The Evolution of Cryptocurrency ocurrency
Ever since 2009 when Satoshi Nakamoto invented and released Bitcoin as an alternative to traditional financial payment instrument, cryptocurrency has evolved into a global digital asset with more than 2000 other cryptocurrenices. One of the highlights of cryptocurrency is that it has popularized the underlying technology, blockchain, and provided entrepreneurs, business managers, as well as developers a versatile technology to support and streamline their business operations and management. Exchanges provide the platform for traders and investors to trade their digital assets for fiat or other cryptos. As the number of cryptocurrencies increases, so also is the number of exchanges. From about 70 exchanges in 2015, there are currently over 200 exchanges according to data from Coinmarketcap. This number does not include a handful of exchanges involved in exit scam. Despite the apparent growth in exchanges, traders and investors are still unsatisfied with the structure and services of many existing exchanges.
While Bitcoin was originally designed for trustless and anonymous p2p financial transaction but today, most exchanges are centralized which is in sharp contrast with the decentralization conceived for cryptocurrencies ab initio. Centralization concentrates power in the hands of a single authority, who can wield the scepter of authority as they wish or go rogue suddenly such as Pure Bit, a South Korean exchange, which exited with 2.8 million USD of user funds. Apart from the potential abuse of trust, centralized exchanges provide a single point of failure and vulnerability for hackers to exploit. For example, MtGox hack led to the loss of 850,000 BTC in 2014 while Bistamp and Bitfinex hacks resulted in the loss of 19,000 BTC and 120,000 BTC respectively. And now in the wake of the New Year, precisely January 15th 2019, Cryptopia announced that it has been hacked.
Security is one of the leading concerns of exchange users, and as it stands today, centralized exchanges have been unable to meet up with this expectation mainly because of their below-par security awareness and culture, and partly because of the increasing sophistication of hacks.
DexAge Decentralized Platform
Dexage understands all these problems and are poised to provide the right solution by introducing an a trustless decentralized peer-to-peer exchange that operates autonomously, enabling and empowering its users to trade without fear of insecurity, loss of funds, lack of liquidity, or surveillance. Dexage seeks to eliminate the risks and problems associated with existing exchanges by building a robust platform that is secure, decentralized, and accessible to all. Some of the main issues that Dexage is prepared to solve include low liquidity, security breaches, fluctuation and manipulation of prices, high trading fees, among others.
Dexage platform is a truly decentralized exchange enabled for crypto-crypto and fiat-crypto trades built on the Ethereum blockchain. All transactions on the platform will be facilitated and executed by secure smart contracts. By using their private keys, users will be able to manage and authorize trades on the DexAge platform. This empowers users to own and control their crypto transactions unlike centralized exchanges where users’ crypto deposits are stored in centralized wallets which may be hacked and compromised, resulting in huge losses of funds. DexAge simply performs the function of an umpire to ensure verify signed transactions, match trade requests for authorized transactions, and ensure fair rule. The decentralized nature of DexAge platform mitigates the risk of security breaches through hacking.
DXG platform also aims to solve the liquidity travails common in crypto exchanges by providing its users access to swift conversion of crypto assets to fiat, and also leveraging on its projected funding of 20 million USD. The P2P loan service allows for lending and borrowing of crypto assets through a robust smart contract.
A prominent feature of DexAge is its introduction of P2P DApp based on social web to engage its users in social crypto transactions, that is, trade and chat. The mobile app will support crypto-crypto exchange, P2P lending, escrow trading, and chat. This will enable DexAge to build a robust and vast ecosystem of crypto users across the globe, and as well streamline crypto transactions on mobile app.
In order to see the actualization of these features, the DexAge team is currently running an initial coin offering, to raise funds for development and deployment of the platform. The DexAge (DXG) token is being offered for crowdsale. The total supply of DXG is 2.75 billion tokens with a hard cap of 24 million USD. Click here to know how to participate.
The DexAge platform aims to assuage the pains investors and crypto traders experience in executing transactions on crypto exchanges. The DXG exchange provides a robust and innovative ecosystem that combines secure crypto transaction with lending and instant messaging in social web. The team has demonstrated their experience in blockchain technology and financial management.
Check the following links for more information on DexAge:
WEBSITE: https://www.dexage.io
TWITTER: https://www.twitter.com/dexagetech
TELEGRAM: https://t.me/dexage
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