OmiseGo DEX Progress And Why It’s Necessary For The Network - OmiseGo (OMG) News. Monday, October 1
OmiseGo DEX Progress And Why It’s Necessary For The Network
The OmiseGo project is ever getting closer to launching their decentralized exchange (DEX). The announcement to create the decentralized exchange came back In July and since then, the development team has been keeping users updated on its progress. The concept of decentralized exchanges has become popular in recent months. Different platforms are in the works of creating them and there is a strong reason to believe they’ll soon be a better choice for users.
So, why has there been so much hype around decentralized exchanges?
Well, in a recent post by OmiseGo, the project showed some of the merits of a decentralized exchange and in particular, the one they have scheduled for release.
The main aspects that OmiseGo DEX wants to focus on can be divided into few categories.
Unlike in centralized exchanges which hold custody of user’s funds, decentralized exchanges allow users to remain with the funds. In OmiseGo’s case, even when the funds are on the DEX, they are still secured either by the operator or by the child chain consensus. This will significantly reduce the risk of theft and hack for the exchange.
OmiseGo is putting emphasis on transparency on their DEX when it comes to both market information and user behavior. The exchange will ensure a healthy relationship between itself, its users and across users. Even where transparency will not be desirable to users, the exchange will enforce correct behavior.
The project says that it will initially offer support for off-chain continuous markets to ensure a highly liquid market for the OMG Network, and to reduce potential latency. Support for continuous markets will additionally ensure a seamless and flexible user experience.
Additional features include:
Trust — Users will not have to trust a single party to remain honest, there are a set of security layers that will ensure all parties are honest and all parties have the power to block misbehavior during transactions.
Uncensorable — Anyone on the platform will have a right to exchange any digital assets on the exchange. No individual or party will have the right to stop or block another user from accessing services.
Follow TokenTops on Twitter to stay notified about new articles, cryptocurrency news, ICO announcements and price predictions and analysis.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither tokentops.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from tokentops.com. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
Mobius2D Lottery dApp is Gaining Interest - dApp News
Bitpanda Announces Full Support For IOTA Wallet And Hub - IOTA News
IOTA Goes PayPal With The New Feature - IOTA News
Ethereum Co-Founder Invests In DrumG - A Startup Of Competitors
Could We See ICON Hit $12.0 Again This Year? - The Team Welcomes New Members - ICON News
Block.one CEO Sends A Heartening Message About EOS - EOS News
You need to login to create comments.