Decentralized Exchange - OPENBIT

Hello. This is the next-generation decentralized exchange OPENBIT.

Today, we will look at the problems of the current exchange and look at the characteristics of the next-generation DEX OPENBIT, which is being developed to overcome these problems.
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​Problems with the current exchange
In the case of centralized exchanges such as Upbit, Bithumb, and Coinone that we are familiar with, you must verify your identity and get the bank account information linked to proceed with the transaction.
These exchanges make money through commissions as the intermediary, keeping the records of coin traders on the server.

Since these systems process transactions on the exchange server, which are under the subject of hacking attacks, and it is easy to come across cases where hackers break through the server

​There are problems in which investors suffer the considerable damage. The problems include hacking, exchange server down, and the cases in which exchange officials obtained unfair profits by manipulating the transaction DB.

Examples of current exchange problems
Most of the central exchanges in Korea make huge profits through commissions, but they neglect to protect investors.
There have been problems that several altcoins, which are highly likely to be delisted, are listed and traded, so they can collect huge listing fees, and also making profits from cryptocurrency investors.
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The need for a DEX
The more you experience these things, the more you realize the need for DEX.
DEX frees users from a variety of issues, such as hacking and server manipulation, because all assets are kept by each individual while the exchange enables the person-to-person transactions.
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Next-generation DEX OPENBIT

OPENBIT thinks the fact that most exchanges demanded transaction fees and listing fees from users and foundations is going against to the original blockchain philosophy.
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OPENBIT is the next-generation DEX project in progress to overcome these problems. By providing a platform where anyone can transact transparently without the burden of fees, we want to solve the harmful problems of the current cryptocurrency market together with users.

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We would like to talk about the characteristics of the next-generation DEX OPENBIT, which is operated based on this philosophy.
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No Listing Fee -

We do not ask for a listing fee for coin listing on the exchange.
We are constantly striving to provide the best quality of service and secure transactions by carefully selecting and introducing good projects to users.

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No Transaction Fee -

In OPENBIT, all trades are made through a peer-to-peer (P2P) transaction.
OPENBIT operates without fees in order to reduce the burden of transaction fees for users and ensure investment autonomy.

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No Daily Volume Allocation -
OPENBIT does not require the requirement condition of daily trading volume from the foundation to maintain listing.
Foundations do not need to carry the burden of maintaining the listing, and the users can lessen the anxiety about delisting.

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No Own Coin Issuance -
Recently, there was an incident where the price of a cryptocurrency with the theme of the Netflix original drama 'Squid Game' fell to '0 dollars'.
This is the 'rug pull' incident, in which cryptocurrency developers exchange all their coins for cash, depreciating the value.
In-house coin issuance in the absence of clear legal guidelines and regulations has a number of concerns. OPENBIT does not issue its own coin that can cause various types of corruption such as rug pool
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No Membership -
OPENBIT uses individual external wallet such as MetaMask in make transactions if the conditions between users are met, so membership registration is not required.

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No Price Manipulation -
All transaction details (transactions) are recorded on the block chain, making it impossible to manipulate the market price on the exchange side.

​In addition, the history recorded in the block chain can be checked through each network inquiry site supported by third party other than the exchange platform itself.
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We hope that you will enjoy OPENBIT, the next-generation DEX platform that anyone can trade transparently and safely.