HOW RESISTANCE BRINGS PRIVACY AND SECURITY TO RESDEX
With the advent of the blockchain technology and cryptocurrency, the need for privacy and security has become paramount. This is exactly where Resistance; a decentralized and democratic exchange platform comes in to the scene. Resistance exchange platform is driven with the strong notion that the blockchain technology should be open and fair to users in the sense that they can mine, trade, invest, and innovate with high level of security and privacy.
Most of the existing centralized exchanges are characterized with complexity and low security that makes them vulnerable to multiple hacks and users losing all their funds. With Resistance, the complexity is removed from the equation and is broken down into simple parts in such a way that anyone and everyone can understand and utilize it without assistance. In other words, Resistance is very user-friendly and the best part is that users can easily get rewarded for their participation.
RESISTANCE DEFINED
Resistance is a decentralized exchange platform, which is privacy-oriented and facilitates private trading using the RES privacy coin. The aim is to give everyone including a novice the limitless opportunity to trade and mine cryptocurrency with confidence. ResDEX does this by making everything simplified for the layman. Trading is done privately using the RES privacy coin and the mining is CPU-friendly to encourage people to use Resistance Decentralised Exchange (ResDEX).
The usability of ResDEX is not minimized by its simplicity,instead it encourages the mass public to easily adopt its usage with little or no reservation. The multiple reward system encourages people to earn without necessarily mining like engaging in activities such as proof of research, masternodes and platform development. Most importantly anyone can trade almost all coins without fear of compromising their security. Security is always top notch.
SECURITY PROBLEMS SOLVED WITH RESDEX
Ever since the advent of the blockchain technology, cryptocurrencies and centralized exchanges that manages them; security has been a major concern. With a single security breach, people’s funds could be lost forever. Over the years, millions of dollars worth of bitcoin have been lost due to security loopholes and lack of democracy in handling the exchanges. The security of a user’s assets should be of the utmost importance for a sustainable cryptocurrency market. Most persons are discouraged about digital currency because of security issues; nobody wants to lose their hard earned money to security breach or system malfunction. Therefore, decentralized exchanges seem like the exact solution for security issues.
To ensure adequate security to people’s portfolios, the resistance wallet is secured with one of the most secure algorithm you can find today which is used by NSA also which is military grade 256-bit Advanced Encryption Standard. This assures you that the security of funds is prioritized.
Centralized exchanges are the third party between the users on both ends. The exchange users must get approval from the centralized exchange before transactions are completed. In between moving funds from wallet to these centralized exchanges, the funds of the user is at risk of phishing and security breach unless a strong two-factor authentication is in place.
Therefore, the users’ funds are always vulnerable and at risk. Now, ResDEX provides the perfect solution of allowing users to trade directly without a third party approving the transactions or exposing your private keys. You retain full control of your private keys and this gives you complete confidence that no one has access to them unless you allow them. Centralized exchanges have tried their best so far so good, but with the increase in data breaches, vulnerable systems, high transaction fees; it has become very needful for a system that will resolve all these issues in one package to emerge and that system is ResDEX.
PRIVACY ORIENTED RESISTANCE
Most of the existing cryptocurrencies do not put privacy at the fore front of their plans, emphasis is placed on every other area, yet there is a greater need for privacy as part of the features of the decentralized exchanges. Every other aspect of blockchain is very important, like the need for transparency but privacy should also be part of the core features of the blockchain technology. All blockchain transactions are public in as much as we are made to believe that they are private, and with just a few tools in place, all iota of privacy will be taken away. Resistance offers you a privacy-oriented decentralized exchange, where the user chooses if he wants to keep his transactions exposed or keep it private.
WAYS RESDEX PROTECTS YOUR PRIVACY
-TRADES AND TRANSACTIONS THROUGH TOR: Tor is an open network that enables people to communicate privately without trace over the public internet. Therefore, ResDEX allows users to transact and trade through Tor.
-NO REGISTRATION PROCESS: usually users’ data are collected through registration, but with ResDEX no registration is required and there is no withdrawal limit. It is an open ticket of transacting as much you can.
-ELIMINATION OF THIRD PARTY: to ensure validity of transactions on centralized exchanges, some of them use escrow services and this mean that the user have no control over his funds. But with ResDEX, user maintains complete control of funds without a middle man. This will definitely ensure faster services.
There are two privacy options for the user:
-Electrum mode and
-Native mode.
Electrum mode requires users to connect to a remote electrum that is running already therefore he does not need to download the entire blockchain of cryptocurrencies.however the negative side of electrum is that it doesn’t offer privacy and it is less secure.
Native mode on the other hand allows users to download the whole blockchain for the cryptocurrencies. It is a hard procedure but it is secure and private. And the user also has access to the value of the trade when the trade is complete.
IN CONCLUSION,
Due to the high security setup of ResDEX by cybersecurity experts, ResDEX is so decentralized that there is no single point of weakness or failure that will make it vulnerable to hacking. Also on privacy, the user can choose to enable zero-knowledge proofs through TOR which allows the user privacy for trading. With ResDex the choice is yours and you are in control.
I'll look into it
U would surely find it absolutely interesting
Wow!!! Thanks for sharing this amazing dex... I love it
Am really glad u do😊
Resistance exchange is a great project ! have a good team and so many good concepts 👌 and I think this project will be succesfully in the future.
I think so too😀
Recently, I started a conversation on bitcointalk about decentralized exchanges. There, for the first time, I heard about the Resistance and how its DEX will resolve the liquidity and security issues. Will look more into this project. Thanks
Awesome....feel free to share your post on bitcointalk here
Good job bro. Centralised exchange still have their advantages though but decentralized exchanges seem the future.
Inevitable future
Wow.. Amazing.. I'd like to check it out too
Thanks for sharing man
Am glad u find it useful
great enlightenment
Cheers
I think I need to check out this resistance exchange. Thanks for sharing buddy
You welcome, you will surely love it
Thanks for sharing 😊
You welcome bro
Engaging article, buddy. You took important points into consideration. However I do not agree that centralized exchanges are complex. In fact, it is the opposite. Decentralized exchanges are complex because order books are decentralized, without market makers and takers This takes the liquidity off of the trade pairs since it's completely peer to peer. Take bitshares for example.
Apart from this problem, decentralized exchanges does offer some really strong use case: It's safer.
I'll check out Resistance. Thank you, bro
Nice points here @pangoli
You are actually correct about the existing decentralised exchanges not having enough liquidity to maintain a good volume but wrong about resdex, here is the reason why
Resdex has initiated a partnership with Huobi to solve this issue as well as intend to add other centralised exchanges to the list as time goes on. The order books on Huobi are going to be connected to that of resdex to always create liquidity that drives a healthy volume
That's a pretty cool feature to have. If they can succeed in adding more orderbooks from some of the top 20 exchanges, Resistance will be a preferred choice, especially since it doesn't bug one with registration.
I haven't given this serious thought though, but what happens when a user fills in the wrong transaction memo or wallet address somewhere? Without being an account holder (and using TOR), How might Resistance help such a user recover his funds?Struck through, I think it wasn't an appropriate question. There will be no memos because there are no centralized hot wallets. Cleared.
You got it.....a dex is a dex
This is a great development.
Thanks for enlightening us.
You welcome dear
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