What is decentralized exchange ? How do they work ?

   2020-02-10       50        Business
Rating :
Decentralized exchanges (DEX) will use Atomic swapping method to perform instant trading.
DEX is completely user-based cryptocurrency exchange website, where user can control their funds and can proceed peer to peer exchanges directly from their wallet.

1. Here user don’t need to deposit their funds to the admin wallet.
2. No need to share wallet’s private key to admin or any other third party service provider.
3. Instant exchange of cryptocurrency possible here.
4. Zero KYC

How does it work?

Authentication process:
1. A decentralized exchange will generate a one time key for a user to log in, which will be active only for a certain period of time, after that the key will be truncated.
2. Will not ask any other details about the trader some exchanges will ask your KYC details when you proceed to exchange more than a certain limit.
3. No need to signup

Exchange process:

1. Decentralized exchanges (DEX) will use Atomic swapping method to perform instant trading. So that the trade value will never be lost during the trading and will result in an expected high-level profit.
2. Here exchanges will be done under the concept of plug- play. (i.e) one must have to connect or import their keystore/ cold wallet and can start proceeding exchange directly from the wallet.
3. No need to deposit funds in admin wallet.
4. Existing decentralized exchange website allows a user to perform Exchange between ETH tokens and other altcoins. Other cryptocurrency exchanges are under the beta development.

Get a live demo of decentralized exchange script from Bitdeal now !!

Author Signature :


Zaara Hary
Digital Marketer at Bitdeal


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