I’ve just entered the World Series of Crypto Trading
and I suggest that you enter it too.
The World Series of Crypto Trading (WSOC) takes place on the Waves platform. I love platform coins, but as much as I want to, I can’t hold them all. WAVES is a cryptocurrency which has so far (unfortunately) escaped being added to my portfolio. In hindsight I should have bought WAVES long ago, instead of several other unsuccessful coins which I did buy.
One of the nicest things about Waves is that it has its own DEX, and that is where the WSOC trading will
I am only familiar with a one-pager summary of a project, a book or an article.
How unbelievable it is that an operation as sophisticated and complex as trading cryptocurrency can be initiated and executed right on just a single page – Revolutionary, I call it!
The exchange procedure we are most familiar with look something like this.
The process above may have been summarized in simple five steps, performing it in practice is not an experience to smile about.
In fact, this contributes to one of the reasons why cryptocurrency adoption is growing at a snail-pace rate.
Imagine a new user who heard about Bitcoin from the buzz on the street, decided to have a little holding of this so-called magic internet money was presented with the above mountain process of acquittance to climb.
The individual might just stop his adventure right at the KYC stage (something which is now becoming a mandate no matter the trade size on exchanges) or if he is lucky enough to sign up with established exchange who still provide a small window for users to transact under limited access without KYC confirmation, order placement complexes might just discourage him all at once (we are talking of a newbie after all).
Problems with multifarious exchange who mostly are built with centralized design extend beyond the user experience sample mentioned above. There are other reasons why their use offers many disadvantages.
Reasons such as:
• Insecurity of funds.
• Low liquidity (with the majority)
• Issue with theft and hacks
These sets of problems cannot be tolerated in the long run if we really want to establish the decentralized mission of cryptocurrency.
Therefore, there is a need for urgent but lasting solutions.
Like the opening part of this post mentioned. There is a simple exchange with good capabilities to handle single or multiple exchanges between a wide range of cryptocurrencies right on a single page.
I am talking of the innovative OnePageX.
Onepagex is a multifaceted simple exchange with the ability to host and executive trades between cryptocurrencies right on a single page.
This exchange relies on the market price feed from many reliable sources to provide fair market trade. Using the atomic swap technique, the exchange allows the immediate liquidity and conversion between user desired cryptocurrencies.
One special uniqueness of OnePageX is the total absence of any form of registration and confirmation before a user can start using the service. Providing absolute decentralization, privacy, and convenience.
Another exciting features about this exchange are the wide range of available selection of cryptocurrencies which are over 140+. This availability paves way for conducting microtransactions across a wide range of selections which is very beneficial to airdrop hunters and the likes.
Just like the words of Brian Armstrong -Coinbase CEO
many people will earn their first cryptocurrency rather than buying it.
This quote is to the point, in that, the majority of just introduced newbies are airdrop and bounty hunters.
I started my crypto journey as a bounty and airdrop hunter.
I still remember how an airdrop token got stuck on an exchange because I couldn’t meet the withdrawal fee sum.
The decentralized architectural design of OnePageX mitigates the problem of fees arising from withdrawal. Another interesting part is that trading fees are drastically reduced, with just 0.5% charge, and transactions can be monitored in real time providing more assurance.
Here is a sample illustration of how the stages of exchange with Onepagex looks like.
i) Selection of preferred cryptocurrency type.
ii) Input of withdrawal address.
iii) Start exchange with a click on the button.
iv) Deposit address of the base currency to start the exchange.
v) Deposit waiting for two confirmation.
vi) Actual conversion with a pending status (happens in second).
Tracked your transaction on explorer by clicking the complete button.
The process is as simple as that.
Apart from the waiting time for the base currency deposit to be confirmed, all the steps illustrated above take just seconds.
With this kind of speed in exchange, gradually, we are getting close to the future dreams.
At the very start of the exchange, Bitcoin was the only available base currency, but there are now more available options like Ethereum and Steem, providing even more versatility and speed in confirmation.
The ability to sort out transactions within seconds with no prior need for registration or identity confirmation is a special experience on its own but OnePageX have even more to offer.
Rundown in a short list with inclusive features:
√ Fast exchange window period
√ Absence of registration
√ Absence of KYC confirmation.
√ Adequate security.
Right on the same single interface, OnepageX offers an added advantage of conducting multiple transactions all at the same time.
All the above graphic samples showcase many of the cool features of the exchange.
The lack of registration may have prompted a curiousness of how a transaction can be retrieved in the case the window or tab was lost for various reasons like; sudden fail of internet connection, mistake arising from self-navigation from the page, and many more possibilities of mistakes. A simple way this is rectified is by resorting the page URL from the browser history – allowing the confidently use of the exchange without any reason to panic.
OneBox Exchange Widget
With the type of convenience this exchange provides, it is right to think why aren’t crypto-based merchant using this solution to settle crypto payments on their website.
Well, maybe words haven’t yet reached out to them because OnePageX provides a good solution for websites through its website exchange widget “OneBox”.
