Decentralized Crypto Exchange Platform
The stream of centralized exchange platforms introduced both major crypto awareness as well as significant security challenges.
We all remember too well the wave of crypto exchange hacks that shook the Blockchain community and showed that safekeeping of any assets, crypto included, is a responsible and challenging task. One too many exchanges went down due to an external or internal hack, with attackers making it off with a significant portion of exchange funds.
What is Decentralized Exchange (DEX)?
A decentralized exchange (DEX) is an online peer-to-peer (P2P) cryptocurrency exchange service which operates without central authority responsible for the asset storage and swapping. This service allows quick and easy cryptocurrency transactions between two interested parties without unnecessary movement of crypto funds with attached fees and complete anonymity.
The benefits of decentralized exchange of cryptocurrencies are numerous -
- Security: Users don't have to deposit their funds to the crypto exchange wallets, removing the risks of theft, and attached network fees.
- No price manipulation: It is impossible to manipulate crypto asset prices since supply is always tied to the demand and backed by the pair of cryptocurrencies.
- No fake volumes: It is impossible to counterfeit trading volumes with wash trading since all transaction information is on the public ledger. Besides, there is simply no central authority that would be interested in faking the trading volumes.
- Independence from regulations: Since it's a peer-to-peer service, there is no need for identity checks (KYC), and any local authorities do not bound the decentralized exchange. The consent and responsibility to commence trading between two individuals are theirs alone.
- Accessibility for new crypto assets: Sometimes, it takes ages and enormous fees for a typical cryptocurrency exchange to list a new crypto trading pair. The decentralized exchange is an open market, making it possible to trade existing cryptocurrencies or adding new crypto assets on the fly directly in the platform.
What is OpenDEX?
Open-Source Decentralized Crypto Exchange (OpenDEX) is an inventive solution to deploy a cost-effective Uniswap-based cloud software-as-a-service (SaaS) in record time.
The decentralized exchange platform developed by Openware is flexible, fast, and scales well. You can host it anywhere from your private cloud to any popular cloud service like Digital Ocean, Google Cloud Platform, Amazon AWS, and Microsoft Azure.
What can I do with OpenDEX?
You can create an innovative online marketplace for exchanging and issuing any digital crypto assets in a decentralized manner without having to spend dozens of thousands on development, asset security, and staff.
- Send and receive any existing cryptocurrencies.
- Issue and manage new tokens to digitalize assets - create, mint/burn, and freeze/unfreeze.
- Create trading pairs between different tokens.
- Send orders to buy and sell crypto assets through created trading pairs.
- Watch the market charts to monitor prices and market activity for other market pairs, powered by TradingView, or any other trading chart API.
- Explore the transaction history and blocks on the chain via different interfaces.
- Run a full node to listen and broadcast chain transactions, blocks, and consensus.
- Develop more tools and libraries to improve and enhance OpenDEX.
Let's get your DEX project started!
Want to see if OpenDEX is the right engine to power up your decentralized marketplace?
Talk to technical sales for more platform architecture details and a free decentralized cryptocurrency exchange demo.
You can also have a more detailed read through Openware Blockchain development SDK resources on DEX platform architecture, global possibilities of Ethereum applications, Uniswap, and Sushiswap decentralized protocols.