All crypto dealers will agree that a major disadvantage for the entire ecosystem is currently centralized exchange. Companies like Coinbase rake in billions of dollars through inflated fees and commissions on what should theoretically be a decentralized peer-to-peer network. Crypto Exchange Bitfinex plans to remedy this issue with a decentralized exchange of its own.
According to Coinmarketcap, Bitfinex's fifth largest exchange of almost $ 1 billion has been trading in the last 24 hours. In a statement yesterday, the company introduced the first high-performance decentralized exchange to be built on EOS.IO technology.
The company has said that its new product, EOSfinex, will combine EOS speed and scalability with its own industry-leading industry competence. The result will be an on-chain exchange that provides fast, transparent and trustworthy transfers of digital currencies.
EOS.IO, with the ability to handle thousands of transfers per. Second, was well suited to the goals of Bitfinex to continue pushing the boundaries of the platform with high volume.
EOS OVER ETHEREUM
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications (dApps). This effectively allows developers to create high performance distributed applications that do not work in the same chain. Ethereum developers are working on a similar technology called sharding, which will ease the same when the update is rolled out.