Bitfinex to build EOSfinex, The First Decentralized Exchange On The EOS.IO Platform
All crypto dealers will agree that a major disadvantage for the entire ecosystem is currently centralized exchange. Companies like Coinbase rake in billions of dollars through inflated fees and commissions on what should theoretically be a decentralized peer-to-peer network. Crypto Exchange Bitfinex plans to remedy this issue with a decentralized exchange of its own.
According to Coinmarketcap, Bitfinex's fifth largest exchange of almost $ 1 billion has been trading in the last 24 hours. In a statement yesterday, the company introduced the first high-performance decentralized exchange to be built on EOS.IO technology.
The company has said that its new product, EOSfinex, will combine EOS speed and scalability with its own industry-leading industry competence. The result will be an on-chain exchange that provides fast, transparent and trustworthy transfers of digital currencies.
EOS.IO, with the ability to handle thousands of transfers per. Second, was well suited to the goals of Bitfinex to continue pushing the boundaries of the platform with high volume.
EOS OVER ETHEREUM
EOS is a blockchain protocol that enables horizontal scaling of decentralized applications (dApps). This effectively allows developers to create high performance distributed applications that do not work in the same chain. Ethereum developers are working on a similar technology called sharding, which will ease the same when the update is rolled out.
I read this news 100 times already! what's the point of publishing the same thing?
@tradework
I do believe EOS is going to shake the apple cart a lot , I read some rumors that there was some serious players going to EOS but it is all hush hush for now . ETH might be in a bit of a spot when EOS launches . Awesome times ahead for us EOS believers ...
This is just one reason why EOS will be awesome and ‘the crypto’ come release day! Now to register to make sure I don’t lose my EOS tokens!
Yes, i just have to figure out how to register :)
Also once EOS gets going the existence of a native exchange (EOSfinex) will make those airdrops from Block.One to EOS holders much more valuable.
This project is going to be very helpful. You are right todays biggest problem is centralize exchange.EOS.IO and Bitfinex have partnered up to build the first decentralized exchange to be built on the EOS.IO technology. EOSfinex aims to combine the scalability and speed of EOS.IO with Bitfinex’s industry-leading expertise. The new project is said to deliver an “on-chain” exchange designed to offer a fast, transparent and trustless platform for the trading of digital assets. This partnership will be change the system of trading in cryptoworld.
It will be a massive improvement over centralised exchanges but there will still be counter party risk, it’s just that the counterparty won’t be a registered company.
Agree!
Wow, this is insightful, frankly speaking you just drew my attention to something, it never crossed my mind that Coinbase was centralized. I am sure Bitfinex will do a us a lot of good. Thank you for sharing Sir!
My pleasure!
thanks for sharing updates on this awesome project . we need decentralize exchange system with better alternatives, resteemed
Hopefully, the success of the EOSFinex combination will lead to the creation of more and better built decentralised exchange platforms. I'd also like to note how centralisation doesn't just defy the purpose of cryptos, but also puts all investors at risk of getting their keys/funds stolen by hackers (and we all know that they'll probably one or two big attempts per year). I'm really looking forward to EOSFinex, and as a EOS believer, I'm even more excited!
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I love this news. You provide new knowledge on me and other readers about crypto.
I wont be surprised to see many other centralized crypto exchanges jump on board eos blockchain.