ONEEXBIT: THE NEW FACE OF DECENTRALIZED EXCHANGES

aaaxpress (33)in #bitshares • 5 years ago (edited)

A Brief On Blockchain Technology, Decentralization and Cryptocurrency Exchanges

Decentralization remains a core aim of the blockchain technology in its quest to disrupt the present centralized ways of doing transactions among people. Decentralization brought about by the blockchain technology has opened up many transactions and activities to embrace non-negotiable transparency, trust and security in their various processes. Decentralization has ushered in some level of sanity in the financial sector because, with decentralization, depositors' funds are no longer entrusted in the care of the centralized financial institutions who provide financial services to their clients, rather the clients have a say and control over their hard earned finances. Since the blockchain technology stays at the forefront when the term decentralization is mentioned, it’s really a misnomer to identify any form of centralization in any application or event that uses the blockchain technology.

The presence of centralized processes in blockchain based services is experienced in cryptocurrency exchanges. Centralization of crypto exchange operations put customers' assets at great risk because clients of centralized exchanges usually transfer their assets to the wallet of the exchange they are using before they can trade their assets, hence the safety of their assets are left at the mercy of the crypto exchanges. However, the good news is that decentralized crypto exchanges are in town now; customers of these decentralized exchanges no longer transfer their assets to the wallet of the exchange rather they move it to the smart contract of that exchange and any transaction involving funds in blockchain smart contracts won’t execute if the conditions required for the contract or transaction to take effect are not met.
Nevertheless, decentralized exchanges still face serious issues such as low transaction processing, high transaction fees, unfriendly user interface etc.

INTRODUCING ONEEXBIT AND WHAT IT OFFERS

OneExBit is a crypto trading terminal which provides a window for crypto traders to trade on many exchanges almost simultaneously and on the same interface.
OneExBit is not only a trading terminal that supports trading on other exchanges, but it also goes beyond that to integrate its own crypto decentralized exchange on its app trading platform. OneExBit's decentralized exchange package further extends and enhances the capacities of current decentralized exchanges by providing solutions to the pressing challenges faced by the contemporary decentralized exchanges.

The decentralized exchange package of the OneExBit's trading terminal implements the blockchain's Bitshares protocol which is developed on top of the Graphene blockchain. The Graphene blockchain protocol is widely known to process 100 thousand transactions per second. Imagine the processing of a hundred thousand transactions per second by a blockchain network that powers a crypto exchange platform, it follows that transaction orders on that exchange will be executed instantaneously. With this, the OneExBit crypto decentralized exchange package is solving the delays in order execution as usually witnessed in most of the decentralized exchanges and centralized exchanges too.

The issue of commission fees in decentralized exchanges equally serves as a serious source of worry to crypto traders, some of the transaction or commission fees charged by these exchanges are usually on the high side. The low transaction fees of the Bitshares blockchain protocol is one of its features that makes it stand out prominently among its contemporaries. It, therefore, follows that transaction fees on OneExBit exchange package will equally be very low as well because it implements this Bitshares protocol on its exchange package.

CONCLUSION

ONEX coin: This is the digital value or rather the cryptocurrency created by the OneExBit platform for its clients to use to interact with the various functions and operations available on the OneExBit trading terminal.
Holders of the ONEX coin can partake in transaction validation on the platform's blockchain network by staking some of their coins in order to win the right to validate transactions.