Recently, we have realised the lots of disadvantages of the Centralised Exchanges of cryptocurrencies. This includes-
- Risk of Hacks
- Risk of Fraud
- No Control on Withdrawal/Deposit Fees
How Decentralised Exchanges solve these problems-
- Users can see the source code of decentralised exchanges. Since they are open source, people can find any vulnerability and suggest fixes.
- Since everything is coded onto a Smart Contract and it is open source , there are very low to no chances of fraud.
- Since Decentralised exchanges are coded on smart contract they have fixed withdrawal and deposit fees.
So, let me introduce you to openANX now. It is a non- profit organisation that will take advantage of the decentralised to improve the current Centralised Exchange Model (CEM) by creating a link between those exchanges.
Major Features of openANX-
- Linking Exchanges- Exchanges offer a certain variety of coins. Some offer only Ethereum based coins, some offer fiat gateways and some offer cross blockchain exchanges.
- Integrated Order Books- For increasing the liquidity, all the order books of various exchanges would be merged into a single book.
- Transparency- Since it is based on Open source Ethereum Blockchain , it is very transparent.
- Dispute Resolution- For dispute resolution, they will have a third party which will solve disputes in unpartial manner.
In future, there are a good chances that OpenANX would be a mainstream exchange. If you want to be a part in building of this exchange, join the ICN today.
Invest in openANX here- https://www.openanx.org/