In decentralized exchanges that function completely without intermediaries, many industry experts see the future of cryptocurrencies. The first decentralized exchange on the NEO blockchain was eagerly awaited and is entering the market with a large trading volume.
NEO's project of a decentralized exchange "Switcheo" is live and can cause a stir right from the start. Switcheo was able to collect more than $ 8.5 million from the ICO.
As Crypto Globe reports, Switcheo achieved an average trading volume of $ 2 million a day during the first week. After a short while, the exchange is already one of the largest decentralized exchanges and will soon attack Ethfinex, Idea and Cobinhood.
Much of the decentralized exchanges so far only offer trading in ERC20 tokens based on the Ethereum blockchain. Switcheo, on the other hand, will be based on the NEO blockchain and allow trading in NEP5 tokens.
The Switcheo Whitepaper states that initially it will not accept national currencies such as the euro, the dollar or the Swiss franc:
Switcheo makes it possible to trade more than 20 different tokens, with the trading pairs initially being limited to NEO, GAS and their own currency token, the "Switcheo Token" (SWH). SWH currently has a trading price of $ 0.065 and a market capitalization of $ 25 million. Since April 20, 2018 Switcheo is listed on coinmarketcap.com.
The Switcheo Token works similar to the Binance Coin. This can be used for trading and brings the user a discount when trading. Currently, Switcheo does not charge any fees for deposits and withdrawals.
According to the whitepaper 1,000,000,000 SWH Tokens may be minted in total, and no additional tokens will be minted in future.
The allocations for SWH are as follows:
20% (200,000,000 SWH tokens) wants to be allocated to the Public Sale;
48.3% (483,000,000 SWH tokens) have been allocated to Strategic Partners;
25% (250,000,000 SWH tokens) wants to incentivize the Switcheo Team to further
development of the Switcheo DEX, and the tokens wants to be monthly on a 2 year schedule with a 3
month cliff; and
6.7% (67,000,000 SWH tokens) wants to be reserved for Marketing Campaigns & Official Partnerships.
The whitepaper further states that cross-chain transactions should be implemented:
So far there is no exact time until when Fiat currency should be added.
Decentralized exchanges are safer and cheaper than centralized exchanges. The Switcheo platform joins the release in a likely ongoing movement within the crypto market. By considering the basic idea of cryptocurrencies, decentralized exchanges can eliminate the last centralized point within the crypto-system. From my point of view, the development therefore represents a positive trend, which will hopefully continue and eventually prevail.
EOS was one of the cryptocurrencies, which despite the long-lasting negative trend of the market nevertheless showed a good performance. Now there is more positive news. EOS has been listed on another exchange and will work with WAX to further increase the price.
As I have already reported, there are many reasons for the good development of EOS Coins. The listing of EOS on the Indian crypto exchange Zebpay and the media-effective application via Twitter are further plus points for the EOS community.
WAX announced a few days ago that it will build its peer-to-peer marketplace with a custom blockchain based on the EOS platform. WAX is a decentralized platform that enables anyone to run a virtual marketplace for digital assets without major investment in infrastructure or security.
Lukas Sliwka, Senior Technical Officer, states that EOS is WAX's best choice for the marketplace:
After much consideration of the technology, the developer community, and the activity of the EOS community, WAX's developers have decided to use a variant of the EOS Blockchain with numerous custom functions and functions to support the WAX project.
There will be two versions of the WAX token: the ERC20 version that exists today and another token that works on the custom WAX blockchain.
While EOS is the superior base technology for this project, it does not support all features of the WAX platform, such as: B. a voting procedure for dispute resolution.
Ultimately, the WAX platform will be based on a variant of EOS, combined with tailor-made features, smart contracts and transactions specifically tailored to the features of WAX. Further details can be found in the whitepaper.
