IDEX - Future of Decentralized Exchanges
Have you ever got hacked, not yet then you are so lucky if yes then it is time to educate yourself. I know there are lots of users who hold cryptocurrency and they keep them of centralized exchanges. Imagine a scenario where that centralized exchange got hacked. The crypto world has encountered numerous hacks in previous years , tens of billion dollars was lost to hackers in earlier years Exchanges Cryptopia, Poloniex ,Bitfinex, became victim of hack and lost billions of dollars in the form of cryptocurrency. These hacks were taken place because these are all centralized exchanges.
EDIT: World No. One centralized cryptocurrency exchange Binance also got hacked :( :(
Centralized exchanges are trading platforms where a crypto trader can buy or sell their cryptocrruancy. These trades are possessed and worked by an organization that have control on over all transactions. Clients don't have access on their private keys of their trade record's wallets.
After These major hacks Decentralized exchanges are born. Decentralize Exchanges (DEX) does not hold customers’ funds, positions, or information, and only serves as a matching and routing layer for trade orders. There are so many DEX like bitshares, waves, etherdelta but today Im going to talk about IDAX.
What is IDEX?
IDEX is a Decentralized Cryptocurrency Exchange built on top of the Ethereum blockchain where we can tread our cryptocurrency direct from our wallets. IDEX uses smart contract to execute transactions on the ethereum blockchain. IDEX acts as an intermediary that communicates transactions upon users command. IDEX does not hold customers’ funds, positions, or information, and only serves as a matching and routing layer for trade orders.
How Does It Works?
IDEX works on Ethereum blockchain through smart contract where you can manage all your funds using your wallet private key. Nobody can access your funds once they are stored in smart contract because all trades must be authorized by the user’s private keys. As this is an Ethereum based DEX so you can trade only ERC20 Token their. You may miss BITCOIN their.
How To Get Started?
Use of this DEX is very easy you just have to follow some steps which are given below to start treading on there platform.
Step - 1
Go to https://idex.market.
You will see a welcome message which gives you some basic information. Go through the message and note down some important information before starting.
Step - 2
Click on explore button and view the interface of IDEX Exchange. To continue it is necessary to have ethereum bassed wallet where you must hold ERC20 tokens. You can either unlock your wallet or create a new wallet.
Creating a New Wallet:
- Click on New wallet and enter your password. (Caution: It is necessary to backup your password because nobody can recover your wallet file or password if it is lost.)
- Once you have set your password and created the wallet you are able to download your wallet keystore file. Make sure to have backups of this file or you risk losing your funds.
- Now it is time to save your wallet private key Click on “Got it, Get my Private Key” to go to the page with your private key. Save this key somewhere safe and click “Return to Exchange.”
Unlocking Your Wallet:
Unlocking of your Ethereum based wallet is very easy on IDEX there are two method to do so either you can open using Keystore file or you can use your private key to unlock.
Unlocking Using Keystore File:
- Click on Unlock wallet on upper right corner.
- Select Keystore file when you have done and input your password to unlock your wallet.
Unlocking Using Private Key:
- Click on Unlock wallet on upper right corner.
- If you selected input your private key you must paste in your private key and click “Unlock.”
Step - 3
Now you are all done you are signed in to IDEX and can now deposit token. Once you have deposited you can start trading
Why you have to use IDEX (My Views)
The great thing is that IDEX is a Decentralize Cryptocurrency Exchange Which gives us a space where we can tread using our wallets. We can trade here over 300 ERC20 Tokens without any hacking fear. Here I'm mentioning some great feature of IDEX Why we have to use their services.
- The DEX have very simple user interface and easy to use.
- We can trade over 300 ERC20 token on IDEX.
- There are no Deposit and withdrawal fee.
- Decentralization makes it more secure and we have own control on our funds.
- Support the use of hardware wallets like ledger and nano.
- Have good customer support they are solving customers issue in lightning fast speed which makes i more reliable
Ranking of IDEX at State of the DApp
In the Exchanges Category, it ranks #1 on the State of the DApps platform.
Star Rating & Conclusion:
I will give 4.7 Star Rating to this project.
Image source : Screenshots are taken from IDEX official website.
Thanks for stopping by
Follow me @ajks