Birb ecosystem
People have had to live with the shortcomings of the traditional finance system for many years. The centralization of this system has even made things worse because users do no longer have access to financial services. Users have also ended up leaving their data and funds in the hands of bank administrators and paying high transaction fees. They are also open to hackers that hack the central server of the centralized financial systems, and get away with users' funds. This is the reason a decentralized approach to centralized operations was introduced; to take care of all that the centralized finance system lacked.
The blockchain technology gives decentralized finance systems the right to allow users have control over their asset by allowing them to easily transact with it on the network. Data is not stored in a central server like in the centralized systems, instead, it is stored across nodes on the blockchain. This makes it harder for hackers to hack the server of the decentralized finance systems. An example of the decentralized finance system is the decentralized exchange, and it was also created for the same reason the decentralized finance system was created. The decentralized exchanges were built to tackle the problems that can be found in centralized exchanges and their compatible wallets.
Decentralized exchanges
This DeFi application helps to keep decentralization alive, and provide more ways that users can earn with their cryptocurrencies. It also keeps the traditional worth of blockchain by integrating it on their exchange platform. The introduction of decentralized exchanges also introduced products like yield farming and voting authorities.
Keeping other reasons aside, the decentralized exchange was created mainly as an alternative to cryptocurrency trading. Decentralized exchanges were created to take care of the shortcomings of centralized exchanges by operating as a cryptocurrency trading platform that is backed up by blockchain technology. The users on the platform can make use of the exchange's token to carry out transactions on the network. Decentralized exchanges provides a solution for centralized exchanges by making available an exchange that is free from any sort of failure. This type of exchange allows the transfer of assets to the rightful owners, data privacy, etc. Also, in decentralized exchanges, the users are in possession of their private keys, unlike in centralized exchanges where they hand it over to the platform's operators. Traders communicate with the exchange from their wallet, and still have the rights to their digital assets. With all the benefits that decentralized exchanges seem to offer, there are also some downsides to them. One of them is liquidity limitations. But, the Birb platform changes it all by leveraging the AMM liquidity protocol. This means that traders can trade against a liquidity pool that contains users' funds.
Conclusion: Decentralized exchanges have a lot to offer the traders of their platform, giving them right to most things that centralized exchanges would not think to give them. Such decentralized exchanges like Birbswap have their community in mind, and projects trust and transparency on their platform since it is all about decentralization.
For more information on Visit :
Twitter : https://twitter.com/BirbDefi
Telegram : https://t.me/birbdefi
Medium :
https://medium.com/birb
Instagram : https://www.instagram.com/birbdefi/
Youtube : https://www.youtube.com/channel/UCofh6d6QSBGdKX9KPZh75SA
Github : https://github.com/birbdev
AUTHORS INFORMATION :
Bitcointalk Username : Pona
Bitcointalk profile link : https://bitcointalk.org/index.php?action=profile;u=2844964
Bep-20 Wallet Address: 0x8719b726Ee2977D46d57A413ac1eDC7A80233124