More Excitement in Q3 of 2018 as Bitfinex Is Working on A Decentralized Exchange Built on EOS
Just yesterday, Ethereum World News wrote about how the Tron (TRX) Community was excited on the possibility of TRXMarket launching a Decentralized Exchange for future tokens created on the Tron Network. The same TRXMarket is also running for election as a Super Representative further proving that it will be independent of Justin Sun and the Tron Foundation. This is as it should be; when we remember that the Tron project wants to decentralize the web.
When the article containing the above information was posted on Reddit, one Redditor was quick to point out that EOS and Bitfinex were collaborating to build a decentralized exchange. The exact words of Redditor NickT300 were as follows:
EOS is going to have 2-3 Pure Decentralized Exchange Platforms coming out this year. Bitfinex is coming out with one called EOSFinex. No more middle man, no more needing to upload your ID, photographic documentation. NOTHING.
In an announcement back in February, Bitfinex announced that it was working on building a high performance Decentralized Exchange on the EOS.IO platform. EOSfinex is meant to combine the scalability and speed of EOS with Bitfinex’s industry experience to deliver an “on chain” exchange designed to offer a fast, transparent and trustless platform for the trading of digital assets.
Bitfinex CEO, J.L Van Der Valde would go on to state that:
Block.one continues to display an unwavering dedication to improving blockchain scalability through the EOS.IO platform and it is our hope that this collaboration will allow significant advancement for all decentralised exchange
Further investigating the information, we find that the EOSfinex exchange is currently under development but you can submit your email to get updated on the progress. A screenshot of the website can be found below.
Centralized Exchanges need to Evolve or Perish
The continual news of Decentralized Exchanges being developed is a considerable threat to Centralized exchanges. More so since they have proven to be vulnerable to hacks as was the case with CoinCheck and Bithumb just to name a few. There is also the concept of anonymity that Centralized exchanges lack. Once decentralized exchanges are fully functional, we might see a mass exodus of traders from traditional exchanges, to these new platforms.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.