Are decentralized exchanges useful?
the short answer is of course, yes, it is a great option to have a tool that we do not depend on trust a third party, but let's detail better why and how it works.
There are only two types of exchanges, those that have been hacked and those that will be hacked.
Since its inception Bitcoin and the blockchain in general has been attacked by many people who do not believe in decentralized technology, among other things because they do not understand the power of not depending on the financial system that manages the big banks and governments in which no rules are respected but the one that suits the owners of the system, causing among other things the devaluation of the fiat currency (no matter which one it is), However, after the use of cryptomonies has spread and its value has increased, one of the greatest uses of cryptomonies is speculative, in which the exchanges have been an important source of attraction for investors, since they have been able to exchange the value of these cryptomonies for fiat money, thus taking advantage of the high volatility that these currencies maintain from their creation to the present time, which has allowed a growth in the liquidity of the crypts, since they are not the people or traders who accept the use of these currencies, but also have an outlet for traditional money.
These exchanges have also been responsible for the greatest losses for investors in blockchain technologies as practically all of them have been hacked, some of them having to close down as in the case of MT. Gox in 2014 with a value of more than 744,000 Btc, with a current value of more than 4,400 million dollars, which caused its closure and from which they have not been able to recover their funds, other millionaire hacks have occurred to giants that are currently operating as bitfinex or coincheck. com/), this is an additional case of a particular exchange from which investors could not withdraw their funds because the CEO of the QuadrigaCX exchange died and no one else had access to the portfolios where the crypto currencies were kept, causing a loss of over $250 million, these are some of the reasons why not relying on the custody of your digital assets is important.
Decentralized technology allows you to avoid dependencies.
One of the most important points of the blockchain is its non-dependence on a trusted third party and as we saw in the previous point it can be very risky, In addition this depends on you going through a KYC process (or giving your data to this third party) which is also object of wrong use or hacking but with blockchain if you keep your money in a non custodial wallet in which you have your funds stored under your private keys you have no risk of losing it and being able to use it anytime you want but this ends the moment you send your funds to a decentralized exchange but this can be avoided using a decentralized exchange.
there are already many chains that have a decentralized exchange but let's focus on the operation of one that is not specific to a single blockchain but offers a much greater range of benefits, we are talking about newdex.
Newdex the decentralized multi-platform exchange and the number one in EOS.
The benefits of this decentralized platform include:
Trading and settlement in the own chain: all the transactions management is directly in the blockchain so it is safe and transparent, through the deployment on the intelligent contract and all the transaction data makes its registration in the blockchain which makes it open and transparent, tamper-proof and verifiable in real time
Reliable and highly secure: Newdex allows self-management of digital assets, your funds do not have to be deposited in the exchange account, this exchange house does not have access to the private key, avoiding the risks of misappropriation of assets and capital flight
Convenient trade, various activities:
There are many possibilities within the platform that you should know as they are many and we will be detailing them in future deliveries but among them we can mention
- Earnings per Stake of $ndx Newdex Tokens.
- Earnings per Stake of EOS with Newpool
- Possibility to trade with Stable Coins (USDs)
- Possibility to migrate tokens within USDT between EOS, ETH and TRON blockchains.
- Possibility to trade BTC/USDT and ETH/USDT
- Many more and diverse activities to enrich the life of the users.
How to log in with my wallet
From your personal computer you go to newdex and select Sign in where it shows you many of the options you have to enter.
As first option we are going to use the wallet of paytomat, for that, in our phone we go to the wallet and in the upper part we select the option to scan QR code and we scan the code to validate the entry.
Another option we have From the phone we can enter directly with another wallet that incorporates the dapps or decentralized applications, in this case the wallet of token pocket.
More options
At the bottom of our wallet there is an option that says discover, there we have a whole range of applications that we can use within it we have newdex.
)If we have already configured our EOS wallet, it will ask for confirmation and we are ready to trade.
