts in long form for the Forward Thinking Friday threads on the Decred Reddit. Unfortunately, it got a bit out of hand and I’ve decided to split it into multipl...
15 Oct 2020 7 minute read 0 comments MuyAsk
Hey guys :) I’m back with another comprehensive Q&A piece, this time for the up and coming decentralized exchange (DEX) for the decentralized finance (DeFi) sphere – Serum (SRM). Serum is a DEX created from the same team that brought us the popular c...
14 Oct 2020 6 minute read 6 comments Oenomel
Ever since the birth of the miracle of man, his creations have often amazed the world. The twentieth-century Internet has played a vital role in uniting the world to a certain extent, a repository of much cultural diversity. Bitcoin, the first crypto...
12 Oct 2020 1 minute read 0 comments Dapp.com
If you are a crypto enthusiast, you won’t be strange to Sam Bankman Fried, the CEO of the crypto derivatives exchange FTX. He is also the man who has saved SushiSwap from the storm last month. As a well-known figure in the Blockchain industry, he...
12 Oct 2020 5 minute read 15 comments Cryptonator`s
The Decentralized Finance space is developing extremely fast. We are seeing many different DeFi projects, that are disrupting traditional financial products right now. This makes DeFi such a hot topic. Not all of these DeFi projects are the same, som...
11 Oct 2020 1 minute read 1 comment cryptouf
Matcha is a DEX developed by the 0x protocol. It uses API 0x and 0x Mesh to take advantage of aggregated liquidity and price information from Kyber, Uniswap, Oasis, and other protocols. Matcha is a DEX, or rather an aggregator of DEX. It's a terrib...
11 Oct 2020 1 minute read 2 comments Mozzie
Be a part of whisky history by becoming a member of this ambitious whisky start-up. Faer Isles Distillery may be the first whisky distillery on earth to allow crypto currencies as a means of funding. The Faer Isles Distillery is set to open a 23,00...
9 Oct 2020 5 minute read 1 comment DEXToken Protocol
Tiếng Việt | 繁體中文 With the first ‘IGNITION’ round we saw over 80% of the tokens staked and 6,500 DEXG were distributed to the holders. This was more than we initially anticipated and a huge step towards decentralisation of the DEXToken Protocol....
8 Oct 2020 1 minute read 0 comments KHubbard
John McAfee has been arrested in Spain and extradited on tax evasion charges. The good news is his computer systems were found to be free of viruses and malware. In other news, Hester Pierce of the Securities and Exchange Commission is pushing for...