A few days ago, the Ethereum Improvement Proposal (EIP) 1011 on Github, known as Hybrid Casper FFG ( Friendly Finality Gadget), was published. Casper establishes a hybrid proof of work / proof-of-stake consensus model for Ethereum mainnet, which may be considered the most significant update Ethereum has ever received.
The implementation of Casper would realize the long-planned transition from the energy-intensive mining process (proof-of-work) to the environmentally friendly proof-of-stake consensus. The code for the implementation was public on Github on Friday and is intended as a first discussion basis for the major upgrade and is now available for review by other developers.
Ethereum founder Vitalik Buterin and other developers have long been arguing that the proof-of-stakes consensus, where transactions are validated by the power-intensive mining process, becomes a mining-less, proof-of-steal process. Already since the beginning, Ethereum's roadmap and the Yellow Paper provide for the changeover.
On Github, developer Danny Ryan writes:
However, as consensus-building is a major change, as is the way data is written to the blockchain, a hybrid consensus model is to be introduced transitionally to mitigate risk during the transition. Ethereum Improvement Proposal (EIP) 1011 provides exactly that. A first approach of this solution was discussed for the first time in detail in a presentation of Vitalik Buterin presented last year.
However, opinions on Casper and the proof-of-stake are divided and controversial. For example, VMware IT security researchers called the consensus model "fundamentally vulnerable" last month.
As Ryan himself notes, the change will not be compatible with existing Ethereum software, meaning that there must be a hard fork for Casper to be implemented. Until Casper is actually deployed in mainnet, but it will certainly take some time.
Image Sources:
- Article headers created by myself
- https://neoguide.io/nep-5-tokens-2/
- https://twitter.com/SwitcheoNetwork
- https://twitter.com/zebpay
- https://twitter.com/wax_io
Have a nice day!
LOVE&LIGHT
I love the dApps built on NEO blockchain. Switcheo and NEX, bullish on them for the long term. Thanks for bringing awareness on this @danyelk
Your welcome :)
How does one make $500 on a post?
I like NEX business model more than Switcheo
since neo is faster than etherium, therefore switcheo would be a good long term investment for the investors and a good exchange for the traders, since it is decentralized it has a great level of security and transparency. I'll further my research to this app and i'm excited about it. :)
yeah, agree with u on this
Looks very interesting! Thanks for the heads up! Upvoted!!
Report has it that Ethereum is more decentralized than Bitcoin.
Yea, I read about that today.
Very interested days ahead. Asan EOS fan, I am a little concerned by new blockchain basing themselves on EOS but implementing a different blockchain which generates no benefit to holders of EOS. One factor to consider with open source development I suppose!
EOS is getting great. I think it would be a great investment since the developers seems to have good plans in the future.
I have invested in EOS a long time ago ;)
But this development does not benefit EOS. It takes tech from EOS and develops its own chain.
Really like CryptoBridge as DEX but it is good to see more and more DEXs on the market.
@danyelk thank you for all the relevant updates!
Only utilized Switcheo yesterday since $EFX #EFX was listed.
Only downside experienced was inserting orders within 10 minutes of listing. But this probably was due to NEO's limitation as many 'investors' of $EFX were trying to place orders in that time.
Regardless, Switcheo was smooth, despite the surprising volume clocked. Interface extremely user-friendly and intuitive. Layout well-thought. Every bit of essential information found on a single page without having to scroll down. Had I known about this exchange, would have invested a bag before it popped 2x.
Looking at you NEX!
WOW WOW WOW, what incredible changes at your blog, I missed so much by not reading your articles... Congrats on your new header and on officially progressing to The Crypto Shaman. I knew you are a Shaman right after reading the very first article from your Crypto News category.
I kind of took the downvoting personally, it turned me off from Steemit, it really did... that and of course few other things... Now I am back but - with a new plan ;-)
Sorry but I have not much time to reply because I am going to a wedding and in Mauritius a wedding is like 4-6 days party.
Thank you yes I did some change in my blog glad you like it :)
Best of luck with your new plan I talk to you when I am back next week :)
Take care and it's nice to see you back!