At this point in time, OnepageX solution is something all crypto enthusiast and evangelist should be excited about as it is one of the solutions that is bringing about the actualization of the convenience, ease, speed and security that has long been needed.
OnePageX is innovative in its design and appearance, but the past few years have also witnessed other similar product with the established mission to provide these set of solutions.
How is Onepagex then different from these similar solutions?
Features That Distinguish OnePageX From Other Similar Exchange.
As a reality, there are other exchanges that provide instant liquidity and conversion between cryptocurrency assets. Such examples of well-known exchanges include Blocktrades and Bancor Network.
To highlight their difference without too much of words. A graphical representation showcasing their superiority and flaws is provided below.
Some Use Cases.
Samuel is a college student whose recent discovery of cryptocurrency propelled him on an exciting adventure as a bounty hunter as he lacks the necessary financial prowess to invest directly on the assets of his choice.
By his voracious commitment, Samuel had a very good experience with this new adventure and earn some valuable reward in the process.
Having gotten familiar with the crypto world, he discovered much of these earned coins are with higher volatility risk than established ones, therefore, he decided to gradually convert them to less volatile ones as he has a long time goal of holding his earned cryptos for future possibility gains.
His regular way of trading these cryptos was to pass through exchanges that require formal registrations and KYC confirmation before any form of exchange can be conducted. As daunting as this process is, it became easily checked by Samuel but the problem with fixed withdrawal fee that eats up a significant part of his holding became a real case to worry about.
But the whole story changed when Samuel stumble on a discovery that matched his need and exceeded his imagination.
On a fateful day, Samuel woke up to dig out available opportunities. In the process of his search, he stumbles on a contest promoting a project called “OnePageX” which solution perfectly matched his need.
This new discovery ended Samuel’s agonizing experience with formal exchanges as they became a thing of the past. He now enjoys the convenience, ease and wide range of selections provided by OnePageX.
‘I need to lead by example’ – Anatasia thought to herself, she is a well-known cryptocurrency enthusiast and evangelist.
Her past crypto wins gave her the financial power to set up her local dream store. But the majority in her locals have never heard or know about Bitcoin. She decided the best implementation to set out with was to enable a fiat gateway on her website.
Her business flourished, reaching some of her online fan she initially didn’t set the market for. Words reached to her to set up a gateway that accepts crypto payments.
She decided this was the best thing for her offline business and her online reputation.
However, getting the right solution became a struggle as available solutions did not fit her need.
After making a public announcement about her need, a stranger dropped a Twitter message describing a one-pager exchange.
Her carefulness and knowledge ensure she didn’t click any of the link sent to her, rather, she did a proper search on Google and read about the suggested solution.
In the means of her search, she finds out the solution was, in fact, the best fit for her need.
To get things right without further stress Ana hired a coder freelancer and gave the necessary description. The task took just some minutes to be completed as it was just a copy and paste job.
She paid for the job without having to part with much money.
Her dream store got more set-up with an added juice to it.
She became happy afterward.
Ease, convenience, and liquidity are some of the top desires of most traders.
It contributes to reasons why many people prefer to keep their crypto holdings on centralized exchanges who are vulnerable to hacks and theft despite alternatives with decentralized exchanges.
Although, liquidity-providing exchange using the swap model are not a feasible ground for speculative trading, they provide the best alternative for other types of trading.
OnePageX took the swap model a step further by providing a platform where the complete process of exchange happens on a page. Putting off the stress with registration, privacy, and identity confirmation that may be subject to regulation.
Suddenly, the decentralized infrastructures we dreamt about, are getting set up, and for sure OnePageX is part of the move.
For additional Information about Onepagex visit their Website.
And all of their available social media and forums.
There are over a million word used in daily conversation but if a single word could be itched from the heart of every blockchain enthusiast and believer; it is “decentralization“. The word is the basis by which the concepts of blockchain and cryptocurrency foundations are built upon.
To cryptocurrency followers – decentralization isn’t just a word, it is a revolution.
Bitcoin revelation transcribes the true power of its meaning. For the first time in history, two people with mutual or distant relationship but with common agreement can send over a currency with a real-world value across long distance in a trustless manner, without the need for a third party or witness, while at the same time ensuring the safety, fair settlement and privacy of both parties.
Cryptocurrency debut gave a new perspective to which we see money.
A true internet form of money is now represented and exchanged across different domains in a seamless and trustless manner, taking on the functionality of the internet itself and at the same time providing additional vital extensiveness to the use of the internet.
As much as cryptocurrency originate to create a decentralized financial ecosystem, exchanges where the majority of these assets are traded, are with centralized design. Operating with all disadvantages a centralized infrastructure has to offer.
Some of which are:
• There is insecurity of funds.
• Users interactions are limited.
• Trading and withdrawal fees are exorbitantly high.
• Poor account management and access.
• Less control of owned assets by users which can be subjected to further censorship.
The purpose of bitcoin was to ensure the above-mentioned restrictions and challenges have no concrete roots in the proposed decentralized future.
To bring about this ultimate dream, the obvious solution is a decentralized market place.
The past few years had seen visionaries proposing solutions of various type to construct an ideal system that will tolerate the demanded trading activities.
