Decentralization Is Here: Kyber Networks Opens New Decentralized Exchange
Kyber Network's New Decentralized Exchange
An article from https://www.newsBTC.com on Mar 20, 2018 outlined some groundbreaking information on Kyber Network's new Decentralized Exchange that is now in Beta testing. One of the main issues in the cryptocurrency environment is the fact that most of the cryptocurrency trading- is now done on "centralized exchanges" where buyers and sellers of cryptos visit and exchange their Bitcoin, Ethereum, Litecoin & other cryptos.
Centralization leads to higher costs to the consumer, and in the case of Bitcoin- also leads to increased processing time to confirm transactions. Platforms like Coinbase and others, have raised fees to the users of their exchanges, and often under-delivered on their customer service. The promise of cryptocurrencies being traded between consumers seamlessly may lead to to this becoming a reality. Kyber Networks has just announced on March 19, 2018 at 3pm (GMT +8) they have opened their Decentralized Exchange for Beta testing & processing cryptocurrency trading to the entire public.
The highlights of Kyber's Decentralized Exchange are listed below:
- Fully Decentralized Exchange
- No client funds are held by Kyber Network (Not a Fiduciary)
- Now open to the Public; not just an ICO or whitelisted clients
- Any cryptocurrency can be traded on the Network
- Increases in both liquidity and security to enable efficient exchanges of crypto
- Claims to use a "Smart Contact Interface" for crypto wallets to transact new tokens, not held before
- Holds a reserve vault of currencies; enabling liquidity through 'reserve managers' facilitating crypto trades
Kyber Network's CEO Introduces New Decentralized Exchange
Kyber Network's Co-Founder & CEO Loi Luu remarked that "there is a need for more decentralization in the cryptocurrency trading markets" and noted the progress that Kyber is making in Decentralization will lead to further efficiencies in cryptocurrency trading in the future. Kyber Networks is pioneering their Decentralized Exchange, hoping to gain an early mover advantage.
This may be the next logical step in allowing, true Peer-to-Peer cryptocurrency exchanges. The article notes that there are still challenges ahead for Kyber's Decentralization project; stating, "the ultimate success will be determined by how many users it can garner when the complete system goes live." It is not known if Kyber Network's Decentralized Exchange will ultimately lead to seamless Peer-to-Peer crypto transactions, but it certainly is a step in the right direction towards that goal. Further testing and networking between crypto counter-parties is needed to provide a proof of concept (PoC) on the benefits of a Decentralized Exchange.
Article Source: https://www.newsbtc.com/2018/03/20/decentralized-exchange-kyber-network-announces-public-beta-launch/
All Pictures Source: https://Pixabay.com
Disclaimer: I am not a Registered Financial Adviser. Any information or trading information that may be listed above is for informational purposes only. This information should not be considered financial advice. Please contact your personal financial adviser who can answer financial or investment questions.
A decentralized exchange sounds good to me. Coinbase's fees are high. And I like the idea of eventually doing peer-to-peer exchanges.
Thanks for your quick reply. I hope Decentralization catches on - Coinbase fees and other sites really get you on the exchange from fiat to cryptos. Take care.
That cryptothing is still new to me, but it sounds like a good thing with decentralized exchange.
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And how can they give a percentage in upvote? I only have the option of clicking upvote or downvote (I think).
If you upvote a lot of folks, then your % will go down. But it doesn't stay down. It recharges in a few hours. I think the more SteemPower you recharge faster I think.
Oh, thanks! I had no idea. Thank you for explaining that bit.
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Thank you for the explanation.
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