Big thanks for your reply. Best wishes and blessings to the ones being wed, and to you, wishes of having a truly grand time partying and having nothing else but fun and more fun.
please tell me what should we do now
should we hold or sell
hoping for best reply sir
I am holding and wait for the big bull run which I think will come in winter and I will sell just a bit because in 2019 and 2020 I think will be the big pay day I am waiting for a long time.
But that's what I am doing you can do what you want and how you feel ;)
HODL
Decentralized exchanges are for sure the future
Yup I agree with you and that's why I have invested in SWH Token today ;)
DEX is the best perfect of decentralization
Great news, am myself invested in neo for quite some time. the ecosystem is buidling strongly, stable coin , non-fungible assets also comming soon !
great future for neo dapps plateform as the key and ontology will allow them to bridge with real world projects. I resteemed your great entry ! cheers
The Tree of Life, or Etz haChayim (עץ החיים) has upvoted you with divine emanations of G-ds creation itself ex nihilo. We reveal Light by transforming our Desire to Receive for Ourselves to a Desire to Receive for Others. I am part of the Curators Guild (Sephiroth), through which Ein Sof (The Infinite) reveals Itself!
thanks for the post. informative. NEO is really taking off and will continue to have the Asian interest cornered.
Well this is fantastic news for neo!
Thank you for this informations.
Crypo internet için harika bir gelişme oldu
Hello BigBallers
https://cryptoeos.org - #1 wallet in EOS token
Fastest way to Buy, Sell, Trade bitcoin and cryptocurrencies in India.....
Thanks a lot sharing this valuable news.
Thanks for cryptocurrency news update providing....I appreciate this Eos ...
Vote back
In this way you will never get a vote back but a flag so think before you write!
You got a 15.51% upvote from @postpromoter courtesy of @danyelk!
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Thank you for this informations.
So, Ethereum investment is not safe..............
it really is a smooth DEX experiance
https://steemit.com/uariyapperuma/@uariyapperuma/learn-basics-of-stock-market
Ethereum will be further decentralized compared to Bitcoin
I like it, it's a more disinterested innovative project, the crypto revolution. It will change the world, we hope that is what it promises.
wow
I enjoyed this model!
I agree with your opinion
thank you for your information!
gracias , feliz día .
This post has received a 11.40 % upvote from @booster thanks to: @danyelk.
@danyelk .... one correction. zebpay is not an exchange. its a broker and wallet service, similar to coinbase and coinbase is not an exchange either, gdax which is owned by coinbase is an exchange. there is a difference between an exchange and a broker.
I know that it's a wallet provider and here you can see that it says exchange.
According to Wikipedia
I’ve been keeping an eye on this. I really feel like it is going to help coins on the NEO Blockchain
NEO es una de mis monedas favoritas de estudio para el trading, me gustan mucho sus fluctuaciones
Neo go to the moon OK
i ve heard from the project couple a days, its great that is starting on the NEO universe, all in on this one!!!! thanks!!
thank you for your share
Totally agree with this post...Help and support each other and the world as a whole--a better place...
creative job @danyelk, thank you for sharing
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@danyelk I noticed a Crypto company joined Steemit.. maybe you could help spread the word and get them some followers.. They are giving away free BRD tokens right now in a airdrop too..
https://steemit.com/crypto/@breadapp/brd-comes-to-steemit
NEX is best than switcheo.
I like it very much. I love it. tnx for writting a good blog friend.
Have you ever taken part in ICO on NEO, crashes like Titanik under high TX's volume. Waited 20 minutes insted of a couple sec :) Lol blockchina :) No future for that.
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Great post. I'd appreciate that you see my content as well. I do technical analysis for the community with a focus on teaching.
https://steemit.com/bitcoin/@philakonesteemit/bitcoin-btc-april-24-technical-analysis-words-of-wisdom-and-advice-woohooo-target-hit