Cryptocurrency exchange, Bitfinex just partnered with blockchain platform to launch a new on-chain decentralized exchange.
Beta Version is EOSfinex
In fact, the new service will allow users to exchange their crypto against other currencies in a peer to peer transaction. In addition, the network will be decentralized, which will guarantee better transparency.
EOSfinex hopes to build a highly scalable network for trustless peer-to-peer transactions.
“The exchange contract is flexible and allows for the trading of any token created by a specific trusted contract. Furthermore, adding a new pair is trivial and can be done by anyone after the trusted contract issues a new tradable token,” they noted.
What Bitfinex Will Initially List
The Bitfinex powered EOSfinex will initially list EOS/USD, BTC/USD and ETH/USD trading pairs. The platform will also support the market orders, limit orders, immediate-or-cancel orders, and post-only orders, says AMB Crypto.
The Race is on for Full Decentralization
By creating a transparent and auditable exchange model, such a platform allows for greater trust building. That’s because it’ll help others monitor and verify the transactions on the exchange.
As Binance CEO Changpeng Zhao told CNBC, ““I trust that decentralized exchanges are the future. I don’t know when that future will come — I imagine that we are at a beginning period for that, so I don’t know whether it will be a year, two years, three years or five years, however, we must be prepared for it.”
John McAfee also noted, “Appropriated exchanges are practically around the bend… It implies that once we never again have centralized exchanges, and they will all disappear in the long run — inside five years they will be gone — nothing can close us down. It is the outright end of the war. Governments can’t close us down, monetary foundations, banks, nothing,” as quoted by Coin Ounce.
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