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Adapting to the Censorship of CryptoNote


Recently the privacy based CryptoNote community has been pushed into a new transitionary period, brought on by the censorship of CryptoNote based coin technologies.  This censorship has resulted in several centralized exchanges (CEX systems) to delist all CryptoNote based coins.  The censorship of CryptoNote is driven by several factors which include regulatory agencies that don’t like CryptoNote, and banks that fear the competition that CryptoNote represents.  This can come in the form of threats by regulatory agencies about compliance standards and licensing, as well as threats by banks regarding access to the VISA or Mastercard networks, and access to bank loans.  As a result of this pressure, several CEX’s have responded by simply banning all CryptoNote based technology from their trading platforms.

However, DEX (Decentralized Exchange) systems are currently immune to this sort of pressure, as DEX systems run within a system of distributed master-nodes, and the user interface only runs within each individual client web-browser.  This provides DEX based trading platforms with a lot of advantages that are attractive to CryptoNote based coin projects.  CryptoNote projects can invest in DEX based integration projects, and then no longer worry about delisting.  Also, DEX based systems offer an advantage for traders as well, as with DEX systems your coins are held within your own wallet during DEX based swaps, so you don’t need to leave your coins on deposit in a CEX which can lead to theft either by hackers, or even by the CEX itself.

At Fedoragold.com (FED) we have initiated a DEX focused integration program to address these issues.  In a previous post we discussed the integration of Fedoragold with the Polygon network using the RebalanceToken.io system and the Plasma Token standard of Polygon.  (https://www.publish0x.com/the-future-is-fungible/bridging-cryptonote-to-polygon-xrgnvgw).  Using that technology FED was able to list our tokens on the Quickswap DEX.

In this posting we will describe how FED was able to integrate our ERC20 based Ethereum token named BFED (see Resources link below) by using the excellent Cratex.io exchange platform (https://cratex.io/index.php?pair=FED/BFED).  As a result, FED was able to list that token (BFED) on Uniswap and Honeyswap.  Cratex.io operates a great exchange, that lists many trading pairs for FED.  That includes the trading pair of FED-BFED which allows holders to exchange native CryptoNote Fedoragold coins for BFED ERC20 tokens in a 1-to-1 trade.  Only a small fee is applied to each swap, and Fedoragold holders can swap both FED for BFED at will 1-to-1, and they can swap BFED back into native CryptoNote FED coins as well.  This allows users to benefit from the privacy afforded to Fedoragold holders, while transforming those FED coins into BFED tokens which support the popular ERC20 trading format used by many DEX based systems.

This also allows users of DEX based systems, which normally record all trading transactions on a public blockchain, to then move that value back into CryptoNote where their trade winnings are then held privately.

Thanks to the expert developers at Cratex.io Fedoragold (FED) now enjoys advanced trading technology allowing a completely automated, hands-free and auditable BFED swapping environment at https://cratex.io/index.php?pair=FED/BFED.

 

 

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Joja Poppa
Joja Poppa

Joja Poppa is a very experienced CryptoNote blockchain developer, and contributor to the Fedoragold.com project. Joja writes about CryptoNote related topics, Privacy, Fungibility, and Security.


The Future Is Fungible (FedoraGold.com)
The Future Is Fungible (FedoraGold.com)

The future of the entire crypto industry hinges on the concepts of privacy, security and fungibility. What does it mean for a crypto to be both private, secure and fungible, and what sort of assets will lead us into that fungible future? Read about it all here on the Official Fedoragold.com Blog.

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