Coming along with this, we have seen different creation of typical decentralized exchanges (DEX). Some good examples are DEXs like BitShares, Idex, Bancor, and Newdex.
Although the establishment of these DEXs brought about the realization of the initial dream, their use and functions have been way below the actual need.
Constructed with currently available fitting technologies, DEXs are plagued with many constraints and limitations.
• Slow matching time and execution of trades.
• Incapabilities to tolerate large volume of trades.
• Unreliable system responsiveness.
• Sophisticated user interface
• Very little interface instruction for fair price placement.
• Inability to trade over the native blockchain assets.
These resulted to further constraint such as:
• Lack of good volume.
• Low liquidity from poor volume.
• Few spread across order books.
• Low rate of adoption.
With the above-mentioned challenges, it is obvious that DEXs are not yet ready to be adopted as the primary marketplace for cryptocurrency trading activities and exchange.
Despite these shortcomings, decentralized exchanges have seen some encouraging progress in their development and use over time.
Here is a write-up illustration with matching dex-like examples showing their growth with time.
The first true DEX to be created. Bitshares was the work of the veteran blockchain programmer Daniel Larimer. Dan thought of the need to create a decentralized exchange framework with no single point of failure when earlier centralized exchanges like Mt.Gox were failing, became unreliable, suffering several major hacks that almost dented the future of cryptocurrency.
Well known for his innovative Delegated Proof of Stake Consensus, Dan design the Bitshares network using the DPoS algorithm – a scalable framework that can match over 100,000 tps, surpassing the capacity of both Visa and Mastercard combined.
Despite this high matching time and efficiency, Bitshares suffers from an overly decentralized system with a sophisticated setup. There is a market for stablecoins represented in the currency like bitUSD and bitEUR, there is a market for bonds, commodities, stocks and precious metals such as gold and silver which are also represented in a form, while a market also exists for cryptocurrency as a whole.
This sophisticated arrangement rendered the exchange a rocket science for many commoners, I personally also find it very difficult to understand how the system really works.
Though the problem with complicated use is one of the restrictions, Bitshares major problems arose from improper funding and governance. Interoperability is also another important setback as blockchain specific cryptocurrency are the only available choice of trading, killing off any chance of good adoption.
Idex uses the smart contract feature of the Ethereum blockchain to matches and executes trades. Constructed under a limited idea, Idex matching engine is relatively slow but is a much improvement over its predecessors ‘EtherDelta’.
For the records, Etherdelta is reported to have a history of making traders especially the beginners lose money due to its very slow matching engine and sophisticated user interface.
Idex although suffered from low scalability in relation to Ethereum network capabilities, the dex boasts a nice user interface with other extensibility of being accessed from cold storage wallets like hardware wallet and dapp browsers like Metamask and Trust Wallet.
It is inarguable that Idex is an improvement over Bitshares, but in a much wider comparison these two are entirely different from each other, however, both provide a good overview for future design and areas to improve on.
Built initially to support Ethereum-based assets, Bancor Network gave another fresh perspective about how decentralized exchanges could operate and function.
Basically, the exchange could be regarded as an atomic-swap-like exchange. Assets are converted in real time using the market price feed instead of a limit order.
Bancor was famous for its hype with its initial statement as a ‘fast liquidity network’. After suffering its biggest hack, freezing some accounts in the process, Bancor decentralized design was put to serious question.
Going offline to restructure its operation after the hacking incident, Bancor came back with even a bigger buzz – creating a feasible gateway to enable cross-chain conversion by listing trading activities for the EOS coins, which can be converted with foreign blockchain like the Ethereum blockchain.
I purposely decided to put this at the bottom of the list because of its much-improved functionality in terms of matching time and user interface.
Although built solely upon the EOS blockchain with very limited chance for foreign cross-chain communication as with current design, Newdex is a very encouraging development when it comes to good user experience and usability. I personally did not realize I just used a dex during my first encounter with the exchange. The user interface was simple and intuitive, I was very amazed by how fast my order was place and executed.
The basic need of a good exchange is fast trading execution and awesome user experience coupled with some essential need like security and reliability.
Newdex addresses these demands to some good extent. One drawback of this exchange is that it is blockchain-specific and with low volume. As for the volume; it’s only a matter of time before more people discover the joy of the dex.
Speculated Future Of Dex
Reading through this post It should be noted that, with time, decentralized exchanges improve in one aspect or the other over older ones along with available technologies.
Innovations and developments continue to be directed at existing mechanism, therefore, it’s only a matter of time before we finally arrive at that ideal solution for operating decentralized exchanges.
More promising, the recently launched Binance chain and the much awaited Binance dex could, in fact, changed the overall adoption and use of decentralized exchanges, but the issue with interoperability remains.
What awaits the future of dex is very unpredictable but there are positives to take from their evolution over time.
Personally, I can see a future where there is a functional ecosystem supporting the exchange of multi-currency network with a fair control of owned assets by users.
The future of DEX is bright.
What are your thoughts about the general overview of DEX? I would like to know in the comment box